Summit Midstream 2Q – Volumes Down, Profits Down
Summit Midstream Partners, formed in 2009 and headquartered in The Woodlands, Texas, operates natural gas, crude oil, and produced water gathering (pipeline) systems in several unconventional shale plays, including the Marcellus and Utica. Last week Summit issued its second quarter 2022 update. While most upstream and midstream companies have seen positive cash flow and profits over the past year, Summit continues to miss the mark. The company lost $92 million in 2Q22 versus losing $20 million in 2Q21. Much of the loss seems to revolve around the impairment (writedown) of $84.5 million related to the sale of its Lane Gathering and Processing System in the Delaware Basin.
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