Forward-Looking Statements Third Quarter 2025 Earnings Call Information SMC will host a conference call at 10:00 a.m. Eastern on November 11, 2025, to discuss its quarterly operating and financial results. The call can be accessed via teleconference at: Q3 2025 Summit Midstream Corporation Earnings Conference Call (https://register-conf.media- server.com/register/BI06145bbfd70342a7b002016865f64929). Once registration is completed, participants will receive a dial-in number along with a personalized PIN to ...

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]

Core Viewpoint - Western Midstream Partners, LP announced a quarterly cash distribution of $0.910 per unit for Q2 2025, maintaining the same level as the previous quarter [1] Group 1: Financial Performance - The second-quarter distribution is annualized at $3.64 per unit, payable on August 14, 2025, to unitholders of record by August 1, 2025 [1] - The Partnership plans to report its Q2 2025 results after market close on August 6, 2025, with a conference call scheduled for August 7, 2025, at 9:00 a.m. Central [2][3] Group 2: Company Overview - Western Midstream Partners, LP is a master limited partnership focused on developing, acquiring, owning, and operating midstream assets across Texas, New Mexico, Colorado, Utah, and Wyoming [4] - The company engages in gathering, compressing, treating, processing, and transporting natural gas, as well as handling condensate, natural-gas liquids, crude oil, and produced water [4] - A significant portion of WES's cash flows is secured through fee-based contracts, reducing direct exposure to commodity price volatility [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 - Kinetik Holdings Inc. operates in the midstream sector within the US Permian Basin, focusing on the collection, processing, and transportation of natural gas, oil, and NGL [1] - The company has demonstrated a stable financial situation, with rapid cash flow growth and dividends indicating maturity [1] Financial Performance - Recent months have shown significant cash flow growth for Kinetik Holdings Inc., reflecting the company's robust operational performance [1] - The stability in financial metrics suggests a mature business model capable of sustaining dividends [1]

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]