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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from        to        

Commission file number: 001-35666

Summit Midstream Partners, LP

(Exact name of registrant as specified in its charter)

 

Delaware

(State or other jurisdiction of

incorporation or organization)

 

45-5200503

(I.R.S. Employer

Identification No.)

 

 

 

1790 Hughes Landing Blvd, Suite 500

The Woodlands, TX

(Address of principal executive offices)

 

77380

(Zip Code)

 

(832) 413-4770

(Registrant’s telephone number, including area code)

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Securities Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Units

SMLP

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes          No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

    Yes          No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes     No

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

Class

 

As of July 31, 2019

Common Units

 

82,704,891 units

 

 

 


 

TABLE OF CONTENTS

 

COMMONLY USED OR DEFINED TERMS

2

 

 

 

PART I

FINANCIAL INFORMATION

4

Item 1.

Financial Statements.

4

 

Unaudited Condensed Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018

4

 

Unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2019 and 2018

5

 

Unaudited Condensed Consolidated Statements of Partners' Capital for the three and six months ended June 30, 2019 and 2018

6

 

Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2019 and 2018

7

 

Notes to Unaudited Condensed Consolidated Financial Statements

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

32

Item 3.

Quantitative and Qualitative Disclosures about Market Risk.

53

Item 4.

Controls and Procedures.

54

 

 

 

PART II

OTHER INFORMATION

55

Item 1.

Legal Proceedings.

55

Item 1A.

Risk Factors.

55

Item 6.

Exhibits.

56

 

 

 

SIGNATURES

57

 

 

 


1


 

COMMONLY USED OR DEFINED TERMS

 

2016 Drop Down

the Partnership's March 3, 2016 acquisition from SMP Holdings of substantially all

    of (i) the issued and outstanding membership interests in Summit Utica,

    Meadowlark Midstream and Tioga Midstream and (ii) SMP Holdings’ 40%

    ownership interest in Ohio Gathering

5.5% Senior Notes

Summit Holdings' and Finance Corp.’s 5.5% senior unsecured notes due August

    2022

5.75% Senior Notes

Summit Holdings' and Finance Corp.’s 5.75% senior unsecured notes due April 2025

associated natural gas

a form of natural gas which is found with deposits of petroleum, either dissolved

    in the crude oil or as a free gas cap above the crude oil in the reservoir

ASU

Accounting Standards Update

Bbl

one barrel; used for crude oil and produced water and equivalent to 42 U.S. gallons

Bcf

one billion cubic feet

Bison Midstream

Bison Midstream, LLC

Board of Directors

the board of directors of our General Partner

condensate

a natural gas liquid with a low vapor pressure, mainly composed of propane, butane,

    pentane and heavier hydrocarbon fractions

Deferred Purchase Price

    Obligation

the deferred payment liability recognized in connection with the 2016 Drop Down;

    also referred to as DPPO

DFW Midstream

DFW Midstream Services LLC

DJ Basin

Denver-Julesburg Basin

Double E

Double E Pipeline, LLC

dry gas

natural gas primarily composed of methane where heavy hydrocarbons and water

    either do not exist or have been removed through processing or treating

Energy Capital Partners

Energy Capital Partners II, LLC and its parallel and co-investment funds; also known

    as the Sponsor

Epping

Epping Transmission Company, LLC

EPU

earnings or loss per unit

Equity Restructuring

A series of transactions consummated on March 22, 2019, pursuant to which the

    Partnership cancelled its IDRs and converted its 2% economic GP interest

    to a non-economic GP interest in exchange for 8,750,000 SMLP common

    units, which were issued to SMP Holdings

FASB

Financial Accounting Standards Board

Finance Corp.

Summit Midstream Finance Corp.

GAAP

accounting principles generally accepted in the United States of America

GP

general partner

General Partner

Summit Midstream GP, LLC

Guarantor Subsidiaries

Bison Midstream and its subsidiaries, Grand River and its subsidiary, DFW

    Midstream, Summit Marketing, Summit Permian, Permian Finance, Summit

    Niobrara, OpCo, Summit Utica, Meadowlark Midstream, Summit Permian II

    and Summit Permian Transmission

Grand River

Grand River Gathering, LLC

IDR

incentive distribution rights

LIBOR

London Interbank Offered Rate

Mbbl

one thousand barrels

Mbbl/d

one thousand barrels per day

Mcf

one thousand cubic feet

MD&A

Management's Discussion and Analysis of Financial Condition and Results of

    Operations

Meadowlark Midstream

Meadowlark Midstream Company, LLC

MMcf

one million cubic feet

MMcf/d

one million cubic feet per day

Mountaineer Midstream

Mountaineer Midstream gathering system

MVC

minimum volume commitment

NGLs

natural gas liquids; the combination of ethane, propane, normal butane, iso-butane

    and natural gasolines that when removed from unprocessed natural gas streams

    become liquid under various levels of higher pressure and lower temperature

2


 

Niobrara G&P

Niobrara Gathering and Processing system

OCC

Ohio Condensate Company, L.L.C.

OGC

Ohio Gathering Company, L.L.C.

Ohio Gathering

Ohio Gathering Company, L.L.C. and Ohio Condensate Company, L.L.C.

OpCo

Summit Midstream OpCo, LP

play

a proven geological formation that contains commercial amounts of hydrocarbons

Permian Finance

Summit Midstream Permian Finance, LLC

Polar and Divide

the Polar and Divide system; collectively Polar Midstream and Epping

Polar Midstream

Polar Midstream, LLC

produced water

water from underground geologic formations that is a by-product of natural gas and

    crude oil production

Project

In June 2019, we announced a final investment decision to proceed with the

    development and construction of a long-haul natural gas pipeline with an

    initial throughput capacity of 1.35 billion cubic feet per day that will provide

    transportation service from multiple receipt points in the Delaware Basin

    to various delivery points in and around the Waha hub in Texas

Red Rock Gathering

Red Rock Gathering Company, LLC

Remaining Consideration

the consideration to be paid to SMP Holdings in 2020 in connection with the 2016

    Drop Down, the present value of which is reflected on our balance sheets as the

    Deferred Purchase Price Obligation

Revolving Credit Facility

the Third Amended and Restated Credit Agreement dated as of May 26, 2017, as

    amended by the First Amendment to Third Amended and Restated Credit

    Agreement dated as of September 22, 2017 and by the Second Amendment

    to Third Amended and Restated Credit Agreement dated as of June 26, 2019

SEC

Securities and Exchange Commission

segment adjusted

    EBITDA

total revenues less total costs and expenses; plus (i) other income excluding interest

    income, (ii) our proportional adjusted EBITDA for equity method investees, (iii)

    depreciation and amortization, (iv) adjustments related to MVC shortfall

    payments, (v) adjustments related to capital reimbursement activity, (vi) unit-

    based and noncash compensation, (vii) the change in the Deferred Purchase

    Price Obligation fair value, (viii) impairments and (ix) other noncash expenses

    or losses, less other noncash income or gains

shortfall payment

the payment received from a counterparty when its volume throughput does not

    meet its MVC for the applicable period

SMLP

Summit Midstream Partners, LP

SMLP LTIP

SMLP Long-Term Incentive Plan

SMP Holdings

Summit Midstream Partners Holdings, LLC

Sponsor

Energy Capital Partners II, LLC and its parallel and co-investment funds; also known

    as Energy Capital Partners

Summit Holdings

Summit Midstream Holdings, LLC

Summit Investments

Summit Midstream Partners, LLC

Summit Niobrara

Summit Midstream Niobrara, LLC

Summit Permian

Summit Midstream Permian, LLC

Summit Permian II

Summit Midstream Permian II, LLC

Summit Permian

    Transmission

Summit Permian Transmission, LLC

Summit Utica

Summit Midstream Utica, LLC

the Company

Summit Midstream Partners, LLC and its subsidiaries

the Partnership

Summit Midstream Partners, LP and its subsidiaries

throughput volume

the volume of natural gas, crude oil or produced water gathered, transported or

    passing through a pipeline, plant or other facility during a particular period;

    also referred to as volume throughput

Tioga Midstream

Tioga Midstream, LLC

unconventional resource

    basin

a basin where natural gas or crude oil production is developed from unconventional

    sources that require hydraulic fracturing as part of the completion process, for

    instance, natural gas produced from shale formations and coalbeds; also

    referred to as an unconventional resource play

wellhead

the equipment at the surface of a well, used to control the well's pressure; also, the

    point at which the hydrocarbons and water exit the ground

 

3


 

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

SUMMIT MIDSTREAM PARTNERS, LP AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

June 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

 

(In thousands, except unit amounts)

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

535

 

 

$

4,345

 

Accounts receivable

 

 

84,125

 

 

 

97,936

 

Other current assets

 

 

2,011

 

 

 

3,971

 

Total current assets

 

 

86,671

 

 

 

106,252

 

Property, plant and equipment, net

 

 

1,878,851

 

 

 

1,963,713

 

Intangible assets, net

 

 

251,250

 

 

 

273,416

 

Goodwill

 

 

16,211

 

 

 

16,211

 

Investment in equity method investees

 

 

653,807

 

 

 

649,250

 

Other noncurrent assets

 

 

10,912

 

 

 

11,720

 

Total assets

 

$

2,897,702

 

 

$

3,020,562

 

 

 

 

 

 

 

 

 

 

Liabilities and Partners' Capital

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Trade accounts payable

 

$

25,252

 

 

$

38,414

 

Accrued expenses

 

 

8,759

 

 

 

21,963

 

Due to affiliate

 

 

387

 

 

 

240

 

Deferred revenue

 

 

12,325

 

 

 

11,467

 

Ad valorem taxes payable

 

 

6,737

 

 

 

10,550

 

Accrued interest

 

 

12,381

 

 

 

12,286

 

Accrued environmental remediation

 

 

2,561

 

 

 

2,487

 

Other current liabilities

 

 

11,949

 

 

 

12,645

 

Deferred Purchase Price Obligation

 

 

292,073

 

 

 

 

Total current liabilities

 

 

372,424

 

 

 

110,052

 

Long-term debt

 

 

1,365,564

 

 

 

1,257,731

 

Noncurrent Deferred Purchase Price Obligation

 

 

 

 

 

383,934

 

Noncurrent deferred revenue

 

 

40,201

 

 

 

39,504

 

Noncurrent accrued environmental remediation

 

 

2,841

 

 

 

3,149

 

Other noncurrent liabilities

 

 

9,557

 

 

 

4,968

 

Total liabilities

 

 

1,790,587

 

 

 

1,799,338

 

Commitments and contingencies (Note 16)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series A Preferred Units (300,000 units issued and outstanding at

    June 30, 2019 and December 31, 2018)

 

 

293,616

 

 

 

293,616

 

Common limited partner capital (82,704,891 units issued and outstanding

    at June 30, 2019 and 73,390,853 units issued and outstanding

    at December 31, 2018)

 

 

813,499

 

 

 

902,358

 

General Partner interests (zero units issued and outstanding at

    June 30, 2019 and 1,490,999 units issued and outstanding

    at December 31, 2018)

 

 

 

 

 

25,250

 

Total partners' capital

 

 

1,107,115

 

 

 

1,221,224

 

Total liabilities and partners' capital

 

$

2,897,702

 

 

$

3,020,562

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

4


 

SUMMIT MIDSTREAM PARTNERS, LP AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

(In thousands, except per-unit amounts)

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gathering services and related fees

 

$

75,107

 

 

$

89,585

 

 

$

162,071

 

 

$

173,946

 

Natural gas, NGLs and condensate sales

 

 

18,291

 

 

 

31,891

 

 

 

56,219

 

 

 

58,008

 

Other revenues

 

 

6,288

 

 

 

6,707

 

 

 

12,804

 

 

 

13,549

 

Total revenues

 

 

99,686

 

 

 

128,183

 

 

 

231,094

 

 

 

245,503

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of natural gas and NGLs

 

 

11,571

 

 

 

24,384

 

 

 

43,330

 

 

 

44,670

 

Operation and maintenance

 

 

23,718

 

 

 

24,466

 

 

 

47,940

 

 

 

49,070

 

General and administrative

 

 

10,214

 

 

 

13,484

 

 

 

27,495

 

 

 

27,926

 

Depreciation and amortization

 

 

26,800

 

 

 

26,784

 

 

 

54,527

 

 

 

53,461

 

Transaction costs

 

 

 

 

 

 

 

 

950

 

 

 

 

(Gain) loss on asset sales, net

 

 

(287

)

 

 

62

 

 

 

(1,248

)

 

 

(12

)

Long-lived asset impairment

 

 

70

 

 

 

587

 

 

 

45,021

 

 

 

587

 

Total costs and expenses

 

 

72,086

 

 

 

89,767

 

 

 

218,015

 

 

 

175,702

 

Other income

 

 

83

 

 

 

27

 

 

 

292

 

 

 

20

 

Interest expense

 

 

(17,941

)

 

 

(14,837

)

 

 

(35,468

)

 

 

(29,959

)

Deferred Purchase Price Obligation

 

 

(3,712

)

 

 

(69,305

)

 

 

(8,139

)

 

 

(90,963

)

Income (loss) before income taxes and loss

   from equity method investees

 

 

6,030

 

 

 

(45,699

)

 

 

(30,236

)

 

 

(51,101

)

Income tax expense

 

 

(1,142

)

 

 

(294

)

 

 

(1,349

)

 

 

(123

)

Loss from equity method investees

 

 

(79

)

 

 

(3,920

)

 

 

(520

)

 

 

(2,534

)

Net income (loss)

 

$

4,809

 

 

$

(49,913

)

 

$

(32,105

)

 

$

(53,758

)

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to noncontrolling interest

 

 

 

 

 

58

 

 

 

 

 

 

143

 

Net income (loss) attributable to SMLP

 

 

4,809

 

 

 

(49,971

)

 

 

(32,105

)

 

 

(53,901

)

Net income attributable to General Partner,

    including IDRs

 

 

 

 

 

1,140

 

 

 

12

 

 

 

3,198

 

Net income (loss) attributable to limited partners

 

 

4,809

 

 

 

(51,111

)

 

 

(32,117

)

 

 

(57,099

)

Net income attributable to Series A Preferred Units

 

 

7,125

 

 

 

7,125

 

 

 

14,250

 

 

 

14,250

 

Net loss attributable to common limited partners

 

$

(2,316

)

 

$

(58,236

)

 

$

(46,367

)

 

$

(71,349

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss per limited partner unit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common unit – basic

 

$

(0.03

)

 

$

(0.79

)

 

$

(0.58

)

 

$

(0.97

)

Common unit – diluted

 

$

(0.03

)

 

$

(0.79

)

 

$

(0.58

)

 

$

(0.97

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average limited partner units outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common units – basic

 

 

82,700

 

 

 

73,356

 

 

 

79,266

 

 

 

73,245

 

Common units – diluted

 

 

82,700

 

 

 

73,356

 

 

 

79,266

 

 

 

73,245

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

5


 

SUMMIT MIDSTREAM PARTNERS, LP AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL

 

 

Partners' capital

 

 

 

 

 

 

 

Limited partners

 

 

 

 

 

 

 

 

 

 

 

Series A Preferred Units

 

 

Common

 

 

General Partner

 

 

Total

 

 

 

(In thousands)

 

Partners' capital, January 1, 2019

 

$

293,616

 

 

$

902,358

 

 

$

25,250

 

 

$

1,221,224

 

Net income (loss)

 

 

7,125

 

 

 

(44,051

)

 

 

12

 

 

 

(36,914

)

Conversion of General Partner economic

    interests

 

 

 

 

 

22,222

 

 

 

(22,222

)

 

 

 

Distributions to unitholders

 

 

 

 

 

(42,241

)

 

 

(3,040

)

 

 

(45,281

)

Unit-based compensation

 

 

 

 

 

2,526

 

 

 

 

 

 

2,526

 

Tax withholdings on vested SMLP LTIP

    awards

 

 

 

 

 

(2,522

)

 

 

 

 

 

(2,522

)

Partners' capital, March 31, 2019

 

 

300,741

 

 

 

838,292

 

 

 

 

 

 

1,139,033

 

Net income (loss)

 

 

7,125

 

 

 

(2,316

)

 

 

 

 

 

4,809

 

Distributions to unitholders

 

 

(14,250

)

 

 

(23,775

)

 

 

 

 

 

(38,025

)

Unit-based compensation

 

 

 

 

 

1,393

 

 

 

 

 

 

1,393

 

Tax withholdings on vested SMLP LTIP

    awards

 

 

 

 

 

(95

)

 

 

 

 

 

(95

)

Partners' capital, June 30, 2019

 

$

293,616

 

 

$

813,499

 

 

$

 

 

$

1,107,115

 

 

 

 

Partners' capital

 

 

 

 

 

 

 

 

 

 

 

Limited partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series A Preferred Units

 

 

Common

 

 

General Partner

 

 

Noncontrolling interest

 

 

Total

 

 

 

(In thousands)

 

Partners' capital, December 31, 2017,

    as reported

 

$

294,426

 

 

$

1,056,510

 

 

$

27,920

 

 

$

10,813

 

 

$

1,389,669

 

January 1, 2018 impact of Topic 606

    day 1 adoption

 

 

 

 

 

4,130

 

 

 

84

 

 

 

 

 

 

4,214

 

Partners' capital, January 1, 2018

 

 

294,426

 

 

 

1,060,640

 

 

 

28,004

 

 

 

10,813

 

 

 

1,393,883

 

Net income (loss)

 

 

7,125

 

 

 

(13,113

)

 

 

2,058

 

 

 

85

 

 

 

(3,845

)

Distributions to unitholders

 

 

 

 

 

(42,024

)

 

 

(3,029

)

 

 

 

 

 

(45,053

)

Unit-based compensation

 

 

 

 

 

1,979

 

 

 

 

 

 

 

 

 

1,979

 

Tax withholdings on vested SMLP LTIP

    awards

 

 

 

 

 

(1,943

)

 

 

 

 

 

 

 

 

(1,943

)

Other

 

 

(810

)

 

 

(130

)

 

 

 

 

 

 

 

 

(940

)

Partners' capital, March 31, 2018

 

 

300,741

 

 

 

1,005,409

 

 

 

27,033

 

 

 

10,898

 

 

 

1,344,081

 

Net income (loss)

 

 

7,125

 

 

 

(58,236

)

 

 

1,140

 

 

 

58

 

 

 

(49,913

)

Distributions to unitholders

 

 

(14,250

)

 

 

(42,180

)

 

 

(3,036

)

 

 

 

 

 

(59,466

)

Unit-based compensation

 

 

 

 

 

2,004

 

 

 

 

 

 

 

 

 

2,004

 

Tax withholdings on vested SMLP LTIP

    awards

 

 

 

 

 

103

 

 

 

 

 

 

 

 

 

103

 

Other

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

(1

)

Partners' capital, June 30, 2018

 

$

293,616

 

 

$

907,099

 

 

$

25,137

 

 

$

10,956

 

 

$

1,236,808

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

6


 

SUMMIT MIDSTREAM PARTNERS, LP AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

Six months ended June 30,

 

 

 

2019

 

 

2018

 

 

 

(In thousands)

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(32,105

)

 

$

(53,758

)

Adjustments to reconcile net loss to net

    cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

55,279

 

 

 

53,160

 

Noncash lease expense

 

 

1,530

 

 

 

 

Amortization of debt issuance costs

 

 

2,175

 

 

 

2,086

 

Deferred Purchase Price Obligation

 

 

8,139

 

 

 

90,963

 

Unit-based and noncash compensation

 

 

4,079

 

 

 

4,223

 

Loss from equity method investees

 

 

520

 

 

 

2,534

 

Distributions from equity method investees

 

 

18,217

 

 

 

17,124

 

Gain on asset sales, net

 

 

(1,248

)

 

 

(12

)

Long-lived asset impairment

 

 

45,021

 

 

 

587

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

13,237

 

 

 

(6,265

)

Trade accounts payable

 

 

(1,463

)

 

 

(3,483

)

Accrued expenses

 

 

(12,537

)

 

 

6,934

 

Due from (to) affiliate

 

 

147

 

 

 

(997

)

Deferred revenue, net

 

 

2,007

 

 

 

3,281

 

Ad valorem taxes payable

 

 

(3,265

)

 

 

(1,825

)

Accrued interest

 

 

95

 

 

 

(51

)

Accrued environmental remediation, net

 

 

(1,001

)

 

 

(1,805

)

Other, net

 

 

(2,581

)

 

 

(2,647

)

Net cash provided by operating activities

 

 

96,246

 

 

 

110,049

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(111,092

)

 

 

(90,394

)

Proceeds from asset sale (net of cash of $1,475 for the

    six months ended June 30, 2019)

 

 

89,761

 

 

 

496

 

Distribution from equity method investment

 

 

7,252

 

 

 

 

Investment in equity method investee

 

 

(5,921

)

 

 

 

Other, net

 

 

(160

)

 

 

(306

)

Net cash used in investing activities

 

 

(20,160

)

 

 

(90,204

)

7


 

SUMMIT MIDSTREAM PARTNERS, LP AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(continued)

 

 

Six months ended June 30,

 

 

 

2019

 

 

2018

 

 

 

(In thousands)

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Distributions to unitholders

 

 

(69,056

)

 

 

(90,269

)

Distributions to Series A Preferred unitholders

 

 

(14,250

)

 

 

(14,250

)

Borrowings under Revolving Credit Facility

 

 

233,000

 

 

 

148,000

 

Repayments under Revolving Credit Facility

 

 

(126,000

)

 

 

(53,000

)

Repayment of Deferred Purchase Price Obligation

 

 

(100,000

)

 

 

 

Debt issuance costs

 

 

(56

)

 

 

(121

)

Other, net

 

 

(3,534

)

 

 

(3,423

)

Net cash used in financing activities

 

 

(79,896

)

 

 

(13,063

)

Net change in cash and cash equivalents

 

 

(3,810

)

 

 

6,782

 

Cash and cash equivalents, beginning of period

 

 

4,345

 

 

 

1,430

 

Cash and cash equivalents, end of period

 

$

535

 

 

$

8,212

 

 

 

 

 

 

 

 

 

 

Supplemental cash flow disclosures:

 

 

 

 

 

 

 

 

Cash interest paid

 

$

37,506

 

 

$

30,962

 

Less capitalized interest

 

 

4,361

 

 

 

3,085

 

Interest paid (net of capitalized interest)

 

$

33,145

 

 

$

27,877

 

 

 

 

 

 

 

 

 

 

Cash paid for taxes

 

$

150

 

 

$

175

 

 

 

 

 

 

 

 

 

 

Noncash investing and financing activities

 

 

 

 

 

 

 

 

Capital expenditures in trade accounts payable (period-end

    accruals)

 

$

22,051

 

 

$

20,598

 

Asset contribution to an equity method investment

 

 

23,643

 

 

 

 

Capital expenditures relating to contributions in aid of construction

    for Topic 606 day 1 adoption

 

 

 

 

 

33,123

 

Right-of-use assets relating to Topic 842

 

 

5,448

 

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

8


 

SUMMIT MIDSTREAM PARTNERS, LP AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. ORGANIZATION, BUSINESS OPERATIONS AND PRESENTATION AND CONSOLIDATION

Organization. SMLP, a Delaware limited partnership, was formed in May 2012 and began operations in October 2012. SMLP is a growth-oriented limited partnership focused on developing, owning and operating midstream energy infrastructure assets that are strategically located in the core producing areas of unconventional resource basins, primarily shale formations, in the continental United States. Our business activities are conducted through various operating subsidiaries, each of which is owned or controlled by our wholly owned subsidiary holding company, Summit Holdings, a Delaware limited liability company. References to the "Partnership," "we," or "our" refer collectively to SMLP and its subsidiaries.

The General Partner, a Delaware limited liability company, manages our operations and activities. Summit Investments, a Delaware limited liability company, is the ultimate owner of our General Partner and has the right to appoint the entire Board of Directors. Summit Investments is controlled by Energy Capital Partners.

Summit Investments owned an approximate 2% general partner interest in SMLP (including the IDRs) until March 22, 2019. On March 22, 2019, we executed an equity restructuring agreement with the General Partner and SMP Holdings pursuant to which the IDRs and the 2% general partner interest were converted into a non-economic general partner interest in exchange for 8,750,000 common units which were issued to SMP Holdings (the “Equity Restructuring”). As of June 30, 2019, SMP Holdings, a wholly owned subsidiary of Summit Investments, beneficially owned 34,604,581 SMLP common units and a subsidiary of Energy Capital Partners directly owned 5,915,827 SMLP common units.

Neither SMLP nor its subsidiaries have any employees. All of the personnel that conduct our business are employed by Summit Investments, but these individuals are sometimes referred to as our employees.

Business Operations.  We provide natural gas gathering, compression, treating and processing services as well as crude oil and produced water gathering services pursuant to primarily long-term, fee-based agreements with our customers. Our results are primarily driven by the volumes of natural gas that we gather, compress, treat and/or process as well as by the volumes of crude oil and produced water that we gather. We are the owner-operator of, or have significant ownership interests in, the following gathering systems:

 

Summit Utica, a natural gas gathering system operating in the Appalachian Basin, which includes the Utica and Point Pleasant shale formations in southeastern Ohio;

 

Ohio Gathering, a natural gas gathering system and a condensate stabilization facility operating in the Appalachian Basin, which includes the Utica and Point Pleasant shale formations in southeastern Ohio;

 

Polar and Divide, a crude oil and produced water gathering system and transmission pipeline operating in the Williston Basin, which includes the Bakken and Three Forks shale formations in northwestern North Dakota;

 

Bison Midstream, an associated natural gas gathering system operating in the Williston Basin, which includes the Bakken and Three Forks shale formations in northwestern North Dakota;

 

Niobrara G&P, an associated natural gas gathering and processing system operating in the DJ Basin, which includes the Niobrara and Codell shale formations in northeastern Colorado and southern Wyoming;

 

Summit Permian, an associated natural gas gathering and processing system operating in the northern Delaware Basin, which includes the Wolfcamp and Bone Spring formations, in southeastern New Mexico;

 

Grand River, a natural gas gathering and processing system operating in the Piceance Basin, which includes the Mesaverde formation and the Mancos and Niobrara shale formations in western Colorado and eastern Utah;

 

DFW Midstream, a natural gas gathering system operating in the Fort Worth Basin, which includes the Barnett Shale formation in north-central Texas; and

9


 

 

Mountaineer Midstream, a natural gas gathering system operating in the Appalachian Basin, which includes the Marcellus Shale formation in northern West Virginia.

Additionally, until March 22, 2019, we owned Tioga Midstream, a crude oil, produced water and associated natural gas gathering system operating in the Williston Basin, which includes the Bakken and Three Forks shale formations in northwestern North Dakota. Refer to Note 17 for details on the sale of Tioga Midstream.

In June 2019, in conjunction with the Project, Summit Permian Transmission entered into a definitive joint venture agreement (the “Agreement”) with an affiliate of Double E’s foundation shipper (the “JV Partner”) to fund the capital expenditures associated with the Project. Refer to Note 8 for additional details.

Other than our investments in Double E and Ohio Gathering, all of our business activities are conducted through wholly owned operating subsidiaries.

Presentation and Consolidation.  We prepare our unaudited condensed consolidated financial statements in accordance with GAAP as established by the FASB. We make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet dates, including fair value measurements, the reported amounts of revenue and expense and the disclosure of contingencies. Although management believes these estimates are reasonable, actual results could differ from its estimates.

These unaudited condensed consolidated financial statements have been prepared pursuant to the rules and the regulations of t