Summit Midstream Partners, LP

CIK:0001549922|SEC Filings

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Total revenues	$ 101,315	$ 97,893	$ 220,186	$ 210,392
Costs and expenses:
Type of Cost, Good or Service [Extensible List]	Natural Gas Liquids (NGL) [Member]	Natural Gas Liquids (NGL) [Member]	Natural Gas Liquids (NGL) [Member]	Natural Gas Liquids (NGL) [Member]
Cost of natural gas and NGLs	$ 29,619	$ 19,975	$ 59,801	$ 50,857
Operation and maintenance	23,440	25,158	48,452	49,130
General and administrative	14,164	10,812	28,949	20,799
Depreciation and amortization	23,917	30,132	51,784	59,956
Transaction costs	3,271	480	11,062	782
Acquisition integration costs	0	723	40	2,225
(Gain) loss on asset sales, net	34	(75)	7	(143)
Long-lived asset impairments	20	455	67,936	455
Total costs and expenses	94,465	87,660	268,031	184,061
Other income, net	2,131	1,006	2,118	1,062
Gain on interest rate swaps	920	3,268	3,510	1,995
Gain (loss) on sale of business	(2,192)	(54)	84,010	(36)
Gain on sale of Ohio Gathering	0	0	126,261	0
Interest expense	(31,457)	(35,175)	(69,303)	(69,398)
Loss on early extinguishment of debt	(4,964)	0	(4,964)	0
Income (loss) before income taxes and equity method investment income	(28,712)	(20,722)	93,787	(40,046)
Income tax benefit	654	0	444	252
Income from equity method investees	4,280	7,182	14,918	12,091
Net income (loss)	(23,778)	(13,540)	109,149	(27,703)
Less: Net income attributable to Subsidiary Series A Preferred Units	(3,866)	(3,496)	(7,636)	(5,242)
Net income (loss) attributable to Summit Midstream Partners, LP	(27,644)	(17,036)	101,513	(32,945)
Less: net income attributable to Series A Preferred Units	(3,313)	(2,799)	(6,533)	(5,438)
Net income (loss) attributable to common limited partners	$ (30,957)	$ (19,835)	$ 94,980	$ (38,383)
Net income (loss) per limited partner unit:
Common unit - basic (in dollars per share)	$ (2.91)	$ (1.91)	$ 9.00	$ (3.73)
Common unit - diluted (in dollars per share)	$ (2.91)	$ (1.91)	$ 8.57	$ (3.73)
Weighted-average limited partner units outstanding:
Common units – basic (in shares)	10,649	10,369	10,549	10,291
Common units - diluted (in shares)	10,649	10,369	11,081	10,291
Gathering services and related fees
Revenues:
Total revenues	$ 45,213	$ 57,086	$ 107,198	$ 114,457
Natural gas, NGLs and condensate sales
Revenues:
Total revenues	47,959	36,082	97,051	85,245
Other revenues
Revenues:
Total revenues	$ 8,143	$ 4,725	$ 15,937	$ 10,690

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 109,149	$ (27,703)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	52,254	60,425
Noncash lease expense	1,705	2,827
Amortization of debt issuance costs	6,903	6,325
Unit-based and noncash compensation	4,858	3,762
Income from equity method investees	(14,918)	(12,091)
Distributions from equity method investees	23,659	23,904
Interest income and other	(2,498)	(175)
Loss on early extinguishment of debt	4,964	0
Gain on sale of business	(84,010)	0
Gain on sale of equity method investment	(126,261)	0
Unrealized (gain) loss on interest rate swaps	(853)	423
Long-lived asset impairment	67,936	455
Changes in operating assets and liabilities:
Accounts receivable	14,462	14,783
Trade accounts payable	(6,076)	81
Accrued expenses	(702)	(1,429)
Deferred revenue, net	(2,153)	(2,331)
Ad valorem taxes payable	(3,724)	(4,247)
Accrued interest	(3,138)	1,049
Accrued environmental remediation, net	26	(556)
Other, net	(10,610)	(13,862)
Net cash provided by operating activities	30,973	51,640
Cash flows from investing activities:
Capital expenditures	(26,920)	(32,178)
Proceeds from Summit Utica Sale (excluding Ohio Gathering)	292,266	0
Proceeds from sale of Ohio Gathering	332,734	0
Proceeds from Mountaineer Transaction	70,000	0
Proceeds from asset sale	4,400	128
Investment in Double E equity method investee	(442)	(3,500)
Other, net	0	(2,667)
Net cash provided by (used in) investing activities	672,038	(38,217)
Cash flows from financing activities:
Debt repayments - ABL Facility	(313,000)	(37,000)
Debt repayments - Redemption of 2026 Unsecured Notes	(209,510)	0
Borrowings on ABL Facility	0	35,000
Distributions on Subsidiary Series A Preferred Units	(3,256)	(3,256)
Payments To Acquire Common Units	(2,095)	0
Debt issuance costs	0	(168)
Other, net	(3,422)	(1,533)
Net cash used in financing activities	(559,440)	(12,077)
Net change in cash, cash equivalents and restricted cash	143,571	1,346
Cash, cash equivalents and restricted cash, beginning of period	16,645	13,531
Cash, cash equivalents and restricted cash, end of period	160,216	14,877
2026 Secured Notes Excess Cash Flow Offer
Cash flows from financing activities:
Debt repayments - Secured Notes	(13,626)	0
2026 Secured Notes Asset Sale Offer
Cash flows from financing activities:
Debt repayments - Secured Notes	(6,910)	0
Permian Transmission Term Loan
Cash flows from financing activities:
Debt repayments - Secured Notes	$ (7,621)	$ (5,120)

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 156,008	$ 14,044
Restricted cash	4,208	2,601
Accounts receivable	55,991	76,275
Other current assets	5,227	5,502
Total current assets	221,434	98,422
Property, plant and equipment, net	1,366,522	1,698,585
Intangible assets, net	143,735	175,592
Investment in equity method investees	271,622	486,434
Other noncurrent assets	29,625	35,165
TOTAL ASSETS	2,032,938	2,494,198
LIABILITIES AND CAPITAL
Trade accounts payable	19,090	22,714
Accrued expenses	32,494	32,377
Deferred revenue	8,305	10,196
Ad valorem taxes payable	4,819	8,543
Accrued compensation and employee benefits	4,943	6,815
Accrued interest	16,160	19,298
Accrued environmental remediation	1,764	1,483
Accrued settlement payable	6,667	6,667
Current portion of long-term debt	65,708	15,524
Other current liabilities	6,695	10,395
Total current liabilities	166,645	134,012
Long-term debt, net	861,676	1,455,166
Noncurrent deferred revenue	29,496	30,085
Noncurrent accrued environmental remediation	1,198	1,454
Other noncurrent liabilities	21,839	30,266
TOTAL LIABILITIES	1,080,854	1,650,983
Commitments and contingencies (Note 14)
Mezzanine Capital
Subsidiary Series A Preferred Units (93,039 units issued and outstanding at June 30, 2024 and December 31, 2023)	129,032	124,652
Partners' Capital
Series A Preferred Units (65,508 units issued and outstanding at June 30, 2024 and December 31, 2023)	103,426	96,893
Common limited partner capital (10,648,685 and 10,376,189 units issued and outstanding at June 30, 2024 and December 31, 2023, respectively)	719,626	621,670
Total partners' capital	823,052	718,563
TOTAL LIABILITIES AND CAPITAL	$ 2,032,938	$ 2,494,198