Summit Midstream Partners, LP Series A Preferred Unit Exchange for Common Units June 19, 2020
Series A Preferred Unit Exchange Offer Overview SMLP is launching an offer to all holders of SMLPs 9.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (1,000 liquidation preference) (the Series A…
Compelling Value Proposition for Both Series A Preferred Unitholders & SMLP The Exchange Offer would benefit both Series A Preferred Unitholders & SMLP Benefits for Series A Preferred Unitholders Benefits for SMLP Enhanced trading…
Large Disparity in Market Trading Liquidity Between March 1 and June 18, 2020, the aggregate volume of SMLPs common units that was traded was 20 times that of SMLPs Series A Preferred Units Series A Preferred Unit Trading History(1)…
Pro Forma Capitalization The table below illustrates the pro forma impacts of the GP Buy-In Transaction and the Exchange Offer (assuming 50% participation) on SMLPs capital structure as of 3/31/2020 As Reported GP Buy-In Transaction(1)…
2020 Highlights 1Q 2020 Financial Results 5.3 million of net income, 66.1 million of adjusted EBITDA and 34.2 million of DCF 69% of segment adjusted EBITDA originated from natural gas-focused segments Q-o-Q Permian Basin Segment…
Enhanced Governance Structure through GP Buy-In Transaction On May 28, 2020, SMLP closed the acquisition of Summit Midstream Partners, LLC (Summit Investments) from Energy Capital Partners II, LLC (ECP) for 35 million in cash plus…
GP Buy-In Transaction Rationale Enables SMLP to continue to prioritize the balance sheet by reducing debt, controlling costs, increasing financial flexibility and improving credit metrics in the volatile macro environment Increased…
Key Takeaways Opportunity for Series A Preferred Unitholders to receive a substantial premium to current market pricing 1 and significantly increase trading liquidity Participating Series A Preferred Unitholders have option to…
Appendix
SMLP Overview SMLP is a value-driven independent natural gas, crude oil and produced water gathering and processing company with diversified operations across seven resource plays in the continental U.S. Key Statistics Franchise…
Diversified Operating Footprint SMLPs diversified operations, services and customers provide cash flow stability. SMLP has substantial opportunities for growth in each of its Core Focus Areas, but intends to allocate growth capital in…
Reportable Segment Adjusted EBITDA Three Months ended March 31, (s in 000s) 2020 2019 (1) Reportable segment adjusted EBITDA : Utica Shale 5,928 6,193 (2) Ohio Gathering 7,939 9,210 (3) Williston Basin 16,192 18,734 DJ Basin…
Reconciliation of Net Income or Loss to adj. EBITDA and DCF Three Months Ended March 31, Year Ended December 31, (s in 000s) 2020 2019 2019 2018 2017 2016 Net income / (loss) 5,309 (36,914) (369,833) 42,351 86,050 (38,187) Add:…
Reconciliation of Net Cash Provided by Operating Activities to adj. EBITDA and DCF Three Months Ended March 31, (s in 000s) 2019 2018 Distributable Cash Flow: Net Cash provided by operating activities 73,968 52,711 Add: Interest…
Adjustments Related to MVC Shortfall Payments(1) Three Months Ended March 31, 2020 MVC Gathering Adjustments to MVC Net Impact to (s in 000s) Billings Revenue Shortfall Payments Adjusted EBITDA Net change in deferred revenue related…
Cash Paid for Capital Expenditures Three Months ended March 31, (s in 000s) 2020 2019 (1) Cash paid for capital expenditures : Utica Shale 909 101 Williston Basin 4,943 8,023 DJ Basin 6,298 28,356 Permian Basin 3,281 7,057…
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