Summit Midstream has a small but growing presence in the Marcellus/Utica region largely through purchasing pipeline systems from other companies, including Mountaineer Midstream, Summit’s Marcellus-area pipeline system in Doddridge County, WV. The company released its second quarter 2016 update yesterday, and unfortunately the numbers don’t look so hot. Whereas CONE Midstream, a much smaller, totally focused on the Marcellus/Utica pipeline company stayed about even with net income in 2Q16 (see Cone Midstream Continues to Impress – 2Q16 Update), Summit did not. In 2Q15 Summit lost $2.4 million. In 2Q16 they lost $50.6 million–or 21 times what they lost a year ago. However, $38 million of that loss was an impairment charge (meaning its a paper loss, not actual money out the door loss). Since Summit operates in a number of plays, including the Marcellus and Utica, we’ve selected out portions of the update below that mostly deal with the northeast…
Summit Midstream has a small but growing presence in the Marcellus/Utica region largely through purchasing pipeline systems from other companies, including Mountaineer Midstream, Summit’s Marcellus-area pipeline system in Doddridge County, WV. The company released its second quarter 2016 update yesterday, and unfortunately the numbers don’t look so hot. Whereas CONE Midstream, a much smaller, totally focused on the Marcellus/Utica pipeline company stayed about even with net income in 2Q16 (see Cone Midstream Continues to Impress – 2Q16 Update), Summit did not. In 2Q15 Summit lost $2.4 million. In 2Q16 they lost $50.6 million–or 21 times what they lost a year ago. However, $38 million of that loss was an impairment charge (meaning its a paper loss, not actual money out the door loss). Since Summit operates in a number of plays, including the Marcellus and Utica, we’ve selected out portions of the update below that mostly deal with the northeast…