Summit Midstream (SMC)

• Summit Midstream Corporation reported Adjusted EBITDA of $65.5 million for Q3 2025, marking a more than 7% increase from the prior quarter, alongside $36.7 million in distributable cash flow and $16.7 million in free cash flow.
• Operationally, 21 new wells were connected in Q3 2025, with an additional 50 wells expected in Q4, and the company anticipates significant volume and EBITDA growth into 2026, including plans for over 120 new well connects in the first half of the year.
• The Double E Pipeline achieved record average throughput of 712 million cubic feet per day in Q3 2025, with contracted volumes projected to increase to 1.215 BCF per day by 2027, potentially generating over $40 million of EBITDA net to Summit. As of the end of Q1 2025, Summit reported net debt of approximately $950 million and $349 million in available borrowing capacity.

• Summit Midstream Corporation reported net income of $5.0 million, adjusted EBITDA of $65.5 million, Distributable Cash Flow of $36.7 million, and Free Cash Flow of $16.7 million for the third quarter of 2025.
• Adjusted EBITDA increased by 7.2% from the prior quarter, primarily due to higher natural gas volumes in the Rockies segment.
• The company connected 21 wells in Q3 2025, bringing the year-to-date total to 109 wells, and expects approximately 50 additional wells in Q4 2025.
• Management anticipates full-year adjusted EBITDA to be near the low end of its $245 million to $280 million guidance range.
• The board of directors continued to suspend cash dividends on its common stock for the period ended September 30, 2025.

Summit Midstream Corporation reported the following key financial results for the third quarter of 2025 :

• Adjusted EBITDA for Q3 2025 increased by 7.2% from the second quarter of 2025, primarily due to higher natural gas volumes in the Rockies segment. The company connected 21 wells during the quarter and saw the Double E Pipeline transport record volumes of 712 MMcf/d.
• For the full year, Summit Midstream anticipates well connections to be near the midpoint of its expectations, with 109 wells connected year-to-date and approximately 50 wells expected in the fourth quarter. Full-year adjusted EBITDA is projected to be near the low end of the $245 million to $280 million guidance range.
• As of September 30, 2025, SMC maintained a strong liquidity position with $24.6 million in unrestricted cash and $349 million of borrowing availability under its ABL Revolver, while remaining in compliance with all financial covenants.
• The board of directors continued the suspension of cash dividends on its common stock for the period ended September 30, 2025, but reinstated cash dividends on its Series A Preferred Stock beginning March 14, 2025.