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Summit Midstream Reports Significant Interest by Others in M&A

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 third quarter 2023 update. We previously reported on an early release of Summit’s 3Q operational update, which revealed the company is considering selling part or all of the company (see Summit Midstream 3Q Update – Considers Selling Part or All of Co.). Summit CEO Heath Deneke provided an update last week on the process of finding a potential suitor.
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Summit Midstream 3Q Update – Considers Selling Part or All of Co.

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. On Tuesday, the company issued an operational update based on third-quarter results (no financials, just operations). The company saw significant quarterly volume growth across nearly every segment, including 19% volume growth in its Northeast (Marcellus/Utica) segment. However, the big news from the update is that the company has received overtures to buy some or all of the entire company. The Summit board is now actively considering those offers.
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Summit Midstream 1Q – Marcellus Flows Down, Utica Flows Up

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 first quarter 2023 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 $14.1 million in 1Q23 versus losing $5 million in 1Q22.
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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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Summit Midstream 1Q – Ohio Gathering Volumes Up, Revenues 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 first quarter 2022 update. The company’s Marcellus/Utica segment (now called Northeast) continued to be the star performer. Flows through the company’s pipeline system were down versus the prior year, with the exception of its Ohio Gathering unit where volumes increased. Revenues were down from the same period a year ago, but not by much.
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Summit Midstream 2021 in Review – Volumes Down, Revenue 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 fourth quarter and full-year 2021 update. The company’s Marcellus/Utica segment (now called Northeast) continued to be the star performer. Flows through the company’s pipeline system are down for both 4Q and 2021 versus the prior year. Revenues were down from the same period a year ago as well.
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Summit Midstream 2Q: Volumes Up Some, Profits Down Some

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 2021 update. The company’s Utica Shale segment continued to be the star performer. Flows through the company’s pipeline system are up, although revenues were down slightly from the same period a year ago.
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Summit Midstream 1Q21 – Utica Volumes & Profits Go Up

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 first-quarter 2021 update. The company’s Utica Shale segment continued to be the star performer.
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Summit Midstream 4Q & 2020 – Utica Shale Segment Star Performer

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 fourth-quarter (and full-year) 2020 update. One thing was obvious: The company’s Utica Shale segment was the star performer in 4Q and for the entire year.
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Summit Midstream 3Q – Legacy Marcellus Segment Star Performer

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 Friday Summit issued its third-quarter 2020 update. Interestingly, the gas flowing through the company’s Marcellus and Utica operations increased (a lot), while volumes flowing through the company’s other operations decreased (a lot) in 3Q.
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Summit Midstream 1-for-15 Reverse Stock Split Avoids NYSE Delisting

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Summit Midstream Partners, formed in 2009 and headquartered in The Woodlands, Texas, operates natural gas, crude oil, and produced water gathering (pipeline) systems in six unconventional resource basins, including the Marcellus and Utica. The company concentrates its time and money on four “core focus areas” including the Utica, the Williston (i.e. Bakken), the DJ Basin, and the Permian. Last week the company’s board of directors approved a reserve stock split, trading (consolidating) 1 share for 15, beginning next Tuesday.
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Summit Midstream – Ohio Utica Shines in 2Q

Summit Midstream Partners, formed in 2009 and headquartered in The Woodlands, Texas, operates natural gas, crude oil and produced water gathering (pipeline) systems in six unconventional resource basins, including the Marcellus and Utica. The company concentrates its time and money on four “core focus areas” including the Utica, the Williston (i.e. Bakken), the DJ Basin and the Permian. The Marcellus is part of the company’s “legacy” systems that doesn’t get as much love (and money). Last week the company issued its 2Q update. The company’s Utica operation was the star performer in 2Q, increasing flows through Summit’s system by 60%.
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Summit Midstream Merges with Itself; Bob McNally Joins Board

Summit Midstream Partners, formed in 2009 and headquartered in The Woodlands, Texas, operates natural gas, crude oil and produced water gathering (pipeline) systems in six unconventional resource basins, including the Marcellus and Utica. The company concentrates its time and money on four “core focus areas” including the Utica, the Williston (i.e. Bakken), the DJ Basin, and the Permian. The company announced yesterday it has completed the buyout of a subsidiary and merged it in. Hidden in the bowels of the press release we discovered Bob McNally, former (ousted) CEO of EQT Corporation, has joined the board of directors at Summit.
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Summit Midstream Doing Reverse Stock Split Following NYSE Warning

Summit Midstream Partners, formed in 2009 and headquartered in The Woodlands, Texas, operates natural gas, crude oil and produced water gathering (pipeline) systems in six unconventional resource basins, including the Marcellus and Utica. The company concentrates its time and money on four “core focus areas” including the Utica, the Williston (i.e. Bakken), the DJ Basin and the Permian. The company announced yesterday it has received notice from the New York Stock Exchange (NYSE) that its per-share price has fallen below $1 for at least 30 consecutive trading days.
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Summit Midstream 2019 – Flowed Less Gas, Made Less Cash

Summit Midstream Partners, formed in 2009 and headquartered in The Woodlands, Texas, operates natural gas, crude oil and produced water gathering (pipeline) systems in six unconventional resource basins, including the Marcellus and Utica. The company concentrates its time and money on four “core focus areas” including the Utica, the Williston (i.e. Bakken), the DJ Basin and the Permian. The Marcellus is part of the company’s “legacy” systems that don’t get as much love (and money). Last week the company issued its 4Q and full-year 2019 update. We will summarize it this way: Summit flowed less gas and consequently made less cash in 2019 than it did in 2018.
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Summit Midstream 3Q – Utica Producing Less but Making More $$

Summit Midstream Partners, formed in 2009 and headquartered in The Woodlands, Texas, operates natural gas, crude oil and produced water gathering (pipeline) systems in six unconventional resource basins, including the Marcellus and Utica. The company concentrates its time and money on four “core focus areas” including: the Utica, the Williston (i.e. Bakken), the DJ Basin and the Permian. The Marcellus is part of the company’s “legacy” systems that don’t get as much love (and money). Earlier this year we speculated that maybe the Summit’s Marcellus assets would be posted for sale (see Summit Midstream: M-U Volumes Decrease; Marcellus for Sale?). So far that hasn’t happened. Summit recently issued its third quarter 2019 update.
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