Summit Midstream Partners (SMLP) Misses Q1 EPS by 14c

Summit Midstream Partners (NYSE: SMLP) reported Q1 EPS of $0.00, $0.14 worse than the analyst estimate of $0.14. Revenue for the quarter came in at $68.6 million versus the consensus estimate of $82.07 million.

SMLP announced today that its wholly owned subsidiary, Bison Midstream, LLC ("Bison Midstream"), will acquire the equity interests of certain subsidiaries of Summit Midstream Partners, LLC ("Summit Investments") for total cash consideration of $255.0 million, subject to customary purchase price adjustments (the "Acquisition"). The assets to be acquired in the Acquisition include certain crude oil and produced water gathering systems and transmission pipelines located in the Williston Basin (the "Polar & Divide system"). Subject to the achievement of certain development milestones, SMLP will also have a six-month option to acquire a crude oil transmission project currently under development in the Williston Basin (the "Stampede Lateral") from a subsidiary of Summit Investments for an additional $35.0 million. The Acquisition is expected to close before May 31, 2015.

For earnings history and earnings-related data on Summit Midstream Partners (SMLP) click here.

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