HOUSTON, June 30,
2022 /PRNewswire/ -- Summit Midstream Partners, LP
(NYSE: SMLP) ("Summit", "SMLP" or the "Partnership") announced
today that its wholly owned subsidiary, Summit Midstream Holdings,
LLC ("SMP Holdings"), closed on the previously announced sale of
Summit Midstream Permian, LLC ("Summit Permian"), which owns the
Lane Gathering and Processing System ("Lane G&P System") in the
Delaware Basin to a wholly owned
subsidiary of Matador Resources Company ("Matador") for a cash sale
price of $75 million, excluding
customary transaction adjustments. Matador also assumed
Summit Midstream Marketing, LLC's, a wholly owned subsidiary of SMP
Holdings, take-or-pay firm capacity on the Double E Pipeline
associated with the Lane G&P System.
Lane G&P System
Overview
The Lane G&P System includes approximately 45 miles of low
and high pressure gathering pipeline in Eddy and Lea counties in
the northern Delaware Basin, three
compressor stations and a 60 MMcf/d cryogenic processing plant
commissioned in December 2018.
Gathering and processing services on the Lane G&P System are
provided pursuant to long-term, fee-based gathering agreements with
producers that are primarily targeting crude oil production from
the Bone Spring and Wolfcamp shale formations. Residue natural gas
is primarily delivered to the Double E Pipeline.
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 the core producing areas
of unconventional resource basins, primarily shale formations, in
the continental United States. SMLP provides natural gas,
crude oil and produced water gathering, processing and
transportation services pursuant to primarily long-term, fee-based
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 method investment in Double E Pipeline, LLC,
which provides interstate 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
method 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." In addition, any statement concerning future
financial performance (including future revenues, earnings or
growth rates), ongoing business strategies and possible actions
taken by us or our subsidiaries are also forward-looking
statements. 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 2021 Annual Report on Form 10-K filed with
the Securities and Exchange Commission (the
"SEC") on February 28, 2022, 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