Steel Reef completed the acquisition of Bison Midstream from Summit Midstream Partners for $40m.

Steel Reef, an associated natural gas infrostructure company, completed the acquisition of Bison Midstream, a natural gas company, from Summit Midstream Partners, a midstream energy infrastructure company, for $40m. "We are pleased to announce this strategic transaction with Steel Reef. In combination with the previously announced divesture of the Lane gathering and processing system earlier this summer, the sale of Bison Midstream represents a continuation of our strategy to streamline our portfolio of assets through balance sheet enhancing transactions while building additional financial flexibility to reinvest in more strategic scale-building opportunities across our footprint. With the sale of Bison Midstream, Summit's focus in the Williston Basin will be on growing its crude oil and produced water gathering systems primarily located in Williams and Divide Counties, North Dakota. We remain excited about the level of customer development activity in central Williams County and pro forma for the transaction, we continue to expect over 50 new wells behind our liquids system in 2023. Pro forma for the transaction, SMLP will have approximately $90m drawn on its $400m ABL Credit Facility, resulting in over $300m of available liquidity. We continue to expect to trend toward the high end of our 2022 Adjusted EBITDA guidance range of $205m to $220m," Heath Deneke, Summit Midstream Partners CEO, President and Chairman.