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Summit Midstream (NYSE: SMC) reported a net loss of $23.8 million for Q2 2024, with adjusted EBITDA of $43.1 million, DCF of $11.7 million, and FCF of $2.7 million. Key developments include the connection of 34 wells and the successful refinancing of a $500 million credit facility and $575 million in senior secured notes, enhancing financial flexibility.
The company also completed a reorganization from an MLP to a C-, expected to deliver tax benefits and enhance trading liquidity. Average daily natural gas throughput decreased 46% to 716 MMcf/d, while liquid volumes increased 1.4% to 75 Mbbl/d. The Double E Pipeline saw an 18% increase in transported volumes, generating $7.8 million in adjusted EBITDA.
Summit exited the Northeast segment, impacting segment EBITDA. The company reiterated its 2024 adjusted EBITDA guidance of $170-$200 million. Capital expenditures totaled $10.5 million, primarily for pad connections in the Rockies.
Summit Midstream Partners, LP (NYSE: SMLP) announced the completion of its conversion from a master partnership to a C-, effective August 1, 2024. The new entity, Summit Midstream , will trade on the NYSE under the ticker symbol "SMC". This Corporate Reorganization, approved by unitholders on July 18, 2024, involves exchanging each of the 10,648,685 outstanding common units for one share of common stock in New Summit. Additionally, 65,508 9.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units will be exchanged for equivalent shares of Series A Preferred Stock. The Series A Preferred Stock will not be listed on any securities exchange.
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