- Summit Midstream Partners (NYSE:SMLP) +37.2% pre-market after Q3 results include plans to raise its full-year capital spending to $55M-$60M from previous guidance of $30M-$50M, reflecting additional direct funding of the Double E project.
- Summit says the Federal Energy Regulatory Commission's authorization of the Double E project last month is "a significant milestone for the project and enables us to advance plans to secure third-party financing to fund the vast majority, if not all, of our remaining Double E capital expenditures. We expect to have third-party financing in place concurrent with receipt of FERC's notice to proceed with construction, which is expected to be obtained in the first quarter of 2021."
- The company expects its share of Double E development capex at $300M, 15% below the original development budget, with ~$175M remaining to be funded as of Sept. 30.
- For Q3, Summit's adjusted EBITDA fell 17% Y/Y to $59.8M; for FY 2020, the company reaffirms adjusted EBITDA guidance of $250M-$260M; Q3 natural gas throughput came in flat at 1.39M cf/day.