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Summit Midstream Partners reported that the Double E Pipeline has received regulatory approval from the FERC. The Double E pipeline is a JV owned 70% by Summit.
Double E is a new interstate natural gas pipeline that is currently under development and, upon completion, will provide up to 1.35 million dekatherms of firm transportation service from the Delaware Basin in southeast New Mexico and west Texas to delivery points near Waha in Reeves and Pecos Counties, Texas.
Heath Deneke, President, Chief Executive Officer and Chairman, commented, "I'm pleased that Double E has received FERC approval, which is an important milestone in the development of the Double E Pipeline Project. SMLP continues to focus on developing this world-class project on schedule and under budget in a safe and efficient manner. Due to the efforts of the hard-working men and women developing this project to lock-in costs and capture value, the total cost to complete Double E is now tracking approximately 15% below original budget established at FID in June 2019. We are in the process of finalizing third-party financing for substantially all of SMLP's remaining Double E capital obligations and we expect to secure financing concurrently with receipt of FERC's notice to proceed with construction. I look forward to providing more commentary on Double E, and the related financing, during our upcoming third quarter earnings call."
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