Summit Midstream Corporation Reports Fourth Quarter and Full-Year 2025 Financial and Operating Results, Permian and Rockies Segment Growth Update and Provides Full-Year 2026 Guidance

Core Insights - Summit Midstream Corporation reported its financial and operational results for Q4 and full-year 2025, highlighting growth in the Permian and Rockies segments and providing guidance for 2026 [1] Financial Performance - The company experienced a net loss of $7.3 million in Q4 2025, with Adjusted EBITDA of $58.5 million and free cash flow of $17.0 million [5][16] - Total revenues for 2025 reached $562.1 million, up from $429.6 million in 2024 [64] - Adjusted EBITDA for the full year 2025 was $242.6 million, compared to $204.6 million in 2024 [69] Operational Highlights - The average daily natural gas throughput decreased by 3.4% to 894 MMcf/d in Q4 2025, while liquids volumes decreased by 8.3% to 66 Mbbl/d [16][19] - The company maintained an active customer base with seven rigs running and expects to turn in 116 to 126 wells in 2026 [4][29] Segment Performance - The Permian Segment Adjusted EBITDA increased to $8.8 million, primarily due to a 20.9% increase in volumes shipped on the Double E Pipeline [18] - The Rockies Segment Adjusted EBITDA totaled $27.8 million, a decrease driven by an 8.3% decrease in liquids volume throughput [18] Growth Initiatives - Summit signed new long-term agreements for the Double E Pipeline, which is expected to increase capacity by 50% by the end of 2028 [3][9] - The company launched a binding open season for the Double E Pipeline to secure market commitments for a mainline compression project [9][10] 2026 Guidance - The company provided guidance for 2026, expecting Adjusted EBITDA to range from $225 million to $265 million and capital expenditures of $50 million to $70 million [33][30] - Natural gas throughput is projected to range from 875 MMcf/d to 920 MMcf/d, with liquids volumes expected between 65 Mbbl/d and 90 Mbbl/d [30][33] Capital Structure and Liquidity - As of December 31, 2025, the company had $9.3 million in unrestricted cash and $113 million drawn under its $500 million ABL Revolver [36] - Summit refinanced its capital structure with a new $440 million term loan facility, which will fund growth projects and pay down debt [10][38]