Summit Midstream Partners, LP Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 09, 2023 at 04:00 pm EDT
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Summit Midstream Partners, LP reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported revenue was USD 97.89 million compared to USD 99.06 million a year ago. Net loss was USD 13.54 million compared to USD 91.8 million a year ago. Basic loss per share from continuing operations was USD 1.91 compared to USD 9.53 a year ago. Diluted loss per share from continuing operations was USD 1.91 compared to USD 9.53 a year ago.
For the six months, revenue was USD 210.39 million compared to USD 195.19 million a year ago. Net loss was USD 27.7 million compared to USD 91.81 million a year ago. Basic loss per share from continuing operations was USD 3.73 compared to USD 8.45 a year ago. Diluted loss per share from continuing operations was USD 3.73 compared to USD 8.45 a year ago.
Summit Midstream Partners, LP is a limited partnership focused on development, owning, and operating midstream energy infrastructure assets, primarily shale formations, in the continental United States. Its segments include Rockies, Permian, Northeast, Piceance and Barnett. It provides natural gas, crude oil and produced water gathering, processing and transportation services pursuant to primarily long-term, fee-based agreements with customers and counterparties in five unconventional resource basins: the Appalachian Basin, which includes the Marcellus shale formation in West Virginia; the Williston Basin, which includes the Bakken and Three Forks shale formations in North Dakota; the Denver-Julesburg Basin, which includes the Niobrara and Codell shale formations in Colorado and Wyoming; the Fort Worth Basin, which includes the Barnett Shale formation in Texas; and the Piceance Basin that includes the Mesaverde formation as well as the Mancos and Niobrara shale formations in Colorado.