Shares of Summit Midstream Corporation (SMC) have lost 14.6% since reporting second-quarter 2025 results, sharply underperforming the S&P 500 index’s 1% growth. Over the past month, the stock has fallen 18.4% against a 2.5% rally for the broader market, highlighting investor concerns about the company’s near-term performance despite ongoing strategic initiatives.Revenue & Earnings PerformanceSummit Midstream posted second-quarter revenues of $140.2 million, up 38% from $101.3 million in the year-ago period, ...

Financial Data and Key Metrics Changes - The company reported second quarter adjusted EBITDA of $61 million, slightly below expectations due to underperformance of some wells and lower realized commodity prices [6][12] - Capital expenditures totaled $26.4 million, including approximately $5.5 million of maintenance CapEx [12] - Net debt was approximately $944 million, with available borrowing capacity of $359 million at the end of the quarter [12] Business Line Data and Key Metrics Changes - The Rockies segment generated adjusted EBITDA of $25.2 million, an increase of $400,000 from the first quarter, driven by a 5.4% increase in liquids volume throughput and a 14% increase in natural gas volume throughput [13] - The Permian Basin segment reported adjusted EBITDA of $8.3 million, a slight increase due to higher volume throughput [15] - The PON segment recorded adjusted EBITDA of $10.5 million, a decrease of $1.3 million due to higher operating expenses and a 1.1% decrease in volume throughput [15] - The Mid Con segment reported adjusted EBITDA of $24.9 million, an increase of $2.4 million due to a 2.9% increase in volume throughput [16] Market Data and Key Metrics Changes - Realized residue gas prices decreased approximately 40%, realized NGL prices decreased approximately 10%, and realized condensate prices decreased approximately 15% compared to the first quarter [13] - The company connected six new wells in the Arkoma and four new wells in the Barnett in July, indicating ongoing development activity [17] Company Strategy and Development Direction - The company executed a new ten-year extension of gathering agreements with a key customer in the Williston, increasing the weighted average contract life from four to eight years [8] - The company is preparing for a 20-well development program in the Arkoma, with completions expected to begin in the fourth quarter [9] - The company signed a new ten-year agreement for $100 million a day of firm capacity on the Double E pipeline, contingent on the customer's final investment decision [10] Management's Comments on Operating Environment and Future Outlook - Management expects to end the year towards the low end of the original adjusted EBITDA guidance range, attributing this to timing-related factors [18] - The company remains optimistic about the outlook, citing strong development activity and commercial progress across its segments [18] Other Important Information - The company was added to the Russell 3000, Russell 2000, and Russell Microcap indices during the June reconstitution, enhancing visibility among institutional investors [11] Q&A Session Summary - No questions were raised during the Q&A session, and the call concluded without any inquiries from participants [19]

Company Overview - Summit Midstream Corporation (SMC) operates across six resource plays in the U S, focusing on natural gas, crude oil, and produced water gathering, processing, and transmission[12] - The company boasts a diversified asset portfolio with key positions in crude oil- and natural gas-oriented basins[48] - SMC's strategy includes maximizing free cash flow, improving base business well connections, commercializing the Double E Pipeline, and executing strategic acquisitions and divestitures[19] Financial Highlights and Strategy - SMC aims for a long-term leverage target of 3 5x through continued EBITDA generation and debt repayment[10] - The company expects 2025 Adjusted EBITDA to be in the range of $245 million to $280 million[33] - SMC refinanced its capital structure in July 2024, issuing $575 million in Second Lien Secured Notes and upsizing its ABL Credit Facility to $500 million, extending maturities until 2029[19] Operational Performance and Capacity - In Q2 2025, SMC reported a total volume of 1 4 Bcfe/d, with 66% being natural gas[13] - The company has a total AMI of 5 7 million acres and operates 2,751 pipeline miles with a capacity of 4 6 Bcfe/d[13] - The Permian segment has a capacity of 1 50 Bcf/d with approximately 74% utilization[33] Double E Pipeline - Double E Pipeline has existing contracts representing MVC quantities with firm transportation service agreements[55] - The Double E pipeline is estimated to generate approximately $40 million in EBITDA with existing contracts[52] - The company has executed 215 MMcf/d of incremental 10-year take-or-pay contracts since 2024 for the Double E Pipeline[19, 60]

EXHIBIT 99.1 Summit Midstream Corporation 910 Louisiana Street, Suite 4200 Houston, TX 77002 Summit Midstream Corporation Reports Second Quarter 2025 Financial and Operating Results Houston, Texas (August 12, 2025) – Summit Midstream Corporation (NYSE: SMC) ("Summit", "SMC" or the "Company") announced today its financial and operating results for the three months ended June 30, 2025. Highlights Management Commentary Heath Deneke, President, Chief Executive Officer and Chairman, commented, "We generated $61. ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-42201 Summit Midstream Corporation (Exact name of registrant as specified in its charter) Delaware (832) 413-4 ...

Group 1 - Summit Midstream Corporation (SMC) has made its 2024 Schedule K-3 packages available online for common and preferred unitholders [1][2] - Common unitholders can access their Schedule K-3 at a specified website, while preferred unitholders have a different link for access [1] - SMC provides assistance for unitholders needing help with their Schedule K-3 through email and phone support [1] Group 2 - A limited number of unitholders, particularly foreign unitholders and those needing to compute a foreign tax credit, may require detailed information from Schedule K-3 for their tax reporting [2] - It is encouraged for unitholders to review the information on Schedule K-3 and consult with tax advisors if necessary [2] Group 3 - SMC focuses on developing, owning, and operating midstream energy infrastructure assets in key unconventional resource basins across the continental United States [3] - The company provides services such as natural gas, crude oil, and produced water gathering, processing, and transportation under long-term, fee-based agreements [3] - SMC operates in five major basins: Williston, Denver-Julesburg, Fort Worth, Arkoma, and Piceance, and has an investment in Double E Pipeline, LLC for interstate natural gas transportation [3]

Core Points - Sulliden Mining Capital Inc. held its 2024 Annual and Special Meeting of Shareholders on June 30, 2025, where nominees for the board of directors were elected [1] - A total of 16.52% of all issued and outstanding shares were represented at the meeting [1] Election of Directors - The following nominees were elected as directors with the respective vote percentages: - Fred Leigh: 91.367% votes for, 8.633% votes withheld [4] - Indivar Pathak: 91.836% votes for, 8.164% votes withheld [4] - William Steers: 91.836% votes for, 8.164% votes withheld [4] Other Approvals - Shareholders approved the following resolutions: - Re-appointment of McGovern Hurley LLP as the Company's auditors [4] - Replacement of the existing share incentive plan with an omnibus share incentive plan, pending approval from the TSX Venture Exchange [4] - Consolidation of Common Shares on a basis of up to 10 for one [4] - Change of the Corporation's name to "Future Mineral Resources Inc." or another name deemed appropriate by the board [4] Company Overview - Sulliden is a venture capital company focused on acquiring and advancing brownfield, development-stage, and early production-stage mining projects in the Americas and Europe [6]

Core Viewpoint - Sulliden Mining Capital Inc. has acquired a 48% interest in a nickel, zinc, and lead mining exploration project in Poland, enhancing its portfolio in the European mining sector [1][2]. Acquisition Details - The acquisition was made through the purchase of 48% of the issued and outstanding shares of Ferrite Resources Polska sp. z o.o. for 62,500 euro, with no finder fees paid and no change of control of Sulliden resulting from the transaction [2]. - The project consists of the Szklary and Dabrowka concessions, both of which are fully owned by the Target [2]. Project Overview - Szklary is a nickel laterite deposit located approximately 50 km south of Wroclaw, Poland, with historical production recorded as 3.5 million tonnes at 0.79% nickel, totaling 28,000 tonnes [3]. - The Szklary deposit has a JORC-compliant historical inferred mineral resource of 32.9 million tonnes at 0.70% nickel [3]. - Dabrowka is located 25 km north of Katowice and requires minimal primary development, with plans for additional drilling to complement historical exploration [4]. Exploration Plans - The company plans to drill an additional 30 holes at Szklary to confirm historical inferred mineral resources and 27 holes at Dabrowka to further explore the site [3][4]. - The project benefits from proximity to two smelters within 20 km and utilizes proven mining methods, including room and pillar mining and magnetic separation of ore [6]. Transaction Cancellation - A previously announced acquisition to indirectly acquire a 5.2% interest in the project has been terminated, with the company's interest in Sustainable Royalty Corp. returned to a former executive [10]. Company Background - Sulliden is focused on acquiring and advancing brownfield, development-stage, and early production-stage mining projects across various regions, including Europe [11].

Company Overview - Summit Midstream Corporation (NYSE: SMC) has effectively managed a significant debt burden while facing challenges in the oil and gas market [2]. Performance Analysis - The company has underperformed since the last recommendation due to weak oil and gas pricing impacting continued drilling activities [2]. Investment Strategy - The Value Portfolio focuses on constructing retirement portfolios through a fact-based research strategy, which includes thorough analysis of 10Ks, analyst commentary, market reports, and investor presentations [2].

[Part I - Financial Information](index=9&type=section&id=Part%20I%20-%20FINANCIAL%20INFORMATION) [Financial Statements](index=9&type=section&id=Item%201.%20Financial%20Statements.) The company presents its unaudited condensed consolidated financial statements for Q1 2025, detailing key financial positions and performance [Financial Statements Overview](index=9&type=section&id=Financial%20Statements%20Overview) Q1 2025 revenue grew to $132.7 million, but net income fell to $4.6 million due to prior-year asset sale gains Condensed Consolidated Statements of Operations (Q1 2025 vs Q1 2024) | Financial Metric | Q1 2025 (In thousands) | Q1 2024 (In thousands) | | :--- | :--- | :--- | | **Total Revenues** | **$132,697** | **$118,871** | | Total Costs and Expenses | $118,118 | $173,566 | | Gain (loss) on sale of business | ($43) | $86,202 | | Gain on sale of equity method investment | — | $126,261 | | Interest Expense | ($22,537) | ($37,846) | | **Net Income** | **$4,634** | **$132,927** | | **Net Income (Loss) per Share (Diluted)** | **($0.16)** | **$11.47** | Condensed Consolidated Balance Sheets (As of March 31, 2025) | Account | March 31, 2025 (In thousands) | December 31, 2024 (In thousands) | | :--- | :--- | :--- | | **Total Current Assets** | $119,763 | $118,271 | | **Total Assets** | **$2,434,175** | **$2,359,484** | | Total Current Liabilities | $150,607 | $174,801 | | Long-term Debt, net | $1,067,172 | $976,995 | | **Total Liabilities** | **$1,331,305** | **$1,261,413** | | **Total Equity** | **$967,961** | **$965,125** | Condensed Consolidated Statements of Cash Flows (Q1 2025 vs Q1 2024) | Cash Flow Activity | Q1 2025 (In thousands) | Q1 2024 (In thousands) | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | **$16,030** | **$43,616** | | Net Cash from Investing Activities | ($93,091) | $608,629 | | Net Cash from Financing Activities | $81,466 | ($320,846) | | **Net Change in Cash** | **$4,405** | **$331,399** | [Acquisitions and Divestitures](index=14&type=section&id=3.%20ACQUISITIONS%20AND%20DIVESTITURES) The company actively managed its portfolio through the Moonrise acquisition and the prior-year Utica divestiture - Completed the Moonrise Acquisition on March 10, 2025, for total consideration of approximately **$90.0 million**, consisting of $70.0 million in cash and 462,265 shares of common stock[33](index=33&type=chunk) - Completed the Tall Oak Acquisition on December 2, 2024, for **$425.0 million** ($155.0 million cash and 7,471,008 shares of Class B Common Stock) plus a potential earn-out of up to $25.0 million[39](index=39&type=chunk) - Completed the disposition of Summit Utica on March 22, 2024, for a cash price of **$625.0 million**, recognizing a total gain of $212.5 million[42](index=42&type=chunk)[43](index=43&type=chunk) - In Q1 2024, an impairment charge of **$68.0 million** was recognized in connection with the sale of the Mountaineer Midstream system[47](index=47&type=chunk) [Debt](index=18&type=section&id=8.%20DEBT) Total debt increased to $1.08 billion following a new note issuance, while the company remained in covenant compliance Debt Composition (March 31, 2025) | Debt Instrument | March 31, 2025 (In thousands) | December 31, 2024 (In thousands) | | :--- | :--- | :--- | | Amended and Restated ABL Facility | $145,000 | $305,000 | | Permian Transmission Term Loan | $125,323 | $129,321 | | 2029 Secured Notes (8.625%) | $825,000 | $575,000 | | **Total Debt, net** | **$1,083,843** | **$993,575** | - On January 10, 2025, the company issued an additional **$250.0 million** of its 8.625% Senior Secured Second Lien Notes due 2029, bringing the total outstanding to $825.0 million[73](index=73&type=chunk) - As of March 31, 2025, the company had **$354.2 million** of available borrowing capacity under its Amended and Restated ABL Facility[68](index=68&type=chunk) - The company was in compliance with its financial covenants as of March 31, 2025, with a **First Lien Net Leverage Ratio of 0.52:1.00** (covenant is < 2.50:1.00) and an **Interest Coverage Ratio of 2.80:1.00** (covenant is > 2.00:1.00)[65](index=65&type=chunk)[202](index=202&type=chunk) [Equity and Mezzanine Equity](index=26&type=section&id=11.%20EQUITY%20AND%20MEZZANINE%20EQUITY) Equity structure was impacted by acquisitions creating a noncontrolling interest and continued accrual of preferred dividends - The Board of Directors declared a quarterly cash dividend on its Series A Preferred Stock, paid on March 15, 2025[104](index=104&type=chunk) - As of March 31, 2025, accrued and unpaid dividends on the Series A Preferred Stock totaled **$46.9 million**, which must be paid before any common stock dividends can be initiated[105](index=105&type=chunk)[114](index=114&type=chunk) - As of March 31, 2025, the noncontrolling interest, resulting from the Tall Oak Acquisition, represents approximately **35% of the net assets of SMLP**[111](index=111&type=chunk) [Segment Information](index=31&type=section&id=16.%20SEGMENT%20INFORMATION) Total segment adjusted EBITDA decreased to $67.4 million, reflecting the Northeast divestiture and acquisition-driven Mid-Con growth Segment Adjusted EBITDA (Q1 2025 vs Q1 2024) | Reportable Segment | Q1 2025 (In thousands) | Q1 2024 (In thousands) | | :--- | :--- | :--- | | Rockies | $24,869 | $22,874 | | Permian | $8,270 | $7,265 | | Piceance | $11,786 | $15,233 | | Mid-Con | $22,457 | $5,100 | | Northeast | $— | $29,021 | | **Total Segment Adjusted EBITDA** | **$67,382** | **$79,493** | Total Assets by Segment | Reportable Segment | March 31, 2025 (In thousands) | December 31, 2024 (In thousands) | | :--- | :--- | :--- | | Rockies | $1,013,891 | $917,293 | | Permian | $282,927 | $285,280 | | Piceance | $380,114 | $389,668 | | Mid-Con | $745,477 | $746,549 | | **Total Reportable Segment Assets** | **$2,422,409** | **$2,338,790** | - The company divested its Northeast operations during 2024, which previously included assets in the Utica and Marcellus shale plays[128](index=128&type=chunk) [Management's Discussion and Analysis (MD&A)](index=34&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management analyzes Q1 2025 performance, focusing on acquisition impacts, segment results, and capital structure optimization [Results of Operations](index=39&type=section&id=Results%20of%20Operations) Q1 2025 revenue rose on acquisitions, while net income dropped significantly without prior-year asset sale gains - Natural gas throughput volumes decreased by **444 MMcf/d YoY**, primarily due to the divestiture of the Northeast segment (712 MMcf/d), partially offset by a 309 MMcf/d increase in the Mid-Con segment from the Tall Oak acquisition[165](index=165&type=chunk)[171](index=171&type=chunk) - Mid-Con segment adjusted EBITDA surged **340% to $22.5 million**, driven by increased volume from the Tall Oak Acquisition[190](index=190&type=chunk) - Piceance segment adjusted EBITDA fell **23% to $11.8 million**, primarily due to natural production declines[185](index=185&type=chunk) - Interest expense decreased by **$15.3 million YoY to $22.5 million**, reflecting the benefits of recent debt refinancing activities which replaced higher-cost debt[170](index=170&type=chunk)[199](index=199&type=chunk) [Liquidity and Capital Resources](index=47&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity remains sufficient, supported by cash from operations and the ABL facility, despite significant acquisition spending - The company believes its current cash, internally generated cash flow, and credit facilities will be adequate to finance operations for the next twelve months[200](index=200&type=chunk)[212](index=212&type=chunk) - As of March 31, 2025, the company had **$354.2 million in available borrowing capacity** under its Amended and Restated ABL Facility[204](index=204&type=chunk) Q1 2025 Key Cash Flow Activities | Activity | Amount (In thousands) | | :--- | :--- | | Net Cash from Operating Activities | $16,030 | | Capital Expenditures | ($20,606) | | Cash for Moonrise Acquisition | ($69,997) | | Issuance of Additional 2029 Secured Notes | $258,438 | | Borrowings on ABL Facility | $90,000 | | Repayments on ABL Facility | ($250,000) | [Market Risk Disclosures](index=53&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk.) Market risk exposure from interest rates and commodity prices remains materially unchanged from year-end 2024 - As of March 31, 2025, the company had approximately **$825.0 million in fixed-rate debt** and **$270.3 million in variable-rate debt** ($145.0M ABL Facility and $125.3M Permian Term Loan)[228](index=228&type=chunk) - A hypothetical **1% change in interest rates** would impact interest expense by approximately **$0.7 million** for the quarter on the company's variable-rate debt[228](index=228&type=chunk) - The majority of revenues are from long-term, fee-based agreements, mitigating direct commodity price risk[229](index=229&type=chunk) [Controls and Procedures](index=53&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management concluded that disclosure controls and internal controls over financial reporting were effective as of Q1 2025 - The CEO and CFO concluded that **disclosure controls and procedures were effective** as of March 31, 2025[230](index=230&type=chunk) [Part II - Other Information](index=54&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Legal Proceedings](index=54&type=section&id=Item%201.%20Legal%20Proceedings.) The company details ongoing legal matters, including a significant settlement for a past pipeline release - The Global Settlement for the 2015 Blacktail Release resulted in total losses of **$36.3 million**, of which the company has paid $21.3 million of the principal amount as of March 31, 2025[237](index=237&type=chunk) - The company is also involved in a breach of contract lawsuit with Fiberspar Corporation, which is claiming over **$5.0 million** for unpaid pipeline product orders[232](index=232&type=chunk) [Risk Factors](index=54&type=section&id=Item%201A.%20Risk%20Factors.) A new risk factor concerning tariffs and trade measures has been added to the existing company risks - A new risk factor was added regarding the potential adverse effects of **tariffs and other trade measures** on business operations, costs, and financial position[239](index=239&type=chunk) - The company reiterates existing risks, including customer drilling success, commodity price fluctuations, competitive conditions, and capital market access[221](index=221&type=chunk)[224](index=224&type=chunk)