Shell's midstream MLP (Shell Midstream Partners) became a publicly-traded company (NYSE: SHLX) in November 2014. Currently, the MLP has an equity market value of $4.8 bln, debt of $0.8 bln and 4Q17 Annualized EBITDA of almost $500 mln. Currently, Shell owns all 2% of the MLP's General Partner and 44% of the common equity of the MLP.
The MLP Treasurer will be located with and has dotted line reporting into the MLP CFO with organizational reporting line to the Head of M&A and Commercial Finance - Americas. Primary focus will be developing a resilient capital structure and raising (debt & equity) forward plan for the MLP to enable prudent growth of the MLP even during unusually volatile equity markets. Over the lifetime of the MLP to date, $3.7 bln of common equity and $2.4 bln of intra-group debt has been negotiated and raised.
The role also includes responsibilities for Treasury operations of the MLP, working closely with the banking and cash management team of the MLP sponsor (Shell) and planners on the financial consequences and needs of additional MLP dropdowns and quarterly. In addition to recommending and executing the funding plan with the MLP CFO, additional responsibilities include promoting structured learning and active knowledge sharing within the Finance and Shell Business community about the MLP, as well as taking personal responsibility for developing more junior Finance and Pipeline staff. Acquisitions have totaled $3.7 bln since the IPO and range in size from less than one hundred million to multi-billion dollars. The acquisitions are often characterized as complex with rapid timelines and tight confidentiality.
The successful candidate should be comfortable working with corporate counterparts and partners, as well as commercial and investment banks, Shell's external auditor, and legal and other advisers. Building alignment internally is important as is strong attention to detail and accuracy. Critical that all of this is underpinned by significant experience with raising capital for MLPs in a variety of environments.
- Review options and recommend multi-year funding plans including debt, equity and derivatives for MLP acquisitions. Present options to and execute funding plans approved by the MLP CFO, GP, Business Line of Sight and the MLP's Board of Directors
- Prepare information for accounting reports and SEC filing related to MLP funding activities
- Stay current on financing market developments and related aspects impacting MLPs
- Special studies for CFO and GP on MLP options and emerging issues including tax and accounting
- Work with central Treasury Operations on MLP cash management including payment of distributions
- Review and compare 3rd party bank and debt market borrowing opportunities with intra-group debt terms
- Negotiate, implement and maintain intra-group revolver and team debt
- Oversee MLP monthly, quarterly and annual cash flow forecasting and contribute to management reports and required SEC filings with assistance of Controllers and Treasury team as needed
- Work with M&A and CF group to select funding products or vehicles and execution banks
- Initiate and manage projects to improve processes and automation
- Ensure compliance with SOX and internal controls
- Maintain, update and comply with Treasury policies
Shell is a global group of energy and petrochemicals companies with over 90,000 employees in more than 70 countries and territories. In the US, we have operated for over a century and are a major oil and gas producer onshore and in the Gulf of Mexico, a recognized innovator in exploration and production technology, and a leading manufacturer and marketer of fuels, natural gas and petrochemicals. We deliver energy responsibly; operate safely with respect to our neighbours and work to minimize our environmental impact. We are in search of remarkable people who will thrive in a diverse and inclusive work environment to deliver exciting projects locally and globally. People who are passionate about exploring new frontiers. Innovators and pioneers. People with the drive to help shape our future. Because remarkable people achieve remarkable things.
- Must have legal authorization to work in the US on a full-time basis for anyone other than current employer.
- Bachelor's Degree in Finance or Accounting; MBA preferred
- Minimum ten (10+) years of MLP Treasury and/or investment bank Capital Markets experience with increasing responsibility in roles working with MLPs understanding of financial statements, complex financial and risk analysis.
- Deep working knowledge of financial markets and corporate finance including debt, equity and derivatives
- High credibility with investment banks and equity investors, issuing banks and legal
- Able to define and oversee production of Treasury financial model scenarios
- Demonstrated leadership and managerial skills in a large company environment
- Excellent written and verbal skills communication skills
- Detail oriented, good team player, strategic and tactical thinker
- Investment banking or Treasury experience with MLPs required
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