Core Viewpoint - Sulliden Mining Capital Inc. is continuing exploration at its East Sullivan Copper Gold project located in the Abitibi greenstone belt in Quebec, which is known for its significant base metals and gold deposits [1]. Group 1: Project Details - The East Sullivan project is situated less than 1 km from the Triangle deposit, which is operated by Eldorado Gold on its Lamaque property, containing 7.1 million tonnes at a grade of 7.9 g/t gold [2]. - The Sulliden concession spans 334 hectares and includes the former East-Sullivan Copper-Zinc-Gold-Silver Mine, located less than 10 km from Val D'or [2]. - Limited follow-up drilling has confirmed the potential for gold mineralization on both ends of the former mine, with a gold-only zone identified 500 meters east of the easternmost stopes [3]. Group 2: Historical Context - The East-Sullivan Mine operated from 1949 to 1966, producing copper, zinc, gold, and silver from multiple lenses, with historical production recorded at 15.0 million tonnes at grades of 1.1% copper, 0.8% zinc, 0.3 g/t gold, and 9.7 g/t silver [4]. Group 3: Company Overview - Sulliden is focused on acquiring and advancing brownfield, development-stage, and early production-stage mining projects in Quebec and Australia [5].

Core Viewpoint - Summit Midstream Corporation (SMC) reported a significant decline in earnings and revenues for the fourth quarter of 2024, leading to a notable drop in stock price compared to the S&P 500 index [1][2]. Earnings Performance - SMC reported an adjusted loss per share of $2.19 for Q4 2024, compared to a loss of $1.29 in the same quarter of the previous year [2]. - Total revenues decreased by 16% year over year to $107 million, primarily due to lower gathering services revenues [2]. - Adjusted EBITDA for the quarter was $46.2 million, down 38.4% from $75 million in Q4 2023, and for the full year 2024, adjusted EBITDA declined 23.3% to $204.6 million from $266.8 million in 2023 [2]. Segmental Performance - Rockies Segment: Adjusted EBITDA was $23.2 million, down $1.6 million from Q3 2024 due to lower liquids throughput and water sales, despite a 2.3% increase in natural gas volumes [3]. - Permian Segment: Adjusted EBITDA fell 9.0% year over year to $7.8 million, impacted by lower volumes on the Double E pipeline [3]. - Piceance Segment: Adjusted EBITDA declined 26.8% year over year to $11.8 million, with a 2.5% drop in volumes and higher operating expenses [3]. - Mid-Con Segment: Adjusted EBITDA increased 122% quarter over quarter to $12.8 million due to the Tall Oak Midstream acquisition and a 29% increase in throughput [4]. Key Business Metrics - The company connected 23 wells in Q4, contributing to a total of 156 well connections for the full year [5]. - Natural gas throughput on wholly-owned operated systems increased 10.5% sequentially to 737 million cubic feet per day (MMcf/d), while liquids volumes declined 2.9% to 68 thousand barrels per day (Mbbl/d) [5]. - The Double E pipeline transported 613 MMcf/d in the quarter, generating $7.8 million in adjusted EBITDA [5]. Management Commentary - CEO Heath Deneke highlighted 2024 as a "transformational year" for SMC, mentioning key initiatives such as the $700 million divestiture of the Northeast segment and the acquisition of Tall Oak Midstream [7]. - The company aims to maintain financial discipline while pursuing accretive acquisitions to scale the business and has reinstated cash dividends on its Series A preferred stock [8]. Factors Influencing Results - The financial results were affected by a 26.7% year-over-year decline in gathering revenues to $49.6 million, partially offset by a 1.7% increase in natural gas, NGLs, and condensate sales totaling $49.7 million [10]. - Operating and maintenance expenses rose 10.2% year over year to $28 million, while general and administrative expenses increased 38.7% to $14.2 million [11]. 2025 Guidance - For 2025, SMC expects adjusted EBITDA of $245-$280 million, with total capital expenditure projected between $65 million and $75 million [12]. - The company anticipates well connections to be between 125-185, with a forecast for natural gas throughput of 900-965 MMcf/d and liquids volumes of 65-75 Mbbl/d [13]. Other Developments - SMC announced the acquisition of Moonrise Midstream in the DJ Basin for $90 million, which is expected to enhance processing capacity and alleviate capacity constraints [14]. - The company executed a $250 million add-on to its second-lien secured notes in January, resulting in a total leverage ratio of 3.9X at the end of 2024 [15]. - SMC's 2025 strategy focuses on integrating recent acquisitions and maintaining financial flexibility while positioning for growth opportunities [16].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 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 (State or other jurisdiction of incorporation ...

Summit Midstream Corporation (NYSE:SMC) Q4 2024 Earnings Conference Call March 11, 2024 10:00 AM ET Company Participants Randall Burton - Director, Finance and Investor Relations Heath Deneke - President, CEO, and Chairman Bill Mault - CFO Conference Call Participants Operator Ladies and gentlemen, thank you for standing by. Welcome to the Summit Midstream Corporation Fourth Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, the ...

Summit Midstream Partners (SMC) Q4 2024 Earnings Call March 11, 2025 03:35 PM ET Company Participants Randall Burton - Director of Finance, Treasurer & Investor RelationsHeath Deneke - President, CEO & Chair of the BoardBill Mault - EVP & CFO Operator Ladies and gentlemen, thank you for standing by. Welcome to the Summit Midstream Corporation Fourth Quarter twenty twenty four Earnings Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a ...

Financial Performance - Fourth quarter 2024 net loss of $24.8 million, adjusted EBITDA of $46.2 million, cash flow available for distributions of $22.1 million, and free cash flow of $6.6 million[3] - Total revenues for Q4 2024 were $107.018 million, a decrease of 15.9% compared to $127.318 million in Q4 2023[43] - Net loss for Q4 2024 was $24.783 million, compared to a net loss of $15.118 million in Q4 2023, representing a 63.5% increase in losses year-over-year[43] - Adjusted EBITDA for the year ended December 31, 2024, was $204.624 million, down 23.3% from $266.844 million in 2023[47] - Cash flow available for distributions for the year ended December 31, 2024, was $88.652 million, compared to $125.603 million in 2023, reflecting a decline of about 29.5%[51] - Free Cash Flow for the year ended December 31, 2024, was $36.321 million, down from $59.042 million in 2023, indicating a decrease of approximately 38.4%[51] - Interest expense for the year ended December 31, 2024, was $115.446 million, compared to $140.784 million in 2023, showing a reduction of about 17.9%[48] Capital Expenditures - Capital expenditures totaled $15.8 million in Q4 2024, including maintenance capital expenditures of $4.3 million[12] - Adjusted EBITDA for 2025 is expected to range from $245 million to $280 million, with total capital expenditures of $65 million to $75 million[18] - Capital expenditures for the year ended December 31, 2024, totaled $53.611 million, a decrease of 22.2% from $68.905 million in 2023[47] - Maintenance capital expenditures for the year ended December 31, 2024, were $11.673 million, slightly down from $12.357 million in 2023[51] - Growth capital expenditures for the year ended December 31, 2024, totaled $41.938 million, compared to $56.548 million in 2023, reflecting a decrease of approximately 26.0%[51] Operational Highlights - Connected 156 wells in 2024, with an expectation of 125 to 185 wells in 2025, of which approximately 25% are natural gas-oriented and 75% are crude oil-oriented[3][16] - Average daily natural gas throughput increased 10.5% to 737 MMcf/d in Q4 2024, while liquids volumes declined 2.9% to 68 Mbbl/d[4] - Double E pipeline transported an average of 613 MMcf/d in Q4 2024, contributing $7.8 million in adjusted EBITDA[4] - The recently closed acquisition of Moonrise Midstream is expected to expand operational capacity and flexibility in the DJ Basin[3] Debt and Leverage - Total leverage reduced to 3.9x as of year-end 2024, with a target of 3.5x in the long term[3] - The total leverage ratio reported by SMC as of December 31, 2024, was approximately 3.9x, excluding potential earnout liability from the Tall Oak Acquisition[21] - SMC's interest coverage ratio was 2.8x, exceeding the minimum covenant requirement of 2.0x[21] - The Permian Transmission Credit Facility balance was $129.3 million as of December 31, 2024, a decrease of $4.0 million from the previous quarter[22] Cash and Liquidity - As of December 31, 2024, SMC had $22.8 million in unrestricted cash and $305 million drawn under its $500 million ABL Revolver, with $194.2 million of borrowing availability[21] - SMC's gross availability based on the borrowing base calculation was $532 million as of December 31, 2024, exceeding lender commitments by $32 million[21] - The company reported $2.5 million in cash-on-hand as of December 31, 2024, for Summit Midstream Permian[22] - The company’s cash and cash equivalents increased to $22.822 million in 2024 from $14.044 million in 2023, a growth of 62.5%[42] Dividend Policy - The company plans to reinstate cash dividends on Series A Preferred Stock beginning March 15, 2025[3] - SMC's board of directors suspended cash dividends on common stock for the period ended December 31, 2024, but reinstated dividends on Series A Preferred Stock for March 15, 2025[27] Other Financial Metrics - The company reported a significant increase in accrued expenses, rising to $38.176 million in 2024 from $32.377 million in 2023, an increase of 17.6%[42] - Total assets decreased to $2.359 billion in 2024 from $2.494 billion in 2023, reflecting a decline of 5.4%[42] - Total liabilities decreased to $1.261 billion in 2024 from $1.651 billion in 2023, a reduction of 23.6%[42] - In Q4 2024, SMC's MVC shortfall payment adjustments totaled $5.4 million, with no adjustments made during the quarter[25] - SMC recognized $5.4 million of gathering revenue associated with MVC shortfall payments in Q4 2024, contributing to a total adjusted EBITDA of $5.4 million for that period[24] Upcoming Events - The company plans to host a conference call on March 11, 2025, to discuss its quarterly operating and financial results[28]

Core Insights - Summit Midstream Corporation reported its financial and operational results for Q4 and full-year 2024, along with guidance for 2025 [1][3] - The company successfully executed strategic milestones, including the sale of its Northeast business and the acquisition of Tall Oak Midstream, enhancing financial flexibility and operational capacity [3][6] - For 2025, the company anticipates adjusted EBITDA between $245 million and $280 million, with a focus on leveraging its strong balance sheet for growth initiatives [6][20] Financial Performance - In Q4 2024, Summit reported a net loss of $24.8 million and adjusted EBITDA of $46.2 million, with cash flow available for distributions of $22.1 million [6][45] - The average daily natural gas throughput increased by 10.5% to 737 MMcf/d, while liquids volumes decreased by 2.9% to 68 Mbbl/d compared to Q3 2024 [4][46] - Total capital expenditures for Q4 2024 were $15.8 million, including maintenance capital expenditures of $4.3 million [13][45] Strategic Initiatives - The company completed the acquisition of Tall Oak Midstream, which is expected to enhance its natural gas exposure and improve its balance sheet [3][6] - A bolt-on acquisition of the Moonrise gathering and processing system in the DJ Basin was also announced, aimed at expanding operational capacity [3][6] - Summit plans to reinstate cash dividends on its Series A Preferred Stock starting March 15, 2025, as part of its strategy to maximize shareholder value [6][28] 2025 Guidance - The company expects to connect approximately 125 to 185 wells in 2025, with a natural gas throughput range of 900 MMcf/d to 965 MMcf/d [18][19] - Adjusted EBITDA guidance for 2025 is set between $245 million and $280 million, with capital expenditures projected at $65 million to $75 million [20][21] - The guidance reflects a conservative approach based on current drilling schedules and commodity price environments [16][20] Capital and Liquidity - As of December 31, 2024, Summit had $22.8 million in unrestricted cash and $305 million drawn under its $500 million ABL Revolver, with significant borrowing availability [22][23] - The company reported a total leverage ratio of approximately 3.9x, indicating improved financial metrics following strategic acquisitions [23][24] - The successful refinancing of a $500 million credit facility has provided additional financial flexibility for future growth [3][6]

Core Viewpoint - Summit Midstream Corporation has successfully acquired Moonrise Midstream, enhancing its operational capacity and footprint in the DJ Basin for a total consideration of $90 million, which includes $70 million in cash and $20 million in equity [1][4]. Acquisition Details - The acquisition includes 100% of the membership interest in Moonrise Midstream, financed through Summit's credit facility, with a total cash consideration of $70 million and approximately 0.5 million shares of SMC Class A common stock [4]. - The transaction represents a value-accretive acquisition multiple of approximately 5.0x 2024 Adjusted EBITDA, with the cash component being leverage-neutral at approximately 3.9x 2024 Adjusted EBITDA [6]. Operational Impact - The acquisition adds 65 MMcf/d of processing capacity, which is expected to alleviate constraints in Summit's integrated DJ system and support customer volume growth in 2026 and beyond [2][3]. - Summit is already operationally connected to the Moonrise system, allowing for significant operational and commercial synergies, optimizing capital expenditures, and improving plant operating margins [3][6]. Strategic Positioning - The Moonrise assets include approximately 80 miles of natural gas gathering pipeline and 25 miles of crude oil gathering pipeline, providing additional processing capacity and redundancy for Summit's customers [6][7]. - The acquisition aligns with Summit's corporate consolidation strategy, building scale through strategic, bolt-on acquisitions in key basins to drive additional value [6]. Market Outlook - Summit is well-positioned in the DJ Basin, with over 800 dedicated undeveloped locations and significant acreage, as customers continue to execute their development programs [4].

Group 1 - Summit Midstream Corporation (SMC) declared a quarterly cash dividend of $51.27 per share on its Series A Preferred Stock for the period ended March 14, 2025, to be paid on March 15, 2025 [1] - The dividend will be distributed to preferred shareholders of record as of the close of business on March 3, 2025, with a total of 65,508 shares outstanding [1] - All unpaid dividends from prior periods on the Series A Preferred Stock remain accrued [1] Group 2 - SMC focuses on developing, owning, and operating midstream energy infrastructure assets in key unconventional resource basins in the continental United States [2] - The company provides gathering, processing, and transportation services for natural gas, crude oil, and produced water under long-term, fee-based agreements [2] - SMC operates in five unconventional resource basins: Williston Basin, Denver-Julesburg Basin, Fort Worth Basin, Arkoma Basin, and Piceance Basin [2] - The company has an equity investment in Double E Pipeline, LLC, which offers interstate natural gas transportation services [2] - SMC is headquartered in Houston, Texas [2]

Offering Details - Summit Midstream Holdings LLC priced an offering of $250 million in aggregate principal amount of additional 8.625% Senior Secured Second Lien Notes due 2029 at 103.375% of par, plus accrued interest from July 26, 2024 [1] - The Additional Notes will form a single series with the existing $575 million in aggregate principal amount of 8.625% Senior Secured Second Lien Notes due 2029 and have substantially identical terms [1] - The net proceeds from the Offering will be used to repay a portion of the outstanding borrowings under the Company's asset-based lending credit facility and for general corporate purposes, including paying fees and expenses associated with the Offering [1] - The Offering is expected to close on or about January 10, 2025, subject to customary closing conditions [1] Guarantees and Collateral - The Additional Notes will be guaranteed on a senior second-priority basis by the Company and certain of its existing and future subsidiaries [2] - The Additional Notes will initially be secured on a second-priority basis by the same collateral pledged for the benefit of the Company's lenders under the ABL Facility [2] Offering Restrictions - The Additional Notes and related guarantees are being offered only to qualified institutional buyers pursuant to Rule 144A and to non-U.S. persons outside the United States in compliance with Regulation S [3] - The offer and sale of the Additional Notes and related guarantees have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption [3] Company Overview - Summit Midstream Corporation is a value-driven corporation focused on developing, owning, and operating midstream energy infrastructure assets in the core producing areas of unconventional resource basins in the continental United States [5] - The Company provides natural gas, crude oil, and produced water gathering, processing, and transportation services under primarily long-term, fee-based agreements in five unconventional resource basins: Williston Basin, Denver-Julesburg Basin, Fort Worth Basin, Arkoma Basin, and Piceance Basin [5] - The Company has an equity method investment in Double E Pipeline LLC, which provides interstate natural gas transportation service from multiple receipt points in the Delaware Basin to various delivery points in and around the Waha Hub in Texas [5]