Last $42.03 USD
Change Today +0.45 / 1.08%
Volume 16.9K
SMLP On Other Exchanges
Symbol
Exchange
Frankfurt
As of 8:04 PM 04/16/14 All times are local (Market data is delayed by at least 15 minutes).

summit midstream partners lp (SMLP) Snapshot

Open
$41.69
Previous Close
$41.58
Day High
$42.09
Day Low
$41.40
52 Week High
03/31/14 - $43.98
52 Week Low
04/22/13 - $26.55
Market Cap
2.5B
Average Volume 10 Days
42.4K
EPS TTM
$0.85
Shares Outstanding
34.4M
EX-Date
02/5/14
P/E TM
49.4x
Dividend
$1.92
Dividend Yield
4.27%
Current Stock Chart for SUMMIT MIDSTREAM PARTNERS LP (SMLP)

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summit midstream partners lp (SMLP) Details

Summit Midstream Partners, LP focuses on the ownership, development, and operation of midstream energy infrastructure assets primarily shale formations, in North America. It provides natural gas gathering, treating, and compression services. The company operates four unconventional resource basins, including the Appalachian Basin, which includes the Marcellus Shale formation in northern West Virginia; the Williston Basin comprising the Bakken and Three Forks shale formations in northwestern North Dakota; the Fort Worth Basin that consists of the Barnett Shale formation in north-central Texas; and the Piceance Basin, which comprise the Mesaverde formation, as well as the Mancos and Niobrara shale formations in western Colorado. As of March 10, 2014, it owned and operated 804 miles of pipeline and 182,460 horsepower of compression. The company serves crude oil and natural gas producers. Summit Midstream GP, LLC operates as a general partner of the company. Summit Midstream Partners, LP was founded in 2009 and is headquartered in Dallas, Texas.

Founded in 2009

summit midstream partners lp (SMLP) Top Compensated Officers

Chief Executive Officer of Summit Midstream G...
Total Annual Compensation: $240.0K
Chief Financial Officer of Summit Midstream G...
Total Annual Compensation: $215.7K
Senior Vice President of Summit Midstream GP,...
Total Annual Compensation: $221.0K
Compensation as of Fiscal Year 2013.

summit midstream partners lp (SMLP) Key Developments

Summit Midstream Partners, LP Reports Unaudited Consolidated Earnings and Operating Results for the Fourth Quarter and Full Year Ended December 31, 2013; Revises Earnings Guidance for the Full Year of 2014

Summit Midstream Partners, LP reported unaudited consolidated earnings and operating results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported adjusted EBITDA of $39.1 million and adjusted distributable cash flow of $28.5 million, an increase of 36.5% and 15.3%, respectively, over adjusted EBITDA of $28.6 million and adjusted distributable cash flow of $24.71 million for the fourth quarter of 2012. The company reported $16.3 million of net income compared to $17.6 million in the fourth quarter of 2012. Total revenues were $69,298,000 compared to $48,634,000 a year ago. Income before income taxes was $16,495,000 compared to $17,795,000 a year ago. Net income attributable to limited partners was $15,855,000 or $0.29 per diluted common unit, compared to $17,262,000 or $0.35 per basic and diluted common unit, a year ago. The company recorded total capital expenditures of $19.6 million, including approximately $2.7 million of maintenance capital expenditures, compared to capital expenditures of $16.1 million a year ago. EBITDA was $41,742,000 compared to $28,942,000 a year ago. For the year ended December 31, 2013, the company reported adjusted EBITDA of $145.5 million and adjusted distributable cash flow of $114.5 million, an increase of 40.9% and 26.5%, respectively, over adjusted EBITDA of $103.3 million and adjusted distributable cash flow of $90.5 million for the year ended December 31, 2012. Net income totaled $43.6 million compared to $41.7 million for the year ended December 31, 2012. Total revenues were $242,806,000 compared to $165,499,000 a year ago. Income before income taxes was $44,365,000 compared to $42,408,000 a year ago. Net income attributable to limited partners was $42,549,000 or $0.86 per basic and diluted common unit, compared to $17,262,000 or $0.35 per basic and diluted common unit, a year ago. The company recorded total capital expenditures of $81.9 million, including approximately $12.1 million of maintenance capital expenditures, compared to capital expenditures of $76.7 million a year ago. EBITDA was $125,389,000 compared to $90,656,000 a year ago. Volume throughput averaged 1,064 MMcf/d in the fourth quarter of 2013 compared to 933 MMcf/d in the fourth quarter of 2012 primarily due to the company’s acquisitions of Mountaineer Midstream in June 2013 and Bison Midstream in February 2013 (including the period during which Bison was under common control prior to the company’s June 2013 acquisition of the system). Results for Mountaineer Midstream are not included in the company’s financial or operational results prior to the company’s acquisition in June 2013. Results for Bison Midstream are not included in the company’s financial or operation results prior to Summit Investments' acquisition in February 2013. Volume throughput on the DFW Midstream system averaged 370 MMcf/d in the fourth quarter of 2013 compared to 387 MMcf/d in the fourth quarter of 2012. Volume declines from the fourth quarter of 2012 to the fourth quarter of 2013 were primarily a result of (i) natural declines associated with certain customers' volume throughput, (ii) multiple customers continuing to temporarily shut-in several pad sites throughput in the quarter to drill and/or complete new wells, and (iii) severe cold weather during the fourth quarter of 2013, which resulted in production shut-ins, particularly in the month of December. Volume throughput on the Grand River system averaged 483 MMcf/d in the fourth quarter on 2013 compared to 546 MMcf/d in the fourth quarter of 2012. The Grand River gathering agreements include minimum volume commitments, which largely mitigate the financial impact associated with declining volumes. As a result, the lower volume throughput at Grand River during the fourth quarter of 2013 primarily translated into larger MVC shortfall payments, thereby minimizing the impact on adjusted EBITDA. For the full year 2013, volume throughput averaged 990 MMcf/d compared to 929 MMcf/d in 2012, which was primarily driven by the impact of the previously mentioned acquisitions of Mountaineer Midstream and Bison Midstream. The Mountaineer Midstream system continues to experience sequential quarterly volume throughput increases from its sole customer, Antero Resources Corp. ("Antero"), consistent with Antero's development activities upstream of Mountaineer Midstream's gathering infrastructure and in line with MarkWest's processing capacity expansions at its Sherwood Processing Complex. Volume throughput on the Mountaineer Midstream system increased 46.7% in the fourth quarter of 2013 compared to the third quarter of 2013. The Bison Midstream system's operational challenges in the fourth quarter of 2013, which were resolved in February 2014, limited volume throughput for the year to average 14 MMcf/d. Lower volume throughput at Bison Midstream was partially offset by a new natural gas purchase agreement with Aux Sable Midstream, LLC which became effective in August 2013 and provides for long-term access to natural gas processing capacity and improved processing economics for Bison Midstream and its customers. The company revised earnings guidance for the full year of 2014. The company revised its 2014 adjusted EBITDA financial guidance from an original range of $170.0 million to $180.0 million to a new range of $190.0 million to $210.0 million. This upward adjustment primarily reflects the impact from the company’s drop down acquisition of Red Rock from Summit Investments, partially offset by approximately $5.0 million attributable to lower-than-expected volume throughput on the Grand River system stemming from Encana's December 2013 announcement to suspend natural gas drilling in the Piceance Basin in 2014. In response to Encana's announcement, the company is lowering its 2014 maintenance capital expenditure guidance which is expected to offset the $5.0 million reduction to 2014 adjusted EBITDA, resulting in a minimal impact to the company’s 2014 adjusted distributable cash flow. The company’s revised 2014 financial guidance excludes the effect of any other acquisitions or potential drop down transactions from Summit Investments.

Summit Midstream Partners, LP Presents at Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event, Mar-04-2014

Summit Midstream Partners, LP Presents at Morgan Stanley Midstream MLP and Diversified Natural Gas Corporate Access Event, Mar-04-2014 . Venue: New York, New York, United States. Speakers: Matthew S. Harrison, Chief Financial Officer of Summit Midstream GP, LLC and Senior Vice President of Summit Midstream GP, LLC, Steven J. Newby, Chief Executive Officer of Summit Midstream GP, LLC, President of Summit Midstream GP, LLC and Director of Summit Midstream GP, LLC.

Summit Midstream Partners, LP, Q4 2013 Earnings Call, Mar 11, 2014

Summit Midstream Partners, LP, Q4 2013 Earnings Call, Mar 11, 2014

 

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Price/Earnings 50.3x
Price/Sales 9.1x
Price/Book 2.4x
Price/Cash Flow 23.9x
TEV/Sales 7.7x
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