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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
|
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
For the quarterly period ended March 31, 2021
or
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
For the transition period
from to
Commission file number: 001-35666
Summit Midstream Partners, LP
(Exact name of registrant as specified in its charter)
|
Delaware
(State or other jurisdiction of
incorporation or organization)
|
|
45-5200503
(I.R.S. Employer
Identification No.)
|
|
|
|
|
|
910 Louisiana Street, Suite 4200
Houston, TX
(Address of principal executive offices)
|
|
77002
(Zip Code)
|
(832) 413-4770
(Registrant’s telephone number, including area code)
Not applicable
(Former name, former address and former fiscal year, if changed
since last report)
Securities registered pursuant to Section 12(b) of the Act:
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|
Common Units
|
SMLP
|
New York Stock Exchange
|
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days. ☒ Yes
☐ No
Indicate by check mark whether the registrant has submitted
electronically every Interactive Data File required to be submitted
pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter)
during the preceding 12 months (or for such shorter period that the
registrant was required to submit such files).
Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer,
smaller reporting company, or an emerging growth company. See the
definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and "emerging growth company" in Rule
12b-2 of the Exchange Act.
|
Large accelerated filer ☐
|
|
Accelerated filer ☐
|
|
Non-accelerated filer ☒
|
|
Smaller reporting company ☒
|
|
Emerging growth company ☐
|
|
|
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act). ☐ Yes
☒ No
Indicate the number of shares outstanding of each of the issuer’s
classes of common stock, as of the latest practicable date.
|
Class
|
|
As of April 30, 2021
|
|
Common Units
|
|
6,744,736 units
|
TABLE OF CONTENTS
1
COMMONLY
USED OR DEFINED TERMS
|
2016 Drop Down
|
the Partnership's March 3, 2016 acquisition from SMP Holdings of
substantially all
of (i) the issued and outstanding
membership interests in Summit Utica,
Meadowlark Midstream and Tioga Midstream
and (ii) SMP Holdings’ 40%
ownership interest in Ohio Gathering
|
|
2022 Senior Notes
|
Summit Holdings' and Finance Corp.’s 5.5% senior unsecured notes
due August
2022
|
|
2025 Senior Notes
|
Summit Holdings' and Finance Corp.’s 5.75% senior unsecured notes
due April
2025
|
|
ASC
|
Accounting Standards Codification
|
|
ASU
|
Accounting Standards Update
|
|
Bison Midstream
|
Bison Midstream, LLC
|
|
Board of Directors
|
the board of directors of our General Partner
|
|
condensate
|
a natural gas liquid with a low vapor pressure, mainly composed of
propane, butane,
pentane and heavier hydrocarbon
fractions
|
|
Deferred Purchase Price
Obligation
|
the deferred payment liability recognized in connection with the
2016 Drop Down, as
subsequently amended; also referred to as
DPPO
|
|
DFW Midstream
|
DFW Midstream Services LLC
|
|
DJ Basin
|
Denver-Julesburg Basin
|
|
Double E
|
Double E Pipeline, LLC
|
|
Double E Project
|
the development and construction of a long-haul natural gas
pipeline with an
initial throughput capacity of 1.35 billion
cubic feet per day that will provide
transportation service from multiple
receipt points in the Delaware Basin
to various delivery points in and around
the Waha Hub in Texas
|
|
Energy Capital Partners
|
Energy Capital Partners II, LLC and its parallel and co-investment
funds
|
|
Epping
|
Epping Transmission Company, LLC
|
|
EPU
|
earnings or loss per unit
|
|
FASB
|
Financial Accounting Standards Board
|
|
Finance Corp.
|
Summit Midstream Finance Corp.
|
|
GAAP
|
accounting principles generally accepted in the United States of
America
|
|
General Partner
|
Summit Midstream GP, LLC
|
|
GP
|
general partner
|
|
Grand River
|
Grand River Gathering, LLC
|
|
Guarantor Subsidiaries
|
Bison Midstream and its subsidiaries, Grand River and its
subsidiaries, DFW
Midstream, Summit Marketing, Summit
Permian, Permian Finance, OpCo,
Summit Utica, Meadowlark Midstream, Summit
Permian II and Mountaineer
Midstream
|
|
hub
|
geographic location of a storage facility and multiple pipeline
interconnections
|
|
LIBOR
|
London Interbank Offered Rate
|
|
Mbbl/d
|
one thousand barrels per day
|
|
Meadowlark Midstream
|
Meadowlark Midstream Company, LLC
|
|
MMcf/d
|
one million cubic feet per day
|
|
Mountaineer Midstream
|
Mountaineer Midstream Company, LLC
|
|
MVC
|
minimum volume commitment
|
|
NGLs
|
natural gas liquids; the combination of ethane, propane, normal
butane,
iso-butane and natural gasolines that when
removed from unprocessed
natural gas streams become liquid under
various levels of higher
pressure and lower temperature
|
|
Niobrara G&P
|
Niobrara Gathering and Processing system
|
|
NYSE
|
New York Stock Exchange
|
|
OCC
|
Ohio Condensate Company, L.L.C.
|
|
OGC
|
Ohio Gathering Company, L.L.C.
|
|
Ohio Gathering
|
Ohio Gathering Company, L.L.C. and Ohio Condensate Company,
L.L.C.
|
|
OpCo
|
Summit Midstream OpCo, LP
|
|
play
|
a proven geological formation that contains commercial amounts of
hydrocarbons
|
|
Permian Finance
|
Summit Midstream Permian Finance, LLC
|
|
Permian Holdco
|
Summit Permian Transmission Holdco, LLC
|
2
|
Permian Transmission Credit Facility
|
Credit Agreement, dated as of March 8, 2021, among Summit Permian
Transmission, LLC,
as borrower, MUFG Bank Ltd., as
administrative agent, Mizuho Bank (USA),
as collateral agent, ING Capital LLC,
Mizuho Bank, Ltd. and MUFG Union Bank, N.A.,
as L/C issuers, coordinating lead arrangers
and joint bookrunners, and the lenders from
time to time party thereto
|
|
Polar and Divide
|
the Polar and Divide system; collectively Polar Midstream and
Epping
|
|
produced water
|
water from underground geologic formations that is a by-product of
natural gas and
crude oil production
|
|
Revolving Credit Facility
|
the Third Amended and Restated Credit Agreement dated as of May 26,
2017, as
amended by the First Amendment to Third
Amended and Restated Credit
Agreement dated as of September 22, 2017,
the Second Amendment to Third
Amended and Restated Credit Agreement dated
as of June 26, 2019,
the Third Amendment to Third Amended and
Restated Credit Agreement
dated as of December 24, 2019 and the
Fourth Amendment to Third
Amended and Restated Credit Agreement dated
as of December 18, 2020
|
|
SEC
|
Securities and Exchange Commission
|
|
segment adjusted
EBITDA
|
total revenues less total costs and expenses; plus (i) other income
excluding interest
income, (ii) our proportional adjusted
EBITDA for equity method investees, (iii)
depreciation and amortization, (iv)
adjustments related to MVC shortfall
payments, (v) adjustments related to
capital reimbursement activity, (vi) unit-
based and noncash compensation, (vii)
impairments and (viii) other noncash
expenses or losses, less other noncash
income or gains
|
|
Senior Notes
|
The 5.5% Senior Notes and the 5.75% Senior Notes, collectively
|
|
Series A Preferred Units
|
Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual
Preferred Units
|
|
shortfall payment
|
the payment received from a counterparty when its volume throughput
does not
meet its MVC for the applicable period
|
|
SMLP
|
Summit Midstream Partners, LP
|
|
SMLP LTIP
|
SMLP Long-Term Incentive Plan
|
|
SMP Holdings
|
Summit Midstream Partners Holdings, LLC, also known as SMPH
|
|
SMPH Term Loan
|
the Term Loan Agreement, dated as of March 21, 2017, among SMP
Holdings,
as borrower, the lenders party thereto and
Credit Suisse AG, Cayman Islands
Branch, as Administrative Agent and
Collateral Agent
|
|
Subsidiary Series A
Preferred Units
|
Series A Fixed Rate Cumulative Redeemable Preferred Units issued by
Permian
Holdco
|
|
Summit Holdings
|
Summit Midstream Holdings, LLC
|
|
Summit Investments
|
Summit Midstream Partners, LLC
|
|
Summit Marketing
|
Summit Midstream Marketing, LLC
|
|
Summit Permian
|
Summit Midstream Permian, LLC
|
|
Summit Permian II
|
Summit Midstream Permian II, LLC
|
|
Summit Permian
Transmission
|
Summit Permian Transmission, LLC
|
|
Summit Utica
|
Summit Midstream Utica, LLC
|
|
the Partnership
|
Summit Midstream Partners, LP and its subsidiaries
|
|
the Partnership
Agreement
|
the Fourth Amended and Restated Agreement of Limited Partnership of
the
Partnership dated May 28, 2020
|
|
throughput volume
|
the volume of natural gas, crude oil or produced water gathered,
transported or
passing through a pipeline, plant or other
facility during a particular period;
also referred to as volume throughput
|
|
unconventional resource
basin
|
a basin where natural gas or crude oil production is developed from
unconventional
sources that require hydraulic fracturing
as part of the completion process, for
instance, natural gas produced from shale
formations and coalbeds; also
referred to as an unconventional resource
play
|
|
wellhead
|
the equipment at the surface of a well, used to control the well's
pressure; also, the
point at which the hydrocarbons and water
exit the ground
|
3
PART I -
FINANCIAL INFORMATION
Item 1.
Financial Statements.
SUMMIT
MIDSTREAM PARTNERS, LP AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
|
|
(In thousands, except unit amounts)
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
16,233
|
|
|
$
|
15,544
|
|
|
Restricted cash
|
|
|
8,067
|
|
|
|
—
|
|
|
Accounts receivable, net
|
|
|
54,301
|
|
|
|
61,932
|
|
|
Other current assets
|
|
|
12,167
|
|
|
|
4,623
|
|
|
Total current assets
|
|
|
90,768
|
|
|
|
82,099
|
|
|
Property, plant and equipment, net
|
|
|
1,788,222
|
|
|
|
1,817,546
|
|
|
Intangible assets, net
|
|
|
192,378
|
|
|
|
199,566
|
|
|
Investment in equity method investees
|
|
|
394,405
|
|
|
|
392,740
|
|
|
Other noncurrent assets
|
|
|
6,792
|
|
|
|
7,866
|
|
|
TOTAL ASSETS
|
|
$
|
2,472,565
|
|
|
$
|
2,499,817
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND CAPITAL
|
|
|
|
|
|
|
|
|
|
Trade accounts payable
|
|
$
|
15,873
|
|
|
$
|
11,878
|
|
|
Accrued expenses
|
|
|
11,666
|
|
|
|
13,036
|
|
|
Deferred revenue
|
|
|
10,017
|
|
|
|
9,988
|
|
|
Ad valorem taxes payable
|
|
|
7,589
|
|
|
|
9,086
|
|
|
Accrued compensation and employee benefits
|
|
|
4,481
|
|
|
|
9,658
|
|
|
Accrued interest
|
|
|
8,512
|
|
|
|
8,007
|
|
|
Accrued environmental remediation
|
|
|
1,885
|
|
|
|
1,392
|
|
|
Other current liabilities
|
|
|
14,682
|
|
|
|
5,363
|
|
|
Total current liabilities
|
|
|
74,705
|
|
|
|
68,408
|
|
|
Long-term debt
|
|
|
1,304,918
|
|
|
|
1,347,326
|
|
|
Noncurrent deferred revenue
|
|
|
47,644
|
|
|
|
48,250
|
|
|
Noncurrent accrued environmental remediation
|
|
|
1,368
|
|
|
|
1,537
|
|
|
Other noncurrent liabilities
|
|
|
21,700
|
|
|
|
21,747
|
|
|
Total liabilities
|
|
|
1,450,335
|
|
|
|
1,487,268
|
|
|
Commitments and contingencies (Note 13)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mezzanine Capital
|
|
|
|
|
|
|
|
|
|
Subsidiary Series A Preferred Units (86,802 and 85,308 units issued
and outstanding at March 31, 2021 and December 31, 2020,
respectively)
|
|
|
93,590
|
|
|
|
89,658
|
|
|
|
|
|
|
|
|
|
|
|
|
Partners' Capital
|
|
|
|
|
|
|
|
|
|
Series A Preferred Units (162,109 units issued and outstanding at
March 31, 2021 and December 31, 2020)
|
|
|
178,712
|
|
|
|
174,425
|
|
|
Common limited partner capital (6,206,021 and 6,110,092 units
issued and outstanding at March 31, 2021 and December 31, 2020,
respectively)
|
|
|
749,928
|
|
|
|
748,466
|
|
|
Total partners' capital
|
|
|
928,640
|
|
|
|
922,891
|
|
|
TOTAL LIABILITIES AND CAPITAL
|
|
$
|
2,472,565
|
|
|
$
|
2,499,817
|
|
The accompanying notes are an integral part of these unaudited
condensed consolidated financial statements.
4
SUMMIT
MIDSTREAM PARTNERS, LP AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|
2021
|
|
|
2020
|
|
|
|
|
|
(In thousands, except per-unit amounts)
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Gathering services and related fees
|
|
$
|
70,348
|
|
|
$
|
83,792
|
|
|
|
Natural gas, NGLs and condensate sales
|
|
|
20,763
|
|
|
|
13,780
|
|
|
|
Other revenues
|
|
|
8,207
|
|
|
|
7,331
|
|
|
|
Total revenues
|
|
|
99,318
|
|
|
|
104,903
|
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
Cost of natural gas and NGLs
|
|
|
20,476
|
|
|
|
8,225
|
|
|
|
Operation and maintenance
|
|
|
16,593
|
|
|
|
21,811
|
|
|
|
General and administrative
|
|
|
10,344
|
|
|
|
16,561
|
|
|
|
Depreciation and amortization
|
|
|
28,511
|
|
|
|
29,666
|
|
|
|
Transaction costs
|
|
|
—
|
|
|
|
11
|
|
|
|
(Gain) loss on asset sales, net
|
|
|
(136
|
)
|
|
|
115
|
|
|
|
Long-lived asset impairments
|
|
|
1,492
|
|
|
|
3,821
|
|
|
|
Total costs and expenses
|
|
|
77,280
|
|
|
|
80,210
|
|
|
|
Other income (expense), net
|
|
|
55
|
|
|
|
(427
|
)
|
|
|
Interest expense
|
|
|
(13,953
|
)
|
|
|
(23,828
|
)
|
|
|
Loss on ECP Warrants and other
|
|
|
(1,481
|
)
|
|
|
—
|
|
|
|
Income before income taxes and
equity method investment income
|
|
|
6,659
|
|
|
|
438
|
|
|
|
Income tax benefit
|
|
|
14
|
|
|
|
13
|
|
|
|
Income from equity method investees
|
|
|
2,315
|
|
|
|
3,311
|
|
|
|
Net income
|
|
$
|
8,988
|
|
|
$
|
3,762
|
|
|
|
Net income attributable to Subsidiary Series A Preferred Units
|
|
|
(3,932
|
)
|
|
|
(945
|
)
|
|
|
Net loss attributable to noncontrolling interest
|
|
|
—
|
|
|
|
1,881
|
|
|
|
Net income attributable to Summit Midstream Partners, LP
|
|
$
|
5,056
|
|
|
$
|
4,698
|
|
|
|
Less: net income attributable to Series A Preferred Units
|
|
|
(4,287
|
)
|
|
|
(7,125
|
)
|
|
|
Net income (loss) attributable to common limited partners
|
|
$
|
769
|
|
|
$
|
(2,427
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per limited partner unit:
|
|
|
|
|
|
|
|
|
|
|
Common unit – basic
|
|
$
|
0.13
|
|
|
$
|
(0.80
|
)
|
|
|
Common unit – diluted
|
|
$
|
0.12
|
|
|
$
|
(0.80
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average limited partner units outstanding:
|
|
|
|
|
|
|
|
|
|
|
Common units – basic
|
|
|
6,125
|
|
|
|
3,021
|
|
|
|
Common units – diluted
|
|
|
6,260
|
|
|
|
3,021
|
|
|
The accompanying notes are an integral part of these unaudited
condensed consolidated financial statements.
5
SUMMIT
MIDSTREAM PARTNERS, LP AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS'
CAPITAL
|
|
|
Noncontrolling Interest
|
|
|
Partners' Capital
|
|
|
|
|
|
|
|
|
Series A Preferred Units
|
|
|
Common
Noncontrolling
Interests
|
|
|
Series A Preferred Units
|
|
|
Partners' Capital
|
|
|
Total
|
|
|
|
(In thousands)
|
|
|
Partners' capital, January 1, 2021
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
174,425
|
|
|
$
|
748,466
|
|
|
$
|
922,891
|
|
|
Net income
|
|
|
—
|
|
|
|
—
|
|
|
|
4,287
|
|
|
|
769
|
|
|
|
5,056
|
|
|
Unit-based compensation
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,967
|
|
|
|
1,967
|
|
|
Tax withholdings and associated
payments on vested SMLP LTIP
awards
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,274
|
)
|
|
|
(1,274
|
)
|
|
Partners' capital, March 31, 2021
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
178,712
|
|
|
$
|
749,928
|
|
|
$
|
928,640
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling Interest
|
|
|
Partners' Capital
|
|
|
|
|
|
|
|
|
Series A Preferred Units
|
|
|
Common Noncontrolling Interests
|
|
|
Series A Preferred Units
|
|
|
Partners' Capital
|
|
|
Total
|
|
|
|
|
(In thousands)
|
|
|
Partners' capital, January 1, 2020
|
|
$
|
293,616
|
|
|
$
|
186,070
|
|
|
$
|
—
|
|
|
$
|
305,550
|
|
|
$
|
785,236
|
|
|
Net income (loss)
|
|
|
7,125
|
|
|
|
(1,881
|
)
|
|
|
—
|
|
|
|
(2,427
|
)
|
|
|
2,817
|
|
|
Net cash distributions to SMLP unitholders
|
|
|
—
|
|
|
|
(6,037
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(6,037
|
)
|
|
Unit-based compensation
|
|
|
—
|
|
|
|
2,723
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,723
|
|
|
Effect of common unit issuances under
SMLP LTIP
|
|
|
—
|
|
|
|
2,322
|
|
|
|
—
|
|
|
|
(2,322
|
)
|
|
|
—
|
|
|
Tax withholdings and associated
payments on vested SMLP LTIP
awards
|
|
|
—
|
|
|
|
(984
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(984
|
)
|
|
Partners' capital, March 31, 2020
|
|
$
|
300,741
|
|
|
$
|
182,213
|
|
|
$
|
—
|
|
|
$
|
300,801
|
|
|
$
|
783,755
|
|
The accompanying notes are an integral part of these unaudited
condensed consolidated financial statements.
6
SUMMIT MIDSTREAM
PARTNERS, LP AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
Three Months Ended March 31,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
|
|
(In thousands)
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
8,988
|
|
|
$
|
3,762
|
|
|
Adjustments to reconcile net income (loss) to net
cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
28,746
|
|
|
|
29,900
|
|
|
Noncash lease expense
|
|
|
289
|
|
|
|
473
|
|
|
Amortization of debt issuance costs
|
|
|
1,717
|
|
|
|
1,582
|
|
|
Unit-based and noncash compensation
|
|
|
1,967
|
|
|
|
2,723
|
|
|
Income from equity method investees
|
|
|
(2,315
|
)
|
|
|
(3,311
|
)
|
|
Distributions from equity method investees
|
|
|
6,268
|
|
|
|
7,494
|
|
|
(Gain) loss on asset sales, net
|
|
|
(136
|
)
|
|
|
115
|
|
|
Loss on ECP Warrants and other
|
|
|
1,481
|
|
|
|
—
|
|
|
Long-lived asset impairment
|
|
|
1,492
|
|
|
|
3,821
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
7,592
|
|
|
|
18,470
|
|
|
Trade accounts payable
|
|
|
4,544
|
|
|
|
3,973
|
|
|
Accrued expenses
|
|
|
(1,546
|
)
|
|
|
(138
|
)
|
|
Deferred revenue, net
|
|
|
(576
|
)
|
|
|
5,161
|
|
|
Ad valorem taxes payable
|
|
|
(1,497
|
)
|
|
|
(4,781
|
)
|
|
Accrued interest
|
|
|
504
|
|
|
|
3,059
|
|
|
Accrued environmental remediation, net
|
|
|
324
|
|
|
|
(17
|
)
|
|
Other, net
|
|
|
(6,412
|
)
|
|
|
(2,085
|
)
|
|
Net cash provided by operating activities
|
|
|
51,430
|
|
|
|
70,201
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
(2,610
|
)
|
|
|
(18,583
|
)
|
|
Proceeds from asset sale
|
|
|
8,000
|
|
|
|
—
|
|
|
Investment in Double E equity method investee
|
|
|
(5,619
|
)
|
|
|
(58,033
|
)
|
|
Other, net
|
|
|
—
|
|
|
|
217
|
|
|
Net cash used in investing activities
|
|
|
(229
|
)
|
|
|
(76,399
|
)
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
Net cash distributions to noncontrolling interest SMLP
unitholders
|
|
|
—
|
|
|
|
(6,037
|
)
|
|
Borrowings under Revolving Credit Facility
|
|
|
—
|
|
|
|
55,000
|
|
|
Repayments on Revolving Credit Facility
|
|
|
(55,000
|
)
|
|
|
(34,000
|
)
|
|
Borrowings under Permian Transmission Credit Facility
|
|
|
17,500
|
|
|
|
—
|
|
|
Repayments on SMPH Term Loan before TL Restructuring
|
|
|
—
|
|
|
|
(750
|
)
|
|
Proceeds from issuance of Subsidiary Series A preferred units, net
of
issuance costs
|
|
|
—
|
|
|
|
33,946
|
|
|
Debt issuance costs
|
|
|
(4,909
|
)
|
|
|
(101
|
)
|
|
Proceeds from asset sale
|
|
|
143
|
|
|
|
—
|
|
|
Other, net
|
|
|
(179
|
)
|
|
|
(1,401
|
)
|
|
Net cash provided by (used in) financing activities
|
|
|
(42,445
|
)
|
|
|
46,657
|
|
|
Net change in cash, cash equivalents and restricted cash
|
|
|
8,756
|
|
|
|
40,459
|
|
|
Cash, cash equivalents and restricted cash, beginning of period
|
|
|
15,544
|
|
|
|
36,922
|
|
|
Cash, cash equivalents and restricted cash, end of period
|
|
$
|
24,300
|
|
|
$
|
77,381
|
|
The accompanying notes are an integral part of these unaudited
condensed consolidated financial statements.
7
SUMMIT MIDSTREAM PARTNERS, LP AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. ORGANIZATION, BUSINESS OPERATIONS AND PRESENTATION AND
CONSOLIDATION
Organization. Summit Midstream Partners,
LP (including its subsidiaries, collectively “SMLP” or the
“Partnership”) is a Delaware limited partnership that was formed in
May 2012 and began operations in October 2012. SMLP is a
value-oriented limited partnership focused on developing, owning
and operating midstream energy infrastructure assets that are
strategically located in unconventional resource basins, primarily
shale formations, in the continental United States. The
Partnership’s business activities are conducted through various
operating subsidiaries, each of which is owned or controlled by its
wholly owned subsidiary holding company, Summit Holdings, a
Delaware limited liability company.
GP Buy-In Transaction. On May 28, 2020, the
Partnership closed the transactions contemplated by the Purchase
Agreement (the “Purchase Agreement”), dated May 3, 2020, with
affiliates of its sponsor at that time, Energy Capital Partners II,
LLC (“ECP”), to acquire Summit Investments, the parent company of
the General Partner. The acquisition of Summit Investments resulted
in the Partnership acquiring (a) 2.3 million SMLP common units
(34.6 million SMLP common units prior to the Partnership’s 1-for-15
reverse unit split of its common units, effective November 9, 2020
(the “Reverse Unit Split”)) that were pledged as collateral under
the SMPH Term Loan, (b) 0.7 million SMLP common units (10.7 million
SMLP common units prior to the Reverse Unit Split) that were not
pledged as collateral under the SMPH Term Loan and (c) a deferred
purchase price obligation receivable owed by the Partnership. In
addition, the Partnership acquired 0.4 million SMLP common units
held by an affiliate of ECP. The total purchase price was $35.0
million in cash and warrants giving ECP the right to purchase up to
0.7 million SMLP common units (10.0 million SMLP common units prior
to the Reverse Unit Split) (refer to Note 9 – Partners’ Capital and
Mezzanine Capital for additional details). Pursuant to the Purchase
Agreement, the Partnership assumed the liabilities stemming from
the release of produced water from a produced water pipeline
operated by Meadowlark Midstream, a subsidiary of the Partnership,
that occurred near Williston, North Dakota and was discovered on
January 6, 2015. These transactions are collectively referred to as
the “GP Buy-In Transaction.”
As a result of the GP Buy-In Transaction, the Partnership
indirectly owns its General Partner. Following the closing of the
GP Buy-In Transaction, the Partnership retired 1.1 million SMLP
common units (16.6 million common units prior to the Reverse Unit
Split) it acquired that were not pledged as collateral under the
SMPH Term Loan. On November 17, 2020, the Partnership issued the
2.3 million SMLP common units (34.6 million common units prior to
the Reverse Unit Split) that were pledged as collateral under the
SMPH Term Loan as partial consideration for a consensual debt
discharge and restructuring (the “TL Restructuring”) of its SMP
Holdings’ $155.2 million term loan (“SMPH Term Loan”). SMP Holdings
is a wholly-owned subsidiary of Summit Investments.
Under GAAP, the GP Buy-In Transaction was deemed a transaction
among entities under common control with a change in reporting
entity. Although SMLP is the surviving entity for legal purposes,
Summit Investments is the surviving entity for accounting purposes;
therefore, the historical financial results included herein, prior
to the GP Buy-In Transaction are those of Summit Investments. Prior
to the GP Buy-In Transaction, Summit Investments controlled SMLP
and SMLP’s financial statements were consolidated into Summit
Investments.
Business Operations. The Partnership provides
natural gas gathering, compression, treating and processing
services as well as crude oil and produced water gathering services
pursuant to primarily long-term, fee-based agreements with its
customers. The Partnership’s results are primarily driven by the
volumes of natural gas that it gathers, compresses, treats and/or
processes as well as by the volumes of crude oil and produced water
that it gathers. Other than the Partnership’s investments in Double
E and Ohio Gathering, all of its business activities are conducted
through wholly owned operating subsidiaries.
Presentation and Consolidation. The Partnership prepares
its condensed consolidated financial statements in accordance with
GAAP as established by the FASB and pursuant to the rules and
regulations of the SEC pertaining to interim financial information.
The condensed consolidated financial statements contained in this
report include all normal and recurring material adjustments that,
in the opinion of management, are necessary for a fair statement of
the financial position, results of operations and cash flows for
the interim periods presented herein. The Partnership makes
estimates and assumptions that affect the reported amounts of
assets and liabilities at the balance sheet dates, including fair
value measurements, the reported amounts of revenues and expenses
and the disclosure of commitments and contingencies. Although
management believes these estimates are reasonable, actual results
could differ from its estimates.
8
The condensed consolidated financial statements contained in this
report include the assets, liabilities and results of operations of
SMLP and its subsidiaries. All intercompany transactions among the
consolidated entities have been eliminated in consolidation.
Comprehensive income or loss is the same as net income or loss for
all periods presented.
Risks and Uncertainties. The Partnership
is closely monitoring the impact of the COVID-19 pandemic on all
aspects of its business, including how it has impacted and will
impact its customers, employees, supply chain and distribution
network. The Partnership is unable to predict the ultimate impact
that COVID-19 may have on its business, future results of
operations, financial position or cash flows.
Given the dynamic nature of the COVID-19 pandemic and related
market conditions, the Partnership cannot reasonably estimate the
period of time that these events will persist or the full extent of
the impact they will have on its business. The full extent to which
the Partnership’s operations may be impacted by the COVID-19
pandemic will depend largely on future developments, which are
highly uncertain and cannot be accurately predicted, including
changes in the severity of the pandemic, countermeasures taken by
governments, businesses and individuals to slow the spread of the
pandemic, and the development and availability of treatments and
vaccines and the extent to which these treatments and vaccines may
remain effective as potential new strains of the coronavirus
emerge. Furthermore, the impacts of a potential worsening of global
economic conditions and the continued disruptions to and volatility
in the financial markets remain unknown.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED
ACCOUNTING STANDARDS APPLICABLE TO THE PARTNERSHIP
Except for the below, there have been no changes to the
Partnership’s significant accounting policies since
December 31, 2020.
Cash, Cash Equivalents and Restricted Cash. We consider all highly
liquid investments with an original maturity of three months or
less to be cash equivalents. Cash that is held by a major bank and
has restrictions on its availability to the Partnership is
classified as restricted cash. The restricted cash balance of
$8.1 million at March 31, 2021 is related to proceeds from the
Permian Transmission Credit Facility, which can be used to finance
Permian Transmission’s capital calls associated with its investment
in Double E, for debt service or other general corporate purposes.
See Note 7 - Debt for additional information.
Interest Rate Swaps. Interest rate
swap agreements are reported as either assets or liabilities
on the consolidated balance sheet at fair value. Interest rate
swap agreements are not designated as cash-flow hedges, and
accordingly, the changes in the fair value are recorded in
earnings. The Partnership does not use interest rate
swap agreements for speculative purposes.
New accounting standards
recently implemented.
ASU No. 2018-13 Fair Value Measurement (“ASU 2018-13”). ASU 2018-13
updates the disclosure requirements on fair value measurements
including new disclosures for the changes in unrealized gains and
losses for the period included in other comprehensive income for
recurring Level 3 fair value measurements held at the end of the
reporting period and the range and weighted average of significant
unobservable inputs used to develop Level 3 fair value
measurements. ASU 2018-13 modifies existing disclosures including
clarifying the measurement uncertainty disclosure. ASU 2018-13
removes certain existing disclosure requirements including the
amount and reasons for transfers between Level 1 and Level 2 fair
value measurements and the policy for the timing of transfer
between levels. The adoption of ASU 2018-13 on January 1, 2020 did
not have a material impact on the Partnership’s consolidated
financial statements or disclosures.
ASU No. 2016-13 Financial Instruments – Credit Losses (“ASU
2016-13”). ASU 2016-13 requires the use of a current expected loss
model for financial assets measured at amortized cost and certain
off-balance sheet credit exposures. Under this model, entities will
be required to estimate the lifetime expected credit losses on such
instruments based on historical experience, current conditions, and
reasonable and supportable forecasts. This amended guidance also
expands the disclosure requirements to enable users of financial
statements to understand an entity’s assumptions, models and
methods for estimating expected credit losses. The changes are
effective for annual and interim periods beginning after December
15, 2019, and amendments should be applied using a modified
retrospective approach. The adoption of ASU 2016-13 on January 1,
2020 did not have a material impact on the Partnership’s
consolidated financial statements or disclosures.
New accounting standards not yet implemented.
ASU No. 2020-06 Debt – Debt with Conversion and Other Options
(Subtopic 470-20) and Derivatives and Hedging – Contracts in
Entity’s Own Equity (Subtopic 815 – 40) (“ASU 2020-06”). ASU
2020-06 simplifies the accounting for certain financial instruments
with characteristics of liabilities and equity, including
convertible instruments and contracts on an entity’s
9
own
equity. The ASU is part of the FASB’s simplification initiative,
which aims to reduce unnecessary complexity in U.S. GAAP. The ASU’s
amendments are effective for fiscal years beginning after December
15, 2023, and interim periods within those fiscal years. The
Partnership is currently evaluating the provisions of ASU 2020-06
to determine its impact on the Partnership’s consolidated financial
statements and disclosures.
ASU No. 2020-04 Reference Rate Reform (“ASU 2020-04”). ASU 2020-04
provides optional expedients and exceptions for applying GAAP to
contracts, hedging relationships and other transactions affected by
reference rate reform on financial reporting. The amendments in ASU
2020-04 are effective as of March 12, 2020 through December 31,
2022. The Partnership is currently evaluating the provisions of ASU
2020-04 to determine its impact on the Partnership’s consolidated
financial statements and disclosures.
3. REVENUE
Performance obligations. The following table
presents estimated revenue expected to be recognized during the
remainder of 2021 and over the remaining contract period related to
performance obligations that are unsatisfied and are comprised of
estimated minimum volume commitments.
|
|
|
2021
|
|
|
2022
|
|
|
2023
|
|
|
2024
|
|
|
2025
|
|
|
Thereafter
|
|
|
|
|
|
|
|
Gathering services and related fees
|
|
$
|
74,014
|
|
|
$
|
84,215
|
|
|
$
|
66,330
|
|
|
$
|
49,872
|
|
|
$
|
32,996
|
|
|
$
|
22,078
|
|
Revenue by Category. In the
following table, revenue is disaggregated by geographic area and
major products and services. For more detailed
information about reportable segments, see Note 15 – Segment
Information.
|
|
|
Three Months Ended March 31, 2021
|
|
|
|
|
Gathering services and related fees
|
|
|
Natural gas, NGLs and condensate sales
|
|
|
Other revenues
|
|
|
Total
|
|
|
|
|
(in thousands)
|
|
|
Reportable Segments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utica Shale
|
|
$
|
8,572
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,572
|
|
|
Williston Basin
|
|
|
12,633
|
|
|
|
12,227
|
|
|
|
4,506
|
|
|
|
29,366
|
|
|
DJ Basin
|
|
|
6,263
|
|
|
|
110
|
|
|
|
704
|
|
|
|
7,077
|
|
|
Permian Basin
|
|
|
2,199
|
|
|
|
6,518
|
|
|
|
116
|
|
|
|
8,833
|
|
|
Piceance Basin
|
|
|
24,784
|
|
|
|
1,853
|
|
|
|
1,177
|
|
|
|
27,814
|
|
|
Barnett Shale
|
|
|
9,696
|
|
|
|
55
|
|
|
|
1,061
|
|
|
|
10,812
|
|
|
Marcellus Shale
|
|
|
6,201
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6,201
|
|
|
Total reportable segments
|
|
|
70,348
|
|
|
|
20,763
|
|
|
|
7,564
|
|
|
|
98,675
|
|
|
All other segments
|
|
|
—
|
|
|
|
—
|
|
|
|
643
|
|
|
|
643
|
|
|
Total
|
|
$
|
70,348
|
|
|
$
|
20,763
|
|
|
$
|
8,207
|
|
|
$
|
99,318
|
|
|
|
|
Three Months Ended March 31, 2020
|
|
|
|
|
Gathering services and related fees
|
|
|
Natural gas, NGLs and condensate sales
|
|
|
Other revenues
|
|
|
Total
|
|
|
|
|
(in thousands)
|
|
|
Reportable Segments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utica Shale
|
|
$
|
6,962
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,962
|
|
|
Williston Basin
|
|
|
23,797
|
|
|
|
4,324
|
|
|
|
3,142
|
|
|
|
31,263
|
|
|
DJ Basin
|
|
|
6,855
|
|
|
|
70
|
|
|
|
1,034
|
|
|
|
7,959
|
|
|
Permian Basin
|
|
|
2,311
|
|
|
|
4,512
|
|
|
|
187
|
|
|
|
7,010
|
|
|
Piceance Basin
|
|
|
27,189
|
|
|
|
1,003
|
|
|
|
1,065
|
|
|
|
29,257
|
|
|
Barnett Shale
|
|
|
10,443
|
|
|
|
3,871
|
|
|
|
1,260
|
|
|
|
15,574
|
|
|
Marcellus Shale
|
|
|
6,235
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6,235
|
|
|
Total reportable segments
|
|
|
83,792
|
|
|
|
13,780
|
|
|
|
6,688
|
|
|
|
104,260
|
|
|
All other segments
|
|
|
—
|
|
|
|
—
|
|
|
|
643
|
|
|
|
643
|
|
|
Total
|
|
$
|
83,792
|
|
|
$
|
13,780
|
|
|
$
|
7,331
|
|
|
$
|
104,903
|
|
10
Contract balances. Contract assets relate to
the Partnership’s rights to consideration for work completed but
not billed at the reporting date and consist of the estimated MVC
shortfall payments expected from its customers and unbilled
activity associated with contributions in aid of construction.
Contract assets are transferred to trade receivables when the
rights become unconditional. The following table provides
information about contract assets from contracts with
customers:
|
|
|
2021
|
|
|
|
|
(In thousands)
|
|
|
Contract assets, January 1,
|
|
$
|
2,026
|
|
|
Additions
|
|
|
2,840
|
|
|
Transfers out
|
|
|
(973
|
)
|
|
Contract assets, March 31,
|
|
$
|
3,893
|
|
As of March 31, 2021, receivables with customers totaled $48.3
million and contract assets totaled $3.9 million and were included
in the accounts receivable caption on the unaudited condensed
consolidated balance sheets.
As of December 31, 2020, receivables with customers totaled $57.5
million and contract assets totaled $2.0 million which were
included in the accounts receivable caption on the unaudited
condensed consolidated balance sheets.
Contract liabilities (deferred revenue) relate to the advance
consideration received from customers primarily for contributions
in aid of construction. The Partnership recognizes contract
liabilities under these arrangements in revenue over the contract
period. For the three months ended March 31, 2021 and 2020, the
Partnership recognized $1.1 million and $2.4 million of gathering
services and related fees, respectively, which were included in the
contract liability balance as of the beginning of the period. See
Note 6 – Deferred Revenue for additional details.
4. PROPERTY, PLANT AND EQUIPMENT, NET
Details of the Partnership’s property, plant and equipment
follows.
|
|
|
March 31, 2021
|
|
|
December 31, 2020
|
|
|
|
|
(In thousands)
|
|
|
Gathering and processing systems and related equipment
|
|
$
|
2,215,053
|
|
|
$
|
2,213,501
|
|
|
Construction in progress
|
|
|
51,071
|
|
|
|
60,443
|
|
|
Land and line fill
|
|
|
10,440
|
|
|
|
10,440
|
|
|
Other
|
|
|
61,315
|
|
|
|
61,340
|
|
|
Total
|
|
|
2,337,879
|
|
|
|
2,345,724
|
|
|
Less: accumulated depreciation
|
|
|
(549,657
|
)
|
|
|
(528,178
|
)
|
|
Property, plant and equipment, net
|
|
$
|
1,788,222
|
|
|
$
|
1,817,546
|
|
Depreciation expense and capitalized interest for the Partnership
follows.
|
|
|
Three Months Ended March 31,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
|
|
(In thousands)
|
|
|
Depreciation expense
|
|
$
|
21,466
|
|
|
$
|
21,698
|
|
|
Capitalized interest
|
|
$
|
1,060
|
|
|
$
|
491
|
|
5. EQUITY METHOD INVESTMENTS
Double E. The
Partnership is responsible for leading the development, permitting
and construction of the Double E Project. During the
three month periods ended March 31, 2021 and 2020, the Partnership
made cash investments of $5.6 million and
$58.0 million, respectively, in the Double E Project. Other than
the investment activity noted above, Double E did not have any
results of operations for the three months ended March 31, 2021,
given that the Double E Project is currently under
development.
Ohio Gathering. As of March 31, 2021 and
December 31, 2020, the Partnership’s ownership interest in Ohio
Gathering was 38.0% and 38.2%, respectively. A reconciliation of
the difference between the carrying amount of the Partnership’s
interest in Ohio Gathering and the Partnership’s underlying
investment per Ohio Gathering's books and records is provided in
the table below as of March 31, 2021.
11
|
|
|
2021
|
|
|
|
|
(In thousands)
|
|
|
Investment in Ohio Gathering, March 31,
|
|
$
|
256,430
|
|
|
March cash distributions
|
|
|
2,196
|
|
|
Basis difference
|
|
|
214,426
|
|
|
Investment in Ohio Gathering (Books and records), February 28,
|
|
$
|
473,052
|
|
6. DEFERRED REVENUE
A rollforward of current deferred revenue follows.