SMLP - Summit Midstream Partners raises full-year adjusted EBITDA forecast

onurdongel/E+ via Getty Images Summit Midstream Partners (SMLP) raises guidance for full-year adjusted EBITDA to $225M-$240M from its previous forecast of $210M-$230M, driven by YTD outperformance from wells turned in line, accelerated customer activity and improved cost management. Summit also expects its revolving credit facility balance to total $760M at June 30, and $82M reduction since year-end 2020. Summit maintains FY 2021 capital spending guidance of $20M-$35M. "While we still expect 2021 to be a trough year for new well connect activity across our footprint, we are encouraged by the strengthening commodity price backdrop and increasing customer activity now expected during the second half of the year," Chairman, President and CEO Heath Deneke says. Last month, Summit reported better than expected Q1 earnings and revenues.

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Summit Midstream Partners raises full-year adjusted EBITDA forecast