HOUSTON, Feb. 16, 2022 /PRNewswire/ -- Summit
Midstream Partners, LP (NYSE: SMLP) (the "Partnership", "SMLP" or
"Summit") announced today that it will report operating and
financial results for the fourth quarter of 2021 on Friday, February 25, 2022, before the start of
trading on the New York Stock Exchange, and that it has new
business segments for the reporting of its financial results,
beginning with its 2021 fourth quarter and annual results.
Fourth Quarter 2021 Earnings Call
SMLP will host a conference call at 10:00
a.m. Eastern on Friday, February 25,
2022, to discuss its quarterly operating and financial
results. Interested parties may participate in the call by
dialing 847-585-4405 or toll-free 888-771-4371 and entering the
passcode 50277720. The conference call, live webcast and
archive of the call can be accessed through the Investors section
of SMLP's website at www.summitmidstream.com.
New Business Segments
SMLP has implemented changes to its reportable segments that
better aligns its assets based on their macro-economic drivers and
how the business is managed, which enhances commercial, engineering
and operational capabilities. Beginning with its 2021 fourth
quarter and annual results, SMLP has five reportable segments that
are described below, along with a management categorization of the
commodity that has the most influence on customer drilling and
completion decisions.
Natural gas price
driven: Cash flows in the Northeast, Piceance and
Barnett segments are significantly influenced by the price of
natural gas because the drilling, completion and recompletion
decisions by SMLP's customers in these segments are based on well
economics most heavily impacted by the price of natural gas.
Increased upstream activity by customers in these basins therefore
result in higher throughput and cash flows for those segments in
which we collect fees for gathering natural gas and natural gas
liquids.
- Northeast – Includes our wholly owned midstream assets located
in the Utica and Marcellus shale
plays and Summit's equity method investment in Ohio Gathering that
is focused on the Utica Shale
- Piceance – Includes wholly owned midstream assets located in
the Piceance Basin
- Barnett – Includes wholly owned midstream assets located in the
Barnett Shale
Oil price
driven: Customer activity and cash flows in the
Permian and Rockies segments are significantly influenced by the
price of oil because the drilling and completion decisions by
customers in these segments are based on well economics most
heavily impacted by the price of oil. Decisions to drill and
complete wells in these basins therefore result in higher
throughput and cash flows for our midstream assets in which SMLP
collects fees for gathering or processing hydrocarbons, gathering
produced water, or transporting natural gas.
- Permian – Includes wholly owned midstream assets located in the
Permian Basin and Summit's equity method investment in the Double E
Pipeline
- Rockies – Includes wholly owned midstream assets located in the
Williston Basin and the DJ
Basin
A comparison of prior and current reportable segments is listed
in the table below for illustrative purposes.
Prior Reportable
Segment(s)
|
New Reportable
Segment
|
Utica Shale, Ohio
Gathering, Marcellus Shale
|
Northeast
|
Piceance
Basin
|
Piceance
|
Barnett
Shale
|
Barnett
|
Permian Basin, Equity
investment in Double E (new)
|
Permian
|
Williston Basin, DJ
Basin
|
Rockies
|
About Summit Midstream Partners, LP
SMLP is a
value-driven 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. SMLP
provides natural gas, crude oil and produced water gathering
services pursuant to primarily long-term and fee-based gathering
and processing agreements with customers and counterparties in six
unconventional resource basins: (i) the Appalachian Basin, which
includes the Utica and Marcellus
shale formations in Ohio and
West Virginia; (ii) the
Williston Basin, which includes
the Bakken and Three Forks shale formations in North Dakota; (iii) the Denver-Julesburg
Basin, which includes the Niobrara
and Codell shale formations in Colorado and Wyoming; (iv) the Permian Basin, which
includes the Bone Spring and Wolfcamp formations in New Mexico; (v) the Fort Worth Basin, which includes the Barnett
Shale formation in Texas; and (vi)
the Piceance Basin, which includes the Mesaverde formation as well
as the Mancos and Niobrara shale formations in Colorado.
SMLP has an equity investment in Double E Pipeline, LLC, which
provides natural gas transportation service from multiple receipt
points in the Delaware Basin to
various delivery points in and around the Waha Hub in Texas.
SMLP also has an equity investment in Ohio Gathering, which
operates extensive natural gas gathering and condensate
stabilization infrastructure in the Utica Shale in Ohio. SMLP
is headquartered in Houston,
Texas.
Forward-Looking Statements
This press release includes
certain statements concerning expectations for the future that are
forward-looking within the meaning of the federal securities
laws. Forward-looking statements include, without limitation,
any statement that may project, indicate or imply future results,
events, performance or achievements and may contain the words
"expect," "intend," "plan," "anticipate," "estimate," "believe,"
"will be," "will continue," "will likely result," and similar
expressions, or future conditional verbs such as "may," "will,"
"should," "would," and "could." Forward-looking statements
also contain known and unknown risks and uncertainties (many of
which are difficult to predict and beyond management's control)
that may cause SMLP's actual results in future periods to differ
materially from anticipated or projected results. An
extensive list of specific material risks and uncertainties
affecting SMLP is contained in its 2020 Annual Report on Form 10-K
filed with the Securities and Exchange Commission on March 4, 2021, as amended and updated from time
to time. Any forward-looking statements in this press release, are
made as of the date of this press release and SMLP undertakes no
obligation to update or revise any forward-looking statements to
reflect new information or events.
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SOURCE Summit Midstream Partners, LP