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Semgroup Corporation

Summit Midstream Partners, LP (SEMG) is a master limited partnership (MLP) that focuses on the ownership and operation of midstream energy infrastructure in North America. The company's portfolio includes a variety of assets such as natural gas and crude oil gathering systems, processing and treating facilities, and gas gathering pipelines.

In terms of financial performance, Summit Midstream Partners has had a mixed track record in recent years. Here are some key points to consider:

* Revenue: SEMG's revenue has been trending downward over the past few years, from $535.5 million in 2018 to $450.8 million in 2020. However, the company's revenue for Q4 2020 was up slightly compared to Q4 2019, which may be a positive sign.

* Earnings: SEMG's distributable cash flow (DCF) has also been declining, from $195.3 million in 2018 to $144.2 million in 2020. This has put pressure on the company's ability to pay out distributions to unitholders.

* Growth: SEMG has been making efforts to grow its business through acquisitions and organic growth projects. In 2020, the company completed the acquisition of certain natural gas gathering and processing assets in the Delaware Basin. SEMG has also announced plans to expand its Double E Pipeline, which transports natural gas from the Delaware Basin to the Waha Hub in West Texas.

* Valuation: SEMG's stock price has been volatile over the past year, reflecting uncertainty about the company's financial performance and the broader energy sector. As of March 2023, the company's stock trades at a relatively low valuation compared to its peers, with a price-to-distributable cash flow ratio of around 4.5x.

Overall, SEMG's financial performance has been challenged in recent years, but the company is taking steps to grow its business and improve its financial position. Investors interested in SEMG should carefully consider the company's financial performance, growth prospects, and risk factors before making an investment decision.