houston, December 1, 2022 /PRNewswire/ — Summit Midstream Partners, LP (NYSE: SMLP) (“Summit”, “SMLP” or the “Partnership”) today announced the successful completion of its wholly-owned subsidiary, Summit Midstream Holdings, LLC (“SMP Holdings”). Announced. Completes the previously announced nearly one-year acquisition of DJ Basin by Outrigger DJ Midstream LLC (“Outrigger DJ”), Sterling Energy Investments LLC, Grasslands Energy Marketing LLC and Centennial Water Pipelines LLC (collectively, “Sterling DJ”) Did. $305 million In cash. Combining the acquisitions of Outrigger DJ and Sterling DJ with the previously announced divestitures of Lane G&P and Bison Gas Systems is a significant step in Summit’s overall corporate strategy to streamline its portfolio and scale its core. Create value through reinvestment in growing incremental transactions. growth basin. Summit may borrow under Summit’s Credit Facility and $85 million With the formal completion of these transactions, Outrigger DJ, Sterling DJ and Summit-Hereford’s efforts to consolidate and optimize their gas collection and processing assets are now fully underway. Enabling safe, reliable and efficient midstream services for producers in the northern DJ Basin while advancing meaningful value for SMLP stakeholders.
About Summit Midstream Partners, LP
SMLP is a value-driven limited company focused on the development, ownership and operation of midstream energy infrastructure assets strategically located in the continent’s unconventional resource basins, primarily shale core production regions. It’s a partnership. AmericaSMLP provides natural gas, crude oil and produced water collection, processing and transportation services primarily pursuant to long-term tollable contracts with customers and suppliers in five unconventional resource basins: Utica and the Marcellus Shale Formation Ohio When west virginiatwo Williston Basin containing the Bakken Shale and the Three Forks Shale Formation north dakota(iii) the Denver-Julesburg Basin; Niobrara and the Codel Shale Formation colorado When wyoming; four Fort Worth Basin containing the Barnett Shale Formation texas(v) the Piceance Basin containing the Mesaverde Formation; Mancos When Niobrara shale layer coloradoSMLP has an equity method investment in Double E Pipeline, LLC. Delaware Watershed to various delivery points in and around Waha Hub texasSMLP also has an equity method investment in Ohio Gathering. Ohio Gathering operates a large-scale natural gas collection and condensate stabilization infrastructure in the Utica Shale in the United States. OhioSMLP’s headquarters are in houston, texas.
This press release contains certain forward-looking statements within the meaning of federal securities laws. Forward-looking statements include, but are not limited to, statements that may predict, suggest or imply future results, events, performance or achievements. Expressions such as “believe”, “will”, “will continue”, “probably will result”, and “may”, “will”, “should”, “would”, “could have” Future conditional verbs such as “” include the estimated closing date of the acquisition, the source and use of the funds, the benefits the acquisition will bring to us, and any related opportunities. In addition, statements regarding future financial performance (including future earnings, earnings or growth rates), ongoing business strategies and actions that we or our subsidiaries may take are also forward-looking statements. Forward-looking statements also involve known and unknown risks and uncertainties, many of which are difficult to predict and are beyond management’s control, and may not reflect SMLP’s actual Results may differ materially from those expected or projected. An extensive list of the specific material risks and uncertainties affecting SMLP is set out in its 2021 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 28, 2022. document, as amended and updated from time to time. The 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. I don’t owe you.
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