The following is a summary of the Summit Midstream Partners, LP Common Units (SMLP) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Summit reported Q1 2024 net income of $132.9 million and adjusted EBITDA of $70.1 million.

• Their leverage is around 3.9 times, with an undrawn $400 million revolver and over $350 million in unrestricted cash.

• Summit's net debt stands at $700 million, and borrowing capacity at the end of the first quarter totalled $384 million.

• The sale of their Northeast segment for approximately $700 million has decreased their leverage and increased liquidity for acquisition pursuits.

Business Progress:

• Summit concluded a strategic alternatives review and announced the divestiture of their Utica position, and completed the sale of their Mountaineer gathering system.

• They are focusing on organic and bolt-on acquisition opportunities in their Rockies and Permian segments.

• Summit concluded a successful open season with 75 million a day of incremental 10-year take-or-pay commitments for a subsidiary of Matador Resources, and received 150 million a day of non-binding bids for new plant connections in 2025.

• Summit had a better-than-expected operational start for the year and is making progress on their previously announced C-Corp conversion. They expect to file a proxy statement and hold a special meeting in the third quarter for conversion approval.

More details: Summit Midstream IR

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