Summit Midstream Partners LP (NYSE:SMLP) shares are trading higher by around 14% after the company disclosed its external advisors are evaluating strategic alternatives for the Partnership to maximize its unitholder value, including continued execution of the business plan and asset sale, among others.

The company also provided an operational update. The company expects Q3 adjusted EBITDA of $70 million, up 20% Q/Q, and reaffirmed guidance for Q4 adjusted EBITDA at $75 million-$85 million.

"After a slower than expected start to the first half of the year, primarily driven by low commodity prices and well completion timing delays, we have reestablished significant positive momentum with robust growth in quarterly Adjusted EBITDA, natural gas and liquids volume and well interconnects. And while we are optimistic about our outlook, which includes significant free cash flow generation and debt reduction, we also believe that our current unit price does not reflect the true value of the Partnership and that the best way to maximize unitholder value is to explore our options, while remaining focused on the Partnership's operational performance and execution of its business strategy," said Heath Deneke, President, Chief Executive Officer, and Chairman.