Summit Midstream Partners, LP Announces Completion of Financing for Double E Pipeline Project

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HOUSTON, March 8, 2021 / PRNewswire / – Summit Midstream Partners, LP (NYSE: SMLP) today announced that its indirect wholly-owned subsidiary, Summit Permian Transmission, LLC, has closed its $ 175 million Senior Secured Credit Facilities (the “Credit Facilities”) which will be used to finance the development of the Double E (“Double E”) Pipeline Project, in which it holds a 70% interest. SMLP expects to fund all of its $ 150 million Double E investment in 2021 with the credit facilities, which include a deferred drawing function. SMLP continues to expect Double E to be completed at or below current level $ 425 million investment budget, of which approximately $ 35 million remains in an unidentified project contingency. Along with the closing of the credit facilities, SMLP also posted a $ 16 million letter of credit under its corporate revolving credit facility to support core capital contributions, which may not be required if unidentified project contingencies are not fully utilized. As additional equity funding is required, it is not expected to be funded until 2022, after Double E’s commissioning date in Q4 2021.

About Summit Midstream Partners, LP
SMLP is a value-driven limited partnership focused on the development, ownership and operation of mid-level energy infrastructure assets strategically located in unconventional resource basins, primarily shale formations, in the mainland. the United States. SMLP provides natural gas, crude oil and produced water collection services under predominantly long-term, paid collection and processing agreements with customers and counterparties in six unconventional resource pools: (i) the Appalachian Basin, which includes the Utic and the Marcellus shale formations in Ohio and West Virginia; (ii) the Williston Basin, which includes the Bakken and Three Forks shale formations in North Dakota; (iii) the Denver-Julesburg basin, which includes the Niobrara and the Codell shale formations in Colorado and Wyoming; (iv) the Permian basin, which includes the Bone Spring and Wolfcamp formations in New Mexico; (v) the Fort worth pelvis, which includes the Barnett Shale training in Texas; and (vi) the Piceance basin, which includes the Mesaverde formation as well as the Mancos and Niobrara shale formations in Colorado. SMLP holds an interest in Double E Pipeline, LLC, which is developing a natural gas transportation infrastructure that will provide transportation service from multiple receiving points in the Delaware Basin to various delivery points in and around the Waha Hub in Texas. SMLP also owns an interest in Ohio Gathering, which operates an extensive natural gas gathering and condensate stabilization infrastructure in the Utica shale in Ohio. SMLP is headquartered at Houston, texas.

Forward-looking statements
This press release includes certain statements regarding expectations for the future that are forward-looking within the meaning of federal securities laws. Forward-looking statements contain known and unknown risks and uncertainties (many of which are difficult to predict and beyond the control of management) that may cause SMLP’s actual results in future periods to differ materially from anticipated or projected results. . A long list of specific material risks and uncertainties affecting SMLP is contained in its 2020 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 4, 2021, and as modified and updated from time to time. All forward-looking statements contained in this press release are made as of the date of this press release, and SMLP assumes no obligation to update or revise any forward-looking statements to reflect new information or new events.

SOURCE Summit Midstream Partners, LP

Related links

http://www.summitmidstream.com

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