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Summit

Summit Midstream Reports Net Loss of $19M for Q2

Summit Midstream Partners LP reported financial and operating results for the three months ending June 30, 2021, including a net loss of $19.7 million, adjusted EBITDA of $62.1 million and discounted cash flow of $46.5 million. Net loss for the quarter included $31.5 million of non-cash charges including a $19.3 million loss contingency accrual related to a previously disclosed incident dating back to 2015 for release of produced water from a pipeline owned by Meadowlark Midstream and a $12.2 million accrual related to Energy Capital Partners’ full exercise of equity warrants in exchange for 414,477 SMLP common units. 

Operated natural gas volume throughput averaged 1,441 million cubic feet per day and liquids volume throughput averaged 63 thousand barrels per day. Operated natural gas volumes increased 7.1 percent relative to the first quarter of 2021, largely due to continued strong performance from the four Utica Shale wells connected in the first quarter of 2021 and 20 new wells that were turned inline during the second quarter of 2021 across the Utica Shale, Williston Basin and Marcellus Shale segments. Quarterly liquids volume throughput decreased by 3.1 percent relative to the first quarter of 2021, primarily as a result of natural production declines.

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Heath Deneke

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

  • ◦Economy