Sam is a trader and one of our lead stock analysts at AskTraders. After starting his career predominantly in the forex markets, Sam now focuses on gold and stocks with a preference for macroeconomic analysis.
Energy firm Summit Midstream Partners LP (NYSE: SMLP) said the Double E Pipeline received its Notice to Proceed with construction, as well as approval of its implementation plan, from the Federal Energy Regulatory Commission (FERC).
Sumit Midstream shares are surging on the news, priced at $22.05 after a 60.71% in after-hours trading.
Double E has also been granted the necessary rights-of-way on federal lands from the Department of the Interior’s Bureau of Land Management and has entered into Memorandums of Agreement regarding the treatment and mitigation measures at specific cultural resource sites with the FERC and the State Historic Preservation Officers of New Mexico and Texas.
The Double E Pipeline is a joint venture with Summit owning a 70% stake, serving as the pipeline’s operator and construction manager.
“We are pleased to report the actions of the FERC and the BLM and also re-affirm our expected Q4 2021 in-service date. Summit has also made good progress on its financing plans related to its 70% share of Double E and intends to announce additional details prior to construction activities beginning later this quarter,” said Heath Deneke, President, CEO and Chairman Summit.
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