Summit Midstream Partners, LP Reports Third Quarter 2013 Financial and Operating Results, Announces Expansion of Mountaineer

    Summit Midstream Partners, LP Reports Third Quarter 2013 Financial and
 Operating Results, Announces Expansion of Mountaineer Midstream and Provides
      2014 Adjusted EBITDA Guidance of $170.0 million to $180.0 million

PR Newswire

DALLAS, Nov. 7, 2013

DALLAS, Nov. 7, 2013 /PRNewswire/ --Summit Midstream Partners, LP (NYSE:
SMLP) today announced financial and operating results for the three and nine
months ended September 30, 2013. SMLP reported adjusted EBITDA of $39.1
million for the third quarter 2013, an increase of $16.0 million, or 69.1%,
over the third quarter of 2012. Adjusted distributable cash flow totaled
$28.0 million for the third quarter of 2013, an increase of $6.1 million, or
27.8% over the third quarter of 2012. SMLP reported $6.7 million of net
income for the third quarter of 2013 compared to $7.4 million in the third
quarter of 2012. Volume throughput on SMLP's gathering assets averaged 1,022
million cubic feet per day ("MMcf/d") in the third quarter of 2013 compared to
958 MMcf/d in the third quarter of 2012.

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For the nine months ended September 30, 2013, SMLP reported adjusted EBITDA of
$106.5 million, an increase of $31.8 million, or 42.6%, over the comparable
period in 2012. Adjusted distributable cash flow totaled $86.0 million in the
first nine months of 2013, an increase of $19.9 million, or 30.1% over the
comparable period in 2012. Net income totaled $27.3 million in first nine
months of 2013, an increase of $3.2 million, or 13.2%, over the comparable
period in 2012. Volume throughput averaged 964 MMcf/d for the nine months
ended September 30, 2013 compared to 928 MMcf/d for the comparable period in
2012.

Financial results for the three and nine months ended September 30, 2013
primarily benefitted from the June 2013 acquisitions of (i) Bison Midstream,
which was dropped down from an affiliate of Summit Midstream Partners, LLC
("Summit Investments") and (ii) Mountaineer Midstream, which was acquired from
an affiliate of MarkWest Energy Partners, L.P. ("MarkWest"). Financial
results in the third quarter also benefitted from the new natural gas purchase
agreement with Aux Sable Midstream, LLC which became effective in August 2013
and provides for long-term access to natural gas processing capacity and
improved processing economics for Bison Midstream and its customers.

SMLP also announced today the amendment of its natural gas gathering agreement
with Antero Resources Corporation ("Antero") related to SMLP's development of
a new high-pressure pipeline looping project designed to expand throughput
capacity at Mountaineer Midstream to 1,050 MMcf/d (the "Zinnia Loop"). The
Zinnia Loop will support an incremental 500 MMcf/d of volume throughput and
will accommodate higher expected natural gas production from Antero,
Mountaineer Midstream's anchor customer. The need for the Zinnia Loop is
driven by Antero's drilling program around Mountaineer Midstream's gathering
footprint in western Harrison and Doddridge counties in West Virginia. With
this expansion, Mountaineer Midstream will enhance its strategic position as a
primary source of natural gas deliveries to MarkWest's Sherwood Gas Processing
Complex ("Sherwood"), which is located in the liquids-rich natural gas window
of the Marcellus Shale Play.

Steve Newby, President and Chief Executive Officer of SMLP commented, "SMLP
delivered another solid quarter of financial results. Our third quarter
financial results, coupled with our outlook for the business over the
long-term, allowed us to increase the third quarter 2013 distribution to $0.46
per unit, a 5.75% increase over the second quarter of 2013. We have now
increased our distribution 15.0% over our minimum quarterly distribution since
going public in October of 2012, while maintaining a coverage ratio of 1.23x
for the nine months ended September 30, 2013."

"We are also very excited about expanding our relationship with Antero in the
Marcellus. Antero is a premier operator and first class customer and we are
grateful for their confidence in choosing SMLP to expand this strategically
important pipeline serving MarkWest's growing Sherwood Processing Complex.
The expansion will nearly double our existing throughput capacity on
Mountaineer Midstream."

Financial Guidance
SMLP today reaffirmed its 2013 adjusted EBITDA financial guidance of $140.0
million to $150.0 million and the expectation that it will pay a distribution
to its limited partners for the fourth quarter of 2013 that is 18.0% to 22.0%
over its minimum quarterly distribution, or MQD, of $0.40 per unit.

In addition, SMLP announced its 2014 adjusted EBITDA financial guidance of
$170.0 million to $180.0 million. SMLP expects to pay a distribution for the
fourth quarter of 2014 that is 10.0% to 12.0% over the expected distribution
to be paid for the fourth quarter of 2013. The 2014 financial guidance
excludes the effect of any potential asset drop downs from the ultimate owner
of SMLP's general partner, Summit Investments.

DFW Midstream
Volume throughput on the DFW Midstream system averaged 381 MMcf/d in the third
quarter of 2013 compared to 380 MMcf/d in the third quarter of 2012 and 395
MMcf/d in the second quarter of 2013. Volume declines from the second quarter
of 2013 to the third quarter of 2013 primarily resulted from multiple
customers continuing to temporarily shut-in several pad sites throughout the
quarter to drill and/or complete new wells. While this activity is beneficial
over the long term, it can create volume and cash flow volatility on a
sequential quarter basis. Volume throughput was also impacted by SMLP's
annual two day shut-down of the DFW Midstream system in September. This
shut-down was necessary to execute the required regulatory testing and
impacted volume throughput by approximately 5 MMcf/d during the third
quarter.

Grand River Gathering
Volume throughput on the Grand River system averaged 489 MMcf/d in the third
quarter of 2013 compared to 578 MMcf/d in the third quarter of 2012 and 494
MMcf/d in the second quarter of 2013. The Grand River gathering agreements
include minimum volume commitments ("MVC") which largely mitigate the
financial impact associated with declining volumes. As a result, the lower
volume throughput at Grand River during the third quarter of 2013 primarily
translated into larger MVC shortfall payments thereby minimizing the impact on
adjusted EBITDA. In the aggregate, these MVCs increase annually over the next
several years. 

Bison Midstream
Volume throughput on the Bison Midstream system averaged 17 MMcf/d in the
third quarter of 2013 and in the second quarter of 2013. Flat volume
throughput during the quarter was attributable to temporary operational
interruptions across the system due to increased levels of produced water in
the pipelines. These operational issues are being remediated and are expected
to be resolved in the near term. In addition, temporary interruptions
occurred throughout the quarter as SMLP continued to install new compression
assets designed to increase throughput capacity. Since acquiring Bison
Midstream from an affiliate of Summit Investments in February 2013, SMLP has
connected 18 new pad sites to the Bison Midstream system through September 30,
2013 as a high level of drilling activity continues to occur across the
system.

Mountaineer Midstream
Volume throughput on the Mountaineer Midstream system averaged 135 MMcf/d in
the third quarter of 2013, up 1.5% over the second quarter 2013. Volume
throughput growth was muted in the third quarter of 2013 as a result of
temporary processing capacity curtailments at Sherwood beginning in August
2013. The processing curtailments resulted from a line break on one of
MarkWest's NGL pipelines downstream of Sherwood which forced Mountaineer
Midstream to curtail its natural gas deliveries to Sherwood. MarkWest
immediately commenced repairs and remediation of the impacted areas of the NGL
pipeline and that line was returned to service in mid-October 2013. Volume
throughput at Mountaineer Midstream is now higher than pre-curtailment levels
and is expected to grow in sync with planned processing capacity expansions
currently underway at Sherwood.

SMLP amended its fee-based natural gas gathering agreement with Antero whereby
SMLP will construct approximately 9 miles of high-pressure, 20-inch pipeline
on the Mountaineer Midstream system in order to accommodate higher expected
volume throughput from Antero. The Zinnia Loop will increase Mountaineer
Midstream's throughput capacity from 550 MMcf/d to 1,050 MMcf/d. The project
is underpinned by a new minimum revenue commitment from Antero which has over
12 years remaining on the contract. SMLP has already commenced work on the
project with an expected in service date of third quarter of 2014. The total
cost of the project is approximately $24 million.

MVC Shortfall Payments
Adjusted EBITDA in the third quarter of 2013 was positively impacted by $7.7
million related to EBITDA adjustments associated with the MVC mechanisms in
SMLP's gathering agreements. Of the $7.7 million adjustment, (i) $4.5 million
was related to MVC shortfall payments, and (ii) $3.2 million was related to
the change in deferred revenue.

                       Three Months Ended September 30, 2013
                                      Gathering   Adjustments to   Net Impact
(In Millions)          MVC Billings   Revenue     MVC Shortfall    to Adjusted
                                                  Payments         EBITDA
Net Change in Deferred
Revenue:
DFW Midstream          $   —          $   —       $    —           $   —
Grand River            3.2            —           —                3.2
Bison Midstream        —              —           —                —
Mountaineer Midstream  —              —           —                —
Total                  $   3.2        $   —       $    —           $   3.2
MVC Shortfall Payment
Adjustments:
DFW Midstream          $   —          $   —       $    0.3         $   0.3
Grand River            —              —           3.1              3.1
Bison Midstream        —              —           1.1              1.1
Mountaineer Midstream  —              —           —                —
Total                  $   —          $   —       $    4.5         $   4.5
TOTAL                  $   3.2        $   —       $    4.5         $   7.7



SMLP billed its customers $3.2 million of MVC shortfalls in the third quarter
of 2013 due to lower actual volume throughput than the minimum volume that the
applicable shippers were contractually required to ship under their gas
gathering agreements. All $3.2 million of the quarterly MVC shortfall
payments have been recorded as deferred revenue on SMLP's balance sheet
because these customers have the ability to use these MVC shortfall payments
as a credit to offset future gathering fees related to throughput in excess of
future period MVCs.

MVC shortfall payment adjustments in the third quarter of 2013 totaled $4.5
million and included adjustments related to future anticipated shortfall
payments from certain Grand River, Bison Midstream and DFW Midstream
customers.

Certain of our gas gathering agreements do not have credit banking mechanisms
and as such, the MVC shortfall payments from these customers are accounted for
as gathering revenue in the period earned. For the third quarter of 2013,
Mountaineer Midstream recognized $1.5 million of gathering revenue associated
with MVC shortfall payments and Grand River recognized $0.2 million of
gathering revenue associated with MVC shortfall payments.

Capital Expenditures
For the quarter ended September 30, 2013, SMLP recorded total capital
expenditures of $20.7 million, including approximately $3.0 million of
maintenance capital expenditures. Development activities during the third
quarter of 2013 were primarily related to pipeline construction projects to
connect new receipt points on the Bison Midstream and DFW Midstream systems
and to expand compression capacity on the Bison Midstream system. SMLP also
began construction on a new 150 gallon per minute natural gas treating
facility on the DFW Midstream system, which is expected to be in service in
the first quarter of 2014.

Capital & Liquidity
As of September 30, 2013, SMLP had total liquidity (cash plus available
borrowing capacity under its $600.0 million revolving credit facility) of
$350.3 million. Based upon the terms of SMLP's revolving credit facility and
total outstanding debt of $565.1 million, total leverage (net debt divided by
EBITDA) was approximately 3.9:1 as of September 30, 2013.

On November 1, 2013, SMLP's wholly owned subsidiary, Summit Midstream
Holdings, LLC, amended and restated its revolving credit facility. The
facility was increased from $600.0 million to $700.0 million, the maturity
date was extended from May 2016 to November 2018 and the leverage-based
pricing grid was reduced by 0.75% to a new range of 1.75% to 2.75%. Pro forma
for the effectiveness of this new credit facility, SMLP's available liquidity
at September 30, 2013 would have been $450.3 million.

Quarterly Distribution
On October 24, 2013, the board of directors of SMLP's general partner declared
a quarterly cash distribution of $0.46 per unit on all outstanding common and
subordinated units, or $1.84 per unit on an annualized basis, for the quarter
ended September 30, 2013. This distribution will be paid on November 14, 2013
to unitholders of record as of the close of business on November 7, 2013. This
is SMLP's fourth consecutive quarterly distribution increase over its minimum
quarterly distribution since completing its IPO in October 2012 and represents
an increase of $0.025 per unit, or 5.75%, over the $0.435 per unit
distribution paid for the quarter ended June 30, 2013 and a 15.0% increase
over its minimum quarterly distribution.

Third Quarter 2013 Earnings Call Information
SMLP will host a conference call at 10:00 a.m. Eastern on Friday, November 8,
2013, to discuss its quarterly operating and financial results. Interested
parties may participate in the call by dialing 847-619-6397 or toll-free
800-708-4540 and entering the passcode 35939161. The conference call will
also be webcast live and can be accessed through the Investors section of
SMLP's website at www.summitmidstream.com.

A replay of the conference call will be available until November 22, 2013 at
11:59 p.m. Eastern, and can be accessed by dialing 888-843-7419 and entering
the replay passcode 35939161#. An archive of the conference call will also be
available on SMLP's website.

Use of Non-GAAP Financial Measures
We report financial results in accordance with U.S. generally accepted
accounting principles ("GAAP"). We also present EBITDA, adjusted EBITDA,
distributable cash flow and adjusted distributable cash flow. We define EBITDA
as net income, plus interest expense, income tax expense, and depreciation and
amortization expense, less interest income and income tax benefit. We define
adjusted EBITDA as EBITDA plus unit-based compensation, adjustments related to
MVC shortfall payments and loss on asset sales, less gain on asset sales. We
define distributable cash flow as adjusted EBITDA plus cash interest income,
less cash paid for interest expense and income taxes, senior notes interest
expense and maintenance capital expenditures. We define adjusted distributable
cash flow as distributable cash flow plus or minus other non-cash or
non-recurring expenses or income. Our definitions of these non-GAAP financial
measures may differ from the definitions of similar measures used by other
companies. Management uses these non-GAAP financial measures in making
financial, operating and planning decisions and in evaluating our financial
performance. Furthermore, management believes that these non-GAAP financial
measures may provide users with additional meaningful comparisons between
current results and results of prior periods as they are expected to be
reflective of our core ongoing business. These measures have limitations, and
investors should not consider them in isolation or as a substitute for
analysis of our results as reported under GAAP. Reconciliations of GAAP to
non-GAAP financial measures are attached to this release.

About Summit Midstream Partners, LP
SMLP is a growth-oriented limited partnership focused on owning and operating
midstream energy infrastructure assets that are strategically located in the
core producing areas of unconventional resource basins, primarily shale
formations, in North America. SMLP currently provides primarily fee-based
natural gas gathering and compression services in four unconventional resource
basins: (i) the Piceance Basin, which includes the Mesaverde formation as well
as the Mancos and Niobrara shale formations in western Colorado; (ii) the Fort
Worth Basin, which includes the Barnett Shale formation in north-central
Texas; (iii) the Williston Basin, which includes the Bakken and Three Forks
shale formations in northwestern North Dakota; and (iv) the Appalachian Basin,
which includes the Marcellus Shale formation in northern West Virginia. SMLP
owns and operates 790 miles of pipeline and 181,860 horsepower of
compression. SMLP is headquartered in Dallas, TX with offices in Houston, TX,
Denver, CO and Atlanta, GA.

SMLP completed its IPO on October 3, 2012 to become a publicly traded entity.
References to the "Company", "we" or "our," when used for dates or periods
ended on or after the IPO, refer collectively to SMLP and its subsidiaries.
References to the "Company", "we" or "our," when used for dates or periods
ended prior to the closing of the IPO, refer collectively to Summit
Investments and its subsidiaries.

About Summit Midstream Partners, LLC
Summit Midstream Partners, LLC ("Summit Investments") indirectly owns a 71.6%
limited partner interest in SMLP and owns and controls the general partner of
SMLP, Summit Midstream GP, LLC, which has sole responsibility for conducting
the business and managing the operations of SMLP. Summit Investments also
owns, operates and is developing various crude oil, natural gas, and
water-related midstream energy infrastructure assets in the Bakken Shale Play
in North Dakota, the DJ Niobrara Shale Play in Colorado, the Uinta Basin in
Utah, and the Piceance Basin in western Colorado. Summit Investments is a
privately held company owned by members of management, funds controlled by
Energy Capital Partners II, LLC, and GE Energy Financial Services, Inc. and
certain of its affiliates.

Forward-Looking Statements
This press release includes certain statements concerning expectations for the
future that are forward-looking within the meaning of the federal securities
laws. Forward-looking statements contain known and unknown risks and
uncertainties (many of which are difficult to predict and beyond management's
control) that may cause our actual results in future periods to differ
materially from anticipated or projected results. An extensive list of
specific material risks and uncertainties affecting us is contained in our
2012 Annual Report on Form 10-K filed with the Securities and Exchange
Commission on March 18, 2013 and as amended and updated from time to time. Any
forward-looking statements in this press release are made as of the date of
this press release and SMLP undertakes no obligation to update or revise any
forward-looking statements to reflect new information or events.



SUMMIT MIDSTREAM PARTNERS,  LP AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
                                        September 30,  December 31,
                                                       2012
                                        2013
                                        (In thousands)
Assets
Current assets:
Cash and cash equivalents               $  15,283      $ 7,895
Accounts receivable                     34,911         33,504
Due from affiliate                      —              774
Other assets                            2,354          2,190
Total current assets                    52,548         44,363
Property, plant and equipment, net      957,555        681,993
Intangible assets, net:
Favorable gas gathering contracts       18,348         19,958
Contract intangibles                    394,804        229,596
Rights-of-way                           51,657         35,986
Total intangible assets, net            464,809        285,540
Goodwill                                117,766        45,478
Other noncurrent assets                 12,417         6,137
Total assets                            $  1,605,095   $ 1,063,511
Liabilities and Partners' Capital
Current liabilities:
Trade accounts payable                  $  11,909      $ 15,817
Due to affiliate                        430            —
Deferred revenue                        1,555          865
Ad valorem taxes payable                5,604          5,455
Accrued interest                        6,525          16
Other current liabilities               7,620          4,308
Total current liabilities               33,643         26,461
Long-term debt                          565,050        199,230
Noncurrent liabilities, net             6,604          7,420
Deferred revenue                        22,560         10,899
Other noncurrent liabilities            361            254
Total liabilities                       628,218        244,264
Commitments and contingencies
Common limited partner capital          570,260        418,856
Subordinated limited partner capital    383,281        380,169
General partner interests               23,336         20,222
Total partners' capital                 976,877        819,247
Total liabilities and partners' capital $  1,605,095   $ 1,063,511



SUMMIT MIDSTREAM PARTNERS,  LP AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                              Three months ended       Nine months ended

                              September 30,            September 30,
                              2013          2012       2013         2012
                              (In thousands, except per-unit and unit amounts)
Revenues:
 Gathering services and    $   45,968    $ 37,903   $  127,098   $ 106,550
other fees
 Natural gas, NGLs and     17,392        3,232      47,204       10,290
condensate sales and other
 Amortization of favorable (264)         (160)      (794)        25
and unfavorable contracts
 Total revenues         63,096        40,975     173,508      116,865
Costs and expenses:
 Operation andmaintenance 15,918        14,460     45,467       37,177
 Cost of natural gas and   10,464        —          24,328       —
NGLs
 General and               6,248         5,179      18,198       15,977
administrative
 Transaction costs         123           1,739      2,549        1,972
 Depreciation and          16,426        9,156      43,146       26,135
amortization
 Total costs and       49,179        30,534     133,688      81,261
expenses
Other (expense) income        (112)         2          (110)        8
Interest expense              (6,937)       (2,827)    (11,840)     (5,573)
Affiliated interest expense   —             (13)       —            (5,426)
 Income before income  6,868         7,603      27,870       24,613
taxes
Income tax expense            (177)         (207)      (579)        (501)
 Net income        $   6,691     $ 7,396    $  27,291    $ 24,112
Less: net (loss) income       —                        52
attributable to SMP Holdings
 Net income        6,691                    27,239
attributable to partners
Less: net income attributable 134                      545
to general partner
 Net income
attributable to limited       $   6,557                $  26,694
partners
Earnings per common unit –    $   0.12                 $  0.57
basic
Earnings per common unit –    $   0.12                 $  0.57
diluted
Earnings per subordinated     $   0.12                 $  0.48
unit – basic and diluted
Weighted-average common units 29,074,743               26,234,042
outstanding – basic
Weighted-average common units 29,227,041               26,352,234
outstanding – diluted
Weighted-average subordinated
units outstanding – basic and 24,409,850               24,409,850
diluted



SUMMIT MIDSTREAM PARTNERS,  LP AND SUBSIDIARIES
UNAUDITED OTHER FINANCIAL AND OPERATING DATA
                                   Three months ended    Nine months ended

                                   September 30,         September 30,
                                   2013       2012       2013       2012
                                   (Dollars in thousands)
Other financial data:
EBITDA (1)                         $ 30,494   $ 19,757   $ 83,647    $ 61,714
Adjusted EBITDA (1)                39,103     23,124     106,458     74,668
Capital expenditures (2)           20,718     36,284     62,317      60,647
Acquisition capital expenditures   —          —          458,914     —
(3)
Distributable cash flow (2)        27,919     18,579     83,411      63,832
Adjusted distributable cash flow   28,042     21,942     85,960      66,059
(2)
Distribution coverage ratio (4)    1.12x                 1.23x
Operating data:
Miles of pipeline (end of period)  790        392        790         392
Aggregate average throughput       1,022      958        964         928
(MMcf/d)

__________
(1) EBITDA and adjusted EBITDA include transaction costs. These unusual and
non-recurring expenses are settled in cash.
(2) Prior to the fourth quarter of 2012, we did not distinguish between
maintenance and expansion capital expenditures. For the three and nine months
ended September 30, 2012, the calculation of distributable cash flow and
adjusted distributable cash flow included an estimate for the portion of total
capital expenditures that were maintenance capital expenditures.
(3) Reflects cash paid and value of units issued to fund acquisitions.
(4) Distribution coverage ratio calculation for the three months ended
September 30, 2013 is based on distributions in respect of the third quarter
of 2013 that will be paid November 14, 2013. Distribution coverage ratio
calculation for the nine months ended September 30, 2013 is based on
distributions in respect of the first, second and third quarters of 2013.



SUMMIT MIDSTREAM PARTNERS,  LP AND SUBSIDIARIES
UNAUDITED RECONCILIATIONS TO NON-GAAP FINANCIAL MEASURES
                                   Three months ended    Nine months ended

                                   September 30,         September 30,
                                   2013       2012       2013        2012
                                   (Dollars in thousands)
Reconciliations of Net Income to
EBITDA, Adjusted EBITDA,
Distributable Cash Flow and
Adjusted Distributable Cash Flow:
Net income                         $ 6,691    $ 7,396    $ 27,291    $ 24,112
Add:
Interest expense                   6,937      2,840      11,840      10,999
Income tax expense                 177        207        579         501
Depreciation and amortization      16,426     9,156      43,146      26,135
expense
Amortization of favorable and      264        160        794         (25)
unfavorable contracts (1)
Less:
Interest income                    1          2          3           8
EBITDA (2)                         $ 30,494   $ 19,757   $ 83,647    $ 61,714
Add:
Unit-based compensation            829        381        1,987       1,793
Adjustments related to MVC         7,667      2,986      20,711      11,161
shortfall payments (3)
Loss on asset sales                113        —          113         —
Adjusted EBITDA (2)                $ 39,103   $ 23,124   $ 106,458   $ 74,668
Add:
Interest income                    1          2          3           8
Less:
Cash interest paid                 2,534      2,683      6,548       6,274
Senior notes interest expense (4)  5,625      —          6,500       —
Cash income taxes paid             —          650        660         650
Maintenance capital expenditures   3,026      1,214      9,342       3,920
(5)
Distributable cash flow (5)        $ 27,919   $ 18,579   $ 83,411    $ 63,832
Add:
Transaction costs (2)              123        1,739      2,549       1,972
Ad valorem tax adjustment (6)      —          950        —           —
Pro forma change in interest paid  —          674        —           255
(7)
Adjusted distributable cash flow   $ 28,042   $ 21,942   $ 85,960    $ 66,059
(5)
Distributions declared (8)         $ 25,108              $ 69,771
Distribution coverage ratio        1.12x                 1.23x

__________
(1) The amortization of favorable and unfavorable contracts relates to gas
gathering agreements that were deemed to be above or below market at the
acquisition of the DFW Midstream system. We amortize these contracts on a
units-of-production basis over the life of the applicable contract. The life
of the contract is the period over which the contract is expected to
contribute directly or indirectly to our future cash flows.
(2) EBITDA and adjusted EBITDA include transaction costs. These unusual and
non-recurring expenses are settled in cash.
(3) Adjustments related to MVC shortfall payments account for (i) the net
increases or decreases in deferred revenue for MVC shortfall payments and (ii)
our inclusion of future expected annual MVC shortfall payments.
(4) Senior notes interest expense represents interest expense recognized and
accrued during the period. Interest of 7.50% on the $300.0 million senior
notes is paid in cash semi-annually in arrears on January 1 and July 1 until
maturity in July 2021.
(5) Prior to the fourth quarter of 2012, we did not distinguish between
maintenance and expansion capital expenditures. For the three and nine months
ended September 30, 2012, the calculation of distributable cash flow and
adjusted distributable cash flow includes an estimate for the portion of total
capital expenditures that were maintenance capital expenditures.
(6) In the third quarter of 2012, we adjusted our estimate for ad valorem
taxes associated with Grand River Gathering, LLC for 2012. As a result of this
adjustment, we recorded an incremental $1.0 million of ad valorem taxes in the
third quarter of 2012.
(7) Pro forma change in cash interest paid reflects the difference in cash
interest expense that we would have paid had we, as a result of the initial
public offering, (i) maintained $204.2 million of outstanding debt under the
revolving credit facility (which is the current outstanding debt balance after
taking into account the $140.0 million debt repayment associated with the SMLP
initial public offering) beginning on the first day of each respective 2012
reporting period; and (ii) had a $550.0 million revolving credit facility
available to us beginning on the first day of each respective 2012 reporting
period.
(8) For the three months ended September 30, 2013, reflects quarterly cash
distributions of $0.46 per unit in respect of the third quarter of 2013 that
will be paid November 14, 2013. For the nine months ended September 30, 2013,
reflects year-to-date quarterly cash distributions of $0.42 per unit in
respect of the first quarter of 2013, $0.435 per unit in respect of the second
quarter of 2013, and $0.46 per unit in respect of the third quarter of 2013.

SOURCE Summit Midstream Partners, LP

Website: http://www.summitmidstream.com
Contact: Marc Stratton, Vice President and Treasurer, 214-242-1966,
ir@summitmidstream.com
 
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