Recent SMLP transcripts
Associated SMLP filings
Ross Wong | Senior Director of Corporate Development & Finance |
Heath Deneke | President, Chief Executive Officer & Chairman |
Marc Stratton | Chief Financial Officer |
Elvira Scotto | RBC Capital Markets |
Welcome to the Q2 2020 Summit Midstream Partners LP Earnings Conference Call. My name is Vanessa and I'll be your operator for today's call. [Operator Instructions] I will now turn the call over to Ross Wong, Senior Director of Corporate Development and Finance. Mr. Wong you may begin.
morning good and operator everyone. Thanks,
members you already If Presentations earnings our section copy on where our or Quarterly a that you website homepage was and www.summitmidstream.com visit don't release second please along to Stratton, issued of our Executive financial Officer of morning, it Chairman; of Marc section. have earlier Events and with our operating me today quarter Deneke, Chief find With results will Chief President, Officer, Financial our Results at the other discuss our team. management XXXX is this Heath senior and
of Before may volumes, capital and They to contain plans like include, business operating remind may today These expenditures. statements for concerning other and also statements. liquidity, our and estimates statements operations. flow, may discussion objectives limited we anticipated future future start, forward-looking strategy not cash but expenses you I'd are include that our to,
I'll These our over use that And actual to GAAP measures financial results non-GAAP statements in as our XXXX reconciliations could XXXX we Although adjusted we earnings will directly that filings cause most turn SEC terms filed comparable see the the to be to have the Please cash Heath. believe are on forward-looking such correct. that recent release. that call a differ no we materially this well factors SEC prove Xth EBITDA, flow. from that and we reflected on of with expected most note results. to expectations Please annual as the such in provide assurance call March our can measures with on XX-K also are other is which the Form provided expectations for report reasonable, listing EBITDA and distributable
and second on morning call. right. everyone. joining XXXX All Ross Thanks quarter everyone thank our for Great. Really earnings good us
initiatives prices, to capital implemented to cash needs. certainly capital In certain We've enable balance modest business across free $XX.X organization The operations detail call million market gas strong markets sheet-enhancing the quarter we $XX.X the the million flow and and of expectations from call. $X.X So underscores the distressed reflected cash discuss ongoing that highlighted adjusted of coronavirus were paid of efficiently I in line open remains maintaining $XX.X flow challenged. our Summit with market repurchases in which that financial of debt continuity got quarter pursue COVID-XX, largely expenditure enhanced depressed first million ongoing our second such model course while never-ending on EBITDA enabled of quarter our distributable challenging the in response later work million. earlier this environment landscape These and of pandemic. capital employees oil morning our seemingly our and and flow cash cash early our we'll pandemic. as to us revenue cash during the on and XXXX impacts on earnings overall Summit based results the for and fee-based flow $XX.X the diversified our expenditures This May. million generated commodity and flexibility of resilience assets changes of which for reported safely
the this continuity employees adjusting virus corporate to the and with a better -- changes of and infrastructure safety of distancing business continue the Some of impact top procedures the we working And The the and prepared our comply work manner support further mitigate virus. work-from-home to priorities. improving subsides. operations support in our of to of these practices are health include are until spread operating so our IT can and initiating social best and we while our policies help program remotely
will last, operate confident effectively for pandemic lot a foreseeable is have that will still us changes we the there environment While I uncertainty the this implemented to long am the in of future. how allow regarding
quarter, second the we as expected. activity drilling decreased During we experienced
Basins, uneconomic We several across business barrels our shut-ins natural impact around also shut in meaningful that production behind had shut-ins also experienced These of in prices had to really to customers areas. later liquids attempt most temporary deferred operating Shale Williston and approximately our production of and have deferral mid-June being started of a day volumes Production in significant have which well segment, the were quarter. some Utica year. forecasted curtailments shut-ins of the in a course million higher completions gas day production natural capture accounted aggregate gas on systems XX as our and to temporary DJ the per the in XXXXX the of and but prominent really in across we of are
joint Ohio XX and of condensate the of gross volume Our wet during Gathering a venture day an had quarter. average also approximately million shut-in gas
operated quarter, solely reportable relative increased first nearly Utica systems the throughput. Although our X% which growth only segment, the volume of our second our on that was increase experienced was an volume our gas by quarter to performance natural Shale quarter segment driven by throughput in
the share occur production of expected curtailments lion's through to we May. Now
However, material will behind certain further call. later the into areas on shut-ins still have some I our and get of systems, in in prolonged exist detail which
by in I operating details a second -- why so areas provide segment. are don't quarter narratives assets the So reportable here few for bit
starting quarter frankly Williston our So several core Basin that fact multiple with challenges focus and persist. headwinds the to in segment our continue throughout experienced areas,
liquids respectively. impacted volumes by curtailing day million which in maintain gas, of a our continued barrels entire per looking in to average and substantial April volumes XX,XXX and shut-in X.X throughput approximately customers Our gas of quarter, amount the and production adversely through
months. past volume Bakken for production I be predominantly am once those backdrop those two And Basin as continues customers, the of pleased effective shut-ins recently has in our our continued companies of be by throughput emerge market occurred Williston region. challenged peak these those become to having the have which May, liquids the While filed would contracts we few the curtailed though in of evidenced also to the particularly from bankruptcy. for to exposed announce recently amended impacted customers in by bankruptcy
cease the key regulatory proceedings has the of environment a associated week barrels While differed, terms the been the key to term impact expect fees have the out as well earlier give theme in volumes the lower to of Look by approximately think we as the term, XXX,XXX and Pipeline, the positive regarding Dakota as stay providing I incentivize to our the did incremental is court's modest very extended amendments operations to the helping positive Bakken. recently highlighted of flow that providing revised the while on were ruling for well these gathering dedication margins amendments legal development. exchange the also the this of a which to of business. we we concession that more Court crude customers by view both pending, transport Summit long-term in the But EIS Circuit we some a the pipeline implications cash and while lower while as with near help contract Uncertainty specific viewed acreage aspects both overall Access decision is fees. DAPL for contract ongoing as legal D.C. we
across -- pressure impact which on production extent basin. activity could that permanently in-basin However, significant shut-in eventually adversely be put DAPL to commodity development and the it will certainly prices, the to would
downstream North we gathering connectivity oil some systems operations to that particular, crude to but in capacity move our Rail Summit our downstream do Crestwood's, which there's believe cease, Dakota and physical on into produce of For deliver if hub other COLT and do connections, System, and or Columbus our were include Global DAPL Terminal. Partners, rail we oil Pipeline sufficient be
better approaching begun stabilize are note in-basin also to to some facilitate coming pricing patterns sheets our to our similar some positioned do fund economic Williston. ability In in I large also in segment do, that that that footprint levels as could drilling commodity completion two potentially and see has in prices from a we some on by performance next our be activity optimistic balance better to emerge with was second And drilling customer quarter when activity bankruptcy improve. and do in prices year. expect of we as degree. believe think So the they those and positive and customers within the improvement impacted those beginning they'll We activities the months. to do And DJ, prices
system curtailed day for in a the monthly day the our has during production much volumes DJ with in as natural monthly XX DJ. quickly during a shut-in production production million have the million has April nine XX in XX the million and second However, come a averaged more approximately quarter back day shut shut We a mentioned of our in and behind quarter. high approximately of overall million in amount modest average shut-in come online I a an The throughput a gas and of day July back online May. had
Although that drilling infrastructure a we of customers drilled, DJ but XX serve wells the six not the future. in second a We wells will activities behind have well uncompleted that and currently production yet deferral of in mostly been still inventory have in catalyst half increased Basin as our and reversed, for line have turned in expect shut-ins production from completed, several completion XXXX. but
this the have loaded and some continue the for for the day Hereford million however the quarter. have bring of did of that averaged the the to Permian we a quarter. had experienced down also some impact the back half the taken days we volumes quarter, impacts approximately full average XX online year. our And region Williston issues were of volumes shut-ins natural segment, million July also Most the relative and for to our expect maintenance occurred -- production We quicker impact in which an seven to to a of don’t DJ. a have roughly to Permian were during those XX for million we planned second customers close during -- results no versus maintenance the curtailments gas these In day planned But volumes few year. a of averaged offline. quarter. We in expect really rest for been to around for to front-end day took adverse Plant and
throughput offset of certainly the for On quarter. which incremental the extend commercial a customers, key effects our helped one some were which added curtailment to the of we contract degree front, to with able
segment generated record original So, our line what anticipated segments expect for we financial performance we to despite Permian did we our in Permian guidance. that our And results. in of the really all shut-ins with actually the XXXX be experience, quarterly Basin Basin
ultimately will Permian, we're project for Moving continues Double remains And Delaware it Summit. for E, help focus to gas for demand E to a critical fulfill while on the takeaway. in Northern be Double that infrastructure certainly a the to be residue
last the to construction Double positive say and during been general commented XX% call, approximately activity. And there E I'm So, contracts. pleased we be that E to to the of could project pipeline able the associated that on slowdown project's our in via able to due those earnings in have capitalize some Double have softer to implications with the cost been market lock conditions to costs we
will as FID making with our very financing expect the project will the third the to pleased June original we which receive in XXXX. believe front, was consummated project a the regulatory executing the the So, FERC-X(c) the how for on remaining towards in continue pleased Summit. at certificate our we're progressing that below third-party when is plans, also project back we cover costs to result, developed of And the XX% XX% million majority quarter. Also, that roughly progress $XXX that to we to I'm with expect budget now in of come
smaller primarily a Shale, including from in to Moving the throughput strong line X-well that and during XXX impact the Pipeline system on quarter. the were incremental online on day, which segment driven wells that volume was have million also did adjusted that to than TPL-X quarter to continued Connector pad connected seven were by the outperform performance expectations our EBITDA. the volumes, Utica second quarter, but more averaged while mid-March, were There behind a in a added during turned six wells
return in based these the in some customer, price offsetting shut however, better we now the pricing two did fourth to key on customer anticipated offline had to months. mid-June, results pads a on wait of at as until pads as actions in gas XXXX least but not conversations remain well for Utica expect we've These So the outlook. the attempt production were to recent these the an quarter on in coming Shale latest system with
XXXX production in one of SMU to deferral we which XXXX. across accelerate drilling they we our July. the recently Marcellus large do generated the second think we of I to with unlevered offset provide areas quarter. legacy implications in workovers system, really to third the system, to natural expect performance expect no XX free during nine an and as Unlike wells our a legacy well see brought In outlook. upstream behind And curtailments. online impacted very strengthen activity least XXXX were was in or million core at have note, quarter, also new will requirements. new flow areas, our of areas, positive We system quarter. our of We provide not we our a in – there Shale to And nearly positive on capital However, production incentive in to the production with cash connections some materially Barnett result customers declines continue during steady and few a XXXX new segment outside furthermore, focused by amended in low XXXX our contract our $XX our
of $XXX the low EBITDA on to revised range guidance $XXX range of of our was So million from XXXX we million. XX, million, million end announced which previous July $XXX down to a adjusted guidance $XXX
reflects It the of market shut-ins at as million amended million. So in and the that certainly are Utica well our this commercial we the Basin, the expenditure in the shut-ins and best and experienced earlier the environment. in our In reflective both expected maintaining expenditures segments, now Gathering our that capital also as the experience. Ohio range to to new capital $XX agreements is regards And referenced projecting current it to efforts we though, continue $XX ongoing call. Shale Williston includes we range guidance of XXXX
second we important So repositioning our quarter Summit, efforts. for operating progress the results, quarter very really going substantial a beyond overall marked made as our on
year buy-in GP reminder, sheet. us we suspend to a per to reallocate closed and cash delevering So towards of our close preferred balance allowed common and the transaction, the million which distributions $XX
We of per-unit are new reconstituted common We retirement who controlled value Board, our common XX.X independent our now which of also aligned the outstanding unitholders. fully a is units. increased million by by with directors,
relatively We value and and also market we were our achieve liability commenced stakeholders. This in to August, series of debt created as early repurchase initiative our our has initiatives have been value successful average period balance XX%, in million In sheet management commenced of short to do a lot been able spending that weighted so. $XX of able May, open a repurchases at of a cash of positively retire XXX discount notes significant a to time. par approximately million for bonds impacted we've of approximately par And of late senior to our discounts value.
to a lower X/XX additional of approximately way, turn million value the work of other we substantial debt. This leverage. net of by at certain reducing discount debt equity $XX reduction create a our For presents were face of the approximately for common unitholders to value able
units also or for units the preferred and the at that face So then approximately the their June helped equity offer Series these Friday, I'm for closed incremental common at exchange in in exchange XX, value Series preferred it preferred to the offer roughly units. million million day launched the the based structure. allow common A XX.X eliminated it our equity investors preferred A of That preferred closing unit we them for to to on last discount common portion an XX% value of to accrued Retiring of and of XX% the retirement of preferred pleased announce -- outstanding an unpaid resulted a $XX at on and It price rate our generated units simplify closing. face capital further units value. distributions exchange
our including our equity management the accretion million unit value common this late value in of the in the basis, XX.X we've aggregate, So to offer buy-in $XXX issued were liability per-unit for create since GP common equates through new activities. to $X per preferred in million transaction units a approximately the as able part unitholders outstanding. closing common exchange nearly May, been On of that
our reduce made of considerable progress enhancing to leverage So sheet on sub-Xx. to our substantial in remaining us look there's amount work a our while ahead of target of short still balance we've order, further long-term
So in to efficiently need And to commitment. the business. focus our our near obtaining balance also our and that focused the majority Double-A revolving our for continue we'll sheet of the additional third-party with work term, to we and on are flexibility financing continuing initiative. that capital develop we optimize operate facility tools to lenders We're credit on
get to the the continue the of really on will coming quarters of continue explore value. can kind will closer our our potentially maturities full core options over areas. to into continue an a execute And joint our continue retirement year. we to strategy extent bond extension we'll the pursue liability and in the including potential we asset incremental that BPPO of and that both and And to We ventures do to generate management focused also legacy all they and XXXX of divestitures as we
to me to let the that, results. our Marc with call financial discuss So over turn
comprise everyone. focus through Great. walking the that areas. I'll begin Thanks, good and segments our Heath, by morning core
pad X-well day while that cubic average segment from primarily more system to that from included by million production SMU substantial our from XXX feet the adjusted second system to So of starting day connected averaged the XX% which due online. quarter approximately quarter or was increase first produced million with mid-March our million a Utica adjusted totaled than $XX.X in EBITDA Shale up This cubic segment XXX and seven the feet EBITDA $X.X segment, of were a in the wells volumes million quarterly in was XXXX. which an
We online PPL-X wells also our had Connector six the Pipeline new behind during come quarter.
in Heath late expectations those offline until prices shut-ins customers are plans this on pad production that was our X-well guidance. the outperformed keep had mentioned, and year and two wells expected in our mid-June be our in These to As higher. natural included gas to shut pads included when previous
So this to million. EBITDA of lowering our driving XXXX guidance to factor the $XXX one range million for was adjusted $XXX
to partially operating production feet the Turning to volumes. of totaled decrease a and million second offset curtailments which million down Ohio day XX X.X% in quarter, for by last wells the segment XX.X% primarily due production first volume lower from represented which partially $X.X shut-in the due EBITDA quarter offset gas our volumes average Gathering to from six throughput, adjusted There in approximately natural quarter, new in quarter the expenses. Gross were connected May condensate window cubic per were declines. lower
During earnings a that of of Gathering Ohio May, in noted gross cubic shut day we call our feet in XXX system. million were upstream early last volumes the
the by return to volumes June. of shut-in end those expected We
discussions production the to liquid throughput our to was on factor offline the natural based those to However, approximately day a primarily we softened to our the offline curtailments by there XX,XXX declines. liquids another fourth relative XX,XXX lower quarter. were segment Gathering of for impacted with most our material barrels first shut-ins in production revised one was by production million The a shut-in million of was in quarter. latest anticipate was $X.X year. the due Williston $XX.X EBITDA This Basin caused guidance down segments until day and of volumes mainly by which volume decrease for the barrels per least of per segment heavily XX.X% amount that quarter, in leading outlook at for Williston late In customers, adjusted Ohio remain for will financial
system, of Heath more had no Williston in were with shut lesser production There Basin May. and quarter a Although our liquids a was the day barrels also our extent. that second barrels natural not signed The modest but offline curtailed recently from of highlighted for contract volumes effect some shut-ins until of down late gas just returned there still XX,XXX XX,XXX in which was customers a quarter behind June two a our day than production on were amount amendments results. to in
contracts XXXX. become third both in to effective of expect quarter We the
regulatory several We Basin expect regarding certain for have the and customers and the affected half dynamics expectations, bankruptcy filings Williston are production our challenging the the landscape. that year heightened to be of uncertainty including environment prolonged curtailments, legal there second of and
hard customers have from the decrease XX that inventory $X.X approximately decide the DUCs customers segment cubic wells completed approximately activity. first systems a increase decrease totaled cubic primarily million in quarterly turned Basin due quarter curtailed adjusted a This hit not million quarter, natural EBITDA can feet production have shut-ins XX of quarter the average during day. total throughput the in gas second but was particularly in to gas behind Williston that nine segment production spark XX.X% volume eight and yet We when and Basin to natural a million feet production DJ an to XX.X% production. our to by of been growth
Williston throughput are of maintenance well XX the a contemplating the had amount connections for plant to Unlike that of connecting days year. seen was And we've quarter. the in expect day. Basin, behind our of continue the much deferrals for wells also We our DJ half shut production quarter. volume four of of Basin infrastructure the significant return planned in during July that our took feet the the customers while second Hereford offline XX million recently cubic segment we averaged second approximately new a during
DUC DJ are that It completed through the period in six appears Basin yet customers likely in and inventory line. for wells activity. the currently have not been Our XX we have turned wells trough that
relative natural adjusted segment this approximately of driven in margin million quarter, seen record extended and an NGL already XX.X% was the change gas first pricing. an $X.X we've primarily as can and by and The macro environment the totaled Permian the the mix to second year contract rapidly. the in is quarterly EBITDA quarter, another volatile backdrop improvements However, Basin and increase
of increased in was roughly April, quarter equivalent the first they of approximately discussions were over to And April amount for of throughput the and additional shut-ins not day volumes any year. but a June. based XX% Although, production by steadily million throughput expecting we're the curtailments on volume daily There to cubic limited feet customer abated. from average average a production volume throughput quarter remainder the improved quarterly have XX
experienced cubic approximately Basin as uptick a the the in nine a segment volume to customer million a feet of an year. Permian to Our volumes extension expect day continue remainder And of May contract. of the term a of for we those result
original Although, there completed for was relative unchanged connected system, drilled a guidance. in not that they behind in the of be when more and overall to guidance. are a outlook variation we in turned uncertain, segment operating for results and the the has All for financial remains our XXXX have timing calendar to are those two also our the included wells were we will Permian There be our quarter, Permian year Basin stable. our year of wells customer Permian Basin is that, our segment XXXX expect but for line so remainder been this expecting
of and the stability segments areas our flow based segment for assists. quarter the these EBITDA strong continued of legacy in areas for diversified Piceance unlevered period. for portfolio on All maintenance to capital $XX.X three the expenditures legacy million the incurred in for second $XXX,XXX flow our CapEx. and And paid which to combined expenditures provide predictable Barnett was $XX.X cash adjusted of combined Our cash Marcellus of free generated cash segments capital million in and continued generate second include quarter
Shale our catalyst in connect customer new connect new as serve don’t quarter. wells the continues a in online inventory, until did Although, for come it the in third quarter have which second in anchor or be wells anticipate Marcellus any should those to customer the to we completed nine recently areas nine in wells legacy but XXXX. did the not DUCs This early July
to quarter of $XX.X back second a impacted on expenditures EBITDA flow million $XX.X debt, turning reported and which primarily of of $XX.X million. included XX.X% Permian gain the Capital of station SMLP were wide-looping net pad adjusted extinguishment $XX.X of segments. early $X.X related million of to projects expansion quarter million, and expenditures prior cash compressor totaled and the expenditures Now DJ by million. income of our partnership, to was million distributable $X.X in the decrease second positively a capital in XXXX maintenance XXXX quarter Capital and Williston compared connection,
million and for We $XX still year $XX within full expect the range financial expenditures capital of continue to million discipline total to the employ XXXX.
our preferred E Double of the as the investments million $XX.X Regarding during to million SMLP XX made And in project respect quarter with of interest $XX all E. second XX% June totaling its commitment Double cash redeemable funded had $X.X SMLP's commitment. E PPG were the from in SMLP's been of Only net with because calls the Double issued. utilized to capital proceeds million from fund of cash obligations majority was quarter the preferred
$XXX result budget. costs, of and June reduced team million relative to a work at have currently. E's XXXX capital project costs third gross has million approximately to complete to original environment find via of favorable be Double the $XXX And funded. to E SMLP's been of million safety-first Accordingly FID in decreased to was a locked of which estimated at as diligently from from $XXX continues in is over quarter which Double XXXX. XX% million $XXX development of development ways currently purchase orders while the maintaining left million just As Heath $XXX share have date and the been of to set reduce to contracts to XX% project target the discounts Double E in-service work the mentioned costs Approximately service
of not remaining amount to continue obligations. actively potentially for all We substantial pursue SMLP's of Double a third-party financing E if alternative a capital
expenditures capital FERC with X(c) from concurrent or with the in our update have secured accommodate financing order related X(c) XXXX is to potential certificate million of $XX And Double million $XX We is secured. targeting E third-party once to XXXX. expected in of still equity to that any we'll in range of third-party investment expanded certificate to the expected million financing. $XX to to delays third We range FERC are the provide an receipt the quarter recently the market which of a
FERC to include face While that was in operations to repurchased value quarter the In the million XX, and been for financing range approximately way ECP closed notes open XX. certificate debt unsecured undrawn an of secure and for letter at buy-in incremental have discount We due $XX.X a the revolving to June of June of Subsequent cash on resulting $XXX of finalized. of in loan used We we our at to million our and notes transaction, XX% repurchased outstanding available $X.X from million quarter, are borrowing it XX% discount an senior at we potential quarter-end. as $XXX term and limitations X(c) approximately commence our approximately market to in value billion our in of we X.X $XX we connection ECP through facility million average widen expect $X.XX third-party during we of credit. repurchases one-third appropriate the aggregate senior and felt loan And our to quarter. June was from cash. the face third flow million a weighted average credit a both notes million $XXX a senior third XXXX balance cash of a the XXXX the $XXX proceeds million neither outstanding financial of as from had since we of capacity now under GP of XX million of covenant our with approximately million $X.X the delay
of units common the taxes. subject it million inter-company withholding XX.X because holders the for of offer in XX We A DPPO meeting of mechanism eliminations sheet which preferred of That our mid-June our outstanding the the line is a to and an resulted issuance of also preferred loan. receivable covenant interest XXX to exchange consolidated is July only units. remain applicable to preferred approximately exchange a result term XXX,XXX retirement coverage for The the the transaction not in and unit Holdings available of settled XX,XXX ultimately units on on each opportunity units requirement common launched S&P continues gave outstanding which nonrecourse balance as Series item
fulfilled avenue requirements all may compliant longer this a retirement we related we it We DPPO loan. discussed, its service of as of consider quarter and S&P once need the term previously an this term is with nonrecourse full no to Holdings second obligations. to As nonrecourse loan
And times. Heath back cash cash the million of expect management results second to of leverage quarter-end at the unrestricted to that, end was on liability the Total X.X quarter. with over maximum times of turn leverage on $XX And limit dependent and we had of our also continued the closing restricted $X hand We call to remarks. be highly at year-end million for at the I'll a compared initiatives. of X.X
in you, we Thank Great. have industry. quarter, the the of worsened. some of have and of is rest reminder XXXX. another while, Marc. rapidly challenging do to And second again, And Look the market environment change year the things continue improved, others our can backdrop how just just the for expect aspects into
have on safely, assets. execute management our we include difficult pursue sales overall to will our market And to and continue despite collaborate year financial organization, further while comprehensive as business joint for challenges to flexibility. also progresses, operating and the responsibly entire asset capital our added We continue expenditures, on maintaining cost the our we make and our and across can will good core efficiently. we operational legacy and with been business focus value-enhancing of COVID-XX. our customers able environment, minimizing our remain to strategy associated continue other committed remain our also excellence and activities, focus And Despite in with sheet to our liability our the as improving we to partners. continue We'll controlling on ventures the transparent progress which and outlook balance
these assure we So team is that you can all management tirelessly our unitholders. on maximize value of working very and can measures our for taking to options that efforts pursue really all I we're to proactive
like to So the with that, open operator, for questions. call I'd
you. thank And
We question will Instructions] from now begin [Operator our ahead. Please Elvira we question-and-answer go And session. our have Scotto. first
open. is Your line
you the customer in protections really only two first about customers' bankruptcies place Can in case more what and questions. detail on just My I producer a your little of everyone. you have overall industry-wide. morning, credit producer may you bankruptcies and your some talked quality talked question you Good bankruptcies? of have Hey. then provide about is, producer
elaborate Heath. a I'll sure. This Elvira. little is more. Yes, Hey, bit
are we via the we've recently of language the contracts that structures look, a some when the your review really either a our do spot the successful my And the in fees are have customers, is in of rejection any into particularly fees. believe we gathering are and that fact-specific Bakken material some how agreement. detailed lot pretty all think, virtually fees language. that we what confident the and A consider, I restructuring Summit matters proceedings, seen all of have my adequate reach, bankruptcy-type proceeding, development. language we've just agreements But usually, crafted in above-market we experience. us previously contracts the across dedication of protected really that, bankruptcies with in that We've Crestwood feel I at win-win case always El as that and the customers to in crafted is at our That's incremental been dedications if to we prohibiting and provide of done our Paso dedication contract in or or the that of your at a withstand maybe right if the think are would the that bankruptcy way, it process. two there's resolve been both But are issues, opportunity is experience, protection. virtually go
the provider be bankruptcy. But for avoiding context I we're language can as always you we courts, provider. a proposition successful the the if extent as that's think, can and rejection and perceive the then outside prepared agreement the we we defend there's to and frankly to forced the to are to win-win preferred resolve restructure path be a it the well customer both think think in for not customer the the to I for pay what of of
just then asset That's is question just my sales. Okay. Thank around helpful. you. And next
there about slowed But past Just given COVID. assets? update you're having, talked any the would sales had environment the be have type just you're helpful. in there's we're what in commentary asset asset terms in You discussions on wondering and any I of out there any seeing for know if with things may
Yes, look, as I'd generally describe slow. it
real interest continues the operating systems in our out capital there core leverage it; have of assets they seeing I to fundamentally think lot of I more a without largely what a degree particularly good areas. those here, that we're forward. lot in be we're really think But get of understand large I built people going rocks. requirements in look at that been have They of a and good areas the think
all think of that I well. So screens
of then I believe comfortable comes around, this in have think we're and right along what getting think of try operating to market flows it think steps the does really forward delever. like? as we're the great start too to question it the as, election time hey, to some I to again little But I in. we're -- What the I I operating even are a an able we'll more think but and But something kind I we're question is, the more So in It are cases say XXXX producer getting deal? like on customers? some we're position look lot be getting do terms will particularly environment liability okay, in of is success end? of we is a pandemic to these implications look the federal we're turn made the and dealing near-term that where keep a we shareholders. and to red-hot trigger just that persistent to skittish pulling folks extent mark the the marks upcoming looking certainly to uncertain persists some kind impacted, those pause a I sell and our What And how deal, has people the seems to assets comes so unfold going that it insight federal then like we're is I'd DAPL order around, asset think and in now on to areas. in asset. activities what the to program; it about if this progress. capitalize impacts going here will of uncertainty a underwrite people we've days have We're as not the of two we're are it on activity for to along in bit and near-term at at if what were positioned lands we're a like look demand? it. great just our And levels deal to just How creates right on longer-term with there's we're sell lands? bid when at feel positions. locking going the having value some moment comes the these fundamentally on to some going Again, right positions management very cash We're out say, well, But defer is of
much. very Thank Great. you
bet. You
Instructions] will the to And I for call Deneke closing time. at Heath in remarks. [Operator now you. Mr. Thank queue see turn I no further over this questions the
for both the strategic everyone us of Great. everyone Thanks We update look results to some on our operating initiative ongoing. joining call. continue Thanks on again that to have and we the progress initiatives operator. forward
So, for tuned. again time thanks stay and the
And you thank gentlemen. Thank you ladies participating. concludes for and This our conference.
may now disconnect. You
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