Summit Midstream Partners, LP Stock Price, News & Analysis

Summit Midstream Partners, LP (NYSE: SMLP) announced an Exchange Offer for its 9.50% Series A Preferred Units, allowing holders to exchange them for up to 2,160,000 newly issued common units, with the offer expiring on April 6, 2021. For each preferred unit tendered, holders will receive 27 common units. The Exchange Offer requires a minimum of 15,000 preferred units to be tendered and may result in proration if the total exceeds the maximum. Tendering holders will forfeit any accumulated distributions on their preferred units.

Summit Midstream Partners, LP (SMLP) filed its 2020 Annual Report on Form 10-K with the SEC on March 9, 2021. This report encompasses audited financial statements for the fiscal year ending December 31, 2020. Unitholders can access the report online or request a hard copy via email or mail. SMLP focuses on developing midstream energy infrastructure assets primarily located in shale formations across the continental U.S., providing gathering services for natural gas, crude oil, and produced water.

Summit Midstream Partners, LP (SMLP) has closed $175 million in senior secured credit facilities to finance the development of the Double E Pipeline Project, where it owns a 70% stake. The total budget for Double E is projected at $425 million, with $150 million allocated for 2021. With $35 million as a contingency, the company has posted a $16 million letter of credit to support future contributions. If further equity funding is necessary, it will not occur until 2022, post the project's in-service date in Q4 2021.

Summit Midstream Partners reported strong fourth-quarter 2020 results with a net income of $103.0 million driven by a $124.1 million gain from early debt extinguishment. Adjusted EBITDA reached $61.8 million, up slightly from the prior quarter. Operated natural gas volumes increased by 3.2% compared to Q3 2020, supported by new well connections and returning shut-in production. For 2021, SMLP expects adjusted EBITDA between $210 million and $230 million, anticipating lower activity but sufficient cash generation to reduce debt by $130 million to $150 million.

Summit Midstream Partners, LP (SMLP) announced the rescheduling of its fourth quarter 2020 earnings release and conference call to March 4, 2021, before trading begins on the NYSE. The earnings report will be followed by a conference call at 10:00 a.m. Eastern on the same day, allowing investors and interested parties to discuss SMLP's quarterly financial results. The company focuses on midstream energy infrastructure in key shale formations across the U.S., providing gathering services under long-term agreements.

Summit Midstream Partners (SMLP) reported its preliminary Q4 2020 financial results, projecting net income between $119 million and $121 million, driven by a $124 million gain from debt extinguishment. Adjusted EBITDA is estimated at $61 million to $63 million, reflecting improved operations following new well connections and cost reductions. For 2021, SMLP forecasts adjusted EBITDA of $210 million to $230 million and capital expenditures between $20 million and $35 million. The company plans to focus on debt reduction and continues to progress on the Double E Pipeline project, expected to be operational by Q4 2021.

Summit Midstream Partners (SMLP) announced $175 million in financing commitments from three banks for its Double E Pipeline Project. This includes a $160 million delayed draw term loan and a $15 million working capital facility, both non-recourse to SMLP. The financing is expected to cover the remaining capital obligations for Double E, with construction set to move forward after FERC approval. SMLP will report its Q4 2020 financial results on February 26, 2021, followed by a conference call to discuss the results.

Summit Midstream Partners, LP (NYSE: SMLP) has announced that its joint venture, Double E Pipeline, LLC, received the Notice to Proceed (NTP) from FERC for construction, along with necessary approvals from the Bureau of Land Management. SMLP holds a 70% equity interest in Double E and will manage its construction. The company aims to start operations by Q4 2021, having made progress on financing related to its stake. The pipeline will facilitate natural gas transport from the Delaware Basin to the Waha Hub in Texas.

Summit Midstream Partners, LP (SMLP) announced the final results of its cash Tender Offer for up to $25,000,000 of its 9.50% Series A Preferred Units, which concluded on December 23, 2020. A total of 92,681 units were tendered and 75,075 units were accepted at $333.00 each, totaling approximately $25 million. The Tender Offer was oversubscribed with a proration factor of about 80.92%. Investors whose units were accepted will receive payment soon, while other units will be returned.