Summit Midstream initiating review of strategic alternatives

Summit Midstream announced an operational update for Q3 and announced that its Board of Directors has initiated a formal review process to evaluate strategic alternatives for the Partnership. Highlights of the operational update include: significant quarterly volume growth across nearly every segment, including ~20% volume growth in the Northeast segment and ~20% liquids volume growth in the Rockies segment; connected 74 wells during Q3, resulting in 224 wells connected year-to-date and remaining on pace to connect a total of ~300 wells by the end 2023; expects Q3 Adjusted EBITDA of ~$70M, representing ~20% growth relative to Q2; reiterates Q4 Adjusted EBITDA guidance of $75M-$85M; active customer base with eight drilling rigs and more than 170 DUCs behind our systems; launched strategic alternatives review with the goal of maximizing unitholder value. These alternatives may include, but are not limited to, continued execution of the Partnership’s business plan, sale of assets, refinancing parts or the entirety of its capital structure, sale of the Partnership by merger or cash, or any combination of these and other alternatives. There is no deadline or definitive timetable set for completion of the strategic alternatives review. SMLP‘s average daily natural gas throughput for its wholly owned operated systems is expected to increase 11% to approximately 1,345 MMcf/d, and liquids volumes are expected to increase 20% to approximately 85 Mbbl/d, relative to Q2. OGC natural gas throughput expected to increase 11% to approximately 870 MMcf/d relative to Q2. Double E Pipeline gross volumes transported are expected to increase 34% to approximately 325 MMcf/d relative to Q2.