HOUSTON, Feb. 16, 2022 — Summit Midstream Partners (SMLP), LP announced today that it will report operating and financial results for the fourth quarter of 2021 on Friday, February 25, 2022, before the start of trading on the New York Stock Exchange, and that it has new business segments for the reporting of its financial results, beginning with its 2021 fourth quarter and annual results.
New Business Segments
SMLP has implemented changes to its reportable segments that better aligns its assets based on their macro-economic drivers and how the business is managed, which enhances commercial, engineering and operational capabilities. Beginning with its 2021 fourth quarter and annual results, SMLP has five reportable segments that are described below, along with a management categorization of the commodity that has the most influence on customer drilling and completion decisions.
Natural gas price driven: Cash flows in the Northeast, Piceance and Barnett segments are significantly influenced by the price of natural gas because the drilling, completion and recompletion decisions by SMLP’s customers in these segments are based on well economics most heavily impacted by the price of natural gas. Increased upstream activity by customers in these basins therefore result in higher throughput and cash flows for those segments in which we collect fees for gathering natural gas and natural gas liquids.
Northeast – Includes our wholly owned midstream assets located in the Utica and Marcellus shale plays and Summit’s equity method investment in Ohio Gathering that is focused on the Utica Shale Piceance – Includes wholly owned midstream assets located in the Piceance Basin Barnett – Includes wholly owned midstream assets located in the Barnett Shale
Oil price driven: Customer activity and cash flows in the Permian and Rockies segments are significantly influenced by the price of oil because the drilling and completion decisions by customers in these segments are based on well economics most heavily impacted by the price of oil. Decisions to drill and complete wells in these basins therefore result in higher throughput and cash flows for our midstream assets in which SMLP collects fees for gathering or processing hydrocarbons, gathering produced water, or transporting natural gas.
Permian – Includes wholly owned midstream assets located in the Permian Basin and Summit’s equity method investment in the Double E Pipeline Rockies – Includes wholly owned midstream assets located in the Williston Basin and the DJ Basin
About Summit Midstream Partners, LP
SMLP is a value-driven limited partnership focused on developing, owning and operating midstream energy infrastructure assets that are strategically located in unconventional resource basins, primarily shale formations, in the continental United States. SMLP provides natural gas, crude oil and produced water gathering services pursuant to primarily long-term and fee-based gathering and processing agreements with customers and counterparties in six unconventional resource basins:
- the Appalachian Basin, which includes the Utica and Marcellus shale formations in Ohio and West Virginia;
- the Williston Basin, which includes the Bakken and Three Forks shale formations in North Dakota;
- the Denver-Julesburg Basin, which includes the Niobrara and Codell shale formations in Colorado and Wyoming;
- the Permian Basin, which includes the Bone Spring and Wolfcamp formations in New Mexico;
- the Fort Worth Basin, which includes the Barnett Shale formation in Texas; and
- the Piceance Basin, which includes the Mesaverde formation as well as the Mancos and Niobrara shale formations in Colorado.
SMLP has an equity investment in Double E Pipeline, LLC, which provides natural gas transportation service from multiple receipt points in the Delaware Basin to various delivery points in and around the Waha Hub in Texas. SMLP also has an equity investment in Ohio Gathering, which operates extensive natural gas gathering and condensate stabilization infrastructure in the Utica Shale in Ohio. SMLP is headquartered in Houston, Texas.
This article was shared with Prittle Prattle News as a Press Release.
