Summit Midstream Partners, LP Announces Achievement of Key Milestones for the Double E Pipeline Project Including Receipt of the Notice to Proceed from the FERC

Rhea-AI Summary

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.

Positive

• Received Notice to Proceed (NTP) from FERC for Double E Pipeline construction.
• Secured necessary rights-of-way from the Bureau of Land Management.
• Progress made in financing plans for Double E's 70% equity share.
• Expected Q4 2021 in-service date reinforces project timeline.

Negative

• None.

HOUSTON, Jan. 12, 2021 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) (the "Partnership") announced today that Double E Pipeline, LLC ("Double E"), a joint venture in which SMLP owns a 70% equity interest and serves as the pipeline's operator and construction manager, received its Notice to Proceed ("NTP") with construction, as well as approval of its Implementation Plan, from the Federal Energy Regulatory Commission ("FERC").  Double E has also been granted the necessary rights-of-way on federal lands from the Department of the Interior's Bureau of Land Management ("BLM") and has entered into Memorandums of Agreement regarding treatment and mitigation measures at certain cultural resource sites with the FERC and the State Historic Preservation Officers of New Mexico and Texas.

Heath Deneke, President, Chief Executive Officer and Chairman, commented, "We are pleased to report the actions of the FERC and the BLM and also re-affirm our expected Q4 2021 in-service date.  Summit has also made good progress on its financing plans related to its 70% share of Double E and intends to announce additional details prior to construction activities beginning later this quarter."

"We are proud of the efficiency with which this project has achieved its key milestones on the way to creating a safe and reliable pipeline with the ability to transport natural gas from the northern Delaware to market. Our world-class development team has maintained its focus on delivering the Double E project on time and under budget and has been instrumental in advancing the project and taking another step towards start-up."

About Summit Midstream Partners, LP
SMLP is a value-driven limited partnership focused on developing, owning and operating midstream energy infrastructure assets that are strategically located in unconventional resource basins, primarily shale formations, in the continental United States.  SMLP provides natural gas, crude oil and produced water gathering services pursuant to primarily long-term and fee-based gathering and processing agreements with customers and counterparties in six unconventional resource basins: (i) the Appalachian Basin, which includes the Utica and Marcellus shale formations in Ohio and West Virginia; (ii) the Williston Basin, which includes the Bakken and Three Forks shale formations in North Dakota; (iii) the Denver-Julesburg Basin, which includes the Niobrara and Codell shale formations in Colorado and Wyoming; (iv) the Permian Basin, which includes the Bone Spring and Wolfcamp formations in New Mexico; (v) the Fort Worth Basin, which includes the Barnett Shale formation in Texas; and (vi) the Piceance Basin, which includes the Mesaverde formation as well as the Mancos and Niobrara shale formations in Colorado.  SMLP has an equity investment in Double E Pipeline, LLC, which is developing natural gas transmission infrastructure that will provide transportation service from multiple receipt points in the Delaware Basin to various delivery points in and around the Waha Hub in Texas.  SMLP also has an equity investment in Ohio Gathering, which operates extensive natural gas gathering and condensate stabilization infrastructure in the Utica Shale in Ohio.  SMLP is headquartered in Houston, Texas.

Forward-Looking Statements
This press release includes certain statements concerning expectations for the future that are forward-looking within the meaning of the federal securities laws.  Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements and may contain the words "expect," "intend," "plan," "anticipate," "estimate," "believe," "will be," "will continue," "will likely result," and similar expressions, or future conditional verbs such as "may," "will," "should," "would," and "could."  Forward-looking statements also contain known and unknown risks and uncertainties (many of which are difficult to predict and beyond management's control) that may cause SMLP's actual results in future periods to differ materially from anticipated or projected results.  An extensive list of specific material risks and uncertainties affecting SMLP is contained in its 2019 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 9, 2020, Quarterly Report on Form 10-Q for the three months ended March 31, 2020 filed with the SEC on May 8, 2020, Quarterly Report on Form 10-Q for the three months ended June 30, 2020 filed with the SEC on August 10, 2020 and Quarterly Report on Form 10-Q for the three months ended September 30, 2020 filed with the SEC on November 6, 2020, each as amended and updated from time to time. Any forward-looking statements in this press release are made as of the date of this press release and SMLP undertakes no obligation to update or revise any forward-looking statements to reflect new information or events.

 

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SOURCE Summit Midstream Partners, LP