Summit Midstream Partners, LP (NYSE:SMLP) Q4 2023 Earnings Call Transcript
Summit Midstream Partners, LP (NYSE:SMLP) Q4 2023 Earnings Call Transcript March 15, 2024
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Operator: Good day, and thank you for standing by. Welcome to the Fourth Quarter 2023 Summit Midstream Partners LP Earnings Conference Call. At this time, all participants are in a listen-only mode. After the presentation, there will be a question-and-answer session. Please note that today’s conference is being recorded. I would now like to pass the call over to the Director of Finance, Treasurer and Investor Relations, Randall Burton.
Randall Burton: Thanks, operator, and good morning, everyone. If you don’t already have a copy of our earnings release, please visit our website at www.summitmidstream.com, where you’ll find it on the homepage, Events and Presentations section or Quarterly Results section. With me today to discuss our fourth quarter of 2023 financial and operating results is Heath Deneke, our President, Chief Executive Officer and Chairman; Bill Mault, 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 2022 Annual Report on Form 10-K, which was filed with the SEC on March 1st, 2023, our 2023 Annual Report on Form 10-K, which will be filed soon, 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, distributable cash flow and free 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.
Heath Deneke: Thanks Randall, and good morning, everyone. Thank you for joining us today to discuss our fourth quarter and full year 2023 results. We will also discuss our current 2024 outlook, which is looking to be another solid year despite the low gas price environment that we are in. But first, I would like to provide a brief update on our strategic alternatives review. The process which we launched in October of 2023 remains very active. We are continuing to evaluate multiple opportunities ranging from asset sales to partnership level transactions, all with a goal of maximizing value for our unitholders. While we have not set a definitive timeline to complete our strategic alternatives review, we have made substantial progress over the past several months and now believe we are entering into late stages of the review.
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