Summit Midstream acquires Moonrise Midstream for $90M

Summit Midstream (SMC) announced that its wholly owned subsidiary, Summit Midstream Holdings, has acquired Moonrise Midstream from Fundare Resources Company Holdco for a total consideration of $90M, including $70M in cash and $20M in SMC equity. Summit also provided an operational update for its broader DJ Basin position. The Moonrise assets, located in Weld County, Colorado, are comprised of a 65 MMcf/d natural gas processing plant, approximately 80 miles of low-pressure natural gas gathering lines, 22,300 horsepower of compression, and approximately 25 miles of crude oil gathering pipelines.