SA News • Mon, Dec. 15
Mon, Dec. 15, 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.
Thu, Nov. 6, 4:47 PM| Comment!
Thu, Oct. 23, 6:11 PM| Comment!
Thu, Sep. 4, 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.
Thu, Sep. 4, 9:10 AM
Thu, Aug. 7, 5:27 PM
Tue, Jun. 10, 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.
Mon, Jun. 2, 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.
Tue, May. 6, 7:52 PM| Comment!
Wed, Mar. 12, 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.
Mon, Mar. 10, 5:01 PM| Comment!
Mon, Mar. 10, 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.
Wed, Mar. 5, 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).
Tue, Feb. 25, 7:58 AM
- MarkWest Energy (MWE) is downgraded to Hold from Buy with a $75 price target, down from $78, at Jefferies, which also cuts projected FY 2014 EPS and FY 2015 EPS.
- The firm sees Summit Midstream's (SMLP) intention to exercise its option to take a 40% stake in OH Gathering and Condensate in Q2 as a key headwind, and remains cautious on UMTP's open season.
- MWE units are up ~11% since mid-December despite an expectation for the Summit acquisition to curtail near-term MWE Utica annual cash flows by $35M-$40M.
Nov. 21, 2013, 2:28 PM
- MLPs have recently underperformed the broader market, consistent with historical seasonal patterns of weakness in November on tax-related sales, and Baird says it would buy now (Briefing.com).
- The seasonal performance trend provides an attractive tactical entry point on the group, Baird believes, driving upgrades of Plains All American (PAA), Crestwood Midstream (CMLP), Breitburn Energy (BBEP) and Summit Midstream (SMLP) to Outperform.
- The firm also thinks Atlas Energy (ATLS), Atlas Resource (ARP), Legacy Reserves (LGCY) and Vanguard Natural (VNR) look relatively attractive and ripe for potential upgrades in the event of further weakness through Thanksgiving.
Nov. 7, 2013, 6:36 PM| Comment!
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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