Summit Midstream Corporation (SMC) Earnings Call Transcript & Summary

Welcome back to Summit Midstream Partners 2022 Annual Meeting of Limited Partners last convened on May 26 at 9:00 a.m. and adjourned until this morning. The meeting will now resume. I'm James Johnston, Executive Vice President, General Counsel, Chief Compliance Officer and Secretary of the partnership. I've set the agenda for the meeting, which you should be able to see under the Documents tab on your screen. The meeting is now formally called to order. If you wish to ask questions regarding the item of business for the meeting, please submit your question using the messaging tab on your screen. Please provide your name and state whether you are a unitholder or a proxy for a unitholder. If you are a proxy, please provide the name of the unitholder you represent. We have in our possession a list of unitholders entitled to vote at the meeting and the valid proxies received from those unitholders as provided to us by our transfer agent. I've asked a representative from AST to act as Inspector of Elections. The agenda now calls for the determination of a quorum. Our partnership agreement provides that the presence in person or by proxy of holders representing a majority of the outstanding common units of the partnership shall constitute a quorum for the meeting. May I now have please the Inspector's report on whether a quorum is present.

Mr. Johnston, there are present at the meeting in person or by proxy sufficient votes to constitute a quorum.

Thank you. Notice of the 2022 Annual Meeting of Limited Partners was sent on or about March 31, 2022, to limited partners of the partnership who are holders of record of outstanding common units of the partnership at the close of business on the record date for the meeting, March 21, 2022. A quorum is present in person and by proxy. Therefore, the meeting is lawful and properly convened. We'll now proceed with Proposal 2 presented in the proxy statement furnished to our common unitholders. If you have already submitted a valid proxy and do not wish to revoke it, you do not have to vote now during the meeting. Your vote on this proposal will be cast as indicated on your proxy card. If you wish to change your vote or have not yet voted, please vote now using the voting tab on your screen. You are able to vote at any time during the meeting until we close the polls. The meeting will now consider the business item on the agenda and then a vote will be taken on this item. Proposal 2 is approval of Summit Midstream Partners 2022 long-term incentive plan. The 2022 plan replaces the 2012 long-term incentive plan as amended and restated on March 19, 2020, and is intended to align the interests of our employees, consultants and directors with the interest of our unitholders. In accordance with the partnership agreement, approval of this proposal will require the affirmative vote of a majority of our outstanding common units entitled to vote at this annual meeting. The Board of Directors has recommended that unitholders vote for the approval of the 2022 long-term incentive plan. The proxy statement contains considerable information about the 2022 long-term incentive plan, so I won't comment further unless there are questions during the question period. We'll now pause to collect any questions that have been submitted. As a reminder, while we're waiting, if you have any questions after the meeting, please contact Summit Investor Relations at ir@summitmidstream.com. John, are there any questions on this proposal?

There are no questions.

Thank you. I'll now call for the vote on this item of business. The polls are opened only for voting on Proposal 2, please cast your vote if you have not already done so. We will be closing the polls shortly. [Voting]