Financial Data and Key Metrics Changes - Summit Midstream Corp. reported a fourth quarter net loss of $24.8 million and adjusted EBITDA of $46.2 million, resulting in a full year 2024 adjusted EBITDA of $204.6 million, which includes $30.6 million from the divested Northeast segment [25] - The company generated more than $85 million of distributable cash flow during the year [15] - Capital expenditures totaled $15.8 million for the quarter and $53.6 million for the full year 2024 [25] Business Line Data and Key Metrics Changes - The Rockies segment generated adjusted EBITDA of $23.2 million, a decrease of $1.6 million from the third quarter, primarily due to a 3% decline in liquids volumes [26] - The Permian Basin segment reported adjusted EBITDA of $7.8 million, a decrease of $0.7 million relative to the third quarter due to lower volume throughput [29] - The Mid Con segment reported adjusted EBITDA of $12.8 million, an increase of $5.6 million relative to the third quarter, primarily due to one month contribution from the Arcoma assets [30] Market Data and Key Metrics Changes - In the Barnett, 27 new wells were connected, leading to approximately 80% volumetric growth from Q4 2023 to Q4 2024 [16] - The DJ Basin experienced a 5% volume growth from Q4 2023 to Q4 2024, with 129 wells connected [17] - Volume throughput on Double E increased by roughly 60% from Q4 2023 to Q4 2024 [18] Company Strategy and Development Direction - The company divested the Northeast segment for $700 million, reducing leverage from 5.4 times to 3.9 times and increasing unit price from around $17 to nearly $30 [8] - Summit Midstream Corp. simplified its corporate structure by converting from a master limited partnership to a C corp, broadening its investor base [10] - The company executed a value and credit accretive acquisition of Tolup Midstream in the Arcoma Basin, increasing exposure to natural gas-oriented basins [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the supportive commodity price environment and anticipated strong operational momentum in 2025 [39] - The company expects to generate over $100 million of free cash flow available for debt paydown in 2025 [40] - Management highlighted the opportunity to further expand the investor base and continue scaling the business through value-accretive acquisitions [39] Other Important Information - The company announced full year 2025 adjusted EBITDA guidance of $245 to $280 million, inclusive of the recent Moonrise acquisition [19] - Capital guidance for 2025 ranges from $65 million to $75 million, with $15 million to $20 million allocated for maintenance capital [21] Q&A Session Summary Question: No questions were asked during the Q&A session - There were no questions in the queue during the conference call [42]
Summit Midstream Partners, LP(SMC) - 2024 Q4 - Earnings Call Transcript