East Daley Analytics – Dissecting the Energy Value Chain
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21

Assets

6

Asset Types

4 Commodities

7

Basins

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Ladies & Gentlemen, Summit Has Left the Bison

Summit Midstream (SMLP) will sell its Bison Midstream gas gathering system in North Dakota to Steel Reef Infrastructure for $40 million in cash, the companies announced this past week (Sept. 19). We estimate Bison to provide 4% of total 2022 SMLP Adj. EBITDA, and we currently model 1 rig on the system.

SMLP could benefit from continuing to sell specific assets during the year to come. The company sold the Lane G&P system in the Delaware Basin earlier this year (June 30). Lane sold for a cash sale price of $75 million and the assumption of an additional 60 MMcf/d take-or-pay firm capacity behind Double E pipeline. The Bison Midstream asset represents $8 million (4%) of the total Adj. EBITDA for 2022 ($215 million in FY2022) East Daley forecasts for SMLP. The sale is subject to customary transaction adjustments and will transfer all of SMLP’s interest in Burke and Mountrail counties, North Dakota, to Steel Reef.

 

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