Summit Midstream Partners, LP (SMLP) has reported 91.86 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $1.92 million in the quarter, compared with $23.60 million for the same period last year.

Revenue during the quarter dropped 17.47 percent to $95.07 million from $115.20 million in the previous year period. Gross margin for the quarter contracted 131 basis points over the previous year period to 92.65 percent. Total expenses were 75.26 percent of quarterly revenues, down from 84.08 percent for the same period last year. This has led to an improvement of 882 basis points in operating margin to 24.74 percent.

However, the adjusted EBITDA for the quarter stood at $76.48 million compared with $43.48 million in the prior year period. At the same time, adjusted EBITDA margin improved 4270 basis points in the quarter to 80.45 percent from 37.75 percent in the last year period.

Steve Newby, president and chief executive officer, commented, "SMLP generated strong financial results in the third quarter of 2016 due to increasing volumes, and corresponding segment adjusted EBITDA, primarily driven by our Summit Utica and Williston operations. We also experienced strong sequential quarterly volume growth in our Piceance/DJ Basins segment as the recent increase in activity levels from our customer base is starting to show up in our results."