Summit Midstream Corporation Schedules Fourth Quarter 2025 Earnings Call [Accessibility Statement] Skip NavigationHOUSTON, Feb. 27, 2026 /PRNewswire/ -- Summit Midstream Corporation (NYSE: SMC) ("Summit", "SMC" or the "Company") announced today that it will report operating and financial results for the fourth quarter of 2025 on Monday, March 16, 2026, after the close of trading on the New York Stock Exchange.Fourth Quarter 2025 Earnings Call InformationSMC will host a conference call at 10:00 a.m. Eastern ...

Core Viewpoint - Summit Midstream Corporation has appointed Chris Tennant as Senior Vice President and Chief Commercial Officer to enhance its commercial strategy and long-term growth initiatives [1][4]. Group 1: Appointment Details - Chris Tennant's role will focus on overseeing Summit's commercial strategy, customer relationships, and long-term growth initiatives [1]. - His appointment is aimed at reinforcing Summit's commitment to disciplined growth and delivering long-term value for shareholders [1]. Group 2: Executive Background - Chris Tennant has over three decades of experience in the U.S. energy value chain, specializing in midstream strategy and commercial optimization [2]. - He previously served as Senior Vice President and Chief Commercial Officer Midstream at Matador Resources, where he developed midstream strategies and expanded third-party contracts [3]. - Prior to Matador, Chris spent 14 years at EnLink Midstream in various senior commercial leadership roles, focusing on commercial performance across multiple energy sectors [3]. Group 3: Company Overview - Summit Midstream Corporation is focused on developing, owning, and operating midstream energy infrastructure assets in key unconventional resource basins in the continental United States [4]. - The company provides gathering, processing, and transportation services for natural gas, crude oil, and produced water, primarily through long-term, fee-based agreements [4]. - Summit operates in five unconventional resource basins, including the Williston, Denver-Julesburg, Fort Worth, Arkoma, and Piceance Basins [4].

Core Insights - Summit Midstream Corporation reported solid growth in Q3 2025, with adjusted EBITDA increasing by 7.2% to approximately $260 million, driven by higher natural gas volumes in the Rockies region [3][9] - The company anticipates finishing the year near the low end of its adjusted EBITDA guidance range of $245 million to $280 million, primarily due to timing delays in customer activity [4] - The company is optimistic about customer engagement and expects over 120 new well connections in the first half of 2026 [4] Financial Performance - Q3 2025 net income was $5.0 million, with adjusted EBITDA of $65.5 million and free cash flow of $16.7 million [9][36] - Average daily natural gas throughput increased by 1.4% to 925 MMcf/d, while liquids volumes decreased by 7.7% to 72 Mbbl/d compared to Q2 2025 [5][36] - The Double E pipeline transported an average of 712 MMcf/d, contributing $8.7 million in adjusted EBITDA for the quarter [5][9] Segment Performance - Natural gas price-driven segments generated $36.1 million in combined adjusted EBITDA, a 2.0% increase from Q2 2025 [10] - Oil price-driven segments generated $37.7 million in combined adjusted EBITDA, representing a 12.3% increase from Q2 2025 [10] - The Rockies segment adjusted EBITDA increased by $3.8 million, driven by higher natural gas volume throughput and improved product margins [10] Capital Expenditures - Capital expenditures totaled $22.9 million in Q3 2025, primarily related to pad connections in the Rockies and Mid-Con segments [16] - Year-to-date capital expenditures include $9.5 million for Tall Oak Integration and compressor relocation projects [16] Liquidity and Capital Structure - As of September 30, 2025, the company had $24.6 million in unrestricted cash and $150 million drawn under its $500 million ABL Revolver [19] - The total leverage ratio was approximately 4.2x, including potential earnout liability from the Tall Oak Acquisition [19] Future Outlook - The company expects to connect approximately 50 wells in Q4 2025 and is working closely with customers on their 2026 development programs [4][9] - An update on activity levels and full-year 2026 financial guidance will be provided in the Q4 earnings release in March 2026 [4]

Core Viewpoint - Summit Midstream Corporation (SMC) is set to report its third quarter 2025 operating and financial results on November 10, 2025, after market close [1] Financial Reporting - SMC will host a conference call on November 11, 2025, at 10:00 a.m. Eastern to discuss its quarterly results, accessible via teleconference [2] - Participants are encouraged to join 10 minutes early and can access the call through SMC's website [2] Upcoming Events - SMC's senior management will attend the 2025 Bank of America Leverage Finance Conference on December 2-3, 2025, and the 2025 Wells Fargo Energy & Power Symposium on December 9-10, 2025 [3] - Presentation materials for these events will be available on SMC's website prior to the conferences [3] Company Overview - SMC focuses on developing, owning, and operating midstream energy infrastructure assets in key unconventional resource basins in the U.S. [4] - The company provides gathering, processing, and transportation services for natural gas, crude oil, and produced water under long-term, fee-based agreements [4] - SMC operates in five major basins: Williston, Denver-Julesburg, Fort Worth, Arkoma, and Piceance [4] - The company has an equity investment in Double E Pipeline, LLC, which offers interstate natural gas transportation services [4] - SMC is headquartered in Houston, Texas [4]

Company Overview - Summit Midstream Corporation (SMC) operates across six resource plays in the U S, focusing on natural gas, crude oil, and produced water gathering, processing, and transmission[12] - The company boasts a diversified asset portfolio with key positions in crude oil- and natural gas-oriented basins[48] - SMC's strategy includes maximizing free cash flow, improving base business well connections, commercializing the Double E Pipeline, and executing strategic acquisitions and divestitures[19] Financial Highlights and Strategy - SMC aims for a long-term leverage target of 3 5x through continued EBITDA generation and debt repayment[10] - The company expects 2025 Adjusted EBITDA to be in the range of $245 million to $280 million[33] - SMC refinanced its capital structure in July 2024, issuing $575 million in Second Lien Secured Notes and upsizing its ABL Credit Facility to $500 million, extending maturities until 2029[19] Operational Performance and Capacity - In Q2 2025, SMC reported a total volume of 1 4 Bcfe/d, with 66% being natural gas[13] - The company has a total AMI of 5 7 million acres and operates 2,751 pipeline miles with a capacity of 4 6 Bcfe/d[13] - The Permian segment has a capacity of 1 50 Bcf/d with approximately 74% utilization[33] Double E Pipeline - Double E Pipeline has existing contracts representing MVC quantities with firm transportation service agreements[55] - The Double E pipeline is estimated to generate approximately $40 million in EBITDA with existing contracts[52] - The company has executed 215 MMcf/d of incremental 10-year take-or-pay contracts since 2024 for the Double E Pipeline[19, 60]

Core Points - Summit Midstream Corporation (SMC) will report its second quarter 2025 operating and financial results on August 11, 2025, after the market closes [1] - A conference call to discuss these results is scheduled for August 12, 2025, at 10:00 a.m. Eastern [2] - SMC's senior management will attend Citi's 2025 Natural Resources Conference from August 12 to 14, 2025 [3] Company Overview - SMC is focused on developing, owning, and operating midstream energy infrastructure assets in key unconventional resource basins in the continental United States [4] - The company provides gathering, processing, and transportation services for natural gas, crude oil, and produced water under long-term, fee-based agreements [4] - SMC operates in five unconventional resource basins: Williston Basin, Denver-Julesburg Basin, Fort Worth Basin, Arkoma Basin, and Piceance Basin [4] - The company has an equity investment in Double E Pipeline, LLC, which offers interstate natural gas transportation services [4]

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]