THE WOODLANDS, Texas,
July 27, 2017 /PRNewswire/ -- Summit
Midstream Partners, LP (NYSE: SMLP) announced today that the board
of directors of its general partner, Summit Midstream GP, LLC, has
declared a quarterly cash distribution of $0.575 per unit on all of its outstanding common
units, or $2.30 per unit on an
annualized basis, for the quarter ended June
30, 2017. This quarterly distribution remains
unchanged from the previous quarter and from the quarter ended
June 30, 2016. This
distribution will be paid on August 14,
2017, to unitholders of record as of the close of business
on August 7, 2017.
Revised 2017 Financial Guidance
As a result of our
expectation for a slower pace of well completions in the second
half of 2017, SMLP is lowering its 2017 financial guidance.
The original 2017 adjusted EBITDA guidance range of $295.0 million to $315.0 million is being revised
to a new range of $285.0 million to $300.0
million. At the midpoint, 2017 adjusted EBITDA has
been reduced by 4.1% from $305.0
million to $292.5
million.
As a result of our recently announced organic development
project in the Delaware Basin,
partially offset by slower capital spending across our other
basins, SMLP expects 2017 capex to range from $125.0 million to $150.0 million, including
maintenance capex of $15.0 million to $20.0
million. SMLP's 2017 capex guidance reflects the
inclusion of our contributions to equity method investees.
SMLP expects its full year distribution coverage will range from
1.10x to 1.20x.
Second Quarter 2017 Earnings Release and Earnings Call
Schedule
SMLP also announced today that it will
report financial results for the second quarter of 2017 on
Thursday, August 3, 2017, after the
close of trading on the New York Stock Exchange.
SMLP will host a conference call at 10:00
a.m. Eastern on Friday, August 4,
2017, to discuss its quarterly operating and financial
results. Interested parties may participate in the call by
dialing 847-585-4405 or toll-free 888-771-4371 and entering the
passcode 45198036. The conference call will also be webcast
live and can be accessed through the Investors section of SMLP's
website at www.summitmidstream.com.
A replay of the conference call will be available until
August 18, 2017 at 11:59 p.m. Eastern, and can be accessed by
dialing 888-843-7419 and entering the replay passcode
45198036#. An archive of the conference call will also be
available on SMLP's website.
This release is intended to be a qualified notice under Treasury
Regulation Section 1.1446-4(b). Brokers and nominees should treat
one hundred percent (100.0%) of SMLP's distributions to foreign
investors as being attributable to income that is effectively
connected with a United States
trade or business. Accordingly, SMLP's distributions to foreign
investors are subject to federal income tax withholding at the
highest applicable effective tax rate.
For purposes of Treasury Regulation Section 1.871-15(m), SMLP is
not considered a covered partnership.
About Summit Midstream Partners, LP
SMLP is a
growth-oriented limited partnership focused on developing, owning
and operating midstream energy infrastructure assets that are
strategically located in the core producing areas of 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 five
unconventional resource basins: (i) the Appalachian Basin, which
includes the Marcellus and Utica
shale formations in West Virginia
and Ohio; (ii) the Williston Basin, which includes the Bakken and
Three Forks shale formations in North
Dakota; (iii) the Fort
Worth Basin, which includes the Barnett Shale formation in
Texas; (iv) the Piceance Basin,
which includes the Mesaverde formation as well as the Mancos and Niobrara shale formations in
Colorado and Utah; and (v) the Denver-Julesburg Basin,
which includes the Niobrara and Codell shale formations in
Colorado and Wyoming. SMLP
is in the process of developing new gathering and processing
infrastructure in a sixth basin, the Delaware Basin, in New Mexico. SMLP also owns substantially all
of a 40% ownership interest in Ohio Gathering, which is developing
natural gas gathering and condensate stabilization infrastructure
in the Utica Shale in Ohio. SMLP
is headquartered in The Woodlands,
Texas, with regional corporate offices in Denver, Colorado and Atlanta, Georgia.
About Summit Midstream Partners, LLC
Summit Midstream
Partners, LLC ("Summit Investments") beneficially owns a 34.7%
limited partner interest in SMLP and indirectly owns and controls
the general partner of SMLP, Summit Midstream GP, LLC, which has
sole responsibility for conducting the business and managing the
operations of SMLP. Summit Investments is a privately held company
controlled by Energy Capital Partners II, LLC, and certain of its
affiliates. An affiliate of Energy Capital Partners II, LLC
directly owns an 7.9% limited partner interest in SMLP.
Forward-Looking Statements
This press release
includes certain statements concerning expectations for the future
that are forward-looking within the meaning of the federal
securities laws. Forward-looking statements contain known and
unknown risks and uncertainties (many of which are difficult to
predict and beyond management's control) that may cause SMLP's
actual results in future periods to differ materially from
anticipated or projected results. An extensive list of specific
material risks and uncertainties affecting SMLP is contained in its
2016 Annual Report on Form 10-K filed with the Securities and
Exchange Commission on February 27,
2017, and as amended and updated from time to time. Any
forward-looking statements in this press release are made as of the
date of this press release and SMLP undertakes no obligation to
update or revise any forward-looking statements to reflect new
information or events.
View original content with
multimedia:http://www.prnewswire.com/news-releases/summit-midstream-partners-lp-announces-second-quarter-2017-distribution-revises-2017-financial-guidance-and-schedules-second-quarter-2017-earnings-call-300495662.html
SOURCE Summit Midstream Partners, LP