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MI - Sanchez exits Seco pipeline, sending SNMP to $48MM net loss - March 2020
Bankrupt Sanchez Energy suspended use of the Seco gas pipeline, causing Sanchez Midstream Partners to take a $32.1 million impairment on the 30-mile pipeline in South Texas. The impairment caused SNMP to take a net loss of $47.8 million on revenue of $16.4 million in 4Q19 when it released earnings on March 13. Completed in 2017, Seco sends dry gas from the Raptor processing facility to markets in South Texas. While it has a......
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