SMLP - Why Summit Midstream Partners Shares Are Jumping Today | Benzinga
Summit Midstream Partners, LP (NYSE:SMLP) shares are skyrocketing on Friday.
Today, the company announced the sale of Summit Midstream Utica to a subsidiary of MPLX LP for $625 million in cash.
The transaction reduces Summit’s current net leverage by 1.5x to sub-4.0x, furthering progress toward achieving 3.5x net leverage target.
Summit Midstream Utica has 36% interest in Ohio Gathering Company, 38% interest in Ohio Condensate Company, and wholly-owned Utica assets.
This transaction marks the ...