Two new option listings and seven option delistings on June 21st » 08:3006/2106/21/21
GIC, CEO, CSU, DXLG, HTGM, SMLP, SYX
New option listings for…
Summit Midstream ups FY21 adjusted EBITDA view to $225M-$240M from $210M-$230M » 06:4906/2106/21/21
Management now expects…
|Over a month ago|
Summit Midstream reports Q1 EPS 12c, consensus 3c » 06:4905/0705/07/21
Reports Q1 revenue…
Reports Q1 revenue $99.32M, two estimates $78.45M. Operated natural gas volume throughput averaged 1,346 million cubic feet per day and liquids volume throughput averaged 65 thousand barrels per day. Operated natural gas volumes decreased 6.3% relative to Q4 of 2020, largely due to natural production declines and impacts from severe winter weather in some segments, partially offset by volumes from six new well connections during the quarter in the Utica Shale and Permian segments. Quarterly liquids volume throughput decreased by 8.5% relative to Q4 of 2020 as there were no new liquids wells connected during the quarter. Heath Deneke, president, CEO and chairman, commented, "Summit's financial results exceeded internal expectations for the quarter with $60.4 million of adjusted EBITDA, largely due to our continued focus on reducing operating expenses, together with strong performance from a new Utica pad which came online in March, ahead of schedule, and at initial production rates that exceeded expectations by nearly 20%. While it is still early, these wells continue to materially outperform original expectations underlying our 2021 financial guidance."
|Over a quarter ago|
Summit Midstream reports Q4 EPS $29.73, two estimates $1.07 » 06:5003/0403/04/21
Reports Q4 revenue…
Reports Q4 revenue $96.41M, consensus $93.11M. Q4 operated natural gas volume throughput averaged 1,436 million cubic feet per day and liquids volume throughput averaged 71 thousand barrels per day. Heath Deneke, president, CEO and chairman, commented, "Summit's fourth quarter financial results were in line with expectations, and adjusted EBITDA was $2 million ahead of third quarter results. Our full year results fell within our guidance range of $250 million to $260 million that we established in July 2020, to reflect the implications of the global COVID-19 pandemic, lower commodity prices and a slowdown of upstream activity behind our systems. The strong performance of our Utica Shale and Ohio Gathering segments drove overall quarter-over-quarter increases in adjusted EBITDA and volume throughput. On an aggregate basis, these two segments contributed an incremental $2.6 million of quarterly adjusted EBITDA relative to the third quarter of 2020, and each segment had quarterly volume throughput growth of more than 20%. Additionally, with the return of substantially all shut-in production behind the Ohio Gathering system in November, we no longer have any material amount of production that is temporarily shut-in for economic purposes behind any of our assets."
Summit Midstream sees Q4 net income $119M-$121M, adj. EBITDA $61M-$63M » 16:3402/1602/16/21
Heath Deneke, President,…
Heath Deneke, President, CEO and Chairman of SMLP commented, "We expect our fourth quarter 2020 financial and operating results to be moderately ahead of our third quarter financial results and in-line with the expectations we outlined during our November earnings call. Fourth quarter results were positively impacted by a combination of factors during the quarter, including 7 new wells that were connected behind our Summit Utica system in late September and 8 new wells connected behind our Williston liquids system in October and November, together with the return of substantially all of the temporarily shut-in production behind the Ohio Gathering system, and continued cost reductions across our back-office and field operations."
Summit Midstream sees FY21 adjusted EBITDA $210M-$230M, CapEx $20M-$35M » 16:3402/1602/16/21
The company said:…
The company said: "Our 2021 adjusted EBITDA guidance range of $210 million to $230 million reflects what we believe is a conservative outlook, and includes a material amount of risking to customer-provided plans. The lower end of our guidance represents further well-completion schedule delays to our already conservative outlook and the higher end of our guidance represents a scenario where our customers meet their stated schedules. We expect total 2021 capital expenditures of $20 million to $35 million, with approximately $10 million planned for maintenance capex. While we expect up to approximately $150 million of capital contributions for our 70% proportionate share of the Double E Pipeline in 2021, we plan to finance it completely with the previously announced commercial bank financing at Summit Permian Transmission. We continue to progress the Double E Pipeline project towards our expected Q4 2021 in-service date and have commenced construction related activities, including environmental and civil construction surveys."
Summit Midstream rises 24.6% » 10:0001/1301/13/21
Summit Midstream is up…
Summit Midstream is up 24.6%, or $3.37 to $17.09.
Summit Midstream rises 32.4% » 09:4701/1301/13/21
Summit Midstream is up…
Summit Midstream is up 32.4%, or $4.44 to $18.16.
Summit Midstream says Double E receives NTP with construction from FERC » 19:0501/1201/12/21
Summit Midstream Partners…
Summit Midstream Partners announced that Double E Pipeline, LLC, 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 with construction, as well as approval of its Implementation Plan, from the Federal Energy Regulatory Commission. 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 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."
Summit Midstream regains compliance with NYSE » 06:5812/0312/03/20
Summit Midstream announced that it has received written notification from the NYSE that it has regained compliance with the NYSE's continued listing standard. As a result of the recent reverse unit split, SMLP's common unit price has traded above the NYSE's minimum requirement of $1.00 average unit price for the 30-trading days ended November 30.