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Sanchez Midstream Partners sinks after it suspends cash distribution

|About: Sanchez Midstream Partner... (SNMP)|By:, SA News Editor

Sanchez Midstream Partners (NYSEMKT:SNMP) tanks 30.7% in pre-market as the company suspends cash distributions as it establishes a cash reserve to pay a portion of outstanding debt

Q2 revenues declined 37% Y/Y to $21.9M

Oil & natural gas throughput volumes on the Western Catarina Midstream system declined 19% and 11% sequentially, respectively.

Average realized including hedging 7.2% to $49.12/Boe.

Lower production volumes from the Palmetto asset, which resulted from temporary capacity issues, negatively the results by ~$1.4M

Adjusted EBITDA remained unchanged at $17.5M

The Partnership ended the quarter with $172M in debt outstanding under its credit facility

Previously: Sanchez Midstream Partners reports Q2 results (Aug. 8)

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