SA News • Fri, Jan. 23
Fri, Jan. 23, 5:25 PM
- North Dakota’s top environmental official says water testing shows that saltwater contamination from the recent pipeline spill has reached the Missouri River, but he does not expect harm to wildlife or drinking water supplies as the contaminants quickly diluted, thanks to the size of the river and volume of water.
- Summit Midstream Partners (NYSE:SMLP) is pumping water out of Blacktail Creek and constructing barriers to prevent water from reaching the Little Muddy River, which empties into the Missouri.
Thu, Jan. 22, 4:44 PM
Thu, Jan. 22, 8:03 AM
- Nearly 3M gallons of saltwater generated by oil drilling have leaked from a Summit Midstream Partners (NYSE:SMLP) pipeline in North Dakota in the state's largest such spill since the start of the oil boom.
- Two creeks have been affected, but the full environmental effect might not be clear for months; some previous saltwater spills have taken years to clean up.
- SMLP said yesterday that ~65K barrels of a mix of freshwater and brine have been pumped out from Blacktail Creek, and brine also reached the bigger Little Muddy Creek and potentially the Missouri River.
Dec. 15, 2014, 12:55 PM
- Summit Midstream Partners (SMLP -0.1%) agrees to build and operate a $400M gathering system servicing XTO Energy's natural gas production in southeastern Ohio, giving SMLP an operating presence in the Utica Shale.
- SMLP says the system will gather gas, compress it and deliver it to various points, including Regency Energy Partners' Utica Ohio River Trunkline project.
- XTO, an Exxon Mobil (NYSE:XOM) subsidiary, will serve as the anchor shipper and has committed ~29K acres to the project under a long-term, fee-based agreement.
Nov. 6, 2014, 4:47 PM| Comment!
Oct. 23, 2014, 6:11 PM| Comment!
Sep. 4, 2014, 9:17 AM
- Summit Midstream Partners (NYSE:SMLP) -5.2% premarket after pricing an upsized public offering of ~4.35M common units at $53.88 each.
- SMLP will receive no proceeds from the offering, and the number of SMLP's outstanding common units will remain unchanged.
- The offering was upsized from a previously announced 4M units.
Sep. 4, 2014, 9:10 AM
Aug. 7, 2014, 5:27 PM
Jun. 10, 2014, 10:46 AM
- Summit Midstream Partners (SMLP -0.1%) announces plans to fund $300M in new development projects in the Bakken Shale.
- One of four planned projects is development of a new oil, gas and water gathering system which is expected to have total system capacity of 20K bbl/day of crude oil and 14M cf/day of associated natural gas under a 10-year, fee-based gathering agreement with an unnamed Bakken producer.
Jun. 2, 2014, 4:59 PM
- Summit Midstream Partners (SMLP) exercises its option to pay $377M to buy a 40% equity stake in Ohio Gathering Co. and Ohio Condensate Co. from affiliates of MarkWest Energy (MWE) and The Energy & Minerals Group.
- Ohio Gathering is now gathering ~181M cf/day under long-term, fee-based agreements, and SMLP, MWE and EMG expect to develop more than $3B of natural gas gathering and condensate stabilization infrastructure for its customers through the joint venture.
May. 6, 2014, 7:52 PM| Comment!
Mar. 12, 2014, 2:57 PM
- Summit Midstream Partners (SMLP +9.5%) is upgraded to Outperform from Neutral with a $45 price target, up from $42, at Robert W. Baird after yesterday's announced $305M drop-down acquisition from its sponsor, Summit Investments, at an estimated 13% accretion and 8.7x EBITDA multiple.
- SMLP also announced expected Y/Y distribution growth of 15%-20%, while Baird had expected 13.5%; the firm raises its 2014 and 2015 DPU estimates by 3% and 7%, respectively, to account for the transaction and updated drop-down assumptions.
Mar. 10, 2014, 5:01 PM| Comment!
Mar. 10, 2014, 4:54 PM
- Summit Midstream Partners (SMLP) announces a public offering of 8M common units, with 5.3M units offered by SMLP and 2.7M by SMP Holdings.
- SMLP plans to use the proceeds from the offering to fund a portion of the pending $305M acquisition of Red Rock Gathering, a natural gas gathering and processing system located in the Piceance Basin in Colorado and Utah.
- SMLP will not receive any proceeds from the units sold by SMP Holdings.
- SMLP -1.2% AH.
Mar. 5, 2014, 11:59 AM
- Robert W. Baird refreshes its outlook for master limited partnerships with six downgrades: five high-growth partnerships that now look fairly valued - NGL Energy Partners (NGL -1.8%), New Source Energy (NSLP -4%), Plains GP Holdings (PAGP -0.3%), Summit Midstream Partners (SMLP -0.6%) and Tallgrass Energy Partners (TEP -2.7%) - and are cut to Neutral from Outperform, and a reduction for Whiting USA Trust II (WHZ -0.7%) to Underperform from Neutral on elevated commodity risk.
- The firm recommends recycling capital into its top investment ideas: ONEOK Partners (OKS -1.2%), Plains All American Pipeline (PAA +0.9%), Rose Rock Midstream (RRMS +0.2%) and Crosstex Energy LP (XTEX -1.5%)
- Despite downgrading multiple high-quality MLPs, Baird says its long-term bullish view on the sector remains unchanged (Briefing.com).
SMLP vs. ETF Alternatives
Summit Midstream Partners LP is a limited partnership focused on owning & operating midstream energy infrastructure that is strategically located in the core producing areas of unconventional resource basins, primarily shale formations, in North America.
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