Mon, May 18, 5:32 PM
- Deutsche Bank initiates some energy MLPs with Buy ratings, as well as Kinder Morgan (NYSE:KMI), which the firm says "has the footprint, financial scale and management team to capitalize on the nation's need for midstream."
- KMI, rated Buy with a $49 price target, has a presence across every midstream vertical and in every major basin, which Deutsche Bank says means that investors should use it to buy into the buildout of U.S. energy infrastructure rather than merely to gain exposure to a certain asset type or shale play.
- Among MLPs, Enterprise Products Partners (NYSE:EPD) "is a stock to own, not trade," with its integrated business model, visible growth backlog, low cost of capital, and management's track record of successful innovation; EPD is rated Buy with a $38 price target.
- Energy Transfer Partners (NYSE:ETP) is rated Buy with a $67 target because of visibility on an $11B organic backlog, which the firm believes will support high single-digit distribution/unit growth through 2017; near-term, the firm expects synergies following the recently closed merger with Regency to provide upside.
- Summit Midstream Partners (NYSE:SMLP) is rated Buy with a $34 target, as contract structures provide more near-term cash flow protection than peers while drop-down from P-E backed parent Summit Investments and ramping organic spending should drive high single-digit DPU growth near-term.
- The firm says it has a "high conviction" in its new Buy rating and $95 target for MPLX, citing multi-year visibility into 25%-plus distribution growth guidance - which the firm sees as conservative - and a stable fee-based earnings profile.
- Also started at Buy: SXL, PSXP
Wed, May 6, 4:52 PM
- Summit Midstream Partners (NYSE:SMLP) -4.3% AH after announcing a public offering of 6.5M common units, with an underwriters option to purchase up to an additional 975K units.
- SMLP says it plans to use the proceeds to fund part of the purchase price of its pending acquisition of all membership interests in Polar Midstream and Epping Transmission Co.
Wed, May 6, 4:31 PM| Comment!
Thu, Apr. 23, 5:49 PM
Thu, Feb. 26, 5:34 PM| Comment!
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.
SMLP vs. ETF Alternatives
Summit Midstream Partners LP is engaged in developing, owning and operating midstream energy infrastructure assets that are located in the areas of unconventional resource basins, primarily shale formations, in North America.
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