Welcome to our dedicated page for Summit Midstream Partners, LP news (Ticker: SMLP), a resource for investors and traders seeking the latest updates and insights on Summit Midstream Partners, LP stock.
Summit Midstream Partners, LP (NYSE: SMLP) is a growth-oriented master limited partnership specializing in developing, owning, and operating midstream energy infrastructure assets strategically located in the core producing areas of unconventional resource basins across the United States. This includes primarily shale formations. SMLP offers natural gas, crude oil, and produced water gathering services through long-term, fee-based gathering and processing agreements with its customers.
SMLP operates across five unconventional resource basins:
- Appalachian Basin: Including the Marcellus and Utica shale formations in West Virginia and Ohio.
- Williston Basin: Including the Bakken and Three Forks shale formations in North Dakota.
- Fort Worth Basin: Including the Barnett Shale formation in Texas.
- Piceance Basin: Including the Mesaverde, Mancos, and Niobrara shale formations in Colorado and Utah.
- Denver-Julesburg Basin: Including the Niobrara and Codell shale formations in Colorado and Wyoming.
The company’s key focus is on delivering reliable and efficient midstream solutions, while their strategic locations enhance accessibility to various production sites. This allows SMLP to facilitate optimal transportation and processing of natural gas, crude oil, and produced water.
Recent achievements include the completion of the strategic alternatives process and the planned conversion to a C-Corp to enhance trading liquidity, expand the investor base, and optimize long-term tax consequences for unitholders. Key projects include the Double E Pipeline, a 135-mile interstate natural gas transmission pipeline from the Delaware Basin to the Waha Hub in Texas. Double E is a joint venture with ExxonMobil, ensuring a robust operational structure.
SMLP's financial stability is highlighted by substantial cash reserves and a fully undrawn $400 million ABL Revolver, which supports ongoing and future projects. The company remains committed to exploring strategic and commercial opportunities, particularly in the Permian and Rockies segments, to drive incremental free cash flow and enhance portfolio value through bolt-on acquisitions and organic growth initiatives.
Summit Midstream Partners, LP (NYSE: SMLP) announced that it will report its operating and financial results for Q1 2023 on May 5, 2023, before the stock market opens. A conference call will be held at 10:00 a.m. Eastern on the same day to discuss these results. Investors can access the call via a teleconference registration link provided in the release. Additionally, SMLP's management will participate in several upcoming investor conferences, including the Energy Infrastructure CEO & Investor Conference from May 22-24, 2023, and the RBC Capital Markets Global Energy, Power & Infrastructure Conference from June 6-7, 2023. SMLP focuses on midstream energy infrastructure primarily in key shale formations across the United States, offering services under long-term agreements.
Summit Midstream Partners, LP (NYSE: SMLP) announced the availability of its 2022 tax packages, including the Schedule K-1, which can be accessed online at partnerdatalink.com. The firm will begin mailing these packages to unitholders this week. SMLP focuses on midstream energy infrastructure in key shale formations across the U.S., providing services like gas and oil gathering, with operations in five major basins. Unitholders can contact Partner DataLink for assistance at SummitK1Help@deloitte.com.
On March 6, 2023, Summit Midstream Partners and Clariter announced a strategic collaboration aimed at addressing plastic pollution through innovative chemical recycling technology. Summit's investment reflects confidence in Clariter's ability to convert plastic waste into high-value products such as oils and waxes. This partnership will leverage Summit's expertise to support the construction of Clariter's commercial-scale plants in the U.S., tackling energy and infrastructure needs. With 400 million tons of plastic produced annually, both companies aim to contribute to sustainability efforts and reduce dependency on fossil fuels, aligning with the global movement towards a net-zero carbon future.
Summit Midstream Partners (SMLP) reported a fourth quarter 2022 net loss of $23.9 million and adjusted EBITDA of $50.3 million. The Partnership faced $4 million in severe weather outages and unusual expenses. For 2022, adjusted EBITDA was $212.3 million with free cash flow of $73.5 million. SMLP executed four strategic acquisitions and divestitures, bolstering its DJ Basin position. The company provided 2023 adjusted EBITDA guidance of $290 million to $320 million, indicating approximately 40% year-over-year growth. Average daily natural gas throughput decreased to 1,148 MMcf/d, partly due to the Bison divestiture.
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