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Summit Midstream Partners, LP Reports First Quarter 2021 Financial and Operating Results


Summit Midstream Partners, LP Reports First Quarter 2021 Financial and Operating Results
- First quarter 2021 net income of $9.0 million, adjusted EBITDA of $60.4 million and Distributable Cash Flow ( DCF ) of $46.2 million
- First quarter 2021 operating expenses reflect a reduction of $4.3 million relative to 4Q 2020, driven by proactive expense management initiatives implemented across the organization in late 2020
- Connected new four well Utica Shale pad site in March 2021, ahead of schedule; wells flowing approximately 20% above original expectations
- Reduced revolving credit facility balance in 1Q 2021 by $55 million, or nearly 40% of SMLP s full year 2021 debt reduction guidance target
- Closed $175 million of non-recourse senior secured credit facilities, which will be used to fund the vast majority of Summit s remaining investment in Double E ....

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