Summit Midstream Partners, LP focuses on owning, developing, and operating midstream energy infrastructure assets primarily shale formations in the continental United States. The company provides natural gas gathering, compression, treating, and processing services, as well as crude oil and produced water gathering services. Its unconventional resource basins include the Utica and Point Pleasant shale formations in southeastern Ohio; the Williston Basin that consists of the Bakken and Three Forks shale formations in northwestern North Dakota; the Denver-Julesburg Basin, which include the Niobrara and Codell shale formations in Colorado; the Permian Basin that comprise the Bone Spring and Wolfcamp shale formations in New Mexico; the Piceance Basin, which include the Mesaverde formation, and the Mancos and Niobrara shale formations in western Colorado; the Barnett Shale formation in north-central Texas; and the Marcellus Shale formation in northern West Virginia. The company also owns an ownership interest in Ohio Gathering, which owns and operates natural gas gathering and condensate stabilization facility in the Utica Shale in southeastern Ohio. It serves natural gas and crude oil producers. Summit Midstream GP, LLC operates as a general partner of the company. The company was founded in 2009 and is headquartered in Houston, Texas.
IPO Year: 2012
Exchange: NYSE
Website: summitmidstream.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 12/16/2021 | $20.00 → $24.00 | Underweight | Wells Fargo |
| 6/24/2021 | $15.00 → $17.00 | Underweight | Wells Fargo |
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8-K - Summit Midstream Partners, LP (0001549922) (Filer)
HOUSTON, May 11, 2022 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE:SMLP) (the "Partnership" or "SMLP") announced today that its 2022 annual meeting of limited partners (the "Annual Meeting") scheduled for and convened today has been partially adjourned for the purpose of soliciting additional votes with respect to Proposal 2, the approval of the Summit Midstream Partners, LP 2022 Long-Term Incentive Plan, set forth in the Partnership's definitive proxy statement for the Annual Meeting filed with the Securities and Exchange Commission on March 31, 2022 (the "Proxy Statement").
HOUSTON, Feb. 28, 2022 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE:SMLP) (the "Partnership") announced today that Rommel M. Oates has been appointed to the Board of Directors of its general partner, Summit Midstream GP, LLC (the "Board"). Mr. Oates was appointed on February 28, 2022 as a Class III Director. Mr. Oates is the Founder, Chairman, and Chief Executive Officer of Oates Energy Solutions LLC and Refinery Calculator Inc. Since 1999, Mr. Oates has been a leading pioneer in helping the world transition to a sustainable future by using hydrogen as its main energy
HOUSTON, July 31, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE:SMLP) (the "Partnership" or "SMLP"), announced today that it will complete the previously announced conversion (the "Corporate Reorganization") from a master limited partnership to a C-corporation on Thursday, August 1, 2024. Pursuant to the Corporate Reorganization, the unitholders of the Partnership will become shareholders of Summit Midstream Corporation ("New Summit"). The Common Stock will commence trading on the New York Stock Exchange on Thursday, August 1, 2024 under the ticker symbol "SMC." As previously announced, unitholders approved the Corporate Reorganization, along with all other proposals presented, at
HOUSTON, July 23, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE:SMLP) ("Summit," "SMLP" or the "Partnership") announced today the results and the pricing terms of the previously announced cash tender offer (the "Tender Offer") by Summit Midstream Holdings, LLC ("Holdings") and Summit Midstream Finance Corp. (together with Holdings, the "Issuers"), which are subsidiaries of the Partnership, to purchase any and all of their outstanding 8.500% Senior Secured Second Lien Notes due 2026 (the "Notes") from holders thereof (the "Holders"). The Tender Offer expired at 5:00 P.M., New York City Time, on July 23, 2024 (the "Expiration Time"). As of the Expiration Time, $649,805,000 or 85.00%
Summit Schedules Second Quarter 2024 Earnings Call and Announces 2023 K-3 Tax Form Availability HOUSTON, July 18, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE:SMLP) ("Summit," "SMLP" or the "Partnership") announced today that, at its Special Meeting of Unitholders ("Special Meeting") held today, unitholders voted to approve the conversion from a master limited partnership ("MLP") to a C-corporation (the "Corporate Reorganization"). Heath Deneke, President, Chief Executive Officer, and Chairman of the Board, commented, "I would like to thank all of our unitholders f
HOUSTON, July 17, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE:SMLP) ("Summit," "SMLP" or the "Partnership") announced today that Summit Midstream Holdings, LLC, which is a subsidiary of the Partnership, priced an upsized offering (the "Offering") of $575 million in aggregate principal amount of new 8.625% Senior Secured Second Lien Notes due 2029 (the "New Notes"). The Partnership intends to use the net proceeds from the Offering, together with cash on hand and borrowings under the Partnership's asset-based lending credit facility (as amended and restated, the "ABL Facility") (i) to repurchase or redeem all of the Partnership's 8.500% Senior Secured Second Lien Notes due 2026 (t
HOUSTON, July 17, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE:SMLP) ("Summit," "SMLP" or the "Partnership") announced today that Summit Midstream Holdings, LLC ("Holdings") and Summit Midstream Finance Corp. (together with Holdings, the "Issuers"), which are subsidiaries of the Partnership, have commenced a cash tender offer (the "Tender Offer") to purchase any and all of their outstanding 8.500% Senior Secured Second Lien Notes due 2026 (the "Notes"). The Tender Offer is being made pursuant to, and upon the terms and conditions set forth in, an Offer to Purchase, dated as of the date hereof (the "Offer to Purchase"), and the accompanying Notice of Guaranteed Delivery (as they m
HOUSTON, July 17, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE:SMLP) ("Summit," "SMLP" or the "Partnership") announced today that Summit Midstream Holdings, LLC (the "Issuer"), which is a subsidiary of the Partnership, has commenced an offering (the "Offering") of $500 million in aggregate principal amount of new Senior Secured Second Lien Notes due 2029 (the "New Notes"). The Partnership intends to use the net proceeds from the Offering, together with cash on hand and borrowings under the Partnership's asset-based lending credit facility (as amended and restated, the "ABL Facility") (i) to repurchase or redeem all of the Partnership's 8.500% Senior Secured Second Lien Notes due
Schedules July 18th Special Meeting for Unitholder Approval: Recommends Common Unitholders Vote "FOR" C-Corporation Conversion Files Investor Presentation, Outlining Benefits for Summit Unitholders HOUSTON, June 17, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit," "SMLP" or the "Partnership") announced today that it filed a proxy statement/prospectus (the "Proxy Statement/Prospectus") and investor presentation and scheduled a Special Meeting of Common Unitholders (the "Special Meeting") to vote on the reorganization from a master limited partnership ("MLP") to a C-corporation.
HOUSTON, June 6, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE:SMLP) ("Summit," "SMLP" or the "Partnership") today announced the expiration and results of the previously announced cash tender offer (the "Asset Sale Offer") of Summit Midstream Holdings, LLC ("Holdings") and Summit Midstream Finance Corp. (together with Holdings, the "Issuers"), which are subsidiaries of the Partnership, to purchase up to $215,000,000 aggregate principal amount of their outstanding 8.500% Senior Secured Second Lien Notes due 2026 (the "Notes") at a purchase price of 100% of the aggregate principal amount thereof, plus accrued and unpaid interest to, but not including, the purchase date.
HOUSTON, May 7, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE:SMLP) ("Summit," "SMLP" or the "Partnership") today announced that Summit Midstream Holdings, LLC ("Holdings") and Summit Midstream Finance Corp. (together with Holdings, the "Issuers"), which are subsidiaries of the Partnership, are commencing a cash tender offer (the "Asset Sale Offer") to purchase up to $215,000,000 aggregate principal amount (the "Asset Sale Offer Amount") of their outstanding 8.500% Senior Secured Second Lien Notes due 2026 (the "Notes") at a purchase price of 100% of the aggregate principal amount thereof, plus accrued and unpaid interest to, but not including, the purchase date.
DENVER, May 2, 2024 /PRNewswire/ -- Antero Midstream Corporation (NYSE:AM) ("Antero Midstream" or the "Company") today announced a bolt-on acquisition of gathering and compression assets in the Marcellus Shale for $70 million from Summit Midstream Partners LP (NYSE:SMLP). The transaction closed on May 1, 2024 with an effective date of April 1, 2024. In addition, the Company announced that it has called for redemption all of its outstanding 7.875% Senior Notes due 2026 (the "2026 Notes") for redemption on May 16, 2024 (the "Redemption Date"). Bolt-On Acquisition Highlights and
Summit Schedules Second Quarter 2024 Earnings Call and Announces 2023 K-3 Tax Form Availability HOUSTON, July 18, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE:SMLP) ("Summit," "SMLP" or the "Partnership") announced today that, at its Special Meeting of Unitholders ("Special Meeting") held today, unitholders voted to approve the conversion from a master limited partnership ("MLP") to a C-corporation (the "Corporate Reorganization"). Heath Deneke, President, Chief Executive Officer, and Chairman of the Board, commented, "I would like to thank all of our unitholders f
DENVER, May 2, 2024 /PRNewswire/ -- Antero Midstream Corporation (NYSE:AM) ("Antero Midstream" or the "Company") today announced a bolt-on acquisition of gathering and compression assets in the Marcellus Shale for $70 million from Summit Midstream Partners LP (NYSE:SMLP). The transaction closed on May 1, 2024 with an effective date of April 1, 2024. In addition, the Company announced that it has called for redemption all of its outstanding 7.875% Senior Notes due 2026 (the "2026 Notes") for redemption on May 16, 2024 (the "Redemption Date"). Bolt-On Acquisition Highlights and
HOUSTON, May 2, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE:SMLP) ("Summit", "SMLP" or the "Partnership") announced today its financial and operating results for the three months ended March 31, 2024. Highlights Reduced net leverage ratio to approximately 3.9x, a dramatic reduction from 5.4x in the fourth quarter of 2023, furthering progress toward achieving 3.5x net leverage targetFirst quarter 2024 net income of $132.9 million, adjusted EBITDA of $70.1 million, cash flow available for distributions ("Distributable Cash Flow" or "DCF") of $32.5 million and free
HOUSTON, April 25, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE:SMLP) ("Summit," "SMLP" or the "Partnership") today announced it will report operating and financial results for the first quarter of 2024 on Friday, May 3, 2024, before the open of trading on the New York Stock Exchange. Summit also announced the expiration and results of the previously announced cash tender offer (the "Excess Cash Flow Offer") of Summit Midstream Holdings, LLC ("Holdings") and Summit Midstream Finance Corp. (together with Holdings, the "Issuers"), which are subsidiaries of the Partne
Concludes Strategic Alternatives Process; Plans to Seek Approval from Unitholders to Convert to a C-Corp HOUSTON, March 22, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE:SMLP) ("Summit", "SMLP" or the "Partnership") announced today the sale of Summit Midstream Utica, LLC, which includes its approximately 36% interest in Ohio Gathering Company, LLC ("OGC"), approximately 38% interest in Ohio Condensate Company, LLC ("OCC", collectively with OGC, "Ohio Gathering") and wholly owned Utica assets (collectively, "Utica Position") to a subsidiary of MPLX LP ("MPLX") for $625 million in cash (the "Utica Divestiture").
HOUSTON, March 15, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE:SMLP) ("Summit", "SMLP" or the "Partnership") announced today its financial and operating results for fourth quarter and full-year 2023, provided full-year 2024 financial guidance and updated its strategic alternatives review. Highlights Previously announced strategic alternatives review entering advance stagesFourth quarter 2023 net loss of $15.1 million, adjusted EBITDA of $75.0 million, cash flow available for distributions ("Distributable Cash Flow" or "DCF") of $37.8 million and free cash flow ("F
HOUSTON, Feb. 23, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit", "SMLP" or the "Partnership") announced today that it will report operating and financial results for the fourth quarter of 2023 and provide an update to its strategic alternatives review on Friday, March 15, 2024, before the open of trading on the New York Stock Exchange. Fourth Quarter 2023 Earnings Call SMLP will host a conference call at 10:00 a.m. Eastern on March 15, 2024, to discuss its quarterly operating and financial results. The call can be accessed via teleconference at: Q
HOUSTON, Oct. 3, 2023 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit", "SMLP" or the "Partnership") announced today an operational update for the third quarter of 2023. In connection with this operational update, SMLP also announced that its Board of Directors has initiated a formal review process to evaluate strategic alternatives for the Partnership with a view of maximizing unitholder value. Highlights Significant quarterly volume growth across nearly every segment, including ~20% volume growth in our Northeast segment and ~20% liquids volume growth in
HOUSTON, Aug. 9, 2023 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit", "SMLP" or the "Partnership") announced today its financial and operating results for the three months ended June 30, 2023. Highlights Second quarter 2023 net loss of $13.5 million, adjusted EBITDA of $58.6 million, cash flow available for distributions ("Distributable Cash Flow" or "DCF") of $24.4 million and free cash flow ("FCF") of $9.1 millionConnected 89 wells during the quarter, bringing total wells connected during the first half of 2023 to 150 versus original planned level of ap
HOUSTON, July 27, 2023 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE:SMLP) ("Summit", "SMLP" or the "Partnership") announced today that it will report operating and financial results for the second quarter of 2023 on Wednesday, August 9, 2023, after the close of trading on the New York Stock Exchange. SMLP will host a conference call at 10:00 a.m. Eastern on August 10, 2023, to discuss its quarterly operating and financial results. The call can be accessed via teleconference at: Q2 2023 Summit Midstream Partners LP Earnings Conference Call (https://register.vevent.com/re
Wells Fargo reiterated coverage of Summit Midstream Partners with a rating of Underweight and set a new price target of $24.00 from $20.00 previously
Wells Fargo reiterated coverage of Summit Midstream Partners with a rating of Underweight and set a new price target of $17.00 from $15.00 previously
Wells Fargo reiterated coverage of Summit Midstream Partners with a rating of Underweight and set a new price target of $15.00 from $14.00 previously
US Capital Advisors upgraded Summit Midstream Partners from Sell to Hold
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