HOUSTON, Dec. 1, 2022
/PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP)
("Summit", "SMLP" or the "Partnership") announced today that its
wholly owned subsidiary, Summit Midstream Holdings, LLC ("SMP
Holdings"), successfully closed on the previously announced DJ
Basin acquisitions of Outrigger DJ Midstream LLC ("Outrigger DJ")
and Sterling Energy Investments LLC, Grasslands Energy Marketing
LLC and Centennial Water Pipelines LLC (collectively, "Sterling
DJ") for approximately $305 million
in cash. The acquisition of Outrigger DJ and Sterling DJ combined
with the previously announced divestitures of the Lane G&P and
Bison Gas Systems represents a meaningful step forward on Summit's
overall corporate strategy to streamline its portfolio and create
value through reinvestment in accretive transactions that build
scale in our core growth basins. Summit funded these acquisitions
through a combination of borrowings under Summit's credit facility
and an issuance of $85 million of
Senior Secured Second Lien Notes due in 2026. With the
official closing of these transactions, efforts are now fully
underway to integrate and optimize the Outrigger DJ, Sterling DJ
and Summit-Hereford gas gathering and processing assets, which we
believe will meaningfully improve the availability of safe,
reliable and efficient midstream services for northern DJ Basin
producers while creating meaningful value for SMLP's stakeholders
going forward.

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 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,
processing and transportation services pursuant to primarily
long-term, fee-based agreements with customers and counterparties
in five unconventional resource basins: (i) the Appalachian Basin,
which includes the Utica and
Marcellus shale formations in Ohio
and West Virginia; (ii) the
Williston Basin, which includes
the Bakken and Three Forks shale formations in North Dakota; (iii) the Denver-Julesburg
Basin, which includes the Niobrara
and Codell shale formations in Colorado and Wyoming; (iv) the Fort Worth Basin, which includes the Barnett
Shale formation in Texas; and (v)
the Piceance Basin, which includes the Mesaverde formation as well
as the Mancos and Niobrara shale formations in Colorado. SMLP has an equity method investment
in Double E Pipeline, LLC, which provides interstate 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 method
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.
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 include, without limitation, any statement that may
project, indicate or imply future results, events, performance or
achievements and may contain the words "expect," "intend," "plan,"
"anticipate," "estimate," "believe," "will be," "will continue,"
"will likely result," and similar expressions, or future
conditional verbs such as "may," "will," "should," "would," and
"could", including the estimated closing date of the acquisitions,
sources and uses of funding, the benefits of the acquisitions to us
and any related opportunities. In addition, any statement
concerning future financial performance (including future revenues,
earnings or growth rates), ongoing business strategies and possible
actions taken by us or our subsidiaries are also forward-looking
statements. Forward-looking statements also 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 2021 Annual Report on Form 10-K filed with
the Securities and Exchange Commission (the
"SEC") on February 28, 2022, 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.
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SOURCE Summit Midstream Partners, LP