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Summit Midstream Acquires Moonrise Midstream for $90M; Operational Update Announced for DJ Basin Position

Author: Benzinga Newsdesk | March 10, 2025 09:30am
  • Expands Summit's gathering and processing footprint in the DJ Basin with ~80 miles of natural gas gathering pipeline, ~25 miles of crude oil gathering pipeline and 65 MMcf/d of additional processing capacity, expandable to ~100 MMcf/d with modest capital investment
  • Provides Summit's DJ Basin customers with additional processing capacity, redundancy and flow assurance, while positioning Summit to handle sizeable volume growth expected in the future in a capital-efficient manner
  • Represents the continuation of Summit's corporate consolidation strategy, building scale through strategic, bolt-on acquisitions in key basins where Summit can drive additional value through commercial and operational synergies
  • Value-accretive acquisition multiple of approximately 5.0x 2024 Adjusted EBITDA
  • Transaction structure includes $70 million of up-front cash, which is leverage-neutral, representing ~3.9x 2024 Adjusted EBITDA
  • Creates commercial and operational synergies, commercial upside and additional in-basin consolidation opportunities

Posted In: SMC


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