Summit Midstream Partners, LP (NYSE:SMLP) Q3 2019 Earnings Conference Call Transcript

Nov 08, 2019 • 10:00 am ET

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Summit Midstream Partners, LP (NYSE:SMLP) Q3 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Welcome to the Q3 2019. Summit Midstream Partners, LP, Earnings Conference Call. My name is Vanessa and I will be your operator for today's call. [Operator Instructions]. I will now turn the call over to Blake Motley Vice President of Strategy &, Head of Investor Relations.

Executive
Blake Motley

Thanks, operator and good morning everyone. If you don't already have a copy of our earnings release that was issued earlier this morning, please visit our website at summitmidstream.com where you find it on the homepage or in the News section.

With me today to discuss our third quarter of 2019 financial and operating result is Heath Deneke, our President and Chief Executive, Marc Stratton, our Chief Financial Officer along with other members of our senior management team.

Before we start, I'd like to remind you that our discussion today may contain forward-looking statements. These statements may include, but are not limited to, our estimates of future volumes, operating expenses and capital expenditures. They may also include statements concerning anticipated cash flow, liquidity, business strategy and other plans and objectives for future operations. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can provide no assurance that such expectations will prove to be correct.

Please see our 2018 Annual Report on Form 10-K which was filed with the SEC on February 26 2019 as well as our other SEC filings for a listing of factors that could cause actual results to differ materially from expected results. Please also note that on this call, we use the terms EBITDA, adjusted EBITDA and distributable cash flow. These are non-GAAP financial measures and we have provided reconciliations to the most directly comparable GAAP measures in our most recent earnings release.

And with that, I'll turn the call over to Heath

Executive
J. Heath Deneke

Thanks, Blake and good morning everyone. I want to thank everyone for joining us on Summit's Third Quarter 2019 Earnings Call. I'll start by expressing my excitement and enthusiasm and serving Summit's new CEO and since joining the company in mid-September, I've had the opportunity to conduct an in-depth review of the business and I've been thoroughly impressed by the dedication and attitude exhibited by all of our employees.

In addition and in spite of the continued softness in the upstream sector and really overall macro backdrops, I'm optimistic regarding the outlook of the business and I believe that there is tremendous potential to navigate through this current environment and drive significant near-term and long-term value for our stakeholders.

While we can't control producer activity levels, our core focus areas in the Bakken, the DJ. The Permian and the Utica sit at the top of the stack of the most economic oil and gas acreage to drill in North America. We believe that customers behind our systems can deploy capital in these areas. solid returns in the 50 plus OIL and 250 gas environment that we are currently in. Our G&P systems in these core focus areas are also largely built out with