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

Earnings data Q4 2020

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Earnings data Q1 2024

Earnings data Q3 2024

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 Partners, LP (SMLP) Q4 2023 Earnings Call Transcript

HOUSTON , March 15, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit", "SMLP" or the "Partnership") announced today its financial and operating results for fourth quarter and full-year 2023, provided full-year 2024 financial guidance and updated its strategic alternatives review. Highlights Previously announced strategic alternatives review entering advance stages Fourth quarter 2023 net loss of $15.1 million, adjusted EBITDA of $75.0 million, cash flow available for distributions ("Distributable Cash Flow" or "DCF") of $37.8 million and free cash flow ("FCF") of $20.4 million Reported 2023 Adjusted EBITDA of $267 million and fourth quarter Adjusted EBITDA run-rate of $300 million Connected 77 wells during the fourth quarter, resulting in 304 wells connected in 2023 Active customer base with five drilling rigs and more than 140 DUCs behind our systems Commissioned DJ Basin de-bottlenecking projects and compression project behind Utica system Executed new 25,500 acre dedication in the condensate window behind our Ohio Gathering Joint Venture Executed new 10-year take-or-pay contract behind Double E, connecting a new 300 MMcf/d processing plant Provided 2024 adjusted EBITDA guidance range of $260 million to $300 million Management Commentary Heath Deneke, President, Chief Executive Officer, and Chairman, commented, "Summit delivered solid fourth quarter 2023 financial and operating results representing run-rate Adjusted EBITDA of $300 million.

Summit Midstream Partners, LP Reports Fourth Quarter and Full-Year 2023 Financial and Operating Results, 2024 Guidance and Strategic Alternatives Update

HOUSTON, Feb. 23, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit", "SMLP" or the "Partnership") announced today that it will report operating and financial results for the fourth quarter of 2023 and provide an update to its strategic alternatives review on Friday, March 15, 2024, before the open of trading on the New York Stock Exchange. Fourth Quarter 2023 Earnings Call SMLP will host a conference call at 10:00 a.m.

Summit Midstream Partners, LP Schedules Fourth Quarter 2023 Earnings Call

HOUSTON , Nov. 16, 2023 /PRNewswire/ -- As part of its previously announced strategic alternatives review, Summit Midstream Partners, LP (NYSE: SMLP) ("Summit," "SMLP" or the "Partnership") announces the execution of an opportunistic refinancing of its senior notes due 2025 (the "2025 Unsecured Notes") and amendment to its asset-based lending credit facility ("ABL Facility").  Purpose of the Transaction Provides for a holistic refinancing solution of the 2025 Unsecured Notes Eliminates any material near-term maturities and provides additional runway to continue to de-lever Enables SMLP to evaluate its ongoing strategic alternatives review from a position of strength and financial flexibility Heath Deneke, President, Chief Executive Officer, and Chairman, commented, "We are pleased to announce this opportunistic refinancing and would like to thank our bondholders and banks for their continued support.

Summit Midstream Partners, LP Announces Opportunistic Refinancing of its 2025 Unsecured Notes and Amendment to ABL Facility

Summit Midstream Partners, LP is a small cap midstream producer with a debt load that exceeds its market value. The company has managed to survive thus far, but its ability to thrive in the future is uncertain due to higher interest rates. The next step for Summit Midstream Partners is to determine whether it can overcome its debt burden and continue to grow.

Summit Midstream Partners Needs To Account For Rising Rates

Summit Midstream Partners, LP (NYSE:SMLP ) Q3 2023 Earnings Call Transcript November 3, 2023 10:00 AM ET Company Participants Randall Burton - IR Heath Deneke - President, CEO & Chairman Bill Mault - CFO Conference Call Participants Gregg Brody - Bank of America Operator Good day, and thank you for standing by. Welcome to the Summit Midstream Partners Third Quarter 2023 Earnings Conference Call.

Summit Midstream Partners, LP (SMLP) Q3 2023 Earnings Call Transcript

HOUSTON , Nov. 3, 2023 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit", "SMLP" or the "Partnership") announced today its financial and operating results for the three months ended September 30, 2023. Highlights Third quarter 2023 net income of $3.9 million, adjusted EBITDA of $72.8 million, cash flow available for distributions ("Distributable Cash Flow" or "DCF") of $38.5 million and free cash flow ("FCF") of $21.9 million Adjusted EBITDA of $72.8 million represents ~24% quarter-over-quarter growth and ~$290 million run-rate Connected 77 wells during the third quarter, resulting in 227 wells connected year-to-date and remain on pace to connect a total of ~300 wells by the end 2023 Reiterating fourth quarter Adjusted EBITDA guidance of $75 million to $85 million Active customer base with six drilling rigs and more than 165 DUCs behind our systems Executed 15-year contract extension dedicating more than 30,000 leased acres with a key customer in the Williston Constructing initial phase of compression project to provide low-pressure service on the Summit Midstream Utica ("SMU") system Launched strategic alternatives review with the goal of maximizing unitholder value Management Commentary Heath Deneke, President, Chief Executive Officer, and Chairman, commented, "Summit delivered solid third quarter 2023 financial and operating results that include a significant quarter-over-quarter increase in Adjusted EBITDA and operational progress that supports our projection of achieving approximately $300 million of LTM Adjusted EBITDA by mid-2024.

Summit Midstream Partners, LP Reports Third Quarter 2023 Financial and Operating Results

Summit Midstream Partners, LP's share price is highly impacted by its substantial debt load in relation to its market cap. The company has announced strong volume growth and expects significant earnings and results. The company's assets have substantial capacity for minimal cost, but its utilization remains low and it needs long-term demand for its assets.

Summit Midstream Partners' Recent Earnings Are Just The Start

HOUSTON , Oct. 3, 2023 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit", "SMLP" or the "Partnership") announced today an operational update for the third quarter of 2023. In connection with this operational update, SMLP also announced that its Board of Directors has initiated a formal review process to evaluate strategic alternatives for the Partnership with a view of maximizing unitholder value.

Summit Midstream Partners, LP Provides Operational Update, Announces Review of Strategic Alternatives and Schedules Third Quarter 2023 Earnings Call

Summit Midstream Partners stock has underperformed the market and its sector this year. The company has exhibited mediocre operating performance and is on track to post an annual loss for the fourth year in the last five years. Summit Midstream Partners has an excessive debt load and its interest expense exceeds its operating income.

Summit Midstream Partners Is Risky

HOUSTON , Aug. 9, 2023 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit", "SMLP" or the "Partnership") announced today its financial and operating results for the three months ended June 30, 2023. Highlights Second quarter 2023 net loss of $13.5 million, adjusted EBITDA of $58.6 million, cash flow available for distributions ("Distributable Cash Flow" or "DCF") of $24.4 million and free cash flow ("FCF") of $9.1 million Connected 89 wells during the quarter, bringing total wells connected during the first half of 2023 to 150 versus original planned level of approximately 200 Turned in-line 45 wells after quarter-end and continue to expect approximately 300 well connects in 2023 Expect third and fourth quarter Adjusted EBITDA to range from $65 million to $75 million and $75 million to $85 million, respectively Updating 2023 Adjusted EBITDA guidance to $260 million to $280 million to reflect completion delays trending one to two quarters behind schedule and lower-than-expected commodity price impacts Customer base remains active with 11 drilling rigs and more than 180 DUCs behind our systems currently Trending towards $300 million of LTM Adjusted EBITDA during the first half of 2024 Management Commentary Heath Deneke, President, Chief Executive Officer, and Chairman, commented, "Summit's second quarter 2023 financial and operating results were below management expectations, primarily due to temporary production shut-ins behind our Barnett system, completion delays in the Williston and Utica, and lower than expected commodity prices.

Summit Midstream Partners, LP Reports Second Quarter 2023 Financial and Operating Results

HOUSTON , July 27, 2023 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit", "SMLP" or the "Partnership") announced today that it will report operating and financial results for the second quarter of 2023 on Wednesday, August 9, 2023, after the close of trading on the New York Stock Exchange. SMLP will host a conference call at 10:00 a.m.

Summit Midstream Partners, LP Schedules Second Quarter 2023 Earnings Call

HOUSTON , July 6, 2023 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) announced today that its 2022 Schedule K-3 is available online. Unitholders requiring this information may access their Schedule K-3 at https://partnerdatalink.com/Summit.

Summit Midstream Partners, LP Announces 2022 K-3 Tax Form Availability

Summit Midstream Partners continues to struggle with low utilization, even though capital spending is ramping up. However, the company remains profitable. The company has no way to handle paying off its debt due in 2025-2026 and it will need to roll it over. That's dangerous in a high-interest rate environment. The company's management is great and showed a def ability to handle 2020. That, combined with its valuation, makes the company an incredibly valuable investment.

Summit Midstream Partners: Can It Survive Low Utilization?

Summit Midstream Partners LP (NYSE:SMLP ) Q1 2023 Earnings Conference Call May 5, 2023 10:00 AM ET Company Participants Randall Burton - Director, Finance, Treasurer & IR Heath Deneke - President, CEO & Chairman William Mault - EVP & CFO Conference Call Participants Gregg Brody - Bank of America Merrill Lynch Operator Good day, and thank you for standing by. Welcome to the First Quarter 2023 Summit Midstream Partners, LP Earnings Conference Call.

Summit Midstream Partners LP (SMLP) Q1 2023 Earnings Call Transcript

HOUSTON , May 5, 2023 /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, 2023. Highlights First quarter 2023 net loss of $14.2 million, adjusted EBITDA of $60.4 million, cash flow available for distributions ("Distributable Cash Flow" or "DCF") of $24.9 million and free cash flow ("FCF") of $7.6 million Generated 20% quarter-over-quarter adjusted EBITDA growth Connected 61 wells during the quarter, four times higher than the first quarter of 2022 Experienced 17% quarter-over-quarter growth in liquids volumes and 14% growth in DJ Basin natural gas volumes relative to December 2022 Active customer base with nine drilling rigs and 229 DUCs behind our systems Successful integration of recently acquired DJ Basin gathering & processing assets Management Commentary Heath Deneke, President, Chief Executive Officer, and Chairman, commented, "Summit's first quarter 2023 financial and operating results were in line with management expectations.

Summit Midstream Partners, LP Reports First Quarter 2023 Financial and Operating Results

HOUSTON , April 24, 2023 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit", "SMLP" or the "Partnership") announced today  that it will report operating and financial results for the first quarter of 2023 on Friday, May 5, 2023, before the open of trading on the New York Stock Exchange. SMLP will host a conference call at 10:00 a.m.

Summit Midstream Partners, LP Schedules First Quarter 2023 Earnings Call

HOUSTON , March 22, 2023 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit", "SMLP" or the "Partnership") announced today that its 2022 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 2022 tax packages to unitholders this week.

Summit Midstream Partners, LP Announces 2022 K-1 Tax Package Availability

LUXEMBOURG CITY, Luxembourg and HOUSTON , March 6, 2023 /PRNewswire/ -- Clariter and Summit Midstream Partners announced today a strategic collaboration in which Summit joins Clariter's range of strategic partners and investors. Summit's investment is a vote of confidence in Clariter's proprietary and proven technology, which aims to tackle the global effects of plastic pollution through the production of sustainable high-value industrial products made entirely from plastic waste.

CLARITER WELCOMES SUMMIT MIDSTREAM PARTNERS TO ITS GROUP OF STRATEGIC INVESTORS, ANNOUNCING COLLABORATION SUPPORTING CLARITER'S FUTURE UNITED STATES ROLL-OUT STRATEGY

Summit Midstream Partners, even with perfect execution, will face bankruptcy for the rest of the decade depending on how the market executes. The company continues to have a uniquely strong portfolio of assets and the DJ Basin assets add to that, although we feel it wasn't prudent to add debt at this time.

Summit Midstream Partners: Can You Live In The Jaws Of Bankruptcy?

Summit Midstream Partners, LP (NYSE:SMLP ) Q4 2022 Earnings Conference Call February 24, 2023 10:00 AM ET Company Participants Randall Burton – Investor Relations Heath Deneke – Chairman, President and Chief Executive Officer Bill Mault – Chief Financial Officer Conference Call Participants Gregg Brody – Bank of America Operator Good morning, and thank you for standing by. Welcome to the Summit Midstream Partners Fourth Quarter 2022 Earnings Conference Call.

Summit Midstream Partners, LP (SMLP) Q4 2022 Earnings Call Transcript

HOUSTON , Feb. 24, 2023 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit", "SMLP" or the "Partnership") announced today its financial and operating results for fourth quarter and full-year 2022 and provided full-year 2023 financial guidance. Highlights Generated fourth quarter 2022 net loss of $23.9 million, adjusted EBITDA of $50.3 million, cash flow available for distributions ("Distributable Cash Flow" or "DCF") of $20.2 million and free cash flow ("FCF") of $11.8 million Fourth quarter 2022 results include $4 million of severe weather outages and unusual expenses Generated adjusted EBITDA of $212.3 million and FCF of $73.5 million in 2022, exceeding the mid-point of our original guidance range Executed four highly strategic, value- and credit-enhancing acquisitions and divestitures, most recently closing on the DJ Basin acquisitions on December 1, 2022 Provided 2023 adjusted EBITDA guidance of $290 million to $320 million, representing approximately 40%1 year-over-year expected growth Expect to de-lever the balance sheet towards an approximately 4.35x leverage ratio by year end1 Management Commentary Heath Deneke, President, Chief Executive Officer and Chairman, commented, "Summit delivered solid financial and operating results in 2022, and we made outstanding progress executing our corporate strategy to high-grade our portfolio of assets and increase our scale in a balance sheet enhancing manner.

Summit Midstream Partners, LP Reports Fourth Quarter and Full-Year 2022 Financial and Operating Results & Provides Full-Year 2023 Guidance

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HOUSTON , Feb. 15, 2023 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit", "SMLP" or the "Partnership") announced today that it will report operating and financial results for the fourth quarter of 2022 on Friday, February 24, 2023, before the open of trading on the New York Stock Exchange. SMLP will host a conference call at 10:00 a.m.

Summit Midstream Partners, LP Schedules Fourth Quarter 2022 Earnings Call

Summit Midstream Partners, LP has made an opportunistic acquisition at an expensive cost. There's no guarantee it pays off. The company has a strong history of paying down debt, which makes us optimistic about the management team's strength and ability to execute.

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