Double E Pipeline Sees Strong Demand, Summit Midstream Plans 2.4 BCF/D Capacity Expansion
Summary
Summit Midstream has secured additional commitments for its Double E pipeline and extended the open season due to strong shipper demand. The company expects to make a Final Investment Decision (FID) by the end of summer for a compression expansion that would increase the pipeline's capacity to 2.4 BCF/D. This operational expansion signals robust demand for SMC's midstream services and supports future revenue growth, following recent positive financial results and capital structure improvements.
At the time of this announcement, SMC was trading at $29.18 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $593.5M. The 52-week trading range was $19.13 to $33.50. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.