Summit Midstream Secures 250 MMcf/d for Double E Pipeline, Adds Williston Crude Gathering
SMC sits 56% above its 52-week low of $19.13.
Summary
Summit Midstream secured 250 MMcf/d in new long-term commitments for its Double E Pipeline, increasing total contracted capacity to approximately 1.9 Bcf/d. The company also signed a new crude gathering agreement in the Williston Basin with a 40,000-acre dedication. This positive commercial progress, which follows an 8-K filed earlier today, directly enhances future revenue and cash flow for the midstream operator. An additional 200 MMcf/d option was secured, and a Final Investment Decision for Double E compression expansion is expected by the end of summer 2026.
At the time of this announcement, SMC was trading at $29.78 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $605.7M. 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: Wiseek News.