Shell Signs Sale Agreement With Magellan for Refined Products Pipeline System; Shell Continues to Re-Align Portfolio HOUSTON, June 24 /PRNewswire/ -- Shell Oil Products US announced today it has signed a Purchase and Sale Agreement with Magellan Midstream Partners, L.P. for the sale of pipeline and storage assets located in Texas, Oklahoma, Kansas and Colorado. (Logo: http://www.newscom.com/cgi-bin/prnh/19990716/SHELL ) Major assets included in the sale consist of the Orion Pipeline, Hearne Pipeline, Chase Pipeline, and Cimarron Pipeline. These pipeline assets, along with associated distribution terminal and storage assets, form an integrated system that carries refined products from the U.S. Gulf Coast refineries to West Texas and the Great Plains region. Major markets include Dallas, El Paso, Oklahoma City and Denver. The transaction is expected to close in the third quarter of 2004 after completion of due diligence and appropriate regulatory review. "The completion of a Purchase and Sale Agreement with Magellan for these pipeline and terminal assets is another step in the journey towards improving our performance in support of reaching our financial and operational targets," said Lynn Elsenhans, CEO of Shell Oil Products US. Shell remains committed to marketing the Shell brand in West Texas and the Great Plains region through the company's retail and wholesale networks. Contractual obligations to our customers will continue to be honored. Shell Oil Products US, a subsidiary of Shell Oil Company, is a leader in the refining, transportation and marketing of fuels, lubricants, coolants, services and solutions to consumer and business-to-business customers in automotive, commercial and industrial sectors. Shell Oil Company is an affiliate of the Royal Dutch/Shell Group of Companies (NYSE:RD/SC). For more information, please visit http://www.shell.com/ . http://www.newscom.com/cgi-bin/prnh/19990716/SHELL DATASOURCE: Shell Oil Products US CONTACT: Shawn Frederick of Shell Oil Products US, +1-713-241-1571 Web site: http://www.shell.com/

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