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Summit Midstream Partners, LP Reports First Quarter 2021 Financial and Operating Results


Summit Midstream Partners, LP Reports First Quarter 2021 Financial and Operating Results
- First quarter 2021 net income of $9.0 million, adjusted EBITDA of $60.4 million and Distributable Cash Flow ( DCF ) of $46.2 million
- First quarter 2021 operating expenses reflect a reduction of $4.3 million relative to 4Q 2020, driven by proactive expense management initiatives implemented across the organization in late 2020
- Connected new four well Utica Shale pad site in March 2021, ahead of schedule; wells flowing approximately 20% above original expectations
- Reduced revolving credit facility balance in 1Q 2021 by $55 million, or nearly 40% of SMLP s full year 2021 debt reduction guidance target
- Closed $175 million of non-recourse senior secured credit facilities, which will be used to fund the vast majority of Summit s remaining investment in Double E ....

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Summit Secures Double E NatGas Pipe Financing, but Permian Outlook Lower for 2021


Summit Secures Double E NatGas Pipe Financing, but Permian Outlook Lower for 2021
A Summit Midstream Partners LP subsidiary has closed financing for the Permian Basin natural gas Double E Pipeline project, which is expected to be in service and under budget by the end of the year.
Summit Permian Transmission LLC closed on $175 million of senior secured credit facilities for Double E’s development. Summit owns a 70% interest in the project, which would transport 1.35 Bcf/d from the Permian Delaware sub-basin to the Waha Hub in West Texas and beyond. The project was sanctioned in June 2019.
Summit management expects Double E to be completed at or below the current $425 million capital budget, with about $35 million remaining in unidentified project contingency. The original price tag was around $500 million. Summit also has posted a $16 million letter of credit to support back-end equity contributions if needed. Any additional equity required is not expected to fund un ....

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