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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, 2020

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.)

 

 

 

910 Louisiana Street, Suite 4200

Houston, TX

(Address of principal executive offices)

 

77002

(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 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, 2020

Common Units

 

55,880,540 units

 

 

 


 

TABLE OF CONTENTS

 

COMMONLY USED OR DEFINED TERMS

2

 

 

 

PART I

FINANCIAL INFORMATION

5

Item 1.

Financial Statements.

5

 

Unaudited Condensed Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019

5

 

Unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2020 and 2019

6

 

Unaudited Condensed Consolidated Statements of Partners' Capital for the three and six months  ended June 30, 2020 and 2019

7

 

Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019

9

 

Notes to Unaudited Condensed Consolidated Financial Statements

11

Item 2.

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

34

Item 3.

Quantitative and Qualitative Disclosures about Market Risk.

61

Item 4.

Controls and Procedures.

62

 

 

 

PART II

OTHER INFORMATION

63

Item 1.

Legal Proceedings.

63

Item 1A.

Risk Factors.

63

Item 5.

Other Information

67

Item 6.

Exhibits.

68

 

 

 

SIGNATURES

70

 

 

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, as

    subsequently amended

DFW Midstream

DFW Midstream Services LLC

DJ Basin

Denver-Julesburg Basin

Double E

Double E Pipeline, LLC

Double E Project

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

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

Epping

Epping Transmission Company, LLC

EPU

earnings or loss per unit

FASB

Financial Accounting Standards Board

Finance Corp.

Summit Midstream Finance Corp.

GAAP

accounting principles generally accepted in the United States of America

General Partner

Summit Midstream GP, LLC

GP

general partner

Grand River

Grand River Gathering, LLC

Guarantor Subsidiaries

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

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

    Summit Utica, Meadowlark Midstream, Summit Permian II and Mountaineer

    Midstream

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 Company, LLC

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

Operator

Summit Operating Services Company, LLC

play

a proven geological formation that contains commercial amounts of hydrocarbons

Permian Finance

Summit Midstream Permian Finance, LLC

Permian Holdco

Summit Permian Transmission Holdco, 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

Red Rock Gathering

Red Rock Gathering Company, LLC

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, the Second Amendment to Third

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

    the Third Amendment to Third Amended and Restated Credit Agreement

    dated as of December 24, 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) impairments and (viii) other noncash

    expenses or losses, less other noncash income or gains

Senior Notes

The 5.5% Senior Notes and the 5.75% Senior Notes, collectively

Series A Preferred Units

Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units

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 Holdings

SMLP Holdings, LLC

SMLP LTIP

SMLP Long-Term Incentive Plan

SMP Holdings

Summit Midstream Partners Holdings, LLC

SMPH Term Loan

the Term Loan Agreement, dated as of March 21, 2017, among SMP Holdings,

    as borrower, the lenders party thereto and Credit Suisse AG, Cayman Islands

    Branch, as Administrative Agent and Collateral Agent

Subsidiary Series A

    Preferred Units

Series A Fixed Rate Cumulative Redeemable Preferred Units issued by Permian

    Holdco

Summit Holdings

Summit Midstream Holdings, LLC

Summit Investments

Summit Midstream Partners, LLC

Summit Marketing

Summit Midstream Marketing, 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

the Partnership

    Agreement

the Fourth Amended and Restated Agreement of Limited Partnership of the

    Partnership

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

3


 

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

 

4


 

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

SUMMIT MIDSTREAM PARTNERS, LP AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

June 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

 

(In thousands, except unit amounts)

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

36,571

 

 

$

9,530

 

Restricted cash

 

 

5,048

 

 

 

27,392

 

Accounts receivable

 

 

77,199

 

 

 

97,418

 

Other current assets

 

 

4,252

 

 

 

5,521

 

Total current assets

 

 

123,070

 

 

 

139,861

 

Property, plant and equipment, net

 

 

1,855,889

 

 

 

1,882,489

 

Intangible assets, net

 

 

215,901

 

 

 

232,278

 

Investment in equity method investees

 

 

383,058

 

 

 

309,728

 

Other noncurrent assets

 

 

8,584

 

 

 

9,742

 

Total assets

 

$

2,586,502

 

 

$

2,574,098

 

 

 

 

 

 

 

 

 

 

Liabilities and Capital

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Trade accounts payable

 

$

18,422

 

 

$

24,415

 

Accrued expenses

 

 

11,331

 

 

 

11,339

 

Deferred revenue

 

 

15,354

 

 

 

13,493

 

Ad valorem taxes payable

 

 

6,307

 

 

 

8,477

 

Accrued interest

 

 

11,737

 

 

 

12,346

 

Accrued environmental remediation

 

 

1,795

 

 

 

1,725

 

Other current liabilities

 

 

9,859

 

 

 

12,206

 

Short-term debt and current portion of long-term debt

 

 

38,000

 

 

 

5,546

 

Total current liabilities

 

 

112,805

 

 

 

89,547

 

Long-term debt

 

 

1,545,133

 

 

 

1,622,279

 

Noncurrent deferred revenue

 

 

42,348

 

 

 

38,709

 

Noncurrent accrued environmental remediation

 

 

2,311

 

 

 

2,926

 

Other noncurrent liabilities

 

 

8,618

 

 

 

7,951

 

Total liabilities

 

 

1,711,215

 

 

 

1,761,412

 

Commitments and contingencies (Note 15)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine Capital

 

 

 

 

 

 

 

 

Subsidiary Series A Preferred Units (82,400 units issued and

    outstanding at June 30, 2020 and 30,058 units issued and

    outstanding at December 31, 2019)

 

 

78,563

 

 

 

27,450

 

 

 

 

 

 

 

 

 

 

Partners' Capital

 

 

 

 

 

 

 

 

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

    June 30, 2020 and December 31, 2019)

 

 

307,866

 

 

 

293,616

 

Common limited partner capital (43,543,056 units issued and outstanding

    at June 30, 2020 and 45,318,866 units issued and outstanding

    at December 31, 2019)

 

 

488,858

 

 

 

305,550

 

Noncontrolling interest

 

 

 

 

 

186,070

 

Total partners' capital

 

 

796,724

 

 

 

785,236

 

Total liabilities, mezzanine capital and partners' capital

 

$

2,586,502

 

 

$

2,574,098

 

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 OPERATIONS

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(In thousands, except per-unit amounts)

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gathering services and related fees

 

$

73,911

 

 

$

75,107

 

 

$

157,703

 

 

$

162,071

 

Natural gas, NGLs and condensate sales

 

 

10,683

 

 

 

18,291

 

 

 

24,463

 

 

 

56,219

 

Other revenues

 

 

7,413

 

 

 

6,288

 

 

 

14,744

 

 

 

12,804

 

Total revenues

 

 

92,007

 

 

 

99,686

 

 

 

196,910

 

 

 

231,094

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of natural gas and NGLs

 

 

6,088

 

 

 

11,571

 

 

 

14,313

 

 

 

43,330

 

Operation and maintenance

 

 

21,152

 

 

 

24,318

 

 

 

42,963

 

 

 

48,540

 

General and administrative

 

 

12,786

 

 

 

10,565

 

 

 

29,347

 

 

 

28,950

 

Depreciation and amortization

 

 

29,630

 

 

 

26,837

 

 

 

59,296

 

 

 

54,601

 

Transaction costs

 

 

1,207

 

 

 

96

 

 

 

1,218

 

 

 

2,433

 

Gain on asset sales, net

 

 

(281

)

 

 

(287

)

 

 

(166

)

 

 

(1,248

)

Long-lived asset impairment

 

 

654

 

 

 

70

 

 

 

4,475

 

 

 

45,021

 

Total costs and expenses

 

 

71,236

 

 

 

73,170

 

 

 

151,446

 

 

 

221,627

 

Other income (expense)

 

 

276

 

 

 

83

 

 

 

(151

)

 

 

292

 

Interest expense

 

 

(21,990

)

 

 

(22,343

)

 

 

(45,818

)

 

 

(45,085

)

Gain on early extinguishment of debt

 

 

54,235

 

 

 

 

 

 

54,235

 

 

 

 

Income (loss) before income taxes and income

   (loss) from equity method investees

 

 

53,292

 

 

 

4,256

 

 

 

53,730

 

 

 

(35,326

)

Income tax benefit (expense)

 

 

389

 

 

 

(1,149

)

 

 

402

 

 

 

(1,406

)

Income (loss) from equity method investees

 

 

3,040

 

 

 

(79

)

 

 

6,351

 

 

 

(520

)

Net income (loss)

 

$

56,721

 

 

$

3,028

 

 

$

60,483

 

 

$

(37,252

)

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to noncontrolling interest

 

 

(1,393

)

 

 

(1,341

)

 

 

(3,274

)

 

 

(26,911

)

Net income (loss) attributable to limited partners

 

 

58,114

 

 

 

4,369

 

 

 

63,757

 

 

 

(10,341

)

Net income attributable to Series A Preferred Units

 

 

7,125

 

 

 

7,125

 

 

 

14,250

 

 

 

14,250

 

Net income attributable to Subsidiary Series A Preferred Units

 

 

1,397

 

 

 

 

 

 

2,342

 

 

 

 

Net income (loss) attributable to common limited partners

 

$

49,592

 

 

$

(2,756

)

 

$

47,165

 

 

$

(24,591

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (Loss) per limited partner unit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common unit – basic

 

$

1.11

 

 

$

(0.06

)

 

$

1.05

 

 

$

(0.54

)

Common unit – diluted

 

$

1.06

 

 

$

(0.06

)

 

$

1.02

 

 

$

(0.54

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average limited partner units outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common units – basic

 

 

44,650

 

 

 

45,319

 

 

 

44,985

 

 

 

45,319

 

Common units – diluted

 

 

46,737

 

 

 

45,319

 

 

 

46,323

 

 

 

45,319

 

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 PARTNERS' CAPITAL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling Interest

 

 

Partners' Capital

 

 

 

 

 

 

 

Series A Preferred Units

 

 

Common Noncontrolling Interests (1)

 

 

Series A Preferred Units

 

 

Partners' Capital

 

 

Total

 

 

 

(In thousands)

 

Partners' capital, January 1, 2020

 

$

293,616

 

 

$

186,070

 

 

$

 

 

$

305,550

 

 

$

785,236

 

Net income (loss)

 

 

7,125

 

 

 

(1,881

)

 

 

 

 

 

(2,427

)

 

 

2,817

 

Net cash distributions to SMLP unitholders

 

 

 

 

 

(6,037

)

 

 

 

 

 

 

 

 

(6,037

)

Unit-based compensation

 

 

 

 

 

2,723

 

 

 

 

 

 

 

 

 

2,723

 

Effect of common unit issuances under

    SMLP LTIP

 

 

 

 

 

2,322

 

 

 

 

 

 

(2,322

)

 

 

 

Tax withholdings and associated

    payments on vested SMLP LTIP

    awards

 

 

 

 

 

(984

)

 

 

 

 

 

 

 

 

(984

)

Partners' capital, March 31, 2020

 

 

300,741

 

 

 

182,213

 

 

 

 

 

 

300,801

 

 

 

783,755

 

Net income (loss)

 

 

4,750

 

 

 

(1,393

)

 

 

2,375

 

 

 

49,592

 

 

 

55,324

 

Unit-based compensation

 

 

 

 

 

1,331

 

 

 

 

 

 

515

 

 

 

1,846

 

Tax withholdings and associated

    payments on vested SMLP LTIP

    awards

 

 

 

 

 

(34

)

 

 

 

 

 

 

(28

)

 

 

(62

)

GP Buy-In Transaction assumption of noncontrolling

    interest in SMLP

 

 

(305,491

)

 

 

(182,117

)

 

 

305,491

 

 

 

182,117

 

 

 

 

Repurchase of common units under GP Buy-In

    Transaction

 

 

 

 

 

 

 

 

 

 

 

(44,078

)

 

 

(44,078

)

Other

 

 

 

 

 

 

 

 

 

 

 

(61

)

 

 

(61

)

Partners' capital, June 30, 2020

 

$

 

 

$

 

 

$

307,866

 

 

$

488,858

 

 

$

796,724

 

7


 

SUMMIT MIDSTREAM PARTNERS, LP AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL

(continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling Interest

 

 

 

 

 

 

 

 

 

 

 

Series A Preferred Units

 

 

Common Noncontrolling Interests (1)

 

 

Partners' Capital

 

 

Total

 

 

 

(In thousands)

 

Partners' capital, January 1, 2019

 

$

293,616

 

 

$

554,472

 

 

$

543,479

 

 

$

1,391,567

 

Net income (loss)

 

 

7,125

 

 

 

(25,570

)

 

 

(21,835

)

 

 

(40,280

)

Net cash distributions to SMLP unitholders

 

 

 

 

 

(27,374

)

 

 

 

 

 

(27,374

)

Unit-based compensation

 

 

 

 

 

2,526

 

 

 

 

 

 

2,526

 

Effect of common unit issuances under

    SMLP LTIP

 

 

 

 

 

2,387

 

 

 

(2,387

)

 

 

 

Tax withholdings and associated

    payments on vested SMLP LTIP

    awards

 

 

 

 

 

(2,524

)

 

 

 

 

 

(2,524

)

Conversion of noncontrolling interest related

    to cancellation of subsidiary incentive

    distribution rights

 

 

 

 

 

(48,203

)

 

 

48,203

 

 

 

 

Partners' capital, March 31, 2019

 

 

300,741

 

 

 

455,714

 

 

 

567,460

 

 

 

1,323,915

 

Net income (loss)

 

 

7,125

 

 

 

(1,341

)

 

 

(2,756

)

 

 

3,028

 

Net cash distributions to SMLP unitholders

 

 

(14,250

)

 

 

(13,826

)

 

 

 

 

 

(28,076

)

Net cash distributions to Energy Capital

    Partners

 

 

 

 

 

 

 

 

(68,984

)

 

 

(68,984

)

Unit-based compensation

 

 

 

 

 

1,393

 

 

 

 

 

 

1,393

 

Effect of common unit issuances under

    SMLP LTIP

 

 

 

 

 

40

 

 

 

(40

)

 

 

 

Tax withholdings and associated

    payments on vested SMLP LTIP

    awards

 

 

 

 

 

(93

)

 

 

 

 

 

(93

)

Partners' capital, June 30, 2019

 

$

293,616

 

 

$

441,887

 

 

$

495,680

 

 

$

1,231,183

 

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

 

8


 

SUMMIT MIDSTREAM PARTNERS, LP AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

Six months ended June 30,

 

 

 

2020

 

 

2019

 

 

 

(In thousands)

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income (loss)

 

$

60,483

 

 

$

(37,252

)

Adjustments to reconcile net income (loss) to net

    cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

59,766

 

 

 

55,353

 

Noncash lease expense

 

 

1,557

 

 

 

1,530

 

Amortization of debt issuance costs

 

 

3,136

 

 

 

3,121

 

Unit-based and noncash compensation

 

 

4,569

 

 

 

4,079

 

(Income) loss from equity method investees

 

 

(6,351

)

 

 

520

 

Distributions from equity method investees

 

 

12,749

 

 

 

18,217

 

Loss (gain) on asset sales, net

 

 

(166

)

 

 

(1,248

)

Gain on early extinguishment of debt

 

 

(54,235

)

 

 

 

Long-lived asset impairment

 

 

4,475

 

 

 

45,021

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

20,219

 

 

 

13,237

 

Trade accounts payable

 

 

1,411

 

 

 

(1,464

)

Accrued expenses

 

 

(8

)

 

 

(11,768

)

Deferred revenue, net

 

 

5,500

 

 

 

2,007

 

Ad valorem taxes payable

 

 

(2,170

)

 

 

(3,265

)

Accrued interest

 

 

(609

)

 

 

124

 

Accrued environmental remediation, net

 

 

(545

)

 

 

(1,001

)

Other, net

 

 

(4,410

)

 

 

(2,637

)

Net cash provided by operating activities

 

 

105,371

 

 

 

84,574

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(27,426

)

 

 

(111,092

)

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

    period ended June 30, 2019)

 

 

 

 

 

89,761

 

Distribution from equity method investment

 

 

 

 

 

7,252

 

Investment in equity method investee

 

 

(79,728

)

 

 

(5,921

)

Other, net

 

 

217

 

 

 

(160

)

Net cash used in investing activities

 

 

(106,937

)

 

 

(20,160

)

9


 

SUMMIT MIDSTREAM PARTNERS, LP AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(continued)

 

 

Six months ended June 30,

 

 

 

2020

 

 

2019

 

 

 

(In thousands)

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Net cash distributions to noncontrolling interest SMLP unitholders

 

 

(6,037

)

 

 

(41,200

)

Distributions to Series A Preferred unitholders

 

 

 

 

 

(14,250

)

Net cash distributions to Energy Capital Partners

 

 

 

 

 

(68,984

)

Borrowings under Revolving Credit Facility

 

 

90,000

 

 

 

233,000

 

Repayments on Revolving Credit Facility

 

 

(34,000

)

 

 

(126,000

)

Repayments on SMP Holdings term loan

 

 

(6,300

)

 

 

(53,750

)

Repurchase of Senior Notes

 

 

(76,707

)

 

 

 

Proceeds from issuance of Series A preferred units, net of costs

 

 

48,710

 

 

 

 

Borrowings under ECP Loans

 

 

35,000

 

 

 

 

Purchase of common units in GP Buy-In Transaction

 

 

(41,778

)

 

 

 

Debt issuance costs

 

 

(1,080

)

 

 

(229

)

Proceeds from asset sale

 

 

288

 

 

 

 

Other, net

 

 

(1,833

)

 

 

(3,532

)

Net cash provided by (used in) financing activities

 

 

6,263

 

 

 

(74,945

)

Net change in cash, cash equivalents and restricted cash

 

 

4,697

 

 

 

(10,531

)

Cash, cash equivalents and restricted cash, beginning of period

 

 

36,922

 

 

 

16,173

 

Cash, cash equivalents and restricted cash, end of period (1)

 

$

41,619

 

 

$

5,642

 

 

 

 

 

 

 

 

 

 

Supplemental cash flow disclosures:

 

 

 

 

 

 

 

 

Cash interest paid

 

$

44,073

 

 

$

43,683

 

Less capitalized interest

 

 

819

 

 

 

4,361

 

Interest paid (net of capitalized interest)

 

$

43,254

 

 

$

39,322