Press Release
For the nine months ended
Relative to the second quarter of 2015, lower third quarter volumes on our Barnett gathering system were primarily due to natural production declines from existing wells together with ongoing drilling and completion activities related to 21 new wells on existing pad sites from one of our most active customers. Volume declines on our Marcellus gathering system were primarily related to natural production declines during the quarter coupled with our customer's continued deferral of completion activities related to 32 (of 50 total) wells located upstream of our gathering system. While these drilling and completion activities contributed to lower sequential quarterly volume, they also create future identifiable volume catalysts which we expect will positively impact our Barnett gathering system beginning in the fourth quarter of 2015 and our Marcellus system across the first half of 2016.
Our expectation for increasing volumes between the fourth quarter of 2015 and the second quarter of 2016 is primarily a result of the expected commissioning of a large backlog of DUCs upstream of our Barnett, Marcellus, and
We continue to expect to see increasing volumes across our liquids gathering systems in the
Energy Capital Partners Reviewing Strategic Options for Summit Investments
Summit Investments indirectly owns the general partner of SMLP, a 43.8% limited partner interest in SMLP, or approximately 30 million units, all of SMLP's incentive distribution rights, and other midstream assets under development and intended to be contributed to SMLP as part of a previously announced drop down plan. ECP is exploring a broad range of options, including but not limited to:
- pursuing a sale or other divestiture of its ownership interest in Summit Investments, which could result in a change in control of SMLP;
- pursuing an initial public offering of interests in the general partner of SMLP;
- augmenting Summit Investments' previously announced plan to execute
$400.0 million to $800.0 million of drop down transactions with SMLP each year through 2017, including, potentially accelerating the overall drop down schedule or, in light of recent market conditions, adjusting the valuation metrics or financing plans to facilitate future drop down transactions; or - other forms of sponsor support for SMLP in light of recent market volatility, such as a unit repurchase program that could involve open market purchases of SMLP common units in transactions to be executed from time to time as market conditions permit.
"As a private equity firm, ECP continually evaluates strategic alternatives to maximize value for its investment platforms,"
Summit has received numerous unitholder inquiries about ECP's willingness to consummate a transaction that would result in the development assets and SMLP not being controlled by the same or affiliated entities and effectively "orphaning" SMLP. ECP has assured us that it is not currently evaluating alternatives that would decouple the dropdown inventory at Summit Investments from SMLP. "We believe that Summit's well established strategy of developing assets at Summit Investments and offering them to SMLP at the appropriate time is an important element of maximizing the value across the entire investment," Kimmelman commented.
There can be no assurances that any such transaction or other course of action will be pursued or, if any such transaction is consummated, what a future owner of Summit Investments would do.
SMLP and Summit Investments do not currently intend to disclose further developments with respect to this process except to the extent ECP approves a specific transaction, the review process is concluded or it is required by law or otherwise deemed appropriate. The evaluation process is expected to be completed in the fourth quarter of 2015.
Third Quarter 2015 Segment Financial Results
The Mountaineer Midstream gathering system provides SMLP's midstream services for the
Segment adjusted EBITDA totaled
Segment general and administrative ("G&A") expenses decreased
The Bison Midstream gathering system provides SMLP's midstream services for the
Segment adjusted EBITDA totaled
The Polar and
Segment adjusted EBITDA totaled
Segment adjusted EBITDA for the third quarter of 2015 also benefitted from the aforementioned decision to discontinue allocating certain corporate overhead expenses beginning in the first quarter of 2015. Segment G&A expenses decreased
The DFW Midstream gathering system provides SMLP's midstream services for the
Segment adjusted EBITDA totaled
Segment adjusted EBITDA for the third quarter of 2015 also benefitted from the aforementioned decision to discontinue allocating certain corporate overhead expenses beginning in the first quarter of 2015. Segment G&A expenses decreased
The Grand River gathering system provides SMLP's midstream services for the
Segment adjusted EBITDA totaled
Segment adjusted EBITDA for the third quarter of 2015 also benefitted from the aforementioned decision to discontinue allocating certain corporate overhead expenses beginning in the first quarter of 2015. Segment G&A expenses decreased
SMLP's commercial team executed a gathering agreement amendment with one of its largest and most active customers in the
The majority of the gathering agreements for the
The following table presents average daily throughput by reportable segment:
Three months ended September 30, |
Nine months ended September 30, |
|||||||||||
2015 |
2014 |
2015 |
2014 |
|||||||||
Average daily throughput (MMcf/d): |
||||||||||||
Marcellus Shale |
457 |
416 |
515 |
357 |
||||||||
Williston Basin – Gas |
17 |
21 |
17 |
16 |
||||||||
Barnett Shale |
325 |
361 |
361 |
353 |
||||||||
Piceance Basin |
591 |
667 |
604 |
667 |
||||||||
Aggregate average daily throughput |
1,390 |
1,465 |
1,497 |
1,393 |
||||||||
Average daily throughput (Mbbl/d): |
||||||||||||
Williston Basin – Liquids |
51.5 |
33.5 |
51.3 |
29.1 |
||||||||
Average daily throughput |
51.5 |
33.5 |
51.3 |
29.1 |
MVC Shortfall Payments
SMLP billed its customers
For the third quarter of 2015, SMLP recognized
MVC shortfall payment adjustments in the third quarter of 2015 totaled
The net impact of SMLP's MVC shortfall payment mechanisms increased adjusted EBITDA by
Three months ended September 30, 2015 |
||||||||||||||||
MVC billings |
Gathering revenue |
Adjustments to MVC shortfall payments |
Net impact to adjusted EBITDA |
|||||||||||||
(In thousands) |
||||||||||||||||
Net change in deferred revenue related to MVC shortfall payments: |
||||||||||||||||
Marcellus Shale |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
||||||||
Williston Basin – Gas |
— |
7 |
(7) |
— |
||||||||||||
Barnett Shale |
— |
— |
— |
— |
||||||||||||
Piceance Basin |
3,937 |
34,388 |
(30,451) |
3,937 |
||||||||||||
Total net change |
$ |
3,937 |
$ |
34,395 |
$ |
(30,458) |
$ |
3,937 |
||||||||
MVC shortfall payment adjustments: |
||||||||||||||||
Marcellus Shale |
$ |
795 |
$ |
795 |
$ |
— |
$ |
795 |
||||||||
Williston Basin – Gas |
— |
— |
3,477 |
3,477 |
||||||||||||
Barnett Shale |
37 |
37 |
86 |
123 |
||||||||||||
Piceance Basin |
860 |
860 |
5,541 |
6,401 |
||||||||||||
Total MVC shortfall payment adjustments |
$ |
1,692 |
$ |
1,692 |
$ |
9,104 |
$ |
10,796 |
||||||||
Total |
$ |
5,629 |
$ |
36,087 |
$ |
(21,354) |
$ |
14,733 |
Nine months ended September 30, 2015 |
||||||||||||||||
MVC billings |
Gathering revenue |
Adjustments to MVC shortfall payments |
Net impact to adjusted EBITDA |
|||||||||||||
(In thousands) |
||||||||||||||||
Net change in deferred revenue related to MVC shortfall payments: |
||||||||||||||||
Marcellus Shale |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
||||||||
Williston Basin – Gas |
— |
27 |
(27) |
— |
||||||||||||
Barnett Shale |
677 |
2,377 |
(1,700) |
677 |
||||||||||||
Piceance Basin |
11,509 |
34,388 |
(22,879) |
11,509 |
||||||||||||
Total net change |
$ |
12,186 |
$ |
36,792 |
$ |
(24,606) |
$ |
12,186 |
||||||||
MVC shortfall payment adjustments: |
||||||||||||||||
Marcellus Shale |
$ |
2,385 |
$ |
2,385 |
$ |
— |
$ |
2,385 |
||||||||
Williston Basin – Gas |
— |
— |
8,997 |
8,997 |
||||||||||||
Barnett Shale |
107 |
107 |
(215) |
(108) |
||||||||||||
Piceance Basin |
1,522 |
1,522 |
17,738 |
19,260 |
||||||||||||
Total MVC shortfall payment adjustments |
$ |
4,014 |
$ |
4,014 |
$ |
26,520 |
$ |
30,534 |
||||||||
Total |
$ |
16,200 |
$ |
40,806 |
$ |
1,914 |
$ |
42,720 |
Capital Expenditures
For the three months ended
Capital & Liquidity
As of
Financial Guidance
Through the first nine months of 2015, SMLP has generated adjusted EBITDA of
SMLP expects to provide financial guidance for fiscal 2016 in the first quarter of 2016.
Quarterly Distribution
On
Third Quarter 2015 Earnings Call Information
SMLP will host a conference call at
A replay of the conference call will be available until
Use of Non-GAAP Financial Measures
We report financial results in accordance with U.S. generally accepted accounting principles ("GAAP"). We also present EBITDA, adjusted EBITDA, distributable cash flow and adjusted distributable cash flow. We define EBITDA as net income, plus interest expense, income tax expense, and depreciation and amortization, less interest income and income tax benefit. We define adjusted EBITDA as EBITDA plus adjustments related to MVC shortfall payments, impairments and other noncash expenses or losses, less other noncash income or gains. We define distributable cash flow as adjusted EBITDA plus cash interest received, less cash interest paid, senior notes interest, cash taxes paid and maintenance capital expenditures. We define adjusted distributable cash flow as distributable cash flow plus or minus other unusual or non-recurring expenses or income. Our definitions of these non-GAAP financial measures may differ from the definitions of similar measures used by other companies. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating our financial performance. Furthermore, management believes that these non-GAAP financial measures may provide users with additional meaningful comparisons between current results and results of prior periods as they are expected to be reflective of our core ongoing business. These measures have limitations, and investors should not consider them in isolation or as a substitute for analysis of our results as reported under GAAP. Reconciliations of GAAP to non-GAAP financial measures are attached to this release.
Comparability Related to Drop Down Transactions
With respect to drop down transactions, SMLP's historical results of operations may not be comparable to its future results of operations. In
About
SMLP is a growth-oriented limited partnership focused on developing, owning and operating midstream energy infrastructure assets that are strategically located in the core producing areas of unconventional resource basins, primarily shale formations, in
About
Summit Investments indirectly owns a 43.8% limited partner interest in SMLP and indirectly owns and controls the general partner of SMLP,
Forward-Looking Statements
This press release includes certain statements concerning expectations for the future that are forward-looking within the meaning of the federal securities laws. Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements, and may contain the words "expect," "intend," "plan," "anticipate," "estimate," "believe," "will be," "will continue," "will likely result," and similar expressions, or future conditional verbs such as "may," "will," "should," "would" and "could." Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include statements under the heading "Energy Capital Partners Reviewing Strategic Options for Summit Investments" and the discussion of the evaluation of strategic alternatives. Forward-looking statements contain known and unknown risks and uncertainties (many of which are difficult to predict and beyond management's control) that may cause SMLP's actual results in future periods to differ materially from anticipated or projected results. An extensive list of specific material risks and uncertainties affecting SMLP is contained in its 2014 Annual Report on Form 10-K as updated and superseded by our Current Report on Form 8-K filed with the
SUMMIT MIDSTREAM PARTNERS, LP AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
September 30, 2015 |
December 31, 2014 |
||||||
(In thousands) |
|||||||
Assets |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
$ |
5,459 |
$ |
26,504 |
|||
Accounts receivable |
45,902 |
89,201 |
|||||
Other current assets |
3,773 |
3,517 |
|||||
Total current assets |
55,134 |
119,222 |
|||||
Property, plant and equipment, net |
1,448,548 |
1,414,350 |
|||||
Intangible assets, net |
448,293 |
477,734 |
|||||
Goodwill |
265,062 |
265,062 |
|||||
Other noncurrent assets |
15,145 |
17,353 |
|||||
Total assets |
$ |
2,232,182 |
$ |
2,293,721 |
|||
Liabilities and Partners' Capital |
|||||||
Current liabilities: |
|||||||
Trade accounts payable |
$ |
15,560 |
$ |
24,855 |
|||
Due to affiliate |
625 |
2,711 |
|||||
Deferred revenue |
677 |
2,377 |
|||||
Ad valorem taxes payable |
7,318 |
9,118 |
|||||
Accrued interest |
7,733 |
18,858 |
|||||
Other current liabilities |
12,014 |
13,550 |
|||||
Total current liabilities |
43,927 |
71,469 |
|||||
Long-term debt |
904,642 |
808,000 |
|||||
Deferred revenue |
32,333 |
55,239 |
|||||
Other noncurrent liabilities |
6,597 |
7,292 |
|||||
Total liabilities |
987,499 |
942,000 |
|||||
Common limited partner capital |
906,107 |
649,060 |
|||||
Subordinated limited partner capital |
307,719 |
293,153 |
|||||
General partner interests |
30,857 |
24,676 |
|||||
Summit Investments' equity in contributed subsidiaries |
— |
384,832 |
|||||
Total partners' capital |
1,244,683 |
1,351,721 |
|||||
Total liabilities and partners' capital |
$ |
2,232,182 |
$ |
2,293,721 |
SUMMIT MIDSTREAM PARTNERS, LP AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
Three months ended September 30, |
Nine months ended September 30, |
||||||||||||||
2015 |
2014 |
2015 |
2014 |
||||||||||||
(In thousands, except per-unit amounts) |
|||||||||||||||
Revenues: |
|||||||||||||||
Gathering services and related fees |
$ |
90,685 |
$ |
56,598 |
$ |
212,822 |
$ |
162,359 |
|||||||
Natural gas, NGLs and condensate sales |
8,710 |
23,970 |
33,290 |
76,977 |
|||||||||||
Other revenues |
3,854 |
4,216 |
11,572 |
10,813 |
|||||||||||
Total revenues |
103,249 |
84,784 |
257,684 |
250,149 |
|||||||||||
Costs and expenses: |
|||||||||||||||
Cost of natural gas and NGLs |
3,652 |
12,842 |
13,941 |
42,315 |
|||||||||||
Operation and maintenance |
23,045 |
21,840 |
65,718 |
66,468 |
|||||||||||
General and administrative |
8,714 |
9,414 |
27,746 |
28,127 |
|||||||||||
Transaction costs |
119 |
62 |
714 |
675 |
|||||||||||
Depreciation and amortization |
24,112 |
22,204 |
71,845 |
64,018 |
|||||||||||
(Gain) loss on asset sales |
— |
— |
(214) |
6 |
|||||||||||
Long-lived asset impairment |
7,696 |
— |
7,696 |
— |
|||||||||||
Total costs and expenses |
67,338 |
66,362 |
187,446 |
201,609 |
|||||||||||
Other income |
1 |
1 |
2 |
3 |
|||||||||||
Interest expense |
(12,132) |
(10,558) |
(36,333) |
(28,504) |
|||||||||||
Income before income taxes |
23,780 |
7,865 |
33,907 |
20,039 |
|||||||||||
Income tax expense |
(176) |
(28) |
(248) |
(655) |
|||||||||||
Net income |
$ |
23,604 |
$ |
7,837 |
$ |
33,659 |
$ |
19,384 |
|||||||
Less: net income attributable to Summit Investments |
— |
1,724 |
5,403 |
5,690 |
|||||||||||
Net income attributable to SMLP |
23,604 |
6,113 |
28,256 |
13,694 |
|||||||||||
Less: net income attributable to general partner, including IDRs |
2,408 |
1,204 |
5,866 |
2,436 |
|||||||||||
Net income attributable to limited partners |
$ |
21,196 |
$ |
4,909 |
$ |
22,390 |
$ |
11,258 |
|||||||
Earnings per limited partner unit: |
|||||||||||||||
Common unit – basic |
$ |
0.32 |
$ |
0.08 |
$ |
0.33 |
$ |
0.22 |
|||||||
Common unit – diluted |
$ |
0.32 |
$ |
0.08 |
$ |
0.33 |
$ |
0.22 |
|||||||
Subordinated unit – basic and diluted |
$ |
0.32 |
$ |
0.08 |
$ |
0.40 |
$ |
0.17 |
|||||||
Weighted-average limited partner units outstanding: |
|||||||||||||||
Common units – basic |
41,974 |
34,424 |
38,258 |
32,936 |
|||||||||||
Common units – diluted |
42,147 |
34,658 |
38,387 |
33,144 |
|||||||||||
Subordinated units – basic and diluted |
24,410 |
24,410 |
24,410 |
24,410 |
SUMMIT MIDSTREAM PARTNERS, LP AND SUBSIDIARIES OTHER FINANCIAL AND OPERATING DATA |
|||||||||||||||
Three months ended September 30, |
Nine months ended September 30, |
||||||||||||||
2015 |
2014 |
2015 |
2014 |
||||||||||||
(Dollars in thousands) |
|||||||||||||||
Other financial data: |
|||||||||||||||
EBITDA (1) |
$ |
60,208 |
$ |
40,869 |
$ |
142,731 |
$ |
113,251 |
|||||||
Adjusted EBITDA (1) |
$ |
48,455 |
$ |
53,249 |
$ |
157,166 |
$ |
150,821 |
|||||||
Capital expenditures |
$ |
29,115 |
$ |
66,672 |
$ |
89,290 |
$ |
154,705 |
|||||||
Acquisitions of gathering systems (2) |
$ |
(4,323) |
$ |
10,872 |
$ |
288,618 |
$ |
315,872 |
|||||||
Distributable cash flow (1) |
$ |
34,420 |
$ |
38,580 |
$ |
115,108 |
$ |
109,474 |
|||||||
Adjusted distributable cash flow |
$ |
34,677 |
$ |
38,021 |
$ |
115,925 |
$ |
110,787 |
|||||||
Distributions declared |
$ |
40,977 |
$ |
33,522 |
$ |
116,983 |
$ |
95,858 |
|||||||
Distribution coverage ratio (3) |
0.85x |
* |
* |
* |
|||||||||||
Operating data: |
|||||||||||||||
Aggregate average throughput – gas (MMcf/d) |
1,390 |
1,465 |
1,497 |
1,393 |
|||||||||||
Average throughput – liquids (Mbbl/d) |
51.5 |
33.5 |
51.3 |
29.1 |
* Not considered meaningful |
|
(1) Includes transaction costs. These unusual expenses are settled in cash. |
|
(2) Reflects consideration paid, including working capital and capital expenditure adjustments paid (received), to fund acquisitions and/or drop downs. |
|
(3) Distribution coverage ratio calculation for the three months ended September 30, 2015 is based on distributions in respect of the third quarter of 2015. Represents the ratio of adjusted distributable cash flow to distributions declared. Due to the common control nature of drop down transactions and to the extent that common control existed during a given reporting period, quarter-to-date and year-to-date results are reported on an as-if pooled basis with no adjustment to distributions declared. As such, we only present the current quarter's distribution coverage ratio when a drop down, and its funding, impacts adjusted distributable cash flow and distributions declared. |
SUMMIT MIDSTREAM PARTNERS, LP AND SUBSIDIARIES UNAUDITED RECONCILIATIONS TO NON-GAAP FINANCIAL MEASURES |
|||||||||||||||
Three months ended September 30, |
Nine months ended September 30, |
||||||||||||||
2015 |
2014 |
2015 |
2014 |
||||||||||||
(Dollars in thousands) |
|||||||||||||||
Reconciliations of Net Income to EBITDA, Adjusted EBITDA, Distributable Cash Flow and Adjusted Distributable Cash Flow: |
|||||||||||||||
Net income |
$ |
23,604 |
$ |
7,837 |
$ |
33,659 |
$ |
19,384 |
|||||||
Add: |
|||||||||||||||
Interest expense |
12,132 |
10,558 |
36,333 |
28,504 |
|||||||||||
Income tax expense |
176 |
28 |
248 |
655 |
|||||||||||
Depreciation and amortization (1) |
24,297 |
22,447 |
72,493 |
64,711 |
|||||||||||
Less interest income |
1 |
1 |
2 |
3 |
|||||||||||
EBITDA |
$ |
60,208 |
$ |
40,869 |
$ |
142,731 |
$ |
113,251 |
|||||||
Add: |
|||||||||||||||
Adjustments related to MVC shortfall payments (2) |
(21,354) |
11,220 |
1,914 |
33,810 |
|||||||||||
Unit-based compensation |
1,905 |
1,160 |
5,039 |
3,754 |
|||||||||||
Loss on asset sales |
— |
— |
— |
6 |
|||||||||||
Long-lived asset impairment |
7,696 |
— |
7,696 |
— |
|||||||||||
Less gain on asset sales |
— |
— |
214 |
— |
|||||||||||
Adjusted EBITDA |
$ |
48,455 |
$ |
53,249 |
$ |
157,166 |
$ |
150,821 |
|||||||
Add cash interest received |
1 |
1 |
2 |
3 |
|||||||||||
Less: |
|||||||||||||||
Cash interest paid |
21,703 |
12,626 |
46,434 |
29,779 |
|||||||||||
Senior notes interest (3) |
(9,750) |
(2,142) |
(11,171) |
(3,017) |
|||||||||||
Maintenance capital expenditures |
2,083 |
4,186 |
6,797 |
14,588 |
|||||||||||
Distributable cash flow |
$ |
34,420 |
$ |
38,580 |
$ |
115,108 |
$ |
109,474 |
|||||||
Add: |
|||||||||||||||
Transaction costs |
119 |
62 |
714 |
675 |
|||||||||||
Regulatory compliance costs (4) |
— |
461 |
103 |
638 |
|||||||||||
Ad valorem tax adjustment (5) |
138 |
(1,082) |
— |
— |
|||||||||||
Adjusted distributable cash flow |
$ |
34,677 |
$ |
38,021 |
$ |
115,925 |
$ |
110,787 |
|||||||
Distributions declared |
$ |
40,977 |
$ |
33,522 |
$ |
116,983 |
$ |
95,858 |
|||||||
Distribution coverage ratio (6) |
0.85x |
* |
* |
* |
* Not considered meaningful |
|
(1) Includes amortization of favorable and unfavorable contracts reported in other revenues. |
|
(2) Adjustments related to MVC shortfall payments account for (i) the net increases or decreases in deferred revenue for MVC shortfall payments, (ii) the release of deferred revenue in the event that a producer customer is no longer able to ship volumes in excess of its MVC and recover certain previous MVC shortfall payments as an offset to future gathering fees, and (iii) our inclusion of expected annual MVC shortfall payments. |
|
(3) Senior notes interest represents the net of interest expense accrued and paid during the period. Interest on the $300.0 million 5.5% senior notes is paid in cash semi-annually in arrears on February 15 and August 15 until maturity in August 2022. Interest on the $300.0 million 7.5% senior notes is paid in cash semi-annually in arrears on January 1 and July 1 until maturity in July 2021. |
|
(4) We incurred expenses associated with our adoption of the 2013 Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO 2013"). These first-year COSO 2013 expenses are not expected to be incurred subsequent to completion of the 2014 integrated audit. |
|
(5) In the third quarter of 2015, we adjusted our estimate for ad valorem property taxes for 2015. This adjustment resulted in an increase to property tax expense of $0.1 million for the three months ended September 30, 2015. In the third quarter of 2014, we adjusted our estimate for ad valorem property taxes for 2014. This adjustment resulted in a reduction to property tax expense of $1.1 million for the three months ended September 30, 2014. |
|
(6) Distribution coverage ratio calculation for the three months ended September 30, 2015 is based on distributions in respect of the third quarter of 2015. Represents the ratio of adjusted distributable cash flow to distributions declared. Due to the common control nature of drop down transactions and to the extent that common control existed during a given reporting period, quarter-to-date and year-to-date results are reported on an as-if pooled basis with no adjustment to distributions declared. As such, we only present the current quarter's distribution coverage ratio when a drop down, and its funding, impacts adjusted distributable cash flow and distributions declared. |
SUMMIT MIDSTREAM PARTNERS, LP AND SUBSIDIARIES UNAUDITED RECONCILIATION OF REPORTABLE SEGMENT ADJUSTED EBITDA TO ADJUSTED EBITDA |
|||||||||||||||
Three months ended September 30, |
Nine months ended September 30, |
||||||||||||||
2015 |
2014 |
2015 |
2014 |
||||||||||||
(In thousands) |
|||||||||||||||
Reportable segment adjusted EBITDA: |
|||||||||||||||
Marcellus Shale |
$ |
5,795 |
$ |
3,956 |
$ |
18,492 |
$ |
11,676 |
|||||||
Williston Basin – Gas |
5,100 |
5,114 |
15,174 |
14,597 |
|||||||||||
Williston Basin – Liquids |
5,719 |
2,977 |
17,262 |
5,977 |
|||||||||||
Barnett Shale |
13,143 |
15,617 |
45,444 |
45,609 |
|||||||||||
Piceance Basin |
24,328 |
28,138 |
78,427 |
80,499 |
|||||||||||
Total reportable segment adjusted EBITDA |
54,085 |
55,802 |
174,799 |
158,358 |
|||||||||||
Allocated corporate expenses |
(5,630) |
(2,553) |
(17,633) |
(7,537) |
|||||||||||
Adjusted EBITDA |
$ |
48,455 |
$ |
53,249 |
$ |
157,166 |
$ |
150,821 |
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SOURCE
Marc Stratton, Senior Vice President and Treasurer, 832-608-6166, ir@summitmidstream.com