2020-05-04 05:25:28 SMLP Summit Midstream
05/04/20 05/0405:25 05/04/2005:25 | Summit Midstream sees FY20 adj. EBITDA at lower-end of $260M-$285MSMLP announced several updates to its 2020 financial guidance, including a new total capital expenditures range of $30 million to $50 million which, at the midpoint, is down 33% from the original range of $50 million to $70 million. Based on recently updated production forecasts and revised 2020 development plans from our customers, SMLP currently expects 2020 adjusted EBITDA to trend to the low-end of its original $260 million to $285 million guidance range. CEO Heath Deneke commented, "Over the past several weeks we have collaborated extensively with our customer base regarding reductions and delays to drilling and completion activities in light of the current commodity price backdrop and COVID-19 pandemic. While our original 2020 financial guidance incorporated extensive risking to our customers' development plans, given further deterioration of market conditions in March and April, we now expect adjusted EBITDA to trend towards the low-end of our original guidance range. This revision incorporates decreased drilling activity and the deferral of well completions from customers and, on a limited scale, temporary production curtailments predominantly in the Williston and DJ segments. Accordingly, we have reduced our original 2020 total capital expenditures guidance by 33% at the midpoint to a new range of $30 million to $50 million. Our new capex guidance continues to include approximately $10 million related to our equity investment in Double E. We are pleased to report that the well completions expected in the first quarter of 2020 for the Utica Shale segment, and incorporated in our original financial guidance, did occur in mid-March 2020 as expected, and initial production rates from these wells exceeded our forecast by more than 15%. Together with additional dry gas well completions behind our TPL-7 Connector in March and April, throughput levels on our Summit Utica gathering system in April averaged more than 400 MMcf/d, which is 57% higher than the 254 MMcf/d that we reported for the fourth quarter of 2019." | |
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