2024-04-09 05:21:00 ET
Summary
- Summit Midstream Partners sold Utica and Northeast assets to MPLX for $625 million, reducing debt and improving liquidity.
- The company's portfolio has become more focused on crude oil and the Double E pipeline, with adjusted EBITDA expected to be $200 million in 2024.
- The company has $325 million in cash and may use it for distributions or bolt-on acquisitions, while also focusing on paying down debt.
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Summit Midstream Partners: The Market Has Yet To Understand Its Recent Success