Summit Midstream Partners LP

Summit Midstream Partners LP engages in the development, ownership, and operation of midstream energy infrastructure assets that are located in unconventional resource basins, primarily shale formations. It operates through the following segments: Utica Shale, Ohio Gathering, Williston Basin, DJ Basin, Permian Basin, Piceance Basin, Barnett Shale, and Marcellus Shale. The company was founded by Steven J. Newby in May 2012 and is headquartered in Houston, TX.

Earnings data Q3 2020

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Summit Midstream excels in Q1 earnings, eyes growth opportunities

Summit Midstream Partners LP (SMLP) delivered strong financial and operational results in Q1 2024, showcasing resilience and strategic focus.
The company's successful strategic review, asset sales, and emphasis on acquisitions position it well for growth opportunities.
While facing challenges such as market volatility and C-Corp conversion, Summit Midstream remains poised to capitalize on opportunities and drive value creation.

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Summit Midstream Partners is a growth-oriented master limited partnership focused on owning, operating, developing, and acquiring strategically located midstream infrastructure assets in unconventional resources.

Summit Midstream Corp

HOUSTON , July 31, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) (the "Partnership" or "SMLP"), announced today that it will complete the previously announced conversion (the "Corporate Reorganization") from a master limited partnership to a C-corporation on Thursday, August 1, 2024. Pursuant to the Corporate Reorganization, the unitholders of the Partnership will become shareholders of Summit Midstream Corporation ("New Summit").

Common Stock of Summit Midstream Corporation to Commence Trading on NYSE on Thursday, August 1

Summit Midstream Partners has recovered from a downturn, delaying debt by 3 years and converting to a C-Corp, aligning for substantial shareholder returns. SMLP's capital stack shows improved financial strength with debt rollover and an upsized offering, positioning it for $100 million in cash flow and 150% returns. Concerns remain about asset utilization and natural gas prices, but the company's strong EBITDA and FCF, along with strategic decisions, make it a valuable investment for long-term shareholder returns.

Summit Midstream Partners Successfully Manages Debt And Corporation Conversion

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One of the sectors we know well which had been out of favor for several years has quickly come into favor: Independent Power Producers (IPPs). We've invested a meaningful amount of our assets in VST specifically the past few years. In addition to Vistra, two other positions warrant brief updates: Summit Midstream Partners and Equitrans Midstream.

Independent Power Producers Sector Has Come Into Favor

HOUSTON , July 23, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit," "SMLP" or the "Partnership") announced today the results and the pricing terms of the previously announced cash tender offer (the "Tender Offer") by Summit Midstream Holdings, LLC ("Holdings") and Summit Midstream Finance Corp. (together with Holdings, the "Issuers"), which are subsidiaries of the Partnership, to purchase any and all of their outstanding 8.500% Senior Secured Second Lien Notes due 2026 (the "Notes") from holders thereof (the "Holders"). The Tender Offer expired at 5:00 P.M.

Summit Midstream Partners, LP Announces Expiration and Pricing Terms of Cash Tender Offer to Purchase Any and All of Its Subsidiaries' 8.500% Senior Secured Second Lien Notes Due 2026

Summit Midstream has restructured debt, lowered interest expenses, and boosted cash flows after asset sales in Marcellus Basin. The company's conversion from an MLP to a c-corp will broaden shareholder base, potentially leading to material stock appreciation. With a new capital structure, lower interest rates, and potential for higher multiples as a c-corp, SMLP stock could double in the next twelve months.

Summit Midstream: Refinancing And Conversion To C-Corp Could Mean A Double In The Stock

Summit Schedules Second Quarter 2024 Earnings Call and Announces 2023 K-3 Tax Form Availability HOUSTON , July 18, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit," "SMLP" or the "Partnership") announced today that, at its Special Meeting of Unitholders ("Special Meeting") held today, unitholders voted to approve the conversion from a master limited partnership ("MLP") to a C-corporation (the "Corporate Reorganization"). Heath Deneke, President, Chief Executive Officer, and Chairman of the Board, commented, "I would like to thank all of our unitholders for their strong support for Summit's conversion to a C-corporation.

Summit Unitholders Approve Conversion to a C-Corporation

HOUSTON , July 17, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit," "SMLP" or the "Partnership") announced today that Summit Midstream Holdings, LLC, which is a subsidiary of the Partnership, priced an upsized offering (the "Offering") of $575 million in aggregate principal amount of new 8.625% Senior Secured Second Lien Notes due 2029 (the "New Notes"). The Partnership intends to use the net proceeds from the Offering, together with cash on hand and borrowings under the Partnership's asset-based lending credit facility (as amended and restated, the "ABL Facility") (i) to repurchase or redeem all of the Partnership's 8.500% Senior Secured Second Lien Notes due 2026 (the "2026 Secured Notes") and 5.75% Senior Notes due 2025 (the "2025 Notes"), (ii) to pay accrued and unpaid interest on the 2026 Secured Notes and the 2025 Notes and (iii) for general partnership purposes, including to pay fees and expenses associated with the Offering and the repurchase of the 2026 Secured Notes for cash, subject to certain conditions.

Summit Midstream Partners, LP Announces Pricing of Upsized Offering of $575 Million of Senior Secured Second Lien Notes Due 2029

HOUSTON , July 17, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit," "SMLP" or the "Partnership") announced today that Summit Midstream Holdings, LLC ("Holdings") and Summit Midstream Finance Corp. (together with Holdings, the "Issuers"), which are subsidiaries of the Partnership, have commenced a cash tender offer (the "Tender Offer") to purchase any and all of their outstanding 8.500% Senior Secured Second Lien Notes due 2026 (the "Notes"). The Tender Offer is being made pursuant to, and upon the terms and conditions set forth in, an Offer to Purchase, dated as of the date hereof (the "Offer to Purchase"), and the accompanying Notice of Guaranteed Delivery (as they may each be amended or supplemented from time to time, the "Tender Offer Documents").

Summit Midstream Partners, LP Announces Commencement of a Cash Tender Offer to Purchase Any and All of Its Subsidiaries' 8.500% Senior Secured Second Lien Notes Due 2026

HOUSTON , July 17, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit," "SMLP" or the "Partnership") announced today that Summit Midstream Holdings, LLC (the "Issuer"), which is a subsidiary of the Partnership, has commenced an offering (the "Offering") of $500 million in aggregate principal amount of new Senior Secured Second Lien Notes due 2029 (the "New Notes"). The Partnership intends to use the net proceeds from the Offering, together with cash on hand and borrowings under the Partnership's asset-based lending credit facility (as amended and restated, the "ABL Facility") (i) to repurchase or redeem all of the Partnership's 8.500% Senior Secured Second Lien Notes due 2026 (the "2026 Secured Notes") and 5.75% Senior Notes due 2025 (the "2025 Notes"), (ii) to pay accrued and unpaid interest on the 2026 Secured Notes and the 2025 Notes and (iii) for general partnership purposes, including to pay fees and expenses associated with the Offering and the repurchase of the 2026 Secured Notes for cash, subject to certain conditions.

Summit Midstream Partners, LP Announces Proposed Offering of $500 million of Senior Secured Second Lien Notes Due 2029

Summit Midstream Partners plans to convert to a C-corp with a 1:1 stock conversion, expected to close in the second half of 2024. The company maintains strong assets with an over 85% fixed fee-based gross margin, focusing on natural gas and oil transportation. Despite utilization issues in some segments, SMLP is committed to driving shareholder returns by paying down debt and optimizing cash flow.

Summit Midstream Partners Shows Its Continued Dedication To Shareholders

Schedules July 18 th Special Meeting for Unitholder Approval: Recommends Common Unitholders Vote "FOR" C-Corporation Conversion Files Investor Presentation, Outlining Benefits for Summit Unitholders HOUSTON , June 17, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit," "SMLP" or the "Partnership") announced today that it filed a proxy statement/prospectus (the "Proxy Statement/Prospectus") and investor presentation and scheduled a Special Meeting of Common Unitholders (the "Special Meeting") to vote on the reorganization from a master limited partnership ("MLP") to a C-corporation. The Special Meeting will be held virtually on July 18, 2024 at 2:00 p.m.

Summit Advances Planned Conversion to C-Corporation to Facilitate Growth and Value Creation

HOUSTON , June 6, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit," "SMLP" or the "Partnership") today announced the expiration and results of the previously announced cash tender offer (the "Asset Sale Offer") of Summit Midstream Holdings, LLC ("Holdings") and Summit Midstream Finance Corp. (together with Holdings, the "Issuers"), which are subsidiaries of the Partnership, to purchase up to $215,000,000 aggregate principal amount of their outstanding 8.500% Senior Secured Second Lien Notes due 2026 (the "Notes") at a purchase price of 100% of the aggregate principal amount thereof, plus accrued and unpaid interest to, but not including, the purchase date. The Asset Sale Offer expired at 5:00 p.m.

Summit Midstream Partners, LP Announces Expiration and Results for Asset Sale Offer to Purchase up to $215,000,000 Aggregate Principal Amount of Outstanding 8.500% Senior Secured Second Lien Notes Due 2026

HOUSTON , May 7, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit," "SMLP" or the "Partnership") today announced that Summit Midstream Holdings, LLC ("Holdings") and Summit Midstream Finance Corp. (together with Holdings, the "Issuers"), which are subsidiaries of the Partnership, are commencing a cash tender offer (the "Asset Sale Offer") to purchase up to $215,000,000 aggregate principal amount (the "Asset Sale Offer Amount") of their outstanding 8.500% Senior Secured Second Lien Notes due 2026 (the "Notes") at a purchase price of 100% of the aggregate principal amount thereof, plus accrued and unpaid interest to, but not including, the purchase date. The Asset Sale Offer is being made pursuant to requirements set forth in the indenture governing the Notes (the "Indenture"), which generally requires, if the Partnership has Excess Proceeds (as defined in the Indenture) exceeding $10,000,000 on the 366th day after an Asset Sale (as defined in the Indenture) (or, at the Issuers' option, any earlier date), the Issuers to make an offer to all registered holders (each a "Holder" and collectively, the "Holders") of Notes to purchase the maximum principal amount of Notes that may be purchased with 100% of such Excess Proceeds.

Summit Midstream Partners, LP Announces Asset Sale Offer to Purchase up to $215,000,000 Aggregate Principal Amount of Outstanding 8.500% Senior Secured Second Lien Notes Due 2026

Summit Midstream Partners, LP Common Units (NYSE:SMLP ) Q1 2024 Earnings Conference Call May 3, 2024 10:00 AM ET Company Participants Randall Burton - Director, Investor Relations Heath Deneke - President, Chief Executive Officer and Chairman Bill Mault - Chief Financial Officer Conference Call Participants Gregg Brody - Bank of America Operator Good day, and thank you for standing by. Welcome to the First Quarter Summit Midstream Partners, LP Earnings Conference Call.

Summit Midstream Partners, LP Common Units (SMLP) Q1 2024 Earnings Call Transcript

Antero Midstream Partners

DENVER , May 2, 2024 /PRNewswire/ -- Antero Midstream Corporation (NYSE: AM) ("Antero Midstream" or the "Company") today announced a bolt-on acquisition of gathering and compression assets in the Marcellus Shale for $70 million from Summit Midstream Partners LP (NYSE: SMLP). The transaction closed on May 1, 2024 with an effective date of April 1, 2024.

Antero Midstream Announces Bolt-On Acquisition, Increased 2024 Guidance and Redemption of 2026 Senior Notes

HOUSTON , May 2, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit", "SMLP" or the "Partnership") announced today its financial and operating results for the three months ended March 31, 2024. Highlights Reduced net leverage ratio to approximately 3.9x, a dramatic reduction from 5.4x in the fourth quarter of 2023, furthering progress toward achieving 3.5x net leverage target First quarter 2024 net income of $132.9 million, adjusted EBITDA of $70.1 million, cash flow available for distributions ("Distributable Cash Flow" or "DCF") of $32.5 million and free cash flow ("FCF") of $17.2 million Connected 71 wells during the first quarter Active customer base with three drilling rigs and more than 80 DUCs behind our systems Successful conclusion to the Double E open season resulting in an incremental 75 MMcfd, 10-year take or pay commitment and primary term extension with an existing customer plus an additional 150 MMcfd of non-binding bids from third parties Sold remaining Northeast assets in West Virginia for approximately $75 million 1 Revised pro forma 2024 Adjusted EBITDA guidance of $170 million to $200 million 2 1 Includes $70.0 million asset sale to Antero Midstream LLC and ~$5.0 million in retained latent compressor units sold to a third party.

Summit Midstream Partners, LP Reports First Quarter 2024 Financial and Operating Results

HOUSTON , April 25, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit," "SMLP" or the "Partnership") today announced it will report operating and financial results for the first quarter of 2024 on Friday, May 3, 2024, before the open of trading on the New York Stock Exchange. Summit also announced the expiration and results of the previously announced cash tender offer (the "Excess Cash Flow Offer") of Summit Midstream Holdings, LLC ("Holdings") and Summit Midstream Finance Corp. (together with Holdings, the "Issuers"), which are subsidiaries of the Partnership, to purchase up to $19,331,000 aggregate principal amount of their outstanding 8.500% Senior Secured Second Lien Notes due 2026 (the "Notes") at a purchase price of 100% of the aggregate principal amount thereof, plus accrued and unpaid interest to, but not including, the purchase date.

Summit Midstream Partners, LP Schedules First Quarter 2024 Earnings Call and Announces Expiration and Results for Excess Cash Flow Offer to Purchase up to $19,331,000 Aggregate Principal Amount of Outstanding 8.500% Senior Secured Second Lien Notes Due 20

Summit Midstream Partners sold Utica and Northeast assets to MPLX for $625 million, reducing debt and improving liquidity. The company's portfolio has become more focused on crude oil and the Double E pipeline, with adjusted EBITDA expected to be $200 million in 2024. The company has $325 million in cash and may use it for distributions or bolt-on acquisitions, while also focusing on paying down debt.

Summit Midstream Partners: The Market Has Yet To Understand Its Recent Success

Exxon Mobil

HOUSTON , April 1, 2024 /PRNewswire/ -- Double E Pipeline, LLC ("Double E") announced today the launch of a non-binding open season ("Open Season") to solicit expressions of interest for firm transportation service on its system. The Open Season will commence at 4:00 p.m.

Double E Pipeline Announces Open Season for Available Capacity

HOUSTON , March 27, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit," "SMLP" or the "Partnership") today announced that Summit Midstream Holdings, LLC ("Holdings") and Summit Midstream Finance Corp. (together with Holdings, the "Issuers"), which are subsidiaries of the Partnership, are commencing a cash tender offer (the "Excess Cash Flow Offer") to purchase up to $19,331,000 aggregate principal amount (the "Excess Cash Flow Offer Amount") of their outstanding 8.500% Senior Secured Second Lien Notes due 2026 (the "Notes") at a purchase price of 100% of the aggregate principal amount thereof, plus accrued and unpaid interest to, but not including, the purchase date. The Excess Cash Flow Offer is being made pursuant to requirements set forth in the indenture governing the Notes (the "Indenture"), which requires, if the Partnership has Excess Cash Flow (as defined in the Indenture) for the period commencing on January 1 of each fiscal year and ending on December 31 of such fiscal year (the twelve-month period ending on each such date, an "ECF Period"), the Issuers to make an offer to all registered holders (each a "Holder" and collectively, the "Holders") of Notes to purchase the maximum principal amount of Notes that may be purchased with 100% of such Excess Cash Flow for such ECF Period; provided that no such offer is required to be made to the extent that the Excess Cash Flow for such ECF Period is less than $5,000,000 (subject to an aggregate amount of excluded Excess Cash Flow for all ECF Periods of $10,000,000).

Summit Midstream Partners, LP Announces Excess Cash Flow Offer to Purchase up to $19,331,000 Aggregate Principal Amount of Outstanding 8.500% Senior Secured Second Lien Notes Due 2026

HOUSTON , March 25, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit", "SMLP" or the "Partnership") announced today that its 2023 tax packages, including the Schedule K-1, are now available online and may be accessed at https://partnerdatalink.com/Summit. SMLP will also begin mailing the 2023 tax packages to unitholders this week.

Summit Midstream Partners, LP Announces 2023 K-1 Tax Package Availability

MPLX

Pipeline operator Summit Midstream Partners said on Friday it would sell its Utica assets to a unit of midstream energy company MPLX LP for about $625 million in cash.

Summit Midstream Partners to sell Utica assets to MPLX for $625 mln

Concludes Strategic Alternatives Process; Plans to Seek Approval from Unitholders to Convert to a C-Corp   HOUSTON , March 22, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit", "SMLP" or the "Partnership") announced today the sale of Summit Midstream Utica, LLC, which includes its approximately 36% interest in Ohio Gathering Company, LLC ("OGC"), approximately 38% interest in Ohio Condensate Company, LLC ("OCC", collectively with OGC, "Ohio Gathering") and wholly owned Utica assets (collectively, "Utica Position") to a subsidiary of MPLX LP ("MPLX") for $625 million in cash (the "Utica Divestiture").  This transaction is the culmination of the comprehensive strategic review process undertaken by the Summit Board of Directors (the "Board"), in consultation with external advisors, that was publicly announced on October 3, 2023.

Summit Midstream Partners, LP Announces Sale of Utica Position for $625 Million

Summit Midstream Partners has a market cap consistently below $200 million and is burdened by rising debt. The company had a strong 2023 with adjusted EBITDA of $75 million and is focused on strategic alternatives for long-term survival. Despite concerns about debt and interest rates, the company's financial picture has improved and it expects continued success in its portfolio.

News for Summit Midstream Partners LP Stock (SMLP)