XOM - Summit Midstream soars after winning FERC construction OK

Summit Midstream Partners (SMLP) +51.7% pre-market after saying it received a Notice to Proceed with construction and approval of its implementation plan from the Federal Energy Regulatory Commission for the 1.35B cf/day Double E natural gas pipeline project in the Permian Basin.Double E also was granted the necessary rights-of-way on federal lands from the Department of the Interior's Bureau of Land Management and has entered into agreements with federal and local officials over treatment and mitigation measures at certain cultural resource sites.Summit also says it has made good progress on its financing plans related to its 70% share of Double E, and will announce additional details prior to construction activities beginning later this quarter; Exxon Mobil (XOM) owns the remaining 30% of the project.The 135-mile pipeline would transport gas from the Delaware Basin in New Mexico and Texas' Permian Basin to the Waha hub in west Texas.Summit Midstream has been

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Summit Midstream soars after winning FERC construction OK