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.

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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.

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DENVER--( BUSINESS WIRE )--Outrigger Energy II LLC (“Outrigger”) announced today that it has completed the sale of its midstream system in Weld County, Colorado to Summit Midstream Partners, LP (NYSE:SMLP) (“Summit”). Outrigger's DJ Basin system includes a 60 MMcfd cryogenic natural gas processing plant with product deliveries to the Cheyenne Plains gas pipeline and DCP's natural gas liquids (“NGL”) system, approximately 70 miles of low-pressure natural gas gathering pipelines, approximately 90 miles of high-pressure natural gas gathering pipelines, 12,800 horsepower of field and plant compression and approximately 30 miles of crude oil gathering pipelines with delivery to the Pony Express Pipeline. Outrigger's DJ system is anchored by long-term, fee-based contracts and approximately 310,000 dedicated acres from leading basin operators.

Outrigger Energy II LLC Completes Sale of Its DJ Basin Midstream System and Provides Business Update for Its Williston Basin Midstream System

HOUSTON , Dec. 1, 2022 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit", "SMLP" or the "Partnership") announced today that its wholly owned subsidiary, Summit Midstream Holdings, LLC ("SMP Holdings"), successfully closed on the previously announced DJ Basin acquisitions of Outrigger DJ Midstream LLC ("Outrigger DJ") and Sterling Energy Investments LLC, Grasslands Energy Marketing LLC and Centennial Water Pipelines LLC (collectively, "Sterling DJ") for approximately $305 million in cash. The acquisition of Outrigger DJ and Sterling DJ combined with the previously announced divestitures of the Lane G&P and Bison Gas Systems represents a meaningful step forward on Summit's overall corporate strategy to streamline its portfolio and create value through reinvestment in accretive transactions that build scale in our core growth basins.

Summit Midstream Partners, LP Completes Bolt-on Acquisitions in the DJ Basin

Summit Midstream Partners LP (NYSE:SMLP ) Q3 2022 Earnings Conference Call November 4, 2022 10:00 AM ET Company Participants Randall Burton - IR Heath Deneke - President, CEO & Chairman William Mault - EVP & CFO Conference Call Participants Operator Good day, and thank you for standing by. Welcome to the Q3 2022 Summit Midstream Partners, LP Earnings Conference Call.

Summit Midstream Partners LP (SMLP) Q3 2022 Earnings Call Transcript

HOUSTON , Nov. 3, 2022 /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, 2022, and also reiterated its expectation of achieving the high-end of its previously announced 2022 Adjusted EBITDA guidance range of $205 to $220 million. Third Quarter 2022 Highlights & Management Commentary Net loss of $7.8 million, primarily driven by non-cash impairments associated with the Bison sale Increased adjusted EBITDA by 8.5% to $54.7 million from $50.5 million for the second quarter of 2022 Increased Distributable Cash Flow by 16.2% to $29.8 million from $25.6 million for the second quarter of 2022 Completed the sale of the Bison Gas Gathering System in the Williston Basin for $40 million in cash Reduced total debt by $66 million and increased liquidity to $319.6 million Announced $305 million synergistic and accretive bolt-on acquisitions in the DJ Basin at an attractive 4.0x 2023 projected EBITDA multiple; partially financed with a new issuance of $85 million of 8.5% Senior Secured Second Lien Notes due 2026 Expect 2023 Adjusted EBITDA to exceed $300 million and generate more than $125 million of free cash flow inclusive of the DJ Basin acquisitions Heath Deneke, President, Chief Executive Officer and Chairman, commented, "Summit's third quarter 2022 financial and operating results further positions us to achieve the high-end of our previously announced 2022 Adjusted EBITDA guidance range of $205 to $220 million.

Summit Midstream Partners, LP Reports Third Quarter 2022 Financial and Operating Results

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Midstream Weekly Recap: Another Big Week With Gains Across The Board

Summit to acquire Outrigger DJ Midstream LLC, and the operating subsidiaries of Sterling Energy Investments LLC, owners of natural gas gathering and processing systems, a crude oil gathering system, freshwater rights and a freshwater delivery system located near Summit's Hereford assets in Weld County, Colorado for an aggregate $305 million in cash Represents another meaningful strategic step in Summit's overall corporate strategy to streamline its portfolio and build scale in key basins that are well positioned for growth (re-investment of approximately $115 million from the recent divestitures) Triples Summit's DJ Basin gas processing capacity and adds an estimated 505,000 leased acres under dedication in rural Weld County with over 675 active permits and over 1,200 remaining locations with estimated crude-oil break-evens as low as $35 per barrel Diversifies overall customer base with a combination of fixed-fee and percentage-of-proceeds contracts, over 10-year weighted average remaining tenor and expands DJ system further south into the attractive northeastern extension in of the DJ Basin Attractive acquisition multiple of approximately 4.0x 2023 projected EBITDA is consistent with SMLP's value-accretive and credit-accretive consolidation strategy Significant free cash flow drives additional de-leveraging with approximately $70 to $80 million in estimated EBITDA and $10 million to $15 million of estimated capital expenditures in 2023 Enables significant synergies, commercial upside and additional in-basin consolidation through approximately 70 MMcf/d of unutilized processing capacity at Hereford and Jackson Lake and a significantly expanded capture area through approximately 90 miles of high-pressure pipelines that traverse several highly economic areas of the DJ Basin Continue to expect to be at the high-end of our previously announced 2022 Adjusted EBITDA guidance range of $205 million to $220 million and, as outlined in more detail in our second quarter earnings release, we continue to expect at least 10% Adjusted EBITDA growth in our existing base business during 2023 With the addition of the Outrigger DJ and Sterling DJ systems, 2023 Adjusted EBITDA is expected to reach at least $300 million resulting in total leverage of approximately 4.25x at year-end 2023 and sub-3.5x in 2024 to the extent that similar well connection activity across our operating footprint persists into 2024 HOUSTON , Oct. 17, 2022 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit", "SMLP" or the "Partnership") announced today that its wholly owned subsidiary, Summit Midstream Holdings, LLC ("SMP Holdings"), has entered into definitive agreements with Outrigger Energy II LLC to acquire Outrigger DJ Midstream LLC ("Outrigger DJ") and with Sterling Investment Holdings LLC to acquire, Sterling Energy Investments LLC, Grasslands Energy Marketing LLC and Centennial Water Pipelines LLC (collectively, "Sterling DJ"), which own natural gas gathering and processing systems, a crude oil gathering system, freshwater rights, and a subsurface freshwater delivery system in the DJ Basin for cash consideration of $305 million, subject to customary transaction adjustments. The Outrigger DJ and Sterling DJ consolidated asset portfolio is located in Weld, Morgan, and Logan Counties, Colorado and Cheyenne County, Nebraska.

Summit Midstream Partners, LP Announces Synergistic and Accretive Bolt-on Acquisitions in the DJ Basin

HOUSTON , Sept. 19, 2022 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit", "SMLP" or the "Partnership") announced today that its wholly owned subsidiary, Summit Midstream Holdings, LLC ("SMP Holdings"), signed and closed on the sale of Bison Midstream, LLC ("Bison Midstream"), its gas gathering system in Burke and Mountrail Counties, North Dakota to Steel Reef Infrastructure Corp. ("Steel Reef" or the "Company" through its wholly owned subsidiary Steel Reef US Corp.), an integrated owner and operator of associated gas capture, gathering and processing assets in North Dakota and Saskatchewan, for cash consideration of $40 million, subject to customary transaction adjustments.

Summit Midstream Partners, LP Announces Sale of its Bison Gas Gathering System in North Dakota

HOUSTON , Sept. 12, 2022 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) announced today that its 2021 Schedule K-3 is available online.

Summit Midstream Partners, LP Announces 2021 K-3 Tax Form Availability

Summit Midstream Partners continues to see its debt dwarf its market capitalization as its share price struggles to perform. The company continues to generate substantial DCF; however, it continues to struggle to pay down debt.

Summit Midstream Partners Share Price Assumes No Recovery

On August 4th, Summit Midstream told the street that its FY 2022 Adj. EBITDA should come in at the high end of its range, closer to $220 million. Management also said, based on what they know now, and FY 2023 budgets aren't finalized until February 2023, Summit could grow its FY 2023 Adj. EBITDA by at least 10%.

Summit Midstream: Arguably A $25+ Stock, Yet Trading In The Low $16s

Summit Midstream Partners, LP (NYSE:SMLP ) Q2 2022 Earnings Conference Call August 5, 2022 10:00 AM ET Company Participants Heath Deneke - President, CEO and Chairman William Mault - CFO Conference Call Participants Operator Welcome to the Second Quarter 2022 Summit Midstream Partners, LP Earnings Conference Call. My name is Hilda, and I will be your operator for today.

Summit Midstream Partners, LP (SMLP) CEO Heath Deneke on Q2 2022 Results - Earnings Call Transcript

Second quarter 2022 net loss of $91.8 million, adjusted EBITDA of $50.5 million and cash flow available for distributions ("Distributable Cash Flow" or "DCF") of $25.6 million Adjusted EBITDA was impacted by approximately $3.6 million of estimated weather-related interruptions in the Rockies segment, maintenance activities and wells temporarily shut-in behind the Northeast segment and deal costs incurred during the quarter Sold the Lane Gathering and Processing System in the Delaware Basin and assigned the associated take-or-pay firm capacity on Double E to a Subsidiary of Matador Resources Company for $75 million in cash Reduced total debt by $82 million, increasing available liquidity to approximately $255 million Expect to be at the high-end of previously announced 2022 Adjusted EBITDA guidance range of $205 million to $220 million Current producer development plans include at least 200 new well connections in 2023 behind our systems, which we expect to result in at least 10% year-over-year Adjusted EBITDA growth HOUSTON, Texas , Aug. 4, 2022 /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, 2022, including a net loss of $91.8 million, adjusted EBITDA of $50.5 million and DCF of $25.6 million. SMLP also recognized an impairment of $84.5 million related to the sale of its Lane Gathering and Processing System in the Delaware Basin.

Summit Midstream Partners, LP Reports Second Quarter 2022 Financial and Operating Results

HOUSTON , July 21, 2022 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) (the "Partnership", "SMLP" or "Summit") announced today that it will report operating and financial results for the second quarter of 2022 on Thursday, August 4, 2022, 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 2022 Earnings Call

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Sadly for the common unitholders of Summit Midstream Partners, they are being squeezed out of their earnings and assets by the preferred unitholders and debt holders. They recently diluted their common unitholders by 40% to merely redeem only part of their preferred units, thereby effectively seeing common unitholders giving away almost half of their assets.

Summit Midstream Partners: Common Unitholders Getting Squeezed Out

HOUSTON , June 30, 2022 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit", "SMLP" or the "Partnership") announced today that its wholly owned subsidiary, Summit Midstream Holdings, LLC ("SMP Holdings"), closed on the previously announced sale of Summit Midstream Permian, LLC ("Summit Permian"), which owns the Lane Gathering and Processing System ("Lane G&P System") in the Delaware Basin to a wholly owned subsidiary of Matador Resources Company ("Matador") for a cash sale price of $75 million, excluding customary transaction adjustments.  Matador also assumed Summit Midstream Marketing, LLC's, a wholly owned subsidiary of SMP Holdings, take-or-pay firm capacity on the Double E Pipeline associated with the Lane G&P System.

Summit Midstream Partners, LP Announces Closing of Lane Gathering and Processing System Sale to a Subsidiary of Matador Resources Company

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Midstream Weekly Recap: Midstream Remains A Buy As Inflation Fears Spread

Cash sale price of $75 million reduces SMLP's total leverage by ~0.3x and increases its liquidity and financial flexibility for reinvestment Expands Double E's commercial relationship with Matador, a top-tier Delaware producer with nearly 125,000 net acres in New Mexico and an existing economic interest in a processing plant complex in Eddy County, New Mexico currently connected to Double E Matador assumes additional take-or-pay firm capacity on Double E Provides Summit additional financial flexibility to pursue strategic, scale-building opportunities for Double E and around Summit's other core assets in growth basins The transaction is expected to be free cash flow accretive to SMLP unitholders Summit reiterates its 2022 Adjusted EBITDA guidance range of $205 million to $220 million HOUSTON , June 9, 2022 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit", "SMLP" or the "Partnership") announced today that its wholly owned subsidiary, Summit Midstream Holdings, LLC ("SMP Holdings"), has entered into a definitive agreement to sell Summit Midstream Permian, LLC ("Summit Permian"), which owns the Lane Gathering and Processing System ("Lane G&P System") in the Delaware Basin to a wholly owned subsidiary of Matador Resources Company ("Matador") for a cash sale price of $75 million, subject to customary transaction adjustments.  Matador will also assume Summit Midstream Marketing, LLC's, a wholly owned subsidiary of SMP Holdings, take-or-pay firm capacity on the Double E Pipeline associated with the Lane G&P System.

Summit Midstream Partners, LP Announces Sale of its Lane Gathering and Processing System in the Delaware Basin to a Subsidiary of Matador Resources Company & Reiterates its 2022 Adjusted EBITDA Guidance

HOUSTON , May 26, 2022 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) (the "Partnership" or "SMLP") announced today that its 2022 annual meeting of limited partners initially convened and partially adjourned on May 10, 2022 and reconvened on May 26, 2022 (the "Annual Meeting") has been adjourned, prior to conducting any business, for the purpose of soliciting additional votes with respect to Proposal 2, the approval of the Summit Midstream Partners, LP 2022 Long-Term Incentive Plan, set forth in the Partnership's definitive proxy statement for the Annual Meeting filed with the Securities and Exchange Commission on March 31, 2022 (the "Proxy Statement"). A quorum was present at the Annual Meeting.

Summit Midstream Partners, LP Announces Adjournment of Annual Meeting and Information for Reconvened Annual Meeting

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HOUSTON , May 11, 2022 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) (the "Partnership" or "SMLP") announced today that its 2022 annual meeting of limited partners (the "Annual Meeting") scheduled for and convened today has been partially adjourned for the purpose of soliciting additional votes with respect to Proposal 2, the approval of the Summit Midstream Partners, LP 2022 Long-Term Incentive Plan, set forth in the Partnership's definitive proxy statement for the Annual Meeting filed with the Securities and Exchange Commission on March 31, 2022 (the "Proxy Statement"). A quorum was present at the Annual Meeting, and Proposals 1 (the election of two Class I directors), 3 (the ratification of the appointment of Deloitte & Touche LLP as the Partnership's independent registered public accounting firm for 2022), 4 (the approval of the advisory resolution on executive compensation) and 5 (the advisory vote on the frequency of future advisory votes on executive compensation), set forth in the Proxy Statement, received the requisite votes for approval.

Summit Midstream Partners, LP Announces Partial Adjournment of Annual Meeting and Information for Reconvened Annual Meeting

Summit Midstream Partners' management has averted the short-term risks; however, the work is still cut out for them. The company's stock price has regressed which in our view represents a unique opportunity to invest.

Summit Midstream Partners: Keep Trusting Management

Summit Midstream Partners, LP (NYSE:SMLP ) Q1 2022 Results Conference Call May 4, 2022 10:00 AM ET Company Participants Ross Wong - Investor Relations Heath Deneke - President, Chief Executive Officer William Mault - Chief Financial Officer Conference Call Participants James Carreker - Capital Advisors Gregg Brody - Bank of America Operator Welcome to the Q1 2022 Summit Midstream Partners LP Earnings Conference Call. My name is Vanessa and I will be your operator for today's call.

Summit Midstream Partners, LP (SMLP) CEO Heath Deneke on Q1 2022 Results - Earnings Call Transcript

First quarter 2022 net loss of $5 thousand, adjusted EBITDA of $56.8 million and cash flow available for distributions ("Distributable Cash Flow" or "DCF") of $31.8 million Generated significant free cash flow in Q1 2022, reducing total debt by $34 million 21% increase in crude oil volumes relative to Q4 2021, due to strong performance from 25 wells brought online over the past two quarters In January 2022, completed Series A Preferred exchange offer, resulting in an aggregate reduction in Series A Preferred face value of 78% since July of 2020 Revised 2022 Adjusted EBITDA guidance range of $205 million to $220 million, an increase of $5 million relative to the midpoint of SMLP's initial guidance range Updated 2022 well connect guidance range includes 30 to 40 incremental well connects in the second half of 2022, represents a nearly 40% increase in customer activity levels assumed in SMLP's initial full year 2022 guidance range provided in February Increased the lower end of SMLP's initial 2022 adjusted EBITDA guidance by $10 million, establishing a new 2022 adjusted EBITDA guidance range of $205 million to $220 million HOUSTON , May 3, 2022 /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, 2022, including a net loss of $5 thousand, adjusted EBITDA of $56.8 million and DCF of $31.8 million. Operated natural gas throughput from wholly owned assets averaged 1,306 million cubic feet per day ("MMcf/d") and liquids throughput averaged 65 thousand barrels per day ("Mbbl/d").

Summit Midstream Partners, LP Reports First Quarter 2022 Financial and Operating Results

News for Summit Midstream Partners LP Stock (SMLP)