Summit Midstream CEO Visits TPH

Casey ColelloNews 2015

Steve Newby helped found Summit Investments in 2009, backed by private equity firm Energy Capital Partners. Summit has come a long way since building its initial asset in the Barnett, as the company now has operations in the Bakken, Marcellus, Barnett, and Piceance basins. In our CEO luncheon, Mr. Newby spoke about his previous endeavors, including managing a prop fund for ING Investment management and serving as a Managing Director at SunTrust Bank. He also addressed concerns of the general midstream space, including volume declines, the M&A market, as well as dropdown financing, and expressed his belief that the MLP market will turn quickly in the next upcycle as money flows back into the space. Summit Investment’s Utica assets, which are expected to eventually be dropped into SMLP, continue to show promise and are expected to be a major contributor to SMLP’s EBITDA in the coming years. From an organizational perspective, Mr. Newby has worked to create an environment where employees are motivated to voice their ideas, even if out of consensus.

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Marc Stratton, Mike Davis, Steve Newby, Mark Meyer, Brandon Blossman