AR - Summit Midstream: With The Refinancing Completed This Is A Good Way To Play Natural Gas

• Summit Midstream successfully refinancing just shy of $1 billion of 2022 debt. This would have thought to have been unthinkable a mere 12 months ago.
• Although the terms weren't perfect, refinancing that much debt within the "CCC" and "B" communities is like entering a pit of vipers, so management did get the deal done.
• In Q2 2021, only 39% of Summit Midstream's systems were utilized. With the best natural gas prices since 2014, this means there is ample excess capacity to flow more gas.
• With 5 rigs running in Summit's 7 basins, producers sitting only legacy acreage, well outside of the money (sub $3MMBtu gas), have a strong incentive to drill and this is good for Summit's EBITDA in FY 2022.

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