Core Insights - Summit Midstream Corporation reported a net loss of $4.2 million for the second quarter of 2025, with adjusted EBITDA of $61.1 million, slightly below expectations [7][3] - The company connected 47 wells during the quarter and maintained an active customer base with three drilling rigs [7][4] - The company expects to be near the low end of its 2025 adjusted EBITDA guidance range of $245 million to $280 million due to temporary impacts on well performance and commodity prices [3][7] Financial Performance - Adjusted EBITDA for the second quarter was $61.1 million, a 41.6% increase from $43.1 million in the same quarter of 2024 [12][39] - Total revenues for the second quarter reached $140.2 million, compared to $101.3 million in the prior year [39] - Cash flow available for distributions was $32.4 million, with free cash flow of $9.2 million [7][39] Operational Highlights - Average daily natural gas throughput increased by 3.3% to 912 MMcf/d, while liquids volumes rose by 5.4% to 78 Mbbl/d compared to the first quarter of 2025 [5][39] - The Double E pipeline transported an average of 682 MMcf/d, contributing $8.3 million in adjusted EBITDA for the quarter [5][12] - The company executed a 10-year extension of gathering agreements in the Williston Basin, increasing the weighted average contract life from four years to eight years [4][7] Capital Expenditures and Liquidity - Capital expenditures totaled $26.4 million in the second quarter, including $5.5 million for maintenance [14][39] - As of June 30, 2025, the company had $20.9 million in unrestricted cash and $140 million drawn under its $500 million ABL Revolver [18][19] - The company reported compliance with all financial covenants, including an interest coverage ratio of 2.7x [18] Market Position and Future Outlook - The company remains active in pursuing organic growth opportunities and targeted acquisitions, particularly in the Rockies and Arkoma Basins [4][3] - An anchor customer in the Arkoma Basin is expected to begin a 20-well development program in the fourth quarter of 2025 [7][4] - The company anticipates a Q4 2026 in-service date for a new processing plant connection tied to a precedent agreement for 100 MMcf/d of firm capacity [4][7]