Summit Midstream Partners, LP (NYSE: SMLP) is a value-driven limited partnership focusing on the growth, ownership, and activity in the predominantly shallow continental US of midstream energy infrastructure assets geographically positioned in non-conventional resource basins. SMLP stock rose 66.47% to $22.79 in the before hours today.
What the Company do…
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Based mainly on long-term and fee-based collection and processing arrangements with consumers and counterparties in various unconventional resource basins, SMLP offers natural gas, crude oil, and produced water collection services.
What happened recently…
Summit Midstream Partners, LP (NYSE: SMLP) has reported that the Federal Energy Regulatory Commission has obtained its Notice to Continue with Development, as well as approval of its Execution Strategy, from Double E Pipeline, LLC, a joint venture in which SMLP holds a 70% ownership stake and acts as the developer and construction manager of the pipeline.
Double E has already been given the requisite federal property rights by the Department of the Interior Land Management Office and has entered into Memorandums of Understanding with the FERC and the State Historic Preservation Officers of New Mexico and Texas concerning treatment and mitigation steps at some cultural heritage sites.
“We are delighted to report on the actions of FERC and BLM as well as reaffirming our planned operation date of the Q4 2021. Summit has made considerable progress on its funding plans for its 70% stake in Double E. It expects to reveal more specifics in advance of its development activities commencing later this year.
Oil and natural gas account for most of the energy market. The processes and infrastructure in oil and natural gas production and distribution are highly complicated, capital intensive, and require state-of-the-art technology. Nevertheless, the oil and gas industry can be overwhelming to investors because of its complicated jargon and unique metrics.