Summit Midstream Partners, a developer and owner of midstream energy infrastructure, has announced that its board is exploring strategic alternatives, including a potential sale of the partnership. This decision comes after the company's shares experienced a decline of more than 18% this year, following a nearly 25% drop in 2022.

The company disclosed that it has recently received interest from third parties regarding a potential deal. Summit Midstream indicated that such a deal could involve the sale of specific assets or the entire partnership. Additionally, the company mentioned the possibility of continuing to execute its business plan or exploring options to refinance its capital structure.

Heath Deneke, Chief Executive of Summit Midstream, acknowledged that the year had a slower-than-expected start due to low commodity prices and project completion delays. Despite this, Deneke expressed optimism about the company's outlook, which includes significant free cash flow generation and debt reduction.

Deneke also emphasized the management's belief that the current unit price does not accurately reflect the true value of the Partnership. As a result, exploring strategic alternatives has been deemed the best approach to maximize unitholder value.

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