Summit Midstream Partners, LP Stock Price, News & Analysis

Summit Midstream Partners, LP (SMLP) announced agreements to resolve government investigations related to a 2015 produced water discharge into Blacktail Creek, North Dakota. The Global Settlement includes an aggregate penalty of $36.3 million, covering civil and criminal penalties, with payments spread over several years. The company committed to improving pipeline management practices. CEO Heath Deneke highlighted the company's investment of $75 million in remediation and preventative measures since discovering the spill. The settlement awaits court approval.

Summit Midstream Partners, LP (NYSE: SMLP) will report its second quarter 2021 operating and financial results on August 6, 2021, before NYSE trading. A conference call is scheduled for 10:00 a.m. Eastern on the same day to discuss these results. The Partnership focuses on midstream energy infrastructure in six basins across the U.S., including the Appalachian and Permian Basins, and has significant equity investments in natural gas transmission projects. Investors can access the call through SMLP's website.

Summit Midstream Partners, LP (NYSE: SMLP) has raised its full-year 2021 financial guidance, projecting adjusted EBITDA between $225 million and $240 million, a 5.7% increase from prior estimates. The company also anticipates a reduction in total indebtedness by approximately $82 million by June 30, 2021. Year-to-date results have exceeded expectations due to increased customer activity and robust expense management. Although 2021 may be a trough year for well connect activity, management is optimistic about improving commodity prices and operational performance.

Summit Midstream Partners reported net income of $9 million and adjusted EBITDA of $60.4 million for Q1 2021. Natural gas throughput averaged 1,346 MMcf/d, down 6.3% from Q4 2020, while liquids throughput fell 8.5%. The decline in volumes is attributed to production declines and severe winter weather. The company achieved approximately $4.9 million in operating expense savings. SMLP paid down $55 million of its revolving credit facility, representing 40% of its 2021 debt reduction target. The launch of a Series A preferred equity exchange reduced outstanding debts and eliminated $2.5 million in unpaid distributions.

Summit Midstream Partners, LP (NYSE: SMLP) announced the final results of its Exchange Offer for 9.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units, which ended on April 13, 2021. A total of 18,662 Series A Preferred Units were tendered, with all accepted for exchange. Consequently, approximately 559,860 Common Units will be issued to the holders of these tendered Preferred Units, subject to applicable taxes. SMLP focuses on midstream energy infrastructure in the U.S., operating in multiple unconventional resource basins.

Summit Midstream Partners, LP (SMLP) announced it will report its first quarter 2021 operating and financial results on May 7, 2021, before market open. A conference call will follow at 10:00 a.m. Eastern for discussion and analysis. Investors can participate by dialing provided numbers or accessing the event online. SMLP is focused on developing midstream energy infrastructure in key U.S. basins, offering gathering services for natural gas, crude oil, and produced water.

Summit Midstream Partners, LP (NYSE: SMLP) reported preliminary results for its Exchange Offer to convert Series A Preferred Units into common units. The Exchange Offer, which ended on April 13, 2021, saw 18,662 Series A Preferred Units tendered, subject to verification by the Depositary. The Partnership plans to deliver the common units on April 15, 2021. The exchange aims to streamline capital structure and enhance investor interests.

Summit Midstream Partners, LP (SMLP) extended the expiration date of its Exchange Offer for its 9.50% Series A Preferred Units to April 13, 2021. The Partnership aims to exchange up to 2,400,000 newly issued common units for tendered preferred units. As of April 6, 2021, only 23,912 preferred units were properly tendered, falling short of the 15,000 units required to proceed with the exchange. The Exchange Offer documents are available on the SEC and Partnership's websites.

Summit Midstream Partners (SMLP) announced an amendment to its Exchange Offer for its 9.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units. Now, each tendered Series A Preferred Unit will exchange for 30 Common Units, up from 27, marking an 11% increase. The maximum Common Units available for exchange has risen from 2,160,000 to 2,400,000. The Exchange Offer will expire on April 6, 2021, unless extended, and requires a minimum of 15,000 Series A Preferred Units to be tendered.