Industry Risks NGL Overbuild as Growth Slows
US NGL infrastructure has quietly transitioned from tight to overbuilt. While production continues to grow, the pace has moderated significantly…
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East Daley regularly updates Midstream Company Financials. Clients get access to Preview and Review Reports and Models on each company. This is an example of a previous report on Summit Midstream Corp.
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Ladies & Gentlemen, Summit Has Left the Bison
Summit Midstream (SMC) will sell its Bison Midstream gas gathering system in North Dakota to Steel Reef Infrastructure for $40 million in cash, the companies announced this past week (Sept. 19). We estimate Bison to provide 4% of total 2022 SMLP Adj. EBITDA, and we currently model 1 rig on the system.
SMLP could benefit from continuing to sell specific assets during the year to come. The company sold the Lane G&P system in the Delaware Basin earlier this year (June 30). Lane sold for a cash sale price of $75 million and the assumption of an additional 60 MMcf/d take-or-pay firm capacity behind Double E pipeline. The Bison Midstream asset represents $8 million (4%) of the total Adj. EBITDA for 2022 ($215 million in FY2022) East Daley forecasts for SMLP. The sale is subject to customary transaction adjustments and will transfer all of SMLP’s interest in Burke and Mountrail counties, North Dakota, to Steel Reef.
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