Summit Midstream Partners, LP Stock Price, News & Analysis

Summit Midstream Partners, LP (SMLP) announced the adjournment of its 2022 annual meeting of limited partners, initially convened on May 10 and reconvened on May 26, 2022. The meeting remains adjourned to solicit additional votes on Proposal 2, concerning the approval of SMLP's 2022 Long-Term Incentive Plan. The reconvened meeting is scheduled for June 24, 2022, at 9:00 a.m. Central Time, and will be held virtually. A quorum was present at the initial meeting, and previously submitted proxies will continue to be counted.

Summit Midstream Partners, LP (SMLP) announced the partial adjournment of its 2022 Annual Meeting to gather more votes for Proposal 2, concerning the approval of the 2022 Long-Term Incentive Plan. While a quorum was achieved, only Proposals 1, 3, 4, and 5 received sufficient votes for approval. The meeting will reconvene on May 26, 2022, at 9:00 a.m. Central Time, and will be held virtually. Proxy votes submitted for Proposal 2 will remain valid, and holders can revoke their proxies according to the Proxy Statement. SMLP operates in major U.S. shale formations, providing midstream energy services.

Summit Midstream Partners reported a net loss of $5 thousand for Q1 2022, while achieving adjusted EBITDA of $56.8 million and distributable cash flow of $31.8 million. The company reduced total debt by $34 million and noted a 21% increase in crude oil volumes due to 25 new wells. The adjusted EBITDA guidance for 2022 has been raised to between $205 million and $220 million. Despite operational interruptions impacting liquid volumes, positive trends in producer activity and strong market prices were highlighted, with significant growth expected in the second half of 2022.

Summit Midstream Partners, LP (SMLP) will announce its first quarter 2022 financial results on May 3, 2022, after NYSE trading closes. A conference call is scheduled for May 4, 2022, at 10:00 a.m. Eastern where management will discuss these results. SMLP is focused on midstream energy infrastructure across six resource basins in the U.S., including the Appalachian, Williston, and Permian Basins. The Partnership provides long-term gathering and processing services, highlighting its strategic investment in natural gas transport solutions.

Summit Midstream Partners, LP (SMLP) has announced the availability of its 2021 tax packages, including the Schedule K-1, for unitholders. These documents can be accessed online at partnerdatalink.com/Summit. Mailing of the 2021 tax packages will begin this week. Unitholders seeking assistance can contact Partner DataLink via email at SummitK1Help@deloitte.com or call (855) 375-4158. SMLP focuses on midstream energy infrastructure in key shale formations across the US.

Summit Midstream Partners, LP (NYSE: SMLP) announced the appointment of Rommel M. Oates to its Board of Directors on February 28, 2022. Oates is the Founder and CEO of Oates Energy Solutions LLC and a pioneer in hydrogen energy, holding 18 patents in the field. He has served on the board of the International Association of Hydrogen Energy and has extensive experience in clean energy technology. His addition aims to enhance Summit's ESG approach and energy transition initiatives, with a sustainability report expected later this year.

Summit Midstream Partners (SMLP) reported a net loss of $16.2 million for Q4 2021 but achieved an adjusted EBITDA of $54.7 million. Natural gas throughput averaged 1,307 MMcf/d, with a slight decrease from Q3, while liquids throughput averaged 62 Mbbl/d. The company connected 25 new wells in Q4, contributing to output stability. The new Double E Pipeline is expected to enhance capacity and growth, anchored by long-term contracts. However, anticipated new well connections in 2022 are disappointingly low, leading to a cautious outlook despite strong price fundamentals.

Summit Midstream Partners (SMLP) will release its Q4 2021 financial results on February 25, 2022, before market open. The company is reorganizing its reportable segments to better align assets with economic drivers, now consisting of five segments: Northeast, Piceance, Barnett, Permian, and Rockies. This change aims to enhance operational capabilities and improve cash flows based on commodity pricing.

SMLP will also host a conference call at 10:00 a.m. Eastern on the same day to discuss these results.

On February 8, 2022, Summit Midstream Partners (SMLP) announced the departure of Marc Stratton, Chief Financial Officer, effective March 4, 2022. William Mault, promoted to CFO, brings extensive experience from his role as Vice President of Corporate Development since 2016. Matt Sicinski was elevated to Senior Vice President and Chief Accounting Officer. As the company undergoes these leadership changes, CEO Heath Deneke expressed confidence in Mault and Sicinski's abilities to drive long-term value for investors. The leadership transition is significant for SMLP's strategic direction.