Item 1. |
Financial Statements. |
March 31, 2020 |
December 31, 2019 |
|||||||
(In thousands, except unit amounts) |
||||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | $ | ||||||
Restricted cash |
||||||||
Accounts receivable |
||||||||
Other current assets |
||||||||
|
|
|
|
|||||
Total current assets |
||||||||
Property, plant and equipment, net |
||||||||
Intangible assets, net |
||||||||
Investment in equity method investees |
||||||||
Other noncurrent assets |
||||||||
|
|
|
|
|||||
Total assets |
$ | $ | ||||||
|
|
|
|
|||||
Liabilities and Capital |
||||||||
Current liabilities: |
||||||||
Trade accounts payable |
$ | $ | ||||||
Accrued expenses |
||||||||
Deferred revenue |
||||||||
Ad valorem taxes payable |
||||||||
Accrued interest |
||||||||
Accrued environmental remediation |
||||||||
Other current liabilities |
||||||||
Current portion of long-term debt |
||||||||
|
|
|
|
|||||
Total current liabilities |
||||||||
Long-term debt |
||||||||
Noncurrent deferred revenue |
||||||||
Noncurrent accrued environmental remediation |
||||||||
Other noncurrent liabilities |
||||||||
|
|
|
|
|||||
Total liabilities |
||||||||
Commitments and contingencies (Note 15) |
||||||||
Mezzanine Capital |
||||||||
Subsidiary Series A Preferred Units ( | ||||||||
Partners’ Capital |
||||||||
Series A Preferred Units ( |
||||||||
Common limited partner capital |
||||||||
Noncontrolling interest |
||||||||
|
|
|
|
|||||
Total partners’ capital |
||||||||
|
|
|
|
|||||
Total liabilities, mezzanine capital and partners’ capital |
$ | $ | ||||||
|
|
|
|
Three months ended March 31, |
||||||||
2020 |
2019 |
|||||||
(In thousands, except per-unit amounts) |
||||||||
Revenues: |
||||||||
Gathering services and related fees |
$ | $ | ||||||
Natural gas, NGLs and condensate sales |
||||||||
Other revenues |
||||||||
Total revenues |
||||||||
Costs and expenses: |
||||||||
Cost of natural gas and NGLs |
||||||||
Operation and maintenance |
||||||||
General and administrative |
||||||||
Depreciation and amortization |
||||||||
Transaction costs |
||||||||
Loss (gain) on asset sales, net |
( |
) | ||||||
Long-lived asset impairment |
||||||||
Total costs and expenses |
||||||||
Other (expense) income |
( |
) | ||||||
Interest expense |
( |
) | ( |
) | ||||
Income (loss) before income taxes and income (loss) from equity method investees |
( |
) | ||||||
Income tax benefit (expense) |
( |
) | ||||||
Income (loss) from equity method investees |
( |
) | ||||||
Net income (loss) |
$ | $ | ( |
) | ||||
Less: |
||||||||
Net loss attributable to noncontrolling interest |
( |
) | ( |
) | ||||
Net income (loss) attributable to limited partners |
( |
) | ||||||
Net income attributable to Series A Preferred Units |
||||||||
Net income attributable to Subsidiary Series A Preferred Units |
||||||||
Net loss attributable to common limited partners |
$ | ( |
) | $ | ( |
) | ||
Loss per limited partner unit: |
||||||||
Common unit – basic |
$ | ( |
) | $ | ( |
) | ||
Common unit – diluted |
$ | ( |
) | $ | ( |
) | ||
Weighted-average limited partner units outstanding: |
||||||||
Common units – basic |
||||||||
Common units – diluted |
Noncontrolling Interest |
||||||||||||||||
Series A Preferred Units |
Common Noncontrolling Interests (1) |
Partners’ Capital |
Total |
|||||||||||||
(In thousands) |
||||||||||||||||
Partners’ capital, January 1, 2020 |
$ | $ | $ | $ | ||||||||||||
Net income (loss) |
( |
) | ( |
) | ||||||||||||
Net cash distributions to SMLP unitholders |
( |
) | ( |
) | ||||||||||||
Unit-based compensation |
||||||||||||||||
Effect of common unit issuances under SMLP LTIP |
( |
) | ||||||||||||||
Tax withholdings and associated payments on vested SMLP LTIP awards |
( |
) | ( |
) | ||||||||||||
Partners’ capital, March 31, 2020 |
$ | $ | $ | $ | ||||||||||||
Noncontrolling Interest |
||||||||||||||||
Series A Preferred Units |
Common Noncontrolling Interests (1) |
Partners’ Capital |
Total |
|||||||||||||
(In thousands) |
||||||||||||||||
Partners’ capital, January 1, 2019 |
$ | $ | $ | $ | ||||||||||||
Net income (loss) |
( |
) | ( |
) | ( |
) | ||||||||||
Net cash distributions to SMLP unitholders |
( |
) | ( |
) | ||||||||||||
Unit-based compensation |
||||||||||||||||
Effect of common unit issuances under SMLP LTIP |
( |
) | ||||||||||||||
Tax withholdings and associated payments on vested SMLP LTIP awards |
( |
) | ( |
) | ||||||||||||
Conversion of noncontrolling interest related to cancellation of subsidiary incentive distribution rights |
( |
) | ||||||||||||||
Partners’ capital, March 31, 2019 |
$ | $ | $ | $ | ||||||||||||
(1) | Prior to the GP Buy-In Transaction, common noncontrolling interests reported by Summit Investments included equity interests in SMLP that were not owned by Summit Investments. |
March 31, |
||||||||
2020 |
2019 |
|||||||
(In thousands) |
||||||||
Cash flows from operating activities: |
||||||||
Net income (loss) |
$ | $ | ( |
) | ||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
||||||||
Depreciation and amortization |
||||||||
Noncash lease expense |
||||||||
Amortization of debt issuance costs |
||||||||
Unit-based and noncash compensation |
||||||||
(Income) loss from equity method investees |
( |
) | ||||||
Distributions from equity method investees |
||||||||
Loss (gain) on asset sales, net |
( |
) | ||||||
Long-lived asset impairment |
||||||||
Changes in operating assets and liabilities: |
||||||||
Accounts receivable |
||||||||
Trade accounts payable |
||||||||
Accrued expenses |
( |
) | ( |
) | ||||
Deferred revenue, net |
||||||||
Ad valorem taxes payable |
( |
) | ( |
) | ||||
Accrued interest |
||||||||
Accrued environmental remediation, net |
( |
) | ( |
) | ||||
Other, net |
( |
) | ( |
) | ||||
Net cash provided by operating activities |
||||||||
Cash flows from investing activities: |
||||||||
Capital expenditures |
( |
) | ( |
) | ||||
Proceeds from asset sale (net of cash of $ |
||||||||
Investment in equity method investee |
( |
) | ||||||
Other, net |
( |
) | ||||||
Net cash (used in) provided by investing activities |
( |
) | ||||||
March 31, |
||||||||
2020 |
2019 |
|||||||
(In thousands) |
||||||||
Cash flows from financing activities: |
||||||||
Net cash Distributions to noncontrolling interest SMLP unitholders |
( |
) | ( |
) | ||||
Borrowings under Revolving Credit Facility |
||||||||
Repayments under Revolving Credit Facility |
( |
) | ( |
) | ||||
Repayments under SMP Holdings term loan |
( |
) | ( |
) | ||||
Debt issuance costs |
( |
) | ( |
) | ||||
Proceeds from issuance of Series A preferred units, net of costs |
||||||||
Other, net |
( |
) | ( |
) | ||||
Net cash provided by (used in) financing activities |
( |
) | ||||||
Net change in cash, cash equivalents and restricted cash |
( |
) | ||||||
Cash, cash equivalents and restricted cash, beginning of period |
||||||||
Cash, cash equivalents and restricted cash, end of period (1) |
$ | $ | ||||||
Supplemental cash flow disclosures: |
||||||||
Cash interest paid |
$ | $ | ||||||
Less capitalized interest |
||||||||
Interest paid (net of capitalized interest) |
$ | $ | ||||||
Cash paid for taxes |
$ | $ | ||||||
Noncash investing and financing activities |
||||||||
Capital expenditures in trade accounts payable (period-end accruals) |
$ | $ | ||||||
Right-of-use |
(1) | A reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets follow: |
March 31, |
||||||||
2020 |
2019 |
|||||||
(In thousands) |
||||||||
Cash and cash equivalents |
$ | $ | ||||||
Restricted cash |
||||||||
Total cash, cash equivalents and restricted cash |
$ | $ | ||||||
• | Summit Utica, a natural gas gathering system operating in the Appalachian Basin, which includes the Utica and Point Pleasant shale formations in southeastern Ohio; |
• | Ohio Gathering, a natural gas gathering system and a condensate stabilization facility operating in the Appalachian Basin, which includes the Utica and Point Pleasant shale formations in southeastern Ohio; |
• | Polar and Divide, a crude oil and produced water gathering system and transmission pipeline operating in the Williston Basin, which includes the Bakken and Three Forks shale formations in northwestern North Dakota; |
• | Bison Midstream, an associated natural gas gathering system operating in the Williston Basin, which includes the Bakken and Three Forks shale formations in northwestern North Dakota; |
• | Niobrara G&P, an associated natural gas gathering and processing system operating in the DJ Basin, which includes the Niobrara and Codell shale formations in northeastern Colorado and southeastern Wyoming; |
• | Summit Permian, an associated natural gas gathering and processing system operating in the northern Delaware Basin, which includes the Wolfcamp and Bone Spring formations, in southeastern New Mexico; |
• | Double E, a 1.35 Bcf/d natural gas transmission pipeline that is under development and will provide transportation service from multiple receipt points in the Delaware Basin to various delivery points in and around the Waha Hub in Texas; |
• | Grand River, a natural gas gathering and processing system operating in the Piceance Basin, which includes the Mesaverde formation and the Mancos and Niobrara shale formations in western Colorado; |
• | DFW Midstream, a natural gas gathering system operating in the Fort Worth Basin, which includes the Barnett Shale formation in north-central Texas; and |
• | Mountaineer Midstream, a natural gas gathering system operating in the Appalachian Basin, which includes the Marcellus Shale formation in northern West Virginia. |
• | ASU No. 2018-13 Fair Value Measurement (“ASU 2018-13”). ASU 2018-13 updates the disclosure requirements on fair value measurements including new disclosures for the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. ASU 2018-13 modifies existing disclosures including clarifying the measurement uncertainty disclosure. ASU 2018-13 removes certain existing disclosure requirements including the amount and reasons for transfers between Level 1 and Level 2 fair value measurements and the policy for the timing of transfer between levels. The adoption of ASU 2018-13 on January 1, 2020 did not have a material impact on our unaudited condensed consolidated financial statement disclosures. |
• | ASU No. 2016-13 Financial Instruments – Credit Losses (“ASU 2016-13”). ASU 2016-13 requires the use of a current expected loss model for financial assets measured at amortized cost and certain off-balance sheet credit exposures. Under this model, entities will be required to estimate the lifetime expected credit losses on such instruments based on historical experience, current conditions, and reasonable and supportable forecasts. This amended guidance also expands the disclosure requirements to enable users of financial statements to understand an entity’s assumptions, models and methods for estimating expected credit losses. The changes are effective for annual and interim periods beginning after December 15, 2019, and amendments should be applied using a modified retrospective approach. The adoption of ASU 2016-13 on January 1, 2020 did not have a material impact on our unaudited condensed consolidated financial statements or disclosures. |
• | ASU No. 2020-04 Reference Rate Reform (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform on financial reporting. The amendments in ASU 2020-04 are effective as of March 12, 2020 through December 31, 2022. We are currently evaluating the provisions of ASU 2020-04 to determine its impact on our unaudited condensed consolidated financial statements and disclosures. |
2020 |
2021 |
2022 |
2023 |
2024 |
Thereafter |
|||||||||||||||||||
(In thousands) |
||||||||||||||||||||||||
Gathering services and related fees |
$ | $ | $ | $ | $ | $ |
Reportable Segments |
||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2020 |
||||||||||||||||||||||||||||||||||||||||
Utica Shale |
Williston Basin |
DJ Basin |
Permian Basin |
Piceance Basin |
Barnett Shale |
Marcellus Shale |
Total reportable segments |
All other segments |
Total |
|||||||||||||||||||||||||||||||
(In thousands) |
||||||||||||||||||||||||||||||||||||||||
Major products / services lines |
||||||||||||||||||||||||||||||||||||||||
Gathering services and related fees |
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Natural gas, NGLs and condensate sales |
||||||||||||||||||||||||||||||||||||||||
Other revenues |
||||||||||||||||||||||||||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Reportable Segments |
||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2019 |
||||||||||||||||||||||||||||||||||||||||
Utica Shale |
Williston Basin |
DJ Basin |
Permian Basin |
Piceance Basin |
Barnett Shale |
Marcellus Shale |
Total reportable segments |
All other segments |
Total |
|||||||||||||||||||||||||||||||
(In thousands) |
||||||||||||||||||||||||||||||||||||||||
Major products / services lines |
||||||||||||||||||||||||||||||||||||||||
Gathering services and related fees |
$ | $ | $ | $ | $ | $ | $ | $ | $ | ( |
) | $ | ||||||||||||||||||||||||||||
Natural gas, NGLs and condensate sales |
||||||||||||||||||||||||||||||||||||||||
Other revenues |
( |
) | ||||||||||||||||||||||||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
March 31, 2020 |
December 31, 2019 |
|||||||
(In thousands) |
||||||||
Contract assets, beginning of period |
$ | $ | ||||||
Additions |
||||||||
Transfers out |
( |
) | ( |
) | ||||
Contract assets, end of period |
$ | $ |
• | the Utica Shale, which is served by Summit Utica; |
• | Ohio Gathering, which includes our ownership interest in OGC and OCC; |
• | the Williston Basin, which is served by Polar and Divide and Bison Midstream; |
• | the DJ Basin, which is served by Niobrara G&P; |
• | the Permian Basin, which is served by Summit Permian; |
• | the Piceance Basin, which is served by Grand River; |
• | the Barnett Shale, which is served by DFW Midstream; and |
• | the Marcellus Shale, which is served by Mountaineer Midstream. |
March 31, 2020 |
December 31, 2019 |
|||||||
(In thousands) |
||||||||
Assets (1): |
||||||||
Utica Shale |
$ | $ | ||||||
Ohio Gathering |
||||||||
Williston Basin |
||||||||
DJ Basin |
||||||||
Permian Basin |
||||||||
Piceance Basin |
||||||||
Barnett Shale |
||||||||
Marcellus Shale |
||||||||
Total reportable segment assets |
||||||||
Corporate and Other |
||||||||
Total assets |
$ | $ | ||||||
(1) | At March 31, 2020, Corporate and Other included $ |
Three months ended March 31, |
||||||||
2020 |
2019 |
|||||||
(In thousands) |
||||||||
Revenues (1): |
||||||||
Utica Shale |
$ | $ | ||||||
Williston Basin |
||||||||
DJ Basin |
||||||||
Permian Basin |
||||||||
Piceance Basin |
||||||||
Barnett Shale |
||||||||
Marcellus Shale |
||||||||
Total reportable segments revenue |
||||||||
Corporate and Other |
||||||||
Eliminations |
( |
) | ||||||
Total revenues |
$ | $ | ||||||
(1) | Excludes revenues earned by Ohio Gathering due to equity method accounting. |
Three months ended March 31, |
||||||||
2020 |
2019 |
|||||||
Percentage of total revenues (1): |
||||||||
Counterparty A - Piceance Basin |
% |
(1) | Excludes revenues earned by Ohio Gathering due to equity method accounting. |
* | Less than 10% |
Three months ended March 31, |
||||||||
2020 |
2019 |
|||||||
(In thousands) |
||||||||
Depreciation and amortization (1): |
||||||||
Utica Shale |
$ | $ | ||||||
Williston Basin |
||||||||
DJ Basin |
||||||||
Permian Basin |
||||||||
Piceance Basin |
||||||||
Barnett Shale (2) |
||||||||
Marcellus Shale |
||||||||
Total reportable segment depreciation and amortization |
||||||||
Corporate and Other |
||||||||
Total depreciation and amortization |
$ | $ | ||||||
(1) | Excludes depreciation and amortization recognized by Ohio Gathering due to equity method accounting. |
(2) | Includes the amortization expense associated with our favorable gas gathering contracts as reported in Other revenues. |
Three months ended March 31, |
||||||||
2020 |
2019 |
|||||||
(In thousands) |
||||||||
Cash paid for capital expenditures (1): |
||||||||
Utica Shale |
$ | $ | ||||||
Williston Basin |
||||||||
DJ Basin |
||||||||
Permian Basin |
||||||||
Piceance Basin |
||||||||
Barnett Shale (2) |
( |
) | ||||||
Marcellus Shale |
||||||||
Total reportable segment capital expenditures |
||||||||
Corporate and Other |
||||||||
Total cash paid for capital expenditures |
$ | $ | ||||||
(1) | Excludes cash paid for capital expenditures by Ohio Gathering due to equity method accounting. |
(2) | For the three months ended March 31, 2019, the amount includes sales tax reimbursements of $ |
Three months ended March 31, |
||||||||
2020 |
2019 |
|||||||
(In thousands) |
||||||||
Reportable segment adjusted EBITDA |
||||||||
Utica Shale |
$ | $ | ||||||
Ohio Gathering |
||||||||
Williston Basin |
||||||||
DJ Basin |
||||||||
Permian Basin |
( |
) | ||||||
Piceance Basin |
||||||||
Barnett Shale |
||||||||
Marcellus Shale |
||||||||
Total of reportable segments’ measures of profit |
$ | $ | ||||||
Three months ended March 31, |
||||||||
2020 |
2019 |
|||||||
(In thousands) |
||||||||
Reconciliation of income (loss) before income taxes and income (loss) from equity method investees to total of reportable segments’ measures of profit: |
||||||||
Income (loss) before income taxes and income (loss) from equity method investees |
$ | $ | ( |
) | ||||
Add: |
||||||||
Corporate and Other expense |
||||||||
Interest expense |
||||||||
Depreciation and amortization |
||||||||
Proportional adjusted EBITDA for equity method investees |
||||||||
Adjustments related to MVC shortfall payments |
( |
) | ( |
) | ||||
Adjustments related to capital reimbursement activity |
( |
) | ( |
) | ||||
Unit-based and noncash compensation |
||||||||
Loss (gain) on asset sales, net |
( |
) | ||||||
Long-lived asset impairment |
||||||||
Total of reportable segments’ measures of profit |
$ | $ | ||||||
Three months ended March 31, 2020 |
||||||||||||||||
Williston Basin |
Piceance Basin |
Barnett Shale |
Total |
|||||||||||||
(In thousands) |
||||||||||||||||
Adjustments related to expected MVC shortfall payments: |
$ | ( |
) | $ | $ | — | $ | ( |
) |
Three months ended March 31, 2019 |
||||||||||||||||
Williston Basin |
Piceance Basin |
Barnett Shale |
Total |
|||||||||||||
(In thousands) |
||||||||||||||||
Adjustments related to expected MVC shortfall payments: |
$ | ( |
) | $ | ( |
) | $ | $ | ( |
) |
March 31, 2020 |
December 31, 2019 |
|||||||
(In thousands) |
||||||||
Gathering and processing systems and related equipment |
$ | $ | ||||||
Construction in progress |
||||||||
Land and line fill |
||||||||
Other |
||||||||
Total |
||||||||
Less accumulated depreciation |
||||||||
Property, plant and equipment, net |
$ | $ | ||||||
Three months ended March 31, |
||||||||
2020 |
2019 |
|||||||
(In thousands) |
||||||||
Depreciation expense |
$ | $ | ||||||
Capitalized interest |
March 31, 2020 |
||||||||||||
Gross carrying amount |
Accumulated amortization |
Net |
||||||||||
(In thousands) |
||||||||||||
Favorable gas gathering contracts |
$ | $ | ( |
) | $ | |||||||
Contract intangibles |
( |
) | ||||||||||
Rights-of-way |
( |
) | ||||||||||
Total intangible assets |
$ | $ | ( |
) | $ | |||||||
December 31, 2019 |
||||||||||||
Gross carrying amount |
Accumulated amortization |
Net |
||||||||||
(In thousands) |
||||||||||||
Favorable gas gathering contracts |
$ | $ | ( |
) | $ | |||||||
Contract intangibles |
( |
) | ||||||||||
Rights-of-way |
( |
) | ||||||||||
Total intangible assets |
$ | $ | ( |
) | $ | |||||||
Three months ended March 31, |
||||||||
2020 |
2019 |
|||||||
(In thousands) |
||||||||
Amortization expense – favorable gas gathering contracts |
$ | ( |
) | $ | ( |
) |
Three months ended March 31, |
||||||||
2020 |
2019 |
|||||||
(In thousands) |
||||||||
Amortization expense – contract intangibles |
$ | $ | ||||||
Amortization expense – rights-of-way |
Intangible assets |
||||
(In thousands) |
||||
2020 |
$ | |||
2021 |
||||
2022 |
||||
2023 |
||||
2024 |
Investment in Ohio Gathering, March 31, 2020 |
$ | |||
March cash distributions |
||||
Basis difference |
||||
Investment in Ohio Gathering February 29, 2020 |
$ | |||
Three months ended February 29, 2020 |
Three months ended February 28, 2019 |
|||||||||||||||
OGC |
OCC |
OGC |
OCC |
|||||||||||||
(In thousands) |
||||||||||||||||
Total revenues |
$ | $ | $ | $ | ||||||||||||
Total operating expenses |
||||||||||||||||
Net income (loss) |
( |
) | ( |
) |
Utica Shale |
Williston Basin |
DJ Basin |
Piceance Basin |
Barnett Shale |
Marcellus Shale |
Total current |
||||||||||||||||||||||
(In thousands) |
||||||||||||||||||||||||||||
Current deferred revenue, January 1, 2020 |
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Additions |
||||||||||||||||||||||||||||
Less revenue recognized |
||||||||||||||||||||||||||||
Current deferred revenue, March 31, 2020 |
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Utica Shale |
Williston Basin |
DJ Basin |
Piceance Basin |
Barnett Shale |
Marcellus Shale |
Total noncurrent |
||||||||||||||||||||||
(In thousands) |
||||||||||||||||||||||||||||
Noncurrent deferred revenue, January 1, 2020 |
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Additions |
||||||||||||||||||||||||||||
Less reclassification to current deferred revenue |
||||||||||||||||||||||||||||
Noncurrent deferred revenue, March 31, 2020 |
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
March 31, 2020 |
December 31, 2019 |
|||||||
(In thousands) |
||||||||
Summit Holdings’ variable rate senior secured Revolving Credit Facility ( | $ | $ | ||||||
Summit Holdings’ | ||||||||
Less unamortized debt issuance costs (1) |
( |
) | ( |
) | ||||
Summit Holdings’ | ||||||||
Less unamortized debt issuance costs (1) |
( |
) | ( |
) | ||||
SMP Holdings’ variable rate senior secured term loan ( | ||||||||
Less unamortized debt issuance costs (1) |
( |
) | ( |
) | ||||
Total debt |
||||||||
Less current portion |
||||||||
Total long-term debt |
$ | $ | ||||||
(1) | Issuance costs are being amortized over the life of the Term Loan B and Senior Notes. |
March 31, 2020 |
December 31, 2019 |
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Carrying value |
Estimated fair value (Level 2) |
Carrying value |
Estimated fair value (Level 2) |
|||||||||||||
(In thousands) |
||||||||||||||||
Summit Holdings | $ | $ | $ | $ | ||||||||||||
Summit Holdings |
Three months ended March 31, |
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2020 |
2019 |
|||||||
Per-unit distributions to unitholders |
$ | $ |
Three months ended March 31, |
||||||||
2020 |
2019 |
|||||||
(In thousands, except per-unit amounts) |
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Numerator for basic and diluted EPU: |
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Allocation of net income (loss) among limited partner interests: |
||||||||
Net income (loss) attributable to limited partners |
$ | $ | ( |
) | ||||
Less net income attributable to Series A Preferred Units |
||||||||
Less net income attributable to Subsidiary Series A Preferred Units |
||||||||
Net loss attributable to common limited partners |
$ | ( |
) | $ | ( |
) | ||
Denominator for basic and diluted EPU: |
||||||||
Weighted-average common units outstanding – basic and diluted (1) |
45,319 | 45,319 | ||||||
Loss per limited partner unit: |
||||||||
Common unit – basic |
$ | ( |
) | $ | ( |
) | ||
Common unit – diluted |
$ | ( |
) | $ | ( |
) | ||
Nonvested anti-dilutive phantom units excluded from the calculation of diluted EPU |
(1) | As a result of the GP Buy-In Transaction, our historical results are those of Summit Investments. The number of common units of |
• | In March 2020, we granted |
• | In March 2020, we also issued |
• | During the three months ended March 31, 2020, |
• | In March 2020, we increased the number of common units authorized under the SMLP LTIP to |
• | As of March 31, 2020, approximately |
March 31, 2020 |
December 31, 2019 |
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(In thousands) |
||||||||
ROU assets |
||||||||
Operating |
$ | $ | ||||||
Finance |
||||||||
$ | $ | |||||||
Lease liabilities, current |
||||||||
Operating |
$ | $ | ||||||
Finance |
||||||||
$ | $ | |||||||
Lease liabilities, noncurrent |
||||||||
Operating |
$ | $ | ||||||
Finance |
||||||||
$ | $ |
Three months ended March 31, |
||||||||
2020 |
2019 |
|||||||
(In thousands) |
||||||||
Lease cost |
||||||||
Finance lease cost: |
||||||||
Amortization of ROU assets (included in depreciation and amortization) |
$ | $ | ||||||
Interest on lease liabilities (included in interest expense) |
||||||||
Operating lease cost (included in general and administrative expense) |
||||||||
$ | $ |
Three months ended March 31, |
||||||||
2020 |
2019 |
|||||||
(In thousands) |
||||||||
Other information |
||||||||
Cash paid for amounts included in the measurement of lease liabilities |
||||||||
Operating cash outflows from operating leases |
$ | $ | ||||||
Operating cash outflows from finance leases |
||||||||
Financing cash outflows from finance leases |
||||||||
ROU assets obtained in exchange for new operating lease liabilities |
— | |||||||
ROU assets obtained in exchange for new finance lease liabilities |
— | |||||||
Weighted-average remaining lease term (years) - operating leases |
||||||||
Weighted-average remaining lease term (years) - finance leases |
||||||||
Weighted-average discount rate - operating leases |
% | % | ||||||
Weighted-average discount rate - finance leases |
% | % |
Three months ended March 31, |
||||||||
2020 |
2019 |
|||||||
(In thousands) |
||||||||
Lease expense |
$ | $ |
March 31, 2020 |
||||||||
(In thousands) |
||||||||
Operating |
Finance |
|||||||
2020 |
$ | $ | ||||||
2021 |
||||||||
2022 |
||||||||
2023 |
— | |||||||
2024 |
— | |||||||
2025 |
— | |||||||
Thereafter |
— | |||||||
|
|
|
|
|||||
Total future minimum lease payments |
$ | $ | ||||||
|
|
|
|
December 31, 2019 |
||||||||
(In thousands) |
||||||||
Operating |
Finance |
|||||||
2020 |
$ | $ | ||||||
2021 |
||||||||
2022 |
||||||||
2023 |
— | |||||||
2024 |
— | |||||||
2025 |
— | |||||||
Thereafter |
— | |||||||
|
|
|
|
|||||
Total future minimum lease payments |
$ | $ | ||||||
|
|
|
|
Total |
||||
(In thousands) |
||||
Accrued environmental remediation, January 1, 2020 |
$ | |||
Payments made |
( |
) | ||
|
|
|||
Accrued environmental remediation, March 31, 2020 |
$ | |||
|
|
• | Employee-related costs — We reorganized our workforce and eliminated redundant or unneeded positions. In connection with the workforce restructuring, we expect to incur severance, benefits and other employee related costs of approximately $ |
• | Consultants — We engaged third-party consulting firms to assist in the evaluation of the Partnership’s cost structure, to help formulate the plan to implement the project, and to provide project management services for certain project initiatives. During the three months ended March 31, 2020, we expensed approximately $ |