Summit Midstream Partners, LP (NYSE:SMLP) Files An 8-K Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition.
three months ended March 31, 2017. A copy of the press release is
attached hereto as Exhibit 99.1.
99.1, is “furnished” and shall not be deemed to be “filed” for
purposes of Section 18 of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), or otherwise subject to the
liabilities of such section, and shall not be incorporated by
reference in any filing made by SMLP under the Exchange Act or
the Securities Act of 1933, as amended, except to the extent
expressly set forth by specific reference in any such filings.
accounting principles generally accepted in the United States of
America (“GAAP”), SMLP presents certain non-GAAP financial
measures. Specifically, SMLP presents adjusted EBITDA and
distributable cash flow. We define adjusted EBITDA as net income
or loss, plus interest expense, income tax expense, depreciation
and amortization, our proportional adjusted EBITDA for equity
method investees, adjustments related to MVC shortfall payments,
unit-based and noncash compensation, Deferred Purchase Price
Obligation expense, early extinguishment of debt expense,
impairments and other noncash expenses or losses, less interest
income, income tax benefit, income (loss) from equity method
investees and other noncash income or gains. We define
distributable cash flow as adjusted EBITDA plus cash interest
received and cash taxes received, less cash interest paid, senior
notes interest adjustment, cash taxes paid and maintenance
capital expenditures.
not indicative of our ongoing operations. Our definitions of
these non-GAAP financial measures may differ from the definitions
of similar measures used by other companies. Management uses
these non-GAAP financial measures in making financial, operating
and planning decisions and in evaluating SMLPs financial
performance. Furthermore, management believes that these non-GAAP
financial measures may provide users with additional meaningful
comparisons between current results and results of prior periods
as they are expected to be reflective of our core ongoing
business. These measures have limitations, and investors should
not consider them in isolation or as a substitute for analysis of
SMLPs results as reported under GAAP.
loss or net cash provided by operating activities on a
forward-looking basis because we are unable to predict, without
unreasonable effort, certain components thereof including, but
not limited to, (i) income or loss from equity method investees,
(ii) deferred purchase price obligation income or expense and
(iii) asset impairments. These items are inherently uncertain and
depend on various factors, many of which are beyond our control.
As such, any associated estimate and its impact on our GAAP
performance and cash flow measures could vary materially based on
a variety of acceptable management assumptions.
included as attachments to the press release which has been
posted to the “Investors” section of our website at
www.summitmidstream.com.
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Exhibit
Number
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Description
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99.1
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Press release of Summit Midstream Partners, LP, dated
as of May 4, 2017 |
About Summit Midstream Partners, LP (NYSE:SMLP)
Summit Midstream Partners, LP is a limited partnership focused on developing, owning and operating midstream energy infrastructure assets. The Company’s segments include the Marcellus Shale, which is served by Mountaineer Midstream; the Williston Basin, which is served by Bison Midstream; the Barnett Shale, which is served by DFW Midstream; the Piceance Basin, which is served by Grand River, and Corporate. It provides natural gas gathering, treating and processing services pursuant to long-term and natural gas gathering and processing agreements. The Company operates in approximately four resource basins, including the Appalachian Basin, the Williston Basin, the Fort Worth Basin and the Piceance Basin. Its midstream assets gathering systems include Mountaineer Midstream in northern West Virginia; Bison Midstream in northwestern North Dakota; Polar and Divide in northwestern North Dakota; DFW Midstream in north-central Texas, and Grand River in western Colorado and eastern Utah. Summit Midstream Partners, LP (NYSE:SMLP) Recent Trading Information
Summit Midstream Partners, LP (NYSE:SMLP) closed its last trading session down -0.27 at 22.60 with 200,533 shares trading hands.
