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 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]

HOUSTON, April 25, 2025 /PRNewswire/ -- Summit Midstream Corporation (NYSE: SMC) ("Summit", "SMC" or the "Company") announced today that it will report operating and financial results for the first quarter of 2025 on Thursday, May 8, 2025, before the open of trading on the New York Stock Exchange. First Quarter 2025 Earnings Call SMC will host a conference call at 10:00 a.m. Eastern on May 8, 2025, to discuss its quarterly operating and financial results. The call can be accessed via teleconference at: Q1 2 ...