Summit Midstream Partners, LP
summitmidstream.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q2 FY2024 10-Q, filed Aug 9, 2024. Its latest SEC filing is a SC 13G/A from Sep 9, 2024.
10-Q for Q2 FY2024, filed Aug 9, 2024
The sections below describe the company as of the FY2023 annual report.
What Did They Do?
Gathers natural gas, crude oil and produced water for energy producers, and provides natural gas processing and pipeline transportation services.
10-K for FY2023, filed Mar 15, 2024
How Did They Make Money?
Producers are billed monthly for gathering, compression, treating and processing services; natural gas, NGLs and condensate sales occur when delivered to agreed points.
10-K for FY2023, filed Mar 15, 2024Fee-based arrangements. Under fee-based arrangements, the Partnership receives a fee or fees for one or more of the following services (i)…View ↗
Performance obligations for the sale of natural gas, NGLs and condensate are satisfied at a point in time. There are no significant…View ↗
Services are typically billed on a monthly basis and the Partnership does not offer extended payment terms. The Partnership does not have…View ↗
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10-K for FY2023, filed Mar 15, 2024
FY2023 revenue by product or service ↗
$458.9M
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10-K for FY2023, filed Mar 15, 2024
$458.9M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Gathering services and related fees
Recurring
10-K for FY2023, filed Mar 15, 2024 |
54%
FY2020: 79%
|
Gathering services and related fees, FY2023
$248.2M Sources
|
Recurring |
|
Natural gas, NGLs and condensate sales
Sold outright
10-K for FY2023, filed Mar 15, 2024 |
39%
FY2020: 13%
|
Natural gas, NGLs and condensate sales, FY2023
$179.3M Sources
|
Sold outright |
|
Other revenues
|
6.9%
FY2020: 8.2%
|
Other revenues, FY2023
$31.4M Sources
|
Who Were Their Customers?
Natural gas and crude oil producers are customers; Summit provides gathering and processing services under agreements directly with producers.
10-K for FY2023, filed Mar 15, 2024
Did Revenues Turn Into Profits?
Not on paper. It lost $51.5M in FY2023, but brought in more cash than it spent: $58M of free cash flow.
How Were They Changing?
- Net income
-
Sources
10-Q for Q2 FY2024, filed Aug 10, 2024
−$27.6MView ↗
- ▲ +62% (Loss)
- vs −$17M in Q2 FY2023
10-Q for Q2 FY2024, filed Aug 9, 2024
Open tableView ↗
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Aug 9, 2024
Summit completed its Northeast exit and reaffirmed adjusted EBITDA guidance
It sold Utica assets to MPLX and Mountaineer Midstream to Antero Midstream and reiterated pro forma adjusted EBITDA guidance of $170 million to $200 million.
Sources
8-K, filed Aug 9, 2024
Other than some operational downtime experienced in our Rockies segment, second quarter financial and operating results of SMLP were in…View ↗
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Aug 1, 2024
Partnership merged into Summit Midstream Corporation
Common units converted into shares, and the partnership's units were suspended from NYSE trading.
Sources
8-K, filed Aug 1, 2024
On August 1, 2024, Summit Midstream Partners, LP (the “Partnership”), completed the previously announced transactions contemplated by the…View ↗
Held flat. Revenue was $458.9M in FY2023, about the same as the $443.5M of FY2019.
Double E pipeline service
The older report describes Double E as a pipeline project under construction; the latest report says it provides natural gas transportation service.
10-K for FY2020, filed Mar 4, 2021 10-K for FY2023, filed Mar 15, 2024Double E Project FERC approval. In January 2021, Double E, a joint venture focused on the development of an interstate natural gas pipeline…View ↗
Our midstream assets primarily gather natural gas produced from pad sites, wells and central receipt points connected to our systems.…View ↗
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