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Stock Alert: Summit Midstream Jumps 29% On FERC Approval For Double E Pipeline Project

Shares of Summit Midstream Partners, LP (SMLP), a Houston, Texas-based owner of midstream energy infrastructure assets, are surging more than 29 percent or $4.03 in Wednesday's morning trade at $17.75.

Tuesday, Summit Midstream said that Double E Pipeline LLC, a joint venture in which the company owns a 70 percent equity interest and serves as the pipeline's operator and construction manager, received its Notice to Proceed or NTP with construction, as well as approval of its Implementation Plan, from the Federal Energy Regulatory Commission or FERC.

In addition, Double E was granted the necessary rights-of-way on federal lands from the Department of the Interior's Bureau of Land Management. The joint venture has entered into Memorandums of Agreement regarding treatment and mitigation measures at certain cultural resource sites with the FERC and the State Historic Preservation Officers of New Mexico and Texas.

Summit Midstream Partners has traded in a range of $7.50 to $55.05 in the past 52 weeks.

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