Summit Midstream Partners, LP Stock Price, News & Analysis

Outrigger Energy II LLC has finalized the sale of its midstream system in Weld County, Colorado, to Summit Midstream Partners, LP (NYSE:SMLP). This DJ Basin system includes a cryogenic gas processing plant and extensive pipeline infrastructure. The deal is backed by long-term contracts covering 310,000 acres. Post-sale, Outrigger will focus on its Williston Basin operations in North Dakota, where it maintains a high-efficiency gas processing plant. The company anticipates rising gas deliveries as it enhances its pipeline capacity to support growing customer demands.

Summit Midstream Partners, LP (NYSE: SMLP) announced the closure of the DJ Basin acquisitions of Outrigger DJ Midstream LLC and Sterling Energy Investments LLC for approximately $305 million. This strategic move aims to streamline its portfolio and enhance value through reinvestment in core growth basins. The transactions were funded via borrowings from its credit facility and $85 million in Senior Secured Second Lien Notes due in 2026. Integration of Outrigger DJ and Sterling DJ assets is expected to improve efficiency and reliability for midstream services in the northern DJ Basin.

Summit Midstream Partners, LP (SMLP) reported financial results for Q3 2022, highlighting a net loss of $7.8 million due to non-cash impairments. Adjusted EBITDA rose 8.5% to $54.7 million, and Distributable Cash Flow increased 16.2% to $29.8 million. The company successfully sold the Bison Gas Gathering System for $40 million and reduced total debt by $66 million, enhancing liquidity to $319.6 million. SMLP expects to exceed $300 million in 2023 Adjusted EBITDA, generating over $125 million in free cash flow. Cash distributions remain suspended on common and preferred units.

Summit Midstream Partners (SMLP) has announced the acquisition of Outrigger DJ Midstream LLC and Sterling Energy Investments LLC for $305 million in cash. This strategic move is expected to enhance SMLP's presence in the DJ Basin, tripling its gas processing capacity and expanding its asset footprint significantly. The acquisitions are projected to generate approximately $70 to $80 million in EBITDA for 2023, with a consolidated EBITDA expectation exceeding $300 million. The transaction financing will leverage prior divestiture proceeds and new secured notes, aiding in debt reduction and enhancing overall credit metrics.

Summit Midstream Partners, LP (SMLP) announced the sale of its Bison Midstream gas gathering system in North Dakota to Steel Reef Infrastructure Corp. for $40 million. This transaction continues Summit's strategy of streamlining its asset portfolio to enhance financial flexibility. Post-transaction, SMLP expects to have approximately $300 million in available liquidity and aims to reach the upper end of its 2022 Adjusted EBITDA guidance of $205 million to $220 million. The Bison Midstream system, which gathers natural gas from the Bakken and Three Forks formations, underscores SMLP's focus on growing its crude oil and produced water systems.

Summit Midstream Partners, LP (NYSE: SMLP) announced the availability of its 2021 Schedule K-3 for unitholders, accessible online or via request for a physical copy. The K-3 form is particularly relevant for unitholders with specific tax reporting needs, such as foreign unitholders and certain corporate entities. For assistance, unitholders can contact Partner DataLink. SMLP focuses on developing midstream energy infrastructure in major U.S. shale formations, providing services under long-term agreements.

Summit Midstream Partners, LP (SMLP) reported a net loss of $91.8 million in Q2 2022, alongside adjusted EBITDA of $50.5 million and Distributable Cash Flow (DCF) of $25.6 million. The results were affected by $3.6 million in weather-related interruptions and maintenance activities. The company sold its Lane Gathering and Processing System for $75 million, reducing total debt by $82 million. SMLP anticipates achieving the high end of its 2022 Adjusted EBITDA guidance of $205-$220 million and plans to connect at least 200 new wells in 2023, targeting a 10% growth in Adjusted EBITDA.

Summit Midstream Partners, LP (SMLP) will report its second quarter 2022 operating and financial results on August 4, 2022, after market close. A conference call to discuss these results is scheduled for August 5, 2022, at 10:00 a.m. Eastern. Participants can join via phone or through a live webcast on the company's website. SMLP specializes in midstream energy infrastructure, providing services across six unconventional resource basins in the U.S.

Summit Midstream Partners, LP (NYSE: SMLP) announced the closure of the sale of Summit Midstream Permian, LLC to Matador Resources Company for $75 million, excluding adjustments. The transaction includes the Lane Gathering and Processing System in the Delaware Basin, which features 45 miles of pipeline and a cryogenic processing plant. This sale represents a strategic move as SMLP focuses on midstream energy infrastructure, targeting resource basins in the continental U.S. The system primarily serves crude oil producers under long-term agreements.