Summit Midstream Secures 550 MMcf/d in New Take-or-Pay Commitments
SMC sits 72% above its 52-week low of $19.83.
Summary
Summit Midstream's open season yielded 550 MMcf/d of new long-term take-or-pay commitments, locking in contracted revenue for its pipeline capacity. The company has approved the Double E pipeline expansion, which is backed by these new shipper contracts. Summit Midstream expects its Permian segment adjusted EBITDA to top $100 million by 2030. This is a material commercial win that de-risks future cash flows and supports the company's growth outlook. The counterparties are not disclosed, and investors will watch for further details on contract terms and the impact on distributable cash flow.
At the time of this announcement, SMC was trading at $34.09 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $692.1M. The 52-week trading range was $19.83 to $36.47. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.