Summit Midstream Partners, LP (NYSE:SMLP) Q3 2023 Earnings Call Transcript

Heath Deneke: Yeah. I think — look, I mean, as we said, I mean, we have a good line of sight on the rest of the year and the first half of next year. And I think we’ve got a little over 220 wells that are scheduled to be turned online during that time period. So I think we continue to see — at least what we have in front of us is very much a continuation of what kind of the cadence that we’ve experienced to date in 2023. Second half of the year, I kind of generally agree with you. I think, the good thing, on the gas side, as we said, in the Barnett, our anchor customer there has committed 10, 15 to 20 wells first half of next year. That’s in spite of kind of where the gas prices are now, and they’ve shown the resiliency to kind of drill and like commodity prices and same thing up in the Utica.

I think the wells are still economic, and I think we’re — you’re not seeing overall production growth necessarily out of Utica, but just given our footprint and the amount of inventory relative to other systems, we’re just getting a little bit more activity than we have been in the past. So I mean so far, I’d say we continue to expect there to be some strong momentum as we kind of cover into 2024.

Bill Mault: Yeah. And Gregg, just breaking down the 220, right? If we’ve got 75 wells that we expect here in the fourth quarter, and then you kind of blend that remaining 145, you’re talking about kind of about 70 to 75 wells a quarter throughout the first half. And certainly early to kind of make a call on second half, and we’ll certainly do that during our normal kind of guidance cadence when we release our 10-K in February. But I think that just gives you a sense that we’ve been kind of trending in that 75-ish, 70, 75 wells a quarter type of range.

Gregg Brody: Great. Thanks for the time, guys, and all the detail.

Operator: Thank you. That concludes today’s Q&A session. Thank you for participating on today’s call. This concludes today’s conference. You may now disconnect.