Summit Midstream Partners, LP Schedules Fourth Quarter 2021 Earnings Call and Announces New Business Segments
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.
- Reorganization of reportable segments enhances operational capabilities.
- Alignment of segments based on macro-economic drivers can improve cash flows.
- None.
HOUSTON, Feb. 16, 2022 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) (the "Partnership", "SMLP" or "Summit") announced today that it will report operating and financial results for the fourth quarter of 2021 on Friday, February 25, 2022, before the start of trading on the New York Stock Exchange, and that it has new business segments for the reporting of its financial results, beginning with its 2021 fourth quarter and annual results.
Fourth Quarter 2021 Earnings Call
SMLP will host a conference call at 10:00 a.m. Eastern on Friday, February 25, 2022, to discuss its quarterly operating and financial results. Interested parties may participate in the call by dialing 847-585-4405 or toll-free 888-771-4371 and entering the passcode 50277720. The conference call, live webcast and archive of the call can be accessed through the Investors section of SMLP's website at www.summitmidstream.com.
New Business Segments
SMLP has implemented changes to its reportable segments that better aligns its assets based on their macro-economic drivers and how the business is managed, which enhances commercial, engineering and operational capabilities. Beginning with its 2021 fourth quarter and annual results, SMLP has five reportable segments that are described below, along with a management categorization of the commodity that has the most influence on customer drilling and completion decisions.
Natural gas price driven: Cash flows in the Northeast, Piceance and Barnett segments are significantly influenced by the price of natural gas because the drilling, completion and recompletion decisions by SMLP's customers in these segments are based on well economics most heavily impacted by the price of natural gas. Increased upstream activity by customers in these basins therefore result in higher throughput and cash flows for those segments in which we collect fees for gathering natural gas and natural gas liquids.
- Northeast – Includes our wholly owned midstream assets located in the Utica and Marcellus shale plays and Summit's equity method investment in Ohio Gathering that is focused on the Utica Shale
- Piceance – Includes wholly owned midstream assets located in the Piceance Basin
- Barnett – Includes wholly owned midstream assets located in the Barnett Shale
Oil price driven: Customer activity and cash flows in the Permian and Rockies segments are significantly influenced by the price of oil because the drilling and completion decisions by customers in these segments are based on well economics most heavily impacted by the price of oil. Decisions to drill and complete wells in these basins therefore result in higher throughput and cash flows for our midstream assets in which SMLP collects fees for gathering or processing hydrocarbons, gathering produced water, or transporting natural gas.
- Permian – Includes wholly owned midstream assets located in the Permian Basin and Summit's equity method investment in the Double E Pipeline
- Rockies – Includes wholly owned midstream assets located in the Williston Basin and the DJ Basin
A comparison of prior and current reportable segments is listed in the table below for illustrative purposes.
Prior Reportable Segment(s) | New Reportable Segment |
Utica Shale, Ohio Gathering, Marcellus Shale | Northeast |
Piceance Basin | Piceance |
Barnett Shale | Barnett |
Permian Basin, Equity investment in Double E (new) | Permian |
Williston Basin, DJ Basin | Rockies |
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 provides natural gas 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 2020 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 4, 2021, 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
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