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 (SMLP) announced the sale of its Lane Gathering and Processing System in the Delaware Basin to Matador Resources for $75 million. This transaction is expected to reduce SMLP's total leverage by approximately 0.3x, enhancing liquidity for reinvestment. Matador will also assume additional firm capacity on the Double E Pipeline, which strengthens its commercial relationship with SMLP. The sale is anticipated to positively impact cash flow for unitholders, while SMLP reaffirms its 2022 Adjusted EBITDA guidance of $205 million to $220 million.
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.
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