(State or other jurisdiction | (Commission | (IRS Employer | ||||||||||||
of incorporation) | File Number) | Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Emerging growth company |
Exhibit Number | Description | |||||||
99.1 | ||||||||
99.2 | ||||||||
99.3 | ||||||||
99.4 | ||||||||
99.5 | ||||||||
99.6 | ||||||||
99.7 | ||||||||
104 | Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document |
Summit Midstream Partners, LP | |||||||||||
(Registrant) | |||||||||||
By: | Summit Midstream GP, LLC (its general partner) | ||||||||||
Dated: | February 15, 2023 | /s/ William J. Mault | |||||||||
William J. Mault, Executive Vice President and Chief Financial Officer |
EXHIBIT 99.7 |
(In thousands, except unit amounts) | SMLP Historical | Bison Conforming Adjustments | Outrigger DJ Historical | Outrigger DJ Conforming Adjustments (a) | Sterling DJ Historical | Sterling DJ Conforming Adjustments (b) | Pro forma Combined | ||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 10,450 | $ | — | $ | 2,221 | $ | (1,221) | (a) | $ | 1,939 | $ | (1,439) | (b) | $ | 11,950 | |||||||||||||||||||||||||
Restricted cash | 3,514 | — | — | — | — | — | 3,514 | ||||||||||||||||||||||||||||||||||
Accounts receivable | 57,593 | (1,000) | (d) | 11,327 | (3,802) | (a) | 14,598 | (448) | (b) | 78,268 | |||||||||||||||||||||||||||||||
Other current assets | 4,834 | — | 557 | 1,256 | (a) | 3,006 | 3,348 | (b) | 13,001 | ||||||||||||||||||||||||||||||||
Total current assets | 76,391 | (1,000) | 14,105 | (3,767) | 19,543 | 1,461 | 106,733 | ||||||||||||||||||||||||||||||||||
Property, plant and equipment, net | 1,477,051 | — | 189,724 | (46,937) | (a) | 184,411 | (82,130) | (b) | 1,722,119 | ||||||||||||||||||||||||||||||||
Intangible assets, net | 144,002 | — | — | 21,447 | (a) | 10,354 | 28,325 | (b) | 204,128 | ||||||||||||||||||||||||||||||||
Investment in equity method investees | 513,974 | — | — | — | — | — | 513,974 | ||||||||||||||||||||||||||||||||||
Other noncurrent assets | 28,254 | — | 55 | (55) | (a) | 1,486 | 8,379 | (b) | 38,119 | ||||||||||||||||||||||||||||||||
TOTAL ASSETS | $ | 2,239,672 | $ | (1,000) | $ | 203,884 | $ | (29,312) | $ | 215,794 | $ | (43,965) | $ | 2,585,073 | |||||||||||||||||||||||||||
LIABILITIES AND CAPITAL | |||||||||||||||||||||||||||||||||||||||||
Trade accounts payable | $ | 9,448 | $ | — | $ | 418 | $ | 431 | (a) | $ | 10,167 | $ | (2,794) | (b) | $ | 17,670 | |||||||||||||||||||||||||
Accrued expenses (1) | 22,209 | — | 8,458 | (2,366) | (a) | 3,576 | 6,691 | (b) | 38,568 | ||||||||||||||||||||||||||||||||
Deferred revenue | 9,176 | — | — | — | — | — | 9,176 | ||||||||||||||||||||||||||||||||||
Accrued interest | 34,185 | — | — | — | — | — | 34,185 | ||||||||||||||||||||||||||||||||||
Accrued environmental remediation | 1,604 | — | — | — | — | — | 1,604 | ||||||||||||||||||||||||||||||||||
Current portion of long-term debt | 9,009 | — | — | — | — | — | 9,009 | ||||||||||||||||||||||||||||||||||
Other current liabilities | 11,474 | — | — | — | — | 2,428 | (b) | 13,902 | |||||||||||||||||||||||||||||||||
Total current liabilities | 97,105 | — | 8,876 | (1,935) | 13,743 | 6,325 | 124,114 | ||||||||||||||||||||||||||||||||||
Long-term debt, net | 1,165,189 | — | 160,002 | (c) | — | 132,114 | (c) | 1,457,305 | |||||||||||||||||||||||||||||||||
Noncurrent deferred revenue | 38,793 | — | — | — | — | 38,793 | |||||||||||||||||||||||||||||||||||
Noncurrent accrued environmental remediation | 2,272 | — | — | — | — | 2,272 | |||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 29,269 | — | 3,700 | (3,700) | (a) | 4,745 | 8,602 | (b) | 42,616 | ||||||||||||||||||||||||||||||||
Total liabilities | 1,332,628 | — | 12,576 | 154,367 | 18,488 | 147,041 | 1,665,100 | ||||||||||||||||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||||||||||||||
Mezzanine Capital | |||||||||||||||||||||||||||||||||||||||||
Subsidiary Series A Preferred Units | 115,223 | — | — | — | — | 115,223 | |||||||||||||||||||||||||||||||||||
Partners’ Capital | |||||||||||||||||||||||||||||||||||||||||
Series A Preferred Units | 83,252 | — | — | — | — | 83,252 | |||||||||||||||||||||||||||||||||||
Common limited partner capital | 708,569 | (1,000) | (e) | 191,308 | (183,679) | (e) | 197,306 | (191,006) | (e) | 721,498 | |||||||||||||||||||||||||||||||
Total partners’ capital | 791,821 | (1,000) | 191,308 | (183,679) | 197,306 | (191,006) | 804,750 | ||||||||||||||||||||||||||||||||||
TOTAL LIABILITIES AND CAPITAL | $ | 2,239,672 | $ | (1,000) | $ | 203,884 | $ | (29,312) | $ | 215,794 | $ | (43,965) | $ | 2,585,073 |
(In thousands, except per-unit amounts) | SMLP Historical | Outrigger DJ Historical | Outrigger DJ Conforming Adjustments | Sterling DJ Historical | Sterling DJ Conforming Adjustments | Permian Disposition Adjustments | Bison Disposition Adjustments | Financing Conforming Adjustments | Pro forma Combined | ||||||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Gathering services and related fees | $ | 187,465 | $ | 533 | $ | — | $ | — | $ | — | $ | (3,669) | (f) | $ | (196) | (f) | $ | — | $ | 184,133 | |||||||||||||||||||||||||||||||||
Natural gas, NGLs and condensate sales | 67,364 | 83,642 | — | 104,048 | — | (30,003) | (f) (h) | (41,224) | (f) | — | 183,827 | ||||||||||||||||||||||||||||||||||||||||||
Other revenues | 29,042 | — | — | 7,971 | — | (531) | (f) | (9,867) | (f) | — | 26,615 | ||||||||||||||||||||||||||||||||||||||||||
Total revenues | 283,871 | 84,175 | — | 112,019 | — | (34,203) | (51,287) | — | 394,575 | ||||||||||||||||||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of natural gas and NGLs | 64,162 | 63,927 | — | 76,783 | — | (19,081) | (f) (h) | (40,044) | (f) | — | 145,747 | ||||||||||||||||||||||||||||||||||||||||||
Operation and maintenance | 61,216 | 3,692 | — | 11,597 | — | (3,082) | (f) | (4,970) | (f) | — | 68,453 | ||||||||||||||||||||||||||||||||||||||||||
General and administrative | 31,983 | 221 | — | 3,512 | 40 | (l) | (358) | (f) | (274) | (f) | — | 35,124 | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 89,397 | 7,586 | (2,551) | (l) | 9,597 | (46) | (l) | (2,733) | (f) | (1,561) | (f) | — | 99,689 | ||||||||||||||||||||||||||||||||||||||||
Transaction costs | 1,750 | — | — | — | — | — | — | — | 1,750 | ||||||||||||||||||||||||||||||||||||||||||||
(Gain) loss on asset sales, net | (409) | (2,151) | — | — | — | 13 | (j) | (13) | (f) | — | (2,560) | ||||||||||||||||||||||||||||||||||||||||||
Long-lived asset impairments | 91,644 | — | — | — | — | (84,516) | (j) | (6,945) | (j) | — | 183 | ||||||||||||||||||||||||||||||||||||||||||
Total costs and expenses | 339,743 | 73,275 | (2,551) | 101,489 | (6) | (109,757) | (53,807) | — | 348,386 | ||||||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | (4) | 141 | — | (639) | — | — | — | — | (502) | ||||||||||||||||||||||||||||||||||||||||||||
Gain on interest rate swaps | 16,491 | — | — | — | — | — | — | — | 16,491 | ||||||||||||||||||||||||||||||||||||||||||||
Loss on sale of business | (85) | — | — | — | — | — | — | — | (85) | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense | (73,982) | — | — | 1 | — | — | — | (14,970) | (g) | (88,951) | |||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes and equity method investment income | (113,452) | 11,041 | 2,551 | 9,892 | 6 | 75,554 | 2,520 | (14,970) | (26,858) | ||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | (307) | — | — | — | — | — | — | — | (307) | ||||||||||||||||||||||||||||||||||||||||||||
Income from equity method investees | 14,162 | — | — | — | — | — | — | — | 14,162 | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (99,597) | $ | 11,041 | $ | 2,551 | $ | 9,892 | $ | 6 | $ | 75,554 | $ | 2,520 | $ | (14,970) | $ | (13,003) | |||||||||||||||||||||||||||||||||||
Net income attributable to Subsidiary Series A Preferred Units | (12,155) | — | — | — | — | — | — | — | (12,155) | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Summit Midstream Partners, LP | $ | (111,752) | $ | 11,041 | $ | 2,551 | $ | 9,892 | $ | 6 | $ | 75,554 | $ | 2,520 | $ | (14,970) | $ | (25,158) | |||||||||||||||||||||||||||||||||||
Less: net income attributable to Series A Preferred Units | (6,070) | — | — | — | — | — | — | — | (6,070) | ||||||||||||||||||||||||||||||||||||||||||||
Add: deemed contribution from Preferred Exchange Offer | 20,974 | — | — | — | — | — | — | — | 20,974 | ||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to common limited partners | $ | (96,848) | $ | 11,041 | $ | 2,551 | $ | 9,892 | $ | 6 | $ | 75,554 | $ | 2,520 | $ | (14,970) | $ | (10,254) | |||||||||||||||||||||||||||||||||||
Net income per limited partner unit: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common unit – basic | $ | (9.68) | $ | (1.03) | |||||||||||||||||||||||||||||||||||||||||||||||||
Common unit – diluted | $ | (9.68) | $ | (1.03) | |||||||||||||||||||||||||||||||||||||||||||||||||
Weighted-average limited partner units outstanding: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common units – basic | 10,003 | 10,003 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common units – diluted | 10,003 | 10,003 |
(In thousands, except per-unit amounts) | SMLP Historical | Outrigger DJ Historical | Outrigger DJ Conforming Adjustments | Sterling DJ Historical | Sterling DJ Conforming Adjustments | Permian Disposition Adjustments | Bison Disposition Adjustments | Financing Conforming Adjustments | Pro forma Combined | ||||||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Gathering services and related fees | $ | 281,705 | $ | 933 | $ | — | $ | — | $ | — | $ | (8,229) | (f) | $ | (223) | (f) | $ | — | $ | 274,186 | |||||||||||||||||||||||||||||||||
Natural gas, NGLs and condensate sales | 82,768 | 73,525 | — | 90,404 | — | (28,767) | (f) (h) | (47,470) | (f) | — | 170,460 | ||||||||||||||||||||||||||||||||||||||||||
Other revenues | 36,145 | — | — | 6,241 | — | (481) | (f) | (14,764) | (f) | — | 27,141 | ||||||||||||||||||||||||||||||||||||||||||
Total revenues | 400,618 | 74,458 | — | 96,645 | — | (37,477) | (62,457) | — | 471,787 | ||||||||||||||||||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of natural gas and NGLs | 81,969 | 64,250 | — | 59,958 | — | (30,163) | (f) (h) | (47,637) | (f) | — | 128,377 | ||||||||||||||||||||||||||||||||||||||||||
Operation and maintenance | 74,178 | 5,425 | — | 12,469 | 268 | (l) | (5,585) | (f) | (7,676) | (f) | — | 79,079 | |||||||||||||||||||||||||||||||||||||||||
General and administrative | 58,166 | 192 | — | 6,010 | 53 | (k) | (478) | (f) | (305) | (f) | — | 63,638 | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 119,076 | 9,624 | (3,199) | (l) | 14,006 | (51) | (l) | (5,858) | (f) | (2,160) | (f) | — | 131,438 | ||||||||||||||||||||||||||||||||||||||||
Transaction costs | 1,677 | — | 2,262 | (i) | — | 2,734 | (i) | 935 | (i) | 350 | (i) | — | 7,958 | ||||||||||||||||||||||||||||||||||||||||
Gain on asset sales, net | (369) | (4,212) | — | — | — | — | — | — | (4,581) | ||||||||||||||||||||||||||||||||||||||||||||
Long-lived asset impairments | 10,151 | — | — | — | — | (595) | (f) | (41) | (f) | — | 9,515 | ||||||||||||||||||||||||||||||||||||||||||
Total costs and expenses | 344,848 | 75,279 | (937) | 92,443 | 3,004 | (41,744) | (57,469) | — | 415,424 | ||||||||||||||||||||||||||||||||||||||||||||
Other expense, net | (613) | — | — | (1,173) | — | — | — | — | (1,786) | ||||||||||||||||||||||||||||||||||||||||||||
Loss on ECP Warrants | (13,634) | — | — | — | — | — | — | — | (13,634) | ||||||||||||||||||||||||||||||||||||||||||||
Interest Expense | (66,156) | — | — | 23 | — | — | — | (14,890) | (g) | (81,023) | |||||||||||||||||||||||||||||||||||||||||||
Gain/loss on early extinguishment of debt | (3,523) | — | — | — | — | — | — | — | (3,523) | ||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes and equity method investment income | (28,156) | (821) | 937 | 3,052 | (3,004) | 4,267 | (4,988) | (14,890) | (43,603) | ||||||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | 327 | — | — | — | — | — | — | — | 327 | ||||||||||||||||||||||||||||||||||||||||||||
Income from equity method investees | 7,880 | — | — | — | — | — | — | — | 7,880 | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (19,949) | $ | (821) | $ | 937 | $ | 3,052 | $ | (3,004) | $ | 4,267 | $ | (4,988) | $ | (14,890) | $ | (35,396) | |||||||||||||||||||||||||||||||||||
Net income attributable to Subsidiary Series A Preferred Units | (16,667) | — | — | — | — | — | — | — | (16,667) | ||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Summit Midstream Partners, LP | $ | (36,616) | $ | (821) | $ | 937 | $ | 3,052 | $ | (3,004) | $ | 4,267 | $ | (4,988) | $ | (14,890) | $ | (52,063) | |||||||||||||||||||||||||||||||||||
Less: net income attributable to Series A Preferred Units | (15,998) | — | — | — | — | — | — | — | (15,998) | ||||||||||||||||||||||||||||||||||||||||||||
Add: deemed contribution from Preferred Exchange Offer | 8,326 | — | — | — | — | — | — | — | 8,326 | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common limited partners | $ | (44,288) | $ | (821) | $ | 937 | $ | 3,052 | $ | (3,004) | $ | 4,267 | $ | (4,988) | $ | (14,890) | $ | (59,735) | |||||||||||||||||||||||||||||||||||
Net loss per limited partner unit: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common unit – basic | $ | (6.57) | $ | (8.86) | |||||||||||||||||||||||||||||||||||||||||||||||||
Common unit – diluted | $ | (6.57) | $ | (8.86) | |||||||||||||||||||||||||||||||||||||||||||||||||
Weighted-average limited partner units outstanding: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common units – basic | 6,741 | 6,741 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common units – diluted | 6,741 | 6,741 |
(in thousands) | |||||
Cash consideration paid for Outrigger DJ, including adjustments for working capital | $ | 167,631 | |||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||
Accounts receivable | 7,525 | ||||
Other current assets (including $1.0 million of cash acquired) | 2,813 | ||||
Property, plant and equipment | 142,787 | ||||
Intangible assets | 21,447 | ||||
Trade accounts payable, accrued expenses and other | (6,941) | ||||
Net assets acquired | $ | 167,631 |
(in thousands) | |||||
Cash consideration paid for Sterling DJ, including adjustments for working capital | $ | 138,414 | |||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||
Accounts receivable | 14,150 | ||||
Other current assets (includes $0.5 million of cash acquired) | 6,854 | ||||
Property, plant and equipment, net | 102,281 | ||||
Intangible assets | 38,679 | ||||
Other non-current assets | 9,865 | ||||
Trade accounts payable, accrued expenses and other | (20,068) | ||||
Other non-current liabilities | $ | (13,347) | |||
Net assets acquired | $ | 138,414 |
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