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Summit Midstream Lifts Earnings 44%; Touts Progress
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Summit Midstream Partners LP has reported financial and operating results for the fourth quarter and full year of 2012.
SMLP reported Adjusted EBITDA of $28.6 million for the fourth quarter of 2012, up 44.4% from $19.8 million in the fourth quarter of 2011 and up 23.8% from $23.1 million in the third quarter of 2012. The fourth quarter of 2012 included three months of financial and operating results from Grand River compared to only two months in the fourth quarter of 2011. Adjusted EBITDA in the fourth quarter of 2012 was higher than the third quarter of 2012 primarily due to higher volume throughput at DFW Midstream, increased revenue from condensate sales at Grand River and $0.8 million of future annual minimum volume commitment (MVC) shortfall payments. Adjusted EBITDA in the…
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