Disclosure: I am long ETP, EPD. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

Amid the recent influx of MLPs that own nontraditional assets or pay a variable distribution, Summit Midstream Partners LP (NYSE: SMLP), which went public on Sept. 27, 2012, is a bit of a throwback: a midstream operator that owns gathering and processing assets and pays a regular quarterly distribution.

The fledgling publicly traded partnership traces its lineage back to fall 2009, when members of the management team and private-equity outfit Energy Capital Partners formed Summit Midstream Partners LLC to build a portfolio of midstream energy assets in North America. In the third quarter of 2011, this group sold a 9 percent interest in the concern to GE Energy Financial Services.

Summit Midstream Partners LP owns two operating entities: DFW Midstream Services LLC and Grand River Gathering LLC. READ FULL ARTICLE HERE