Financial Data and Key Metrics Changes - The company reported first quarter adjusted EBITDA of $57.5 million and capital expenditures of $20.6 million, with the majority of CapEx spent in the Rockies and Mid Con segments [13] - Net debt stood at approximately $959 million, with available borrowing capacity totaling approximately $354 million at the end of the first quarter [13] Business Line Data and Key Metrics Changes - The Rockies segment generated adjusted EBITDA of $24.9 million, an increase of $1.6 million from the fourth quarter, primarily due to an 8.8% increase in liquids volume throughput [13] - The Mid Con segment reported adjusted EBITDA of $22.5 million, an increase of $9.6 million relative to the fourth quarter, primarily due to the acquisition of Tall Oak and an increase in volume throughput [16] - The Permian Basin segment reported adjusted EBITDA of $8.3 million, an increase of $0.5 million relative to the fourth quarter, due primarily to higher volume throughput on the Double E pipeline [15] Market Data and Key Metrics Changes - In the Rockies segment, 30 new wells were connected during the first quarter, including 22 in the DJ Basin and 8 in the Williston Basin [9] - Average daily volumes on the Double E pipeline grew by 8% quarter over quarter, averaging close to 700 million cubic feet per day [11] Company Strategy and Development Direction - The company remains focused on executing strategic objectives and maintaining a strong balance sheet to navigate the current macroeconomic environment [6] - The acquisition of Moonrise Midstream is expected to provide additional operating synergies and capacity for future growth in the DJ Basin [7] Management's Comments on Operating Environment and Future Outlook - Management noted a significant reduction in crude oil prices, which may dampen activity levels in the second half of the year, particularly in the crude-oriented Rockies segment [7] - The outlook for the natural gas side remains strong, which could mitigate potential downside exposure associated with the crude segment [8] Other Important Information - The Board of Directors reinstated the cash dividend on the Series A preferred stock, marking a step towards reinstating the common dividend in the future [7] - The company connected 41 wells during the first quarter, maintaining an active customer base with six active drilling rigs and over 100 drilled but uncompleted wells [7] Q&A Session Summary Question: What is the outlook for the second half of the year regarding completion schedules? - Management indicated that while there may be minor revisions, customers expect second half completion schedules to largely remain intact despite potential price slippage [10] Question: How is the company addressing the current crude price environment? - The company is in close communication with its customer base to evaluate implications of the current crude price environment on well completion activities [9]

Financial Data and Key Metrics Changes - The company reported first quarter adjusted EBITDA of $57.5 million and capital expenditures of $20.6 million, with the majority of CapEx spent in the Rockies and Mid Con segments [13] - Net debt stood at approximately $959 million, with available borrowing capacity totaling approximately $354 million at the end of the first quarter [13] Business Line Data and Key Metrics Changes - The Rockies segment generated adjusted EBITDA of $24.9 million, an increase of $1.6 million from the fourth quarter, primarily due to an 8.8% increase in liquids volume throughput [13] - The Mid Con segment reported adjusted EBITDA of $22.5 million, an increase of $9.6 million relative to the fourth quarter, primarily due to the acquisition of Tall Oak and an increase in volume throughput [16] - The Permian Basin segment reported adjusted EBITDA of $8.3 million, an increase of $0.5 million relative to the fourth quarter, due to higher volume throughput on the Double E pipeline [15] Market Data and Key Metrics Changes - In the Rockies segment, 30 new wells were connected during the first quarter, including 22 in the DJ Basin and 8 in the Williston Basin [8] - Average daily volumes on the Double E pipeline grew by 8% quarter over quarter, averaging close to 700 million cubic feet per day [11] Company Strategy and Development Direction - The company remains focused on executing strategic objectives and maintaining a strong balance sheet to navigate the current macroeconomic environment [6] - The acquisition of Moonrise Midstream is expected to expand the company's footprint in the DJ Basin and provide additional operating synergies [7] Management's Comments on Operating Environment and Future Outlook - Management noted a significant reduction in crude oil prices, which may dampen activity levels in the second half of the year, particularly in the crude-oriented Rockies segment [7] - The outlook for natural gas remains strong, which could mitigate potential downside exposure associated with the crude segment [7] Other Important Information - The Board of Directors reinstated the cash dividend on the Series A preferred stock, marking a step towards reinstating the common dividend in the future [7] - The company connected 41 wells during the first quarter, maintaining an active customer base with six active drilling rigs [7] Q&A Session Summary Question: What is the outlook for the second half of the year regarding completion schedules? - Management indicated that customers expect second half completion schedules to largely remain intact despite potential slippage if crude prices weaken further [9] Question: How is the company addressing the current crude price environment? - The company is in close communication with its customer base to evaluate the implications of the current crude price environment on well completion activities [9]

[Financial & Operational Highlights](index=1&type=section&id=First%20Quarter%202025%20Financial%20and%20Operating%20Results) [Management Commentary](index=1&type=section&id=Management%20Commentary) Management reported Q1 2025 Adjusted EBITDA of **$57.5 million** met expectations, driven by robust customer activity and a favorable natural gas outlook, supported by a diversified asset base - First quarter 2025 Adjusted EBITDA was **$57.5 million**, in line with management's expectations[4](index=4&type=chunk) - Customer activity included **41 new wells** turned-in-line during the quarter, with **six rigs** currently active across the company's systems[4](index=4&type=chunk) - The Rockies segment's Adjusted EBITDA guidance of **$100 million to $125 million** already accounts for potential delays, with performance potentially at the lower end if H2 2025 wells are deferred[4](index=4&type=chunk) - The company has a favorable outlook for natural gas, expected to benefit the Mid-Con segment, with a diversified footprint approximately **50% weighted toward natural gas-oriented drilling**[4](index=4&type=chunk) [First Quarter 2025 Key Results](index=1&type=section&id=First%20Quarter%202025%20Business%20Highlights) The company reported Q1 2025 net income of **$4.6 million** and Adjusted EBITDA of **$57.5 million**, with increased natural gas and liquids throughput, alongside strategic debt financing and an acquisition Q1 2025 Financial Metrics | Metric | Value | | :--- | :--- | | Net Income | $4.6 million | | Adjusted EBITDA | $57.5 million | | Distributable Cash Flow (DCF) | $33.5 million | Q1 2025 vs Q4 2024 Throughput | Metric | Q1 2025 | Change vs Q4 2024 | | :--- | :--- | :--- | | Natural Gas Throughput (MMcf/d) | 883 | +19.8% | | Liquids Volumes (Mbbl/d) | 74 | +8.8% | - Completed the value-accretive bolt-on acquisition of Moonrise Midstream in the DJ Basin on **March 10, 2025**[6](index=6&type=chunk) - Raised **$250 million** of additional 8.625% Senior Secured Second Lien Notes and reinstated the cash dividend on Series A Preferred Stock[6](index=6&type=chunk) [2025 Full-Year Guidance](index=1&type=section&id=2025%20Full-Year%20Guidance) The company reiterated its full-year 2025 guidance for Adjusted EBITDA and total capital expenditures 2025 Full-Year Guidance | Metric | Guidance Range ($ million) | | :--- | :--- | | Adjusted EBITDA | $245 to $280 | | Total Capital Expenditures | $65 to $75 | [Segment Performance](index=2&type=section&id=Segment%20Performance) [Overall Segment Performance](index=3&type=section&id=Overall%20Segment%20Performance) Total segment adjusted EBITDA decreased to **$67.4 million** in Q1 2025, primarily due to the Northeast segment divestiture, impacting natural gas throughput while liquids volumes remained flat Segment Adjusted EBITDA (in thousands) | Segment | Q1 2025 ($) | Q1 2024 ($) | | :--- | :--- | :--- | | Northeast | — | 29,021 | | Rockies | 24,869 | 22,874 | | Permian | 8,270 | 7,265 | | Piceance | 11,786 | 15,233 | | Mid-Con | 22,457 | 5,100 | | **Total** | **67,382** | **79,493** | Average Daily Throughput | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Natural Gas (MMcf/d) | 883 | 1,327 | | Liquids (Mbbl/d) | 74 | 74 | [Natural Gas Price-Driven Segments](index=2&type=section&id=Natural%20gas%20price-driven%20segments) Natural gas-driven segments, Mid-Con and Piceance, achieved a combined **$34.2 million** adjusted EBITDA, a **39.0%** increase, primarily due to the Mid-Con segment's acquisition-driven volume growth - Combined segment adjusted EBITDA was **$34.2 million**, a **39.0% increase** relative to the fourth quarter of 2024[9](index=9&type=chunk) - Mid-Con segment adjusted EBITDA totaled **$22.5 million**, a significant increase from Q4 2024, primarily due to the Tall Oak acquisition and a **48% increase** in volume throughput[9](index=9&type=chunk) - Piceance segment adjusted EBITDA was **$11.8 million**, flat relative to Q4 2024, as lower operating expenses offset a **4.0% decrease** in volume throughput[9](index=9&type=chunk) [Oil Price-Driven Segments](index=2&type=section&id=Oil%20price-driven%20segments) Oil-driven segments, Rockies and Permian, generated a combined **$33.1 million** adjusted EBITDA, a **6.8%** increase, driven by higher liquids volumes and the Moonrise acquisition in the Rockies - Combined segment adjusted EBITDA was **$33.1 million**, representing a **6.8% increase** relative to the fourth quarter of 2024[9](index=9&type=chunk) - Rockies segment adjusted EBITDA increased to **$24.9 million**, driven by an **8.8% increase** in liquids volume, the Moonrise Midstream acquisition, and the connection of **30 new wells**[9](index=9&type=chunk) - Permian segment adjusted EBITDA grew to **$8.3 million**, primarily due to an **8% increase** in volumes shipped on the Double E Pipeline[9](index=9&type=chunk) [Financial Position and Liquidity](index=5&type=section&id=Financial%20Position%20and%20Liquidity) [Capital Expenditures](index=5&type=section&id=Capital%20Expenditures) Total capital expenditures for Q1 2025 were **$20.6 million**, including **$2.5 million** for maintenance, primarily allocated to Rockies segment pad connections and an optimization project Capital Expenditures (in thousands) | Category | Q1 2025 ($) | Q1 2024 ($) | | :--- | :--- | :--- | | Total Cash Paid for CapEx | 20,606 | 16,398 | | Maintenance CapEx | 2,547 | 2,670 | - Capital spending in Q1 2025 was primarily related to pad connections and an optimization project in the Rockies segment[14](index=14&type=chunk) [Capital & Liquidity](index=5&type=section&id=Capital%20%26%20Liquidity) As of **March 31, 2025**, the company maintained strong liquidity with **$26.2 million** cash and **$354 million** ABL availability, remaining in full compliance with financial covenants - As of **March 31, 2025**, the company had **$26.2 million** in unrestricted cash and **$354 million** of borrowing availability under its **$500 million** ABL Revolver[16](index=16&type=chunk) - The company was in compliance with financial covenants, including a first lien leverage ratio of **0.5x** (covenant maximum of 2.5x) and an interest coverage ratio of **2.8x** (covenant minimum of 2.0x)[16](index=16&type=chunk) - The total leverage ratio was approximately **4.0x** as of **March 31, 2025**, excluding the potential earnout liability from the Tall Oak Acquisition[16](index=16&type=chunk) [MVC Shortfall Payments](index=5&type=section&id=MVC%20Shortfall%20Payments) In Q1 2025, the company billed and recognized **$4.8 million** in Minimum Volume Commitment (MVC) shortfall payments as gathering revenue, contributing directly to adjusted EBITDA - The company billed and recognized **$4.8 million** in MVC shortfall payments as gathering revenue, which contributed the same amount to adjusted EBITDA in Q1 2025[18](index=18&type=chunk)[20](index=20&type=chunk) [Dividends](index=6&type=section&id=Quarterly%20Dividend) Cash dividends on common stock remain suspended, while the cash dividend on Series A Preferred Stock was reinstated effective **March 14, 2025**, with all prior unpaid dividends accrued - Cash dividends on common stock remain suspended for the period ended **March 31, 2025**[21](index=21&type=chunk) - The cash dividend on the Series A Preferred Stock was reinstated beginning **March 14, 2025**, with all unpaid dividends from prior periods remaining accrued[21](index=21&type=chunk) [Consolidated Financial Statements](index=10&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Balance Sheet](index=10&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of **March 31, 2025**, total assets were **$2.43 billion**, liabilities **$1.33 billion**, and equity **$968.0 million**, reflecting increases in assets and liabilities due to recent activities Balance Sheet Summary (in thousands) | Account | March 31, 2025 ($) | Dec 31, 2024 ($) | | :--- | :--- | :--- | | Total Assets | 2,434,175 | 2,359,484 | | Long-term debt, net | 1,067,172 | 976,995 | | Total Liabilities | 1,331,305 | 1,261,413 | | Total Equity | 967,961 | 965,125 | [Consolidated Statement of Operations](index=11&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Q1 2025 total revenues were **$132.7 million** with net income of **$4.6 million** (loss of **$0.16 per share**), a decrease from Q1 2024 due to prior year's significant gains Statement of Operations Summary (in thousands, except per share data) | Metric | Q1 2025 ($) | Q1 2024 ($) | | :--- | :--- | :--- | | Total Revenues | 132,697 | 118,871 | | Net Income | 4,634 | 132,927 | | Net Income (Loss) per Share - Basic | (0.16) | 12.05 | - The significantly higher net income in Q1 2024 was driven by an **$86.2 million** gain on the sale of a business and a **$126.3 million** gain on the sale of an equity method investment[39](index=39&type=chunk) [Other Financial and Operating Data](index=12&type=section&id=UNAUDITED%20OTHER%20FINANCIAL%20AND%20OPERATING%20DATA) Q1 2025 key non-GAAP metrics include Adjusted EBITDA of **$57.5 million**, Distributable Cash Flow of **$33.5 million**, Free Cash Flow of **$11.4 million**, and net cash from operations of **$16.0 million** Key Financial & Operating Data (in thousands) | Metric | Q1 2025 ($) | Q1 2024 ($) | | :--- | :--- | :--- | | Adjusted EBITDA | 57,506 | 70,059 | | Distributable Cash Flow (DCF) | 33,529 | 32,534 | | Free Cash Flow | 11,354 | 17,178 | | Net cash provided by operating activities | 16,030 | 43,616 | [Reconciliation of Non-GAAP Measures](index=13&type=section&id=UNAUDITED%20RECONCILIATIONS%20TO%20NON-GAAP%20FINANCIAL%20MEASURES) [Reconciliation of Net Income to Adjusted EBITDA and DCF](index=13&type=section&id=Reconciliations%20of%20net%20income%20to%20adjusted%20EBITDA%20and%20Distributable%20Cash%20Flow) The company reconciles Q1 2025 GAAP Net Income of **$4.6 million** to Adjusted EBITDA of **$57.5 million** and Distributable Cash Flow of **$33.5 million** through various adjustments - To reconcile Q1 2025 Net Income (**$4.6 million**) to Adjusted EBITDA (**$57.5 million**), key adjustments included adding back interest expense (**$22.5 million**), depreciation & amortization (**$28.8 million**), and other net costs (**$6.3 million**), while subtracting a gain in fair value of the Tall Oak earn-out (**$9.0 million**)[43](index=43&type=chunk) - Adjusted EBITDA of **$57.5 million** was further adjusted by subtracting cash interest paid (**$34.2 million**) and maintenance capital expenditures (**$2.5 million**), and adding a senior notes interest adjustment (**$12.9 million**) to arrive at Distributable Cash Flow of **$33.5 million**[43](index=43&type=chunk) [Reconciliation of Net Cash from Operations to Adjusted EBITDA and DCF](index=15&type=section&id=Reconciliation%20of%20net%20cash%20provided%20by%20operating%20activities%20to%20adjusted%20EBITDA%20and%20distributable%20cash%20flow) The report reconciles Q1 2025 Net Cash Provided by Operating Activities of **$16.0 million** to Adjusted EBITDA of **$57.5 million** through various adjustments - To reconcile Q1 2025 Net Cash Provided by Operating Activities (**$16.0 million**) to Adjusted EBITDA (**$57.5 million**), key adjustments included adding back interest expense (**$21.6 million**), changes in operating assets and liabilities (**$18.0 million**), and proportional adjusted EBITDA for equity method investees (**$7.4 million**), while subtracting distributions from those investees (**$6.7 million**)[44](index=44&type=chunk)

Core Insights - Summit Midstream Corporation reported financial and operational results for Q1 2025, achieving adjusted EBITDA of $57.5 million and net income of $4.6 million, aligning with management expectations [3][6][41] - The company connected 41 new wells during the quarter and maintained an active customer base with six drilling rigs and over 100 DUCs behind its systems [3][6] - The outlook for natural gas remains favorable, while crude oil prices have softened, impacting the Rockies segment's performance [3][4] Financial Performance - Adjusted EBITDA for Q1 2025 was $57.5 million, down from $70.1 million in Q1 2024, with cash flow available for distributions at $33.5 million [6][41] - Total revenues increased to $132.7 million in Q1 2025 from $118.9 million in Q1 2024, driven by gathering services and related fees [41] - Capital expenditures totaled $20.6 million in Q1 2025, primarily for pad connections and optimization projects [15][41] Segment Performance - Natural gas price-driven segments generated $34.2 million in adjusted EBITDA, a 39% increase from Q4 2024, with the Mid-Con segment adjusted EBITDA rising to $22.5 million [7][12] - Oil price-driven segments produced $33.1 million in adjusted EBITDA, a 6.8% increase from Q4 2024, with the Rockies segment adjusted EBITDA at $24.9 million [12][14] - The Piceance segment's adjusted EBITDA remained flat at $11.8 million, impacted by lower volume throughput [8][12] Operational Highlights - Average daily natural gas throughput increased by 19.8% to 883 MMcf/d, while liquids volumes rose by 8.8% to 74 Mbbl/d compared to Q4 2024 [4][42] - The Double E pipeline transported an average of 664 MMcf/d, contributing $8.3 million in adjusted EBITDA for the quarter [4][12] - The company has a strong balance sheet with $26.2 million in unrestricted cash and $354 million of borrowing availability under its ABL Revolver as of March 31, 2025 [19][20] Strategic Initiatives - The company completed the acquisition of Moonrise Midstream in the DJ Basin and executed a $10 million optimization project in the Rockies, expected to enhance adjusted EBITDA margins [6][12] - Summit Midstream reinstated cash dividends on its Series A Preferred Stock, with the next payment scheduled for June 14, 2025 [23][41] - The company continues to monitor the impact of tariffs and crude oil price fluctuations on its operations and customer drilling plans [3][6]

Core Viewpoint - Summit Midstream Corporation (SMC) is set to report its first quarter 2025 operating and financial results on May 8, 2025, before the market opens [1] Financial Reporting - SMC will host a conference call on May 8, 2025, at 10:00 a.m. Eastern to discuss its quarterly results, accessible via teleconference [2] Upcoming Investor Conferences - SMC's senior management will attend several upcoming investor conferences, including the 2025 Energy Infrastructure CEO & Investor Conference from May 20-22, 2025, and the 2025 RBC Capital Markets Global Energy, Power & Infrastructure Conference on June 3-4, 2025 [3] Company Overview - SMC focuses on developing, owning, and operating midstream energy infrastructure assets in key unconventional resource basins in the U.S., providing services related to natural gas, crude oil, and produced water [4]

TORONTO, April 07, 2025 (GLOBE NEWSWIRE) -- Sulliden Mining Capital Inc. (“Sulliden” or the “Company”) (TSX: SMC) is pleased to announce that it has indirectly acquired a 5.2% interest in a nickel, zinc, and lead mining exploration project in Poland (the “Project”) through the purchase of 10% of the issued and outstanding shares of Sustainable Royalty Corp. (the “Target”), a private company, from Mr. Stan Bharti (the “Vendor”), a former chief executive officer and director of the Company (the “Acquisition”) ...

Group 1 - Catalyst Hedge Investing provides members with early access to articles and exclusive investment ideas, focusing on asymmetric risk/reward opportunities with clear catalysts [1] - Cashflow Hunter has extensive experience in the markets, particularly as a hedge fund portfolio manager, and has successfully predicted significant market events, such as the collapse of Silicon Valley Bank [2] - The article expresses the author's personal opinions and discloses a beneficial long position in SMC shares, indicating a vested interest in the company's performance [3]

HOUSTON, March 28, 2025 /PRNewswire/ -- Summit Midstream Corporation (NYSE: SMC) ("Summit", "SMC" or the "Corporation") announced today that its 2024 tax packages for Summit Midstream Partners, LP, including a final Schedule K-1, are now available online and may be accessed at https://partnerdatalink.com/Summit. For additional information or assistance, unitholders may also contact Partner DataLink via email at [email protected] or via phone at (855) 375-4158 Monday through Friday from 8:00 a.m. – 5:00 p.m. ...

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES TORONTO, March 25, 2025 (GLOBE NEWSWIRE) -- Sulliden Mining Capital Inc. (“Sulliden” or the “Company”) (TSX: SMC) is pleased to announce that Fred Leigh has been appointed as the president and chief executive officer and a director of the Company, effective immediately. Mr. Leigh has almost 40 years of experience working with early-stage companies and has had a significant role as founder, director and/or investo ...

Retirement is complicated and you only get once chance to do it right. Don't miss out because you didn't know what was out there.The Retirement Forum provides actionable ideals, a high-yield safe retirement portfolio, and macroeconomic outlooks, all to help you maximize your capital and your income. We search the entire market to help you maximize returns.Summit Midstream Corporation (NYSE: SMC ) is a small-cap midstream company worth roughly $400 million. The company almost went bankrupt through COVID-19; ...