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/PRNewswire/ Summit Midstream Partners, LP (NYSE: SMLP) (the "Partnership") announced today that Marc Stratton, the Executive Vice President and Chief.
Summit Secures Double E NatGas Pipe Financing, but Permian Outlook Lower for 2021
A Summit Midstream Partners LP subsidiary has closed financing for the Permian Basin natural gas Double E Pipeline project, which is expected to be in service and under budget by the end of the year.
Summit Permian Transmission LLC closed on $175 million of senior secured credit facilities for Double E’s development. Summit owns a 70% interest in the project, which would transport 1.35 Bcf/d from the Permian Delaware sub-basin to the Waha Hub in West Texas and beyond. The project was sanctioned in June 2019.
Summit management expects Double E to be completed at or below the current $425 million capital budget, with about $35 million remaining in unidentified project contingency. The original price tag was around $500 million. Summit also has posted a $16 million letter of credit to support back-end equity contributions if needed. Any additional equity required is not expected to fund until 2022, fo