Summit Midstream 1-for-15 Reverse Stock Split Avoids NYSE Delisting
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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Last week we were jazzed when noticed the price of natural gas at the NYMEX Henry Hub had soared, up over $0.30 to $3.30/Mcf (see 
Here’s something we didn’t know (to further depress us): It’s not against the law for American-based nonprofits to accept big contributions from foreign entities. It should be against the law, but it’s not. We previously told you that the Sierra Club and National Resources Defense Council (NRDC) are funded, in part, by Russia (see 
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During the Williams third-quarter 2020 update yesterday, CEO Alan Armstrong shared some very interesting, and relevant (to the Marcellus/Utica) comments. Armstrong said that two important pipeline projects to carry M-U gas to other markets, the Southeastern Trail expansion project and the Leidy South project, are both in the midst of coming online–ahead of schedule.
Equitrans Midstream, the lead partner and builder of the 303-mile Mountain Valley Pipeline (MVP) project, announced yesterday it has (once again) pushed back the in-service date for the pipeline, from 1Q21 to the second half of 2021 (meaning by December), and pushed up the cost of the project, from $5.4 billion to as high as $6 billion. You can thank the jobs-and-economy-destroying Sierra Club for the delays and increase in cost.
We’ve 
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