09:27 AM EDT, 03/22/2024 (MT Newswires) -- Summit Midstream Partners ( SMLP ) said Friday it has sold its Utica Position to a subsidiary of MPLX LP for $625 million, marking the end of its strategic review process.

The company said the sale includes 36% and 38% interests in Ohio Gathering and Ohio Condensate, respectively.

Summit said it expects the transaction to reduce its net leverage, increase liquidity, and adjust its portfolio to focus more on crude oil. The company now expects pro forma 2024 adjusted earnings before interest, taxes, depreciation, and amortization of between $185 million and $220 million, it added.

Summit Midstream ( SMLP ) plans to seek approval from unitholders to convert to a C-Corp later this year, the company said.

Shares of Summit Midstream ( SMLP ) were up more than 30% in recent Friday premarket activity.

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