Summit Midstream Partners, LP (NYSE: SMLP) gone through a notable 20.81% surge in its market value, concluding the prior session at $34.02. This significant uptick in SMLP stock price seems to stem from the disclosure of financial outcomes and strategic maneuvers.
3 Tiny Stocks Primed to Explode
The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.
We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.
Click here for full details and to join for free
Sponsored
Revealing its financial performance for the three-month period ending on March 31, 2024, Summit Midstream (SMLP) reported a diminished net leverage ratio of approximately 3.9x, marking a considerable decline from 5.4x in the fourth quarter of 2023, thereby advancing towards the targeted 3.5x net leverage threshold.
Summit Midstream disclosed a net income of $132.9 million, adjusted EBITDA of $70.1 million, cash flow available for distributions amounting to $32.5 million, and free cash flow (“FCF”) totaling $17.2 million.
The financial and operational results for the first quarter of 2024 at Summit Midstream were generally as anticipated by management, notwithstanding severe winter conditions in the DJ Basin affecting volumes in January.
Having previously announced the Utica transaction and the recent divestment of its Mountaineer Gathering System in West Virginia to Antero Midstream LLC, Summit Midstream has now entirely withdrawn from the Northeast segment. It will now concentrate on various organic and bolt-on acquisition opportunities within our Rockies and Permian segments.
Operational activity at Summit Midstream was notably robust in the quarter, with the connection of 71 wells to the system, predominantly from the Rockies region, constituting nearly half of the total well connections projected for 2024, adjusting for the amalgamated Northeast asset divestitures.
Customers in the remaining segments are proceeding with well completions according to schedule, maintaining their original timing projections for future wells. Consequently, Summit Midstream’s revised 2024 Adjusted EBITDA guidance range of $170 million to $200 million remains broadly consistent with its initial guidance for the year, adjusted to exclude the full-year contributions of the Northeast segment divestitures.
In the Permian region, Summit Midstream continued to make significant strides in commercializing the available firm capacity on the Double E Pipeline, as natural gas production continues to increase in the Delaware Basin.
