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Summit Midstream Update - August 2020

by Bonnie Corbett | Aug 11, 2020
On 7 August 2020, Summit Midstream Partners (SMLP, Company) announced its second quarter (2Q20) results for the period ended 30 June 2020. The Company posted revenues and adjusted EBITDA of USD92m and USD65m, respectively. As a result of depressed oil prices, production shut-ins, deferred drilling activities and impacts from the COVID-19 pandemic, SMLP experienced quarter-on-quarter declines in volumes in all segments excluding Utica Shale which was up ~87% on 1Q20 mainly due to the outperformance of new wells connected in March. SMLP maintains ample liquidity, as at 30 June 2020, the Company reported USD36.6m of cash on balance sheet and USD191m available under its USD1.25bn revolving credit facility.