Denver, CO – Summit Midstream Partners, LP held its Q4 2023 earnings conference call on March 15, 2024. The call featured key company officials such as Investor Relations Representative Randall Burton and Chairman, President, and CEO Heath Deneke. Chief Financial Officer Bill Mault also provided insights during the call.

During the call, officials discussed the company’s financial and operating results for the fourth quarter of 2023, highlighting achievements, challenges, and opportunities. They also provided a glimpse into the company’s outlook for 2024, showcasing optimism despite the current low gas price environment.

One major topic of discussion was the ongoing strategic alternatives review that Summit launched in October 2023. The company is actively evaluating various opportunities, including asset sales and partnership-level transactions, to maximize value for its shareholders. While no definitive timeline has been set, Summit has made significant progress in the review process and expects to provide a comprehensive update in the near future.

In terms of financial performance, Summit reported solid results for the fourth quarter of 2023, with adjusted EBITDA of $75 million and full-year adjusted EBITDA of $257 million. The company generated over $125 million in distributable cash flow during the year, underscoring its financial stability and growth.

Operational and commercial successes were also highlighted, with key projects in the Northeast, Ohio Gathering joint venture, and Double E Pipeline driving earnings growth. Summit’s focus on integrating and optimizing its assets in the DJ Basin contributed to operational efficiency and value creation.

Looking ahead to 2024, Summit announced adjusted EBITDA guidance of $260 million to $300 million, reflecting a 5% year-over-year growth. The company plans to connect 170 to 230 wells to its systems, with a strategic mix of commodity exposure to navigate the current natural gas pricing landscape.

Overall, Summit remains committed to its strategic objectives, financial stability, and value creation for shareholders. The company’s proactive approach to challenges and opportunities in the energy sector positions it for continued success in the coming year and beyond.