SMC

Image source: The Motley Fool. Tuesday, Aug. 11, 2026 at 10 a.m. ET President, Chief Executive Officer, and Chairman - J. Heath Deneke Chief Financial Officer - William J. Mault Operator: Good day, and welcome to the second Q 26 Summit Midstream Corporation Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. To ask a question, you will need to press *11 on your touch-tone telephone. Please note this call is being recorded. I would like to turn the call over to Randall Burton. Please go ahead. Randall Burton: Thanks, operator, and good morning, everyone. If you do not already have a copy of our earnings release, please visit our website at summitmidstream.com. Where you will find it on the home page, events and presentation section, or quarterly results section. With me today to discuss our second quarter of 26 financial and operating results is J. Heath Deneke, our President, Chief Executive Officer, Chairman and William J. Mault, our Chief Financial Officer. Along with other members of our senior management team. Before we start, I would like to remind you that our discussion today may contain forward-looking statements. These statements may include, but are not limited to, our estimates of future volumes, operating expenses and capital expenditures. They may also include statements concerning anticipated cash flow liquidity, business strategy, and other plans and objectives for future operations. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can provide no assurance that such expectations will prove to be correct. Please see SMC's annual report on form 10-K for the fiscal year ended 12/31/2025 which the company filed with the SEC on 03/16/2026, as well as our other SEC filings for a listing of factors that could cause actual results to differ materially from expected results. Please also note that on this call, we use the terms EBITDA adjusted EBITDA, distributable cash flow, and free cash flow. These are non GAAP financial measures, and we have provided reconciliations to the most directly comparable GAAP measures in our most recent earnings release. And with that, I will turn the call over to Heath. J. Heath Deneke: All right. Thanks, Randall, and good morning, everyone. Summit announced strong second quarter results today. With adjusted EBITDA of $60.7 million, which is a 12% increase relative to the first quarter. The second quarter increase was driven by growth in both our Rockies and Mid-Con segments, And as we look ahead to the rest of the year, we are very encouraged with the level of activity we are experiencing across our systems and we are seeing our customers accelerate plans to bring on new wells that are expected to be turned in line towards the end of 26. Additionally, as we will discuss further in the call, we have a lot of continued commercial momentum in the Rockies and the Permian segments as we keep securing new contracts to support very attractive high returning expansion projects. Touching on the second quarter a bit more, we turned in line 36 wells 16 in the DJ, and 20 in the Mid-Con. Right after the quarter closed, we brought on another 17 wells in the Williston. We now have roughly 75 drilled and uncompleted wells across the footprint. it is exciting to see our customers responding to the higher crude price environment as we speculated could occur back in our earnings call back in May. We now have a total of 8 rigs running behind our Rockies system, which, by the way, is up from 5 in the previous quarter. And 6 of those rigs are in the Williston. And I would tell you that is a level we are excited about. We have not seen in several years in the basin. So part of that activity pickup in the Williston is existing customers. Accelerating their programs in a stronger crude environment. But part of it is also our commercial success. As we previously announced, we secured 2 new gathering agreements in Dubai County during the first half of the year? Both of the new customers have a rig running behind the system today. And as a result, we now have visibility to approximately 30 new well connections in the Williston that were not contemplated when we set our guidance for the year. These are weighted towards the fourth quarter. So we do expect limited volume contribution in 2026. But they do position us for a very strong start as we look into 2027. In the DJ, we also see our customers ramping up plans that we expect will be a big catalyst for late 26 early 27 as well. We recently signed a new 20 year extension of a gathering and processing agreement with 1 of our existing anchor customers in the basin And we are also working with other customers to potentially dedicate new acreage to our growing DJ footprint. it is really an exciting time to see this level of activity ramping up in the Rocky segment and what that means, for the future. On Double E, we executed additional firm transportation agreements during the quarter, brought total contracted volume on the pipe to just over 1.9 Bcf per day. We continue to see a tremendous amount of customer interest in the mainline expansion open season, and we have extended that open season now through the end of August as we work to finalize additional firm transportation agreements that will support the project. We expect to be in a position to make a final investment decision prior to the open season conclusion, and we will provide updates as they become available. And just to mention the Mid-Con segment, 1 of the highlights there is that we are very encouraged with the performance of new wells that have recently been turned in line in an emerging dry gas region within our Arkoma footprint. This, again, is a development that could be a major catalyst for the segment in 2027 and beyond. And finally, before handing the call over to Bill, I would like to hit on guidance real quick. As we said, we have had a solid first half in the books. And we now have a far better line of sight into second half volumes than we did back in Mark with the activity level. Now accelerating as well across the footprint. As a result, we are tightening our full year 2026 adjusted EBITDA guidance to a range of $235 million to $255 million We are also raising full year capital expenditure guidance to $100 million to $120 million which is inclusive of the contributions to the Double E JV, Look, the first driver of that capital increase is for the approximate 30 new wells that we talked about earlier in the call, which were not part of our original plan. As well as the second, I guess, would be the incremental capital at Double E, which is tied to the new firm transportation agreements that we executed this year. As a reminder, those-- that Double E capital will be funded through our new term loans that we executed earlier, in the year. So look, both of these you know, increases in expenditures are going to be really high returning dollars and tied to activity that is either contracted or committed. And in both cases, we see that the earning benefits will start showing up in 2027. So with that, I would like to turn the call over to Bill now to walk through the financials. William J. Mault: Thanks, Heath, and good morning, everyone. Summit reported 2026 adjusted EBITDA of 60.7 million distributable cash flow of $36.8 million and free cash flow of $9.4 million. Total capital expenditures were $25 million for the quarter, inclusive of $4.1 million of maintenance CapEx. With the majority of capital directed toward tax connections in the Rockies and Mid-Con segments. With respect to Summit's balance sheet, we ended the quarter with $21 million of unrestricted cash, and $79 million drawn on our revolver, with approximately $418 million of available borrowing after accounting for $2.7 million of undrawn letters of credit. Total leverage at the end of the quarter was approximately 4.1x. And the Summit Permian Transmission term loan had a balance of $350 million at quarter end and remains nonrecourse to Summit. With all the commercial progress and our expectation to FID compression in the near term, we are also working with our financial partner at Summit Permian Transmission to secure the $50 million uncommitted accordion to support the compression expansion project. During the quarter, we also began executing on the $35 million share repurchase program authorized by the Board repurchasing approximately 35 thousand shares for $1 million. As of June 30, we had approximately $34 million of remaining capacity under the program. Now on to the segments. The Rockies segment generated adjusted EBITDA of $30.4 million, an increase of $4 million relative to the first quarter of 26. Driven by a 6.3% increase in liquids volume throughput and higher realized crude oil and NGL prices partially offset by a 3% decline in natural gas volume throughput. Liquids volumes averaged 68 thousand barrels per day, and natural gas volumes averaged 162 million cubic feet per day during the quarter. Realized crude oil prices and composite NGL prices were both up approximately 30% quarter over quarter benefiting both our customers' and Summit's earnings associated with percentage-of-proceeds contracts in the DJ Basin. We connected 16 wells in the DJ Basin during the quarter, and subsequent to quarter end, we connected an additional 17 wells in the Williston Basin, including 9 wells for which we provide both crude oil and produced water gathering services. And just as a reminder, the water-to-crude ratio in this area of the Williston is approximately 3 barrels to 1. So these wells are extremely impactful to volume throughput. While those 9 wells are still ramping, through August to date, they have averaged approximately 15 thousand barrels per day of combined crude oil and produced water throughput. We are excited about the growth trajectory of this segment, not only from the acceleration of activity, but continued delineation and development of the remaining inventory in both William and Dubai Counties. Additionally, in the DJ, Peoria Resources, who entered the basin acquiring Verdad earlier this year, announced the acquisition of Fundare Resources last week As you know, Fundare is a key customer behind the Moonrise 2025. And this transaction offers Peoria additional contiguous acreage to drill longer laterals drive down breakevens, and fully develop the resource behind the Moonrise processing plant. There are 8 rigs currently running behind the systems, 6 in the Williston and 2 in the DJ. with approximately 75 DUCs. The Permian segment reported EBITDA of $9.4 million, an increase of $600 thousand relative to the first quarter driven by a 6.7% increase in Double E volume throughput with Double E averaging 859 million cubic feet per day of throughput during the quarter. The Piceance segment reported EBITDA of $8.7 million, a decrease of $900 thousand relative to the first quarter. Primarily due to a 5.7% decline in volume throughput driven by continued temporary shut ins from low regional gas prices, natural production declines, and no new well connections during the quarter. However, as of the end of July, all of the previously shut in production had begun flowing. Finally, the Mid-Con segment reported adjusted EBITDA of $21.4 million, an increase of $2 million relative to the first quarter primarily due to a 9.9% increase in natural gas volume throughput to 23 million cubic feet per day. This was driven by 17 new Barnett wells and 3 new Arkoma well connections, during the quarter. These wells are either performing in line or slightly above our expectations and we are encouraged with how long these wells are holding production before starting their initial declines. And with that, I will turn the call back over to Heath for closing remarks. J. Heath Deneke: All right. Thanks, Bill. So to wrap up, we are very excited about the trajectory of the business for the remainder of 2026 and into 2027 as well. Volumes are growing and customer activity behind our systems is accelerating. As we have laid out in our recent investor presentation, the business is poised to deliver over $100 million of organic growth by 2030. Which is driven by the Rockies and Permian segments primarily. Look. All of this you can see materializing real time, when you look at the commercial success that we are having along with the development activity levels that we are experiencing. Our current focus is completing a conclusion to the Double E compression expansion open season in the coming weeks, as well as staying ahead of our customers in the Rocky segment with our well connect programs that will enable our customers to even maybe further accelerate their development activity. On the corporate front, we continue to make progress towards achieving our 3.5x leverage target and making our goal of resuming a common dividend in the near future a reality. We think the combination of Summit's robust growth outlook our current and projected high free cash flow yield, our improving balance sheet, and our current valuation all provide a very clear and compelling value proposition for you, new and existing, investors in Summit. So with that, I would like to thank everyone for joining the call. And look forward to answering your questions. Operator, please open the call for questions. Operator: Thank you. As a reminder, if you would like to ask a question, please *11. If your question has been answered and you would like to remove yourself from the queue, press *11 again. Our first question comes from Mark Reichman with NOBLE Capital Markets. Your line is open. Mark Reichman: Thank you. How much incremental adjusted EBITDA could the 30 new Williston well connections contribute in 2027, and how should we think about the broader growth opportunity in the basin beyond those wells? William J. Mault: Yeah. Good morning, Mark. Thanks for joining. So the 30 incremental wells we are talking about Mark, I would view that as somewhere around $10 million kind of EBITDA contribution just from that development. Now, obviously, those 30 wells are coming online, call it late Q4, early Q1. We would expect additional activity to transpire for the remainder of 2027 in the Williston. it is a little early relative to producer guidance, but if you just think about that 15 thousand barrel a day increase from the 9 crude and water wells, You know, we are talking about sizable volumetric growth relative to kind of a print this quarter on liquids volume. So you know, we have talked about some of that volumetric sense that we include in our investor deck. I think what we are seeing, we are trending towards that higher end of the, call it, percent-kind-of volumetric growth under this type of cadence. J. Heath Deneke: Then Mark, just 1 of the thoughts I would add there is well. I mean, you think about when these you know, the producers behind these new you know, we sign what 240 thousand acres worth of new dedications to the system. In the first half of the year? And a lot of their plans were developed off of you know, a crude strip that was materially below where we are now. So I think you know, if crude holds kind of in this you know, current range that we are in now, I would actually expect to probably see some additional acceleration or maybe additional rigs being added on the acreage position. And we think we have a lot of upside. And also, we get to given our positioning in Divide and Northern Williams County. I think we have got additional targets out there that we think we may be able to bolt on some additional customers as well. So pretty exciting growth up here in the Williston. Good to see on our system. Mark Reichman: that is very helpful. Now what remaining commercial commitments are necessary to reach FID on the Double E compression expansion. And I am just looking at that slide in your slide deck on page 7 where you kind of step through the volumes and the financial contribution. So maybe you could a little bit about that and maybe the incremental EBITDA that you expect if the project proceeds Yeah, Mark. Christopher H. Tennant: This is Christopher H. Tennant. I appreciate the question. You know, we are putting the final touches on 2 TPA agreements right now that will push us over the FID hurdle here in the next couple of weeks. And, you know, the FID case will give us right at a sub-6x build multiple. You know, the asset is in a great position, and we feel very confident about fully contracting it. And as we contract the remaining capacity, you know, we will see that build multiple go to a 3x or lower build multiple. William J. Mault: So we are we are really excited about that and feel very confident in our contracting and the position around Double E And, Mark, to bridge the gap on kind of the page you are looking at in the investor deck, You know, we are showing kind of $70 million of existing contracts and then with compression, 90 plus million of EBITDA. Think about that FID case being somewhere kind of in between those. To get a kind of baseline economics for us to make the decision to FID And then the goal, our expectation, would be to fully commercialize the remaining capacity by the end of the year. Mark Reichman: Okay. that is really helpful. And then, you know, with the Piceance MVCs shortfall payments, expiring at the end of the third quarter, how should we think about the segment's normalized EBITDA beginning in fourth quarter and into 2027? I was just kind of wondering if the return of the previously shut in production and future drilling might offset the loss of the MVC related earnings or should we expect a step down in cash flow? William J. Mault: Yeah. Mark, you should expect a step down in cash flow starting in the fourth quarter. And just to provide some high-level numbers. Think of that as like, you know, there is roughly $4 million of shortfall payments a quarter. So, you know, the business, that segment did around, you know, 8.5, $8.6 million this quarter. So you are somewhere around $4 million to $4.5 million of kind of flowing EBITDA, which will give you a good run rate for 27. Longer term, Mark, so, you know, and we can get into this in more detail if you would like, but longer term in our long term outlook, the $100 million of EBITDA growth through 2030, we are really not expecting any development in the Piceance that forecast. I do think that is conservative. I think there are things like the data center build out, you know, in that entire kind of Rockies area. As well as Canadian LNG, we really need some gas demand to kind of offset some of the Canadian associated gas that is flooding the market in which these producers sell into. On the residue gas side. there is a lot of-- there is a lot of upside, but we are not we are not banking on it in our long term outlook. But I do think we are being a bit conservative long term from that perspective. Okay. Mark Reichman: And then on the so adjusted EBITDA for the first half was $115 million, and you narrowed your guidance. The midpoint remains at kind of $245 million. So what could drive results towards the upper end of the range or even the lower end of the range? it is a pretty tight range to begin with, I guess. J. Heath Deneke: Yeah. Mark, this is Heath. Look. I think we kind of-- we think we are kind of at the midpoint plus is how we describe the way things are set up right now. You know, the low end, I would say they have to be a pretty dramatic drop in commodity values. You know, most of the activity frankly, even third quarter activity, a lot of that is already been turned online or about to be turned in line. And the fourth quarter wells are really slanted more towards you know, December than they are, early in the quarter. I think activity-wise, you know, I think we are pretty nailed down here. So I guess, you know, if we had some significant underperformance of wells that might kind of skew the numbers down a little bit. But I kind of think, you know, we have got we have got upside beyond the midpoint, and, you know, that probably more than offsets any kind of, you know, risk to the downside in my view. So lots of good momentum here to hold on to. Mark Reichman: Yeah. So I was glad to see the I was encouraged to see the rebound in the MidCon compared to the first quarter of this year, but so the last question I had was just by the way. J. Heath Deneke: And so those were the-- I said those were the dry gas wells, by the way. They came online that really kind of pushed volumes up. And just by the way. Really excited about those. They are big wells. Yeah. And, Mark, that is that is something, like, if you think about the sensitivity for 2026, which, you know, is pretty compelling so far and look. The a handful of the wells have been on for, call it, 2, 3 months now. But they are really hanging in. We have not seen that kind of the initial kind of decline profile kick off yet. So you know, it is encouraging. They are big wells. And I do think it really illustrates the earnings potential of that segment with pretty modest amount of activity. William J. Mault: Yeah, rigs, yeah. Right. Mark Reichman: Now the last question I have is just, you know, how do you kind of rank debt reduction, organic growth, buybacks/share repurchases, and then the potential reinstatement of the common dividend, you know, when you are thinking about allocating incremental free cash flow and I know your longer term leverage target is 3.5. I think you were 4.1x at the quarter end. What might be your medium term leverage target? J. Heath Deneke: Yeah. Well, look, I think I think you actually got the order correct. Turns out we think about them, Mark. You know, I think definitely, getting to our leverage target which look, we continue to feel really good about. I mean, if the momentum picks up, or continues like what we are seeing right now and the activity levels behave as we do, I think in 2028, you know, we could we could potentially get there. There are a few catalysts that could even accelerate that. But somewhere we think in the next 18 months is not an unreasonable assumption. Terms of getting to our target. But, you know, look, we do have a lot of growth opportunity, and, you know, I do think that, you know, that is something that we are focused on. I think you know, fortunately, with Double E, you know, ton of growth going on there, but we have got all of that capital already, you know, spoken for in a term loan that we put downstairs. So do not expect to see a big ramp up in our base business or non double capital. It probably will hang in there in around the 50 ish mark or so. So I think, you know, we are gonna see some continued, you know, free high free cash flow kinda coming out. You know, continue to pay down debt. And, yeah, I think we are, you know, we are eager to kind of get a return of capital program underway here. So know, we are definitely focused on it. William J. Mault: And, Mark, if you think about so, when we, you know, obviously, we think the stock is undervalued. Particularly when you take into context trading multiples relative to our peers. And the balancing act here we think that, you know, obviously, scale, getting leverage to our target, turning on dividend policy, are more meaningful ways to bridge that value gap. Versus just buying back stock out of the market. So think about it as what we think has the potential to drive a more intrinsic value of the stock. Longer term. And that buyback program is truly just given some of the float and liquidity, is really there to help support in downside days. Right? So when the Iran conflict when they got to resolution a month or so ago, there was a lot of volatility in the energy sector. When we put that buyback program to work. and, you know, kind of help support the stock and provide some liquidity to investors. Hey. J. Heath Deneke: And, Mark, just sorry. Just to make sure if I was clear because I think I said 2028. But what I meant to say when I hope I said was the next 12 to 18 months. So kind of think about, you know, towards the mid half or second half of 27 to first half of 28 is, I think, when we when we expect to get there. Mark Reichman: Okay. No. that is very helpful. Well, thank you very much. I really appreciate it. J. Heath Deneke: Mhmm. Thank you. Operator: Our next question comes from Jason Gabelman with TD Cowen. Your line is open. Jason Gabelman: Yes. Hey, thanks for taking my questions. First, just on the full year EBITDA guide, I am wondering if the second half guide contemplates any of the commodity strength we have seen the first half of the year? William J. Mault: Yeah. So, good question. And thanks for joining, Jason. I would tell you that, you know, think about it and call it the seventies on crude and kind of a normalized NGL. We tend to update with strip, but, you know, if we are continuing to see kinda pressure on that crude price to the upside, that is another example, Jason, of what could push us toward the higher end of the range on our tightened range. Mhmm. Jason Gabelman: Got it. Okay. And then going back to the Bakken and encouraging to see the additional rigs being added to your acreage. Do you have a sense of your customers' your producer customer sensitivity to commodity prices. it is obviously been a really volatile tape, but if oil prices kind of trend back down to 70 to 75, would you expect to sustain the same amount of, rig activity? William J. Mault: Yeah. I do not think 70 to 75, Jason, really moves the needle from a development perspective. You know, we are putting capital to work out here. I tell you, our team does a lot of work on half cycle returns. And not at the kind of banker 10% type PVs. You know, we are talking 20, 30% returns we think are doable in, call it, the mid to high call it, fifties, 55 to maybe low sixties for that acreage. And you gotta remember, a lot of what they are doing up there are 3 mile laterals. So they are getting improved efficiencies on their breakevens and their DNC costs, which is really enabling this acreage and probably the lock step change of what we have seen over here out here over the past 3, 4 years. Mhmm. Jason Gabelman: And then maybe 1 follow-up on the M&A landscape. Just curious on your thoughts on what you are seeing on bolt on opportunities, particularly in the in the Rockies region, the DJ and the Bakken? J. Heath Deneke: Alright. Look. A general comment I would tell you, you know, we are pretty-- on the M&A front. We have got a lot of organic growth ahead. You know, we are we are certainly mindful of achieving our leverage target. And we are we have seen some M&A get a little frothy, frankly. We participated in some process that we stayed disciplined and let some assets go that, you know, we would have liked to have. But I think I definitely feel like it is you know, opportunistically, I mean, just given our portfolio and how many adjacent systems that we touch that are, you know, owned by private sponsors that, you know, are gonna be looking to get out. I think it is inevitable that we will find a good deal out there, but you know, frankly, you know, we are probably more excited about the organic growth profile and Double E and, you know, potentially some additional organic opportunities that we are in the midst of developing that provide growth beyond what we are even forecasting in our longer term outlook. All right. Thanks for the answers, guys. William J. Mault: You bet. Thank you. Thanks for picking us up too. Operator: Thank you for your participation. This does conclude the question and answer session, and you may now disconnect. Everyone, have a great day. Before you buy stock in Summit Midstream, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Summit Midstream wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $421,511!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,381,960!* That performance is why people listen. With a track record of beating the S&P 500 by nearly 5x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 17, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Summit Midstream (SMC) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in Summit Midstream Partners, LP? Here are five stocks we like better. Second-quarter performance improved: Adjusted EBITDA rose 12% sequentially to $60.7 million, driven by stronger Rockies and Mid-Con results, while Piceance declined. Growth investment increased: Summit raised 2026 capital expenditure guidance to $100 million–$120 million and identified roughly 30 additional Williston well connections expected to support about $10 million of EBITDA in 2027. Financial outlook remains focused on deleveraging: Full-year adjusted EBITDA guidance was narrowed to $235 million–$255 million, while management reiterated debt reduction as its top capital-allocation priority and targets lowering leverage to 3.5x within 12–18 months. Summit Midstream Partners (NYSE:SMC) reported second-quarter 2026 adjusted EBITDA of $60.7 million, up 12% from the first quarter, as growth in its Rockies and Mid-Con segments outweighed weaker results in the Piceance business. President, Chief Executive Officer and Chairman Heath Deneke said the company is seeing accelerating customer activity across its systems, including increased drilling activity in the Rockies and new commercial agreements in the Williston Basin and Permian Basin. → SoundHound AI Sends a Loud Signal After Its Q2 Earnings Beat “Volumes are growing and customer activity behind our systems is accelerating,” Deneke said during the company’s earnings call. Summit narrowed its full-year 2026 adjusted EBITDA guidance to a range of $235 million to $255 million. Deneke said the company has better visibility into second-half volumes following a solid first half and an increase in customer activity. → 3 Dividend Champion Utilities for a Market That Can't Sit Still The company raised its full-year capital expenditure guidance to $100 million to $120 million, including contributions to the Double E joint venture. The increase reflects approximately 30 additional Williston well connections not included in Summit’s original plan, as well as incremental Double E spending associated with newly executed firm transportation agreements. Deneke said the added spending is directed toward projects that are contracted or committed and are expected to begin contributing to earnings in 2027. The Double E capital is expected to be funded through term loans established earlier in the year. → Is Wingstop's Growth Story Losing Steam? During the quarter, Summit placed 36 wells into service, including 16 in the DJ Basin and 20 in the Mid-Con region. After quarter-end, it connected another 17 wells in the Williston Basin. The company had roughly 75 drilled but uncompleted wells across its footprint. Summit now has eight rigs operating behind its Rockies systems, up from five in the prior quarter. Six of those rigs are in the Williston Basin and two are in the DJ Basin. The Rockies segment generated adjusted EBITDA of $30.4 million, an increase of $4 million from the first quarter. The improvement was driven by a 6.3% increase in liquids throughput and higher realized crude oil and natural gas liquids prices, partly offset by a 3% decline in natural gas throughput. Liquids volumes averaged 68,000 barrels per day and natural gas volumes averaged 162 million cubic feet per day during the quarter. Realized crude oil and composite NGL prices each rose about 30% sequentially, benefiting Summit’s percentage-of-proceeds contracts in the DJ Basin. Summit secured two new gathering agreements in Divide County during the first half of the year. Both customers have rigs operating behind the system, giving the company visibility into roughly 30 new Williston well connections that were not reflected in its prior guidance. Those connections are weighted toward the fourth quarter and are expected to provide limited 2026 volume benefits but support growth in 2027. Chief Financial Officer Bill Mault said the 30 additional Williston wells could contribute about $10 million of EBITDA in 2027. He said nine recently connected wells that receive both crude oil and produced-water gathering services had averaged about 15,000 barrels per day of combined crude and produced-water throughput through August. In the DJ Basin, Summit signed a new 20-year extension of a gathering and processing agreement with an existing anchor customer. Deneke also said the company is working with other customers that could dedicate additional acreage to its DJ footprint. In the Permian segment, adjusted EBITDA increased $600,000 sequentially to $9.4 million. Double E throughput rose 6.7% to an average of 859 million cubic feet per day. Summit executed additional firm transportation agreements during the quarter, bringing total contracted volume on Double E to more than 1.9 billion cubic feet per day. The company extended its mainline compression expansion open season through the end of August as it works to finalize further transportation agreements. Senior Vice President and Chief Commercial Officer Chris Tennant said Summit was finalizing two precedent agreements that would move the compression project beyond its final investment decision threshold. He said the initial FID case would have a build multiple below 6x, while fully contracting the remaining capacity could reduce that multiple to 3x or less. Mault said existing Double E contracts support approximately $70 million of EBITDA, while the company’s presentation showed more than $90 million with compression. The EBITDA contribution at FID would be between those amounts, he said, with Summit targeting full commercialization of remaining capacity by year-end. Mid-Con adjusted EBITDA rose $2 million from the first quarter to $21.4 million, supported by a 9.9% increase in natural gas throughput to 523 million cubic feet per day. The company connected 17 Barnett wells and three Arkoma wells during the quarter. Management said the new wells were performing in line with or slightly above expectations. Piceance adjusted EBITDA fell $900,000 sequentially to $8.7 million as throughput declined 5.7%, reflecting temporary shut-ins caused by low regional natural gas prices, natural production declines and no new well connections. Mault said all previously shut-in production had resumed flowing by the end of July. However, Mault said investors should expect a step-down in Piceance cash flow beginning in the fourth quarter as minimum volume commitment shortfall payments expire at the end of the third quarter. He estimated the payments had contributed roughly $4 million per quarter, leaving normalized flowing EBITDA of about $4 million to $4.5 million per quarter. Summit ended the quarter with $21 million of unrestricted cash and $79 million outstanding on its revolver, leaving approximately $418 million of available borrowing capacity after letters of credit. Total leverage was approximately 4.1x at quarter-end. The Summit Permian Transmission term loan had a $350 million balance and remains non-recourse to Summit, Mault said. The company is also working with its financial partner to secure an uncommitted $50 million accordion to support the Double E compression project. During the quarter, Summit repurchased about 35,000 shares for $1 million under its $35 million authorization, leaving about $34 million available as of June 30. Deneke said debt reduction remains the company’s first capital-allocation priority, followed by organic growth investment, share repurchases and a potential return of the common dividend. He said Summit continues to target leverage of 3.5x and expects it could reach that level within roughly 12 to 18 months, depending on operating momentum and other catalysts. Summit Midstream Partners is a publicly traded master limited partnership that provides gathering, compression, processing and transportation services for natural gas, natural gas liquids (NGLs) and crude oil in key U.S. onshore basins. The company's assets include a network of intrastate and interstate pipelines, processing plants, fractionators and storage facilities designed to serve producers, marketers and end users throughout the Appalachian, Gulf Coast, Mid-Continent and Western Canadian Sedimentary basins. In the Appalachian region, Summit operates extensive gathering lines and multiple gas-processing complexes connected to the Mountaineer NGL Hub, one of the largest fractionation and storage hubs in the Mid-Atlantic. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Summit Midstream Partners Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Second quarter performance was primarily driven by a 12% sequential increase in adjusted EBITDA, fueled by volume growth in the Rockies and Mid-Con segments. Management attributed the Rockies' strength to a significant pickup in customer activity, with rig counts increasing from 5 to 8 quarter-over-quarter as producers respond to a stronger crude price environment. Commercial success in the Williston Basin led to two new gathering agreements covering 240,000 acres, providing visibility into 30 new well connections not previously in the 2026 plan. The Mid-Con segment benefited from the performance of new dry gas wells in the Arkoma footprint, which are currently exceeding expectations and showing slower-than-anticipated initial decline rates. Strategic positioning in the DJ Basin was reinforced by a 20-year gathering and processing agreement extension with a key anchor customer. Double E pipeline momentum continued with firm transportation agreements now totaling 1.9 Bcf per day, supported by high customer interest in the mainline expansion open season. Full-year 2026 adjusted EBITDA guidance was tightened to $235 million to $255 million, reflecting improved visibility into second-half volumes and accelerated drilling activity. Capital expenditure guidance was raised to $100 million to $120 million to fund 30 incremental well connections in the Williston and expansion-related capital for the Double E joint venture. Management expects to reach a Final Investment Decision (FID) on the Double E compression expansion prior to the end of August 2026, targeting a sub-6x build multiple. The company is targeting a leverage ratio of 3.5x within the next 12 to 18 months, which is viewed as the primary prerequisite for resuming a common dividend. Long-term organic growth projections suggest the potential for over $100 million of incremental EBITDA by 2030, primarily driven by the Rockies and Permian segments. The Piceance segment faces a projected step-down in cash flow starting in the fourth quarter of 2026 due to the expiration of Minimum Volume Commitment (MVC) shortfall payments. Management noted that while the Piceance segment currently contributes approximately $4 million per quarter in shortfall payments, their long-term 2030 outlook conservatively assumes no new development in this basin. Incremental capital for the Double E expansion will be funded through existing non-recourse term loans, insulating the corporate balance sheet from direct expansion costs. A $35 million share repurchase program was initiated during the quarter, primarily intended to provide price support and liquidity during periods of market volatility. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management expects the 30 incremental wells to contribute approximately $10 million in EBITDA, with the full impact realized in 2027. The 9 crude and water wells recently connected are averaging 15,000 barrels per day of combined throughput, which management noted is highly impactful due to the 3-to-1 water-to-crude ratio. The company is finalizing two additional transportation agreements that are expected to push the project past the FID hurdle within weeks. While the FID case is based on a sub-6x multiple, management expects to drive this down to 3x or lower as the remaining capacity is fully commercialized by year-end. Management prioritized reaching the 3.5x leverage target and funding organic growth over aggressive share buybacks. The timeline for reaching the leverage target and potentially resuming dividends was clarified as being within the next 12 to 18 months, likely between mid-2027 and early 2028. Management stated that crude prices in the $70 to $75 range would not likely slow development, as producers are seeing 20% to 30% returns even at prices in the mid-to-high $50s. Efficiencies from 3-mile laterals have significantly lowered producer breakevens, sustaining activity levels despite market volatility.

HOUSTON, Aug. 10, 2026 /PRNewswire/ -- Summit Midstream Corporation (NYSE: SMC) ("Summit", "SMC" or the "Company") announced today its financial and operating results for the three months ended June 30, 2026. Highlights Second quarter 2026 net income of $4.6 million, Adjusted EBITDA of $60.7 million, an increase of 12% relative to the first quarter of 2026, cash flow available for distributions ("Distributable Cash Flow" or "DCF") of $36.8 million and free cash flow ("FCF") of $9.4 million Eight rigs currently operating behind the Rockies systems, including six in the Williston Basin and two in the DJ Basin, with approximately 75 DUCs across the footprint Mid-Con Segment natural gas volume throughput increased 9.9% to 523 MMcf/d relative to the first quarter of 2026, driving a 10% increase in Segment Adjusted EBITDA Established $35 million stock repurchase program Continued commercial progress in the Permian and Williston Basins, including new firm transportation agreements on Double E and a new crude gathering agreement in Divide County, North Dakota Tightened 2026 Adjusted EBITDA guidance range to $235 million to $255 million and increased total capital expenditures to $100 million to $120 million to reflect additional high-returning growth projects in the Rockies and Permian Segments Management Commentary Heath Deneke, President, Chief Executive Officer and Chairman, commented, "Customer activity ramped up meaningfully across our footprint during the second quarter with 36 new well connections, driving a 12% increase in Adjusted EBITDA relative to the first quarter. Our Rockies Segment accounted for the majority of the increase, while Mid-Con delivered a nearly 10% volume increase on strong well performance in both the Barnett and Arkoma, giving us added confidence in the segment's trajectory for the remainder of the year. We also executed new firm transportation agreements on Double E and a new crude gathering agreement in Divide County, North Dakota, further strengthening our long-term growth outlook. We continue to have a tremendous amount of customer interest in the ongoing Double E – Mainline Compression Expansion open season. We have extended the open season through the end of August as we work on finalizing additional firm transportation agreements to support the project and we expect to be in a position to make a final investment decision prior to its conclusion. "Another encouraging development this quarter has been the acceleration of activity in the Williston Basin. Six rigs are running behind our system today, the most active drilling program we have seen in the basin in several years. Since the end of the second quarter, we have connected 17 new wells, nine of which we serve with both crude oil and produced water gathering. We've also identified approximately 30 incremental well connections in the Williston Basin that were not part of our original plan, a result of our recent commercial success in the basin and existing customers accelerating their development activity. These wells are expected to connect primarily in the fourth quarter, so we expect minimal impact on 2026 results, but they position us well for a strong start to 2027. "With a solid first half behind us and customer activity accelerating across the footprint, we have better visibility into our second-half volume profile. We are tightening our full-year 2026 Adjusted EBITDA guidance to $235 million to $255 million and increasing total capital expenditures, including Double E, to $100 million to $120 million to reflect additional high-returning growth projects in the Rockies and Permian Segments." Second Quarter 2026 Business Highlights SMC's average daily natural gas throughput on its wholly owned, operated systems increased 3.3% to 899 MMcf/d, while liquids volumes increased 6.3% to 68 Mbbl/d, relative to the first quarter of 2026. Double E Pipeline averaged 859 MMcf/d and contributed $9.4 million in Adjusted EBITDA, net to SMC, for the second quarter of 2026. Natural gas price-driven segments: Natural gas price-driven segments generated $30.0 million in combined Segment Adjusted EBITDA, a $1.1 million increase relative to the first quarter of 2026, with combined capital expenditures of $7.3 million Mid-Con Segment Adjusted EBITDA totaled $21.4 million, an increase of $2.0 million relative to the first quarter of 2026, primarily due to a 9.9% increase in natural gas volume throughput to 523 MMcf/d, driven by 17 new Barnett well connections and three new Arkoma well connections during the quarter. Piceance Segment Adjusted EBITDA totaled $8.7 million, a decrease of $0.9 million relative to the first quarter of 2026, primarily due to a 5.7% decline in volume throughput driven by continued temporary shut-ins, natural production declines, and no new well connections during the quarter. As of the end of July, all previous shut-in production has resumed flowing. Oil price-driven segments: Oil price-driven segments generated $39.7 million in combined Segment Adjusted EBITDA, a $4.6 million increase relative to the first quarter of 2026, with combined capital expenditures of $17.0 million Rockies Segment Adjusted EBITDA totaled $30.4 million, an increase of $4.0 million relative to the first quarter of 2026, driven by a 6.3% increase in liquids volume throughput and higher realized crude oil and NGL prices, partially offset by a 3.0% decline in natural gas volume throughput. 16 wells were connected in the DJ Basin during the quarter, and subsequent to quarter end, 17 wells were connected in the Williston Basin, including nine wells for which we provide both crude oil and produced water gathering services. Eight rigs are currently running in the Rockies Segment, including two in the DJ Basin and six in the Williston Basin, with approximately 75 DUCs behind the systems. Permian Segment Adjusted EBITDA totaled $9.4 million, an increase of $0.6 million relative to the first quarter of 2026, driven by a 6.7% increase in Double E volume throughput to 859 MMcf/d. The following table presents average daily throughput by reportable segment for the periods indicated: The following table presents adjusted EBITDA by reportable segment for the periods indicated: Capital Expenditures Capital expenditures totaled $25.0 million in the second quarter of 2026, inclusive of maintenance capital expenditures of $4.1 million. Capital expenditures in the second quarter of 2026 were primarily related to pad connections in the Rockies and Mid-Con segments. SMC is increasing its full year 2026 capital expenditure guidance to $100 million to $120 million, from $85 million to $105 million previously, reflecting 30 additional Williston wells added to the program or accelerated from 2027 and incremental capital at Double E tied to new firm transportation agreements executed this year. Capital & Liquidity As of June 30, 2026, SMC had $21.0 million in unrestricted cash-on-hand and $79 million drawn under its $500 million ABL Revolver with $418 million of borrowing availability, after accounting for $2.7 million of issued, but undrawn letters of credit. As of June 30, 2026, SMC's gross availability based on the borrowing base calculation in the credit agreement was $798 million, which is $298 million greater than the $500 million of lender commitments to the ABL Revolver. As of June 30, 2026, SMC was in compliance with all financial covenants, including interest coverage of 2.7x relative to a minimum interest coverage covenant of 2.0x and first lien leverage ratio of 0.3x relative to a maximum first lien leverage ratio of 2.5x. As of June 30, 2026, SMC reported a total leverage ratio of approximately 4.1x. As of June 30, 2026, the Summit Permian Transmission Term Loan Facility had a balance of $350 million. Summit Midstream Permian has $10.8 million of cash-on-hand as of June 30, 2026. The Permian Transmission Term Loan remains non-recourse to SMC. MVC Shortfall Payments SMC billed its customers $4.2 million in the second quarter of 2026 related to MVC shortfalls. For those customers that do not have MVC shortfall credit banking mechanisms in their gathering agreements, the MVC shortfall payments are accounted for as gathering revenue in the period in which they are earned. In the second quarter of 2026, SMC recognized $4.2 million of gathering revenue associated with MVC shortfall payments. SMC had $0.0 million of adjustments to MVC shortfall payments in the second quarter of 2026. SMC's MVC shortfall payment mechanisms contributed $4.2 million of total Adjusted EBITDA in the second quarter of 2026. The minimum volume commitments underpinning SMC's Piceance segment gathering agreements, which represent substantially all of SMC's MVC shortfall payments, expire at the end of the third quarter of 2026. Quarterly Dividend The Board of Directors of Summit Midstream Corporation continued to suspend cash dividends payable on the common stock for the period ended June 30, 2026. The quarterly cash dividend on the Series A Preferred Stock, for the period ending September 14, 2026, will be paid to preferred shareholders of record as of the close of business on September 1, 2026. Share Repurchase Program During the second quarter of 2026, SMC repurchased 34,624 shares of its common stock for approximately $1.0 million. As of June 30, 2026, SMC had approximately $34.0 million of remaining capacity under its $35 million share repurchase program. Second Quarter 2026 Earnings Call Information SMC will host a conference call at 10:00 a.m. Eastern on August 11, 2026, to discuss its quarterly operating and financial results. The call can be accessed via teleconference at the following link: Q2 2026 Summit Midstream Corporation Earnings Conference Call (https://register-conf.media-server.com/register/BI8cebf785fce846a9bb80ae80660d3cbc). Once registration is completed, participants will receive a dial-in number along with a personalized PIN to access the call. While not required, it is recommended that participants join 10 minutes prior to the event start. The conference call, live webcast and archive of the call can be accessed through the Investors section of SMC's website at www.summitmidstream.com. Use of Non-GAAP Financial Measures We report financial results in accordance with U.S. generally accepted accounting principles ("GAAP"). We also present adjusted EBITDA, segment adjusted EBITDA, Distributable Cash Flow, and Free Cash Flow, non-GAAP financial measures. Adjusted EBITDA We define adjusted EBITDA as net income or loss, plus interest expense, income tax expense, depreciation and amortization, our proportional adjusted EBITDA for equity method investees, adjustments related to MVC shortfall payments, adjustments related to capital reimbursement activity, share-based and noncash compensation, impairments, items of income or loss that we characterize as unrepresentative of our ongoing operations and other noncash expenses or losses, income tax benefit, income (loss) from equity method investees and other noncash income or gains. Because adjusted EBITDA may be defined differently by other entities in our industry, our definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other entities, thereby diminishing its utility. Management uses adjusted EBITDA in making financial, operating and planning decisions and in evaluating our financial performance. Furthermore, management believes that adjusted EBITDA may provide external users of our financial statements, such as investors, commercial banks, research analysts and others, with additional meaningful comparisons between current results and results of prior periods as they are expected to be reflective of our core ongoing business. Adjusted EBITDA is used as a supplemental financial measure to assess: the ability of our assets to generate cash sufficient to make future potential cash dividends and support our indebtedness; the financial performance of our assets without regard to financing methods, capital structure or historical cost basis; our operating performance and return on capital as compared to those of other entities in the midstream energy sector, without regard to financing or capital structure; the attractiveness of capital projects and acquisitions and the overall rates of return on alternative investment opportunities; and the financial performance of our assets without regard to (i) the impact of the timing of MVC shortfall payments under our gathering agreements or (ii) the timing of impairments or other income or expense items that we characterize as unrepresentative of our ongoing operations. Adjusted EBITDA has limitations as an analytical tool and investors should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. For example: adjusted EBITDA includes the Company's proportionate share of Adjusted EBITDA from its unconsolidated equity method investee. Because this entity is not consolidated, the Company does not control its operations and does not have legal claim to its revenues, expenses, assets, liabilities, or cash flows, other than distributions received. As a result, this adjustment has limitations as an analytical measure and may not be comparable to similarly titled measures presented by other companies; certain items excluded from adjusted EBITDA are significant components in understanding and assessing an entity's financial performance, such as an entity's cost of capital and tax structure; adjusted EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments; adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; and although depreciation and amortization are noncash charges, the assets being depreciated and amortized will often have to be replaced in the future, and adjusted EBITDA does not reflect any cash requirements for such replacements. We compensate for the limitations of adjusted EBITDA as an analytical tool by reviewing the comparable GAAP financial measures, understanding the differences between the financial measures and incorporating these data points into our decision-making process. Distributable Cash Flow We define Distributable Cash Flow as adjusted EBITDA, as defined above, less cash interest paid, cash paid for taxes, net interest expense accrued and paid on the senior notes, and maintenance capital expenditures. Free Cash Flow We define free cash flow as distributable cash flow attributable to common and preferred shareholders less growth capital expenditures, less investments in equity method investees, less dividends to common and preferred shareholders. Free cash flow excludes proceeds from asset sales and cash consideration paid for acquisitions. We do not provide the GAAP financial measures of net income or loss or net cash provided by operating activities on a forward-looking basis because we are unable to predict, without unreasonable effort, certain components thereof including, but not limited to, (i) income or loss from equity method investees and (ii) asset impairments. These items are inherently uncertain and depend on various factors, many of which are beyond our control. As such, any associated estimate and its impact on our GAAP performance and cash flow measures could vary materially based on a variety of acceptable management assumptions. About Summit Midstream Corporation SMC is a value-driven corporation focused on developing, owning and operating midstream energy infrastructure assets that are strategically located in the core producing areas of unconventional resource basins, primarily shale formations, in the continental United States. SMC provides natural gas, crude oil and produced water gathering, processing and transportation services pursuant to primarily long-term, fee-based agreements with customers and counterparties in five unconventional resource basins: (i) the Williston Basin, which includes the Bakken and Three Forks shale formations in North Dakota; (ii) the Denver-Julesburg Basin, which includes the Niobrara and Codell shale formations in Colorado and Wyoming; (iii) the Fort Worth Basin, which includes the Barnett Shale formation in Texas; (iv) the Arkoma Basin, which includes the Woodford and Caney shale formations in Oklahoma; and (v) the Piceance Basin, which includes the Mesaverde formation as well as the Mancos and Niobrara shale formations in Colorado. SMC has an equity method investment in Double E Pipeline, LLC, which provides interstate natural gas transportation service from multiple receipt points in the Delaware Basin to various delivery points in and around the Waha Hub in Texas. SMC is headquartered in Houston, Texas. Forward-Looking Statements This press release includes certain statements concerning expectations for the future that are forward-looking within the meaning of the federal securities laws. Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements and may contain the words "expect," "intend," "plan," "anticipate," "estimate," "believe," "will be," "will continue," "will likely result," and similar expressions, or future conditional verbs such as "may," "will," "should," "would" and "could." In addition, any statement concerning future financial performance (including future revenues, earnings or growth rates), payment of dividends on any series of stock, ongoing business strategies and possible actions taken by SMC or its subsidiaries are also forward-looking statements. Forward-looking statements also contain known and unknown risks and uncertainties (many of which are difficult to predict and beyond management's control) that may cause SMC's actual results in future periods to differ materially from anticipated or projected results. An extensive list of specific material risks and uncertainties affecting SMC is contained in its 2025 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 16, 2026, as amended and updated from time to time. Any forward-looking statements in this press release are made as of the date of this press release and SMC undertakes no obligation to update or revise any forward-looking statements to reflect new information or events. View original content to download multimedia:https://www.prnewswire.com/news-releases/summit-midstream-corporation-reports-second-quarter-2026-financial-and-operating-results-302847458.html

HOUSTON, July 30, 2026 /PRNewswire/ -- Summit Midstream Corporation (NYSE: SMC) ("Summit", "SMC" or the "Company") announced today that it will report operating and financial results for the second quarter of 2026 on Monday, August 10, 2026, after the close of trading on the New York Stock Exchange. Second Quarter 2026 Earnings Call SMC will host a conference call at 10:00 a.m. Eastern on August 11, 2026, to discuss its quarterly operating and financial results. The call can be accessed via teleconference at: Q2 2026 Summit Midstream Corporation Earnings Conference Call (https://register-conf.media-server.com/register/BI8cebf785fce846a9bb80ae80660d3cbc). Once registration is completed, participants will receive a dial-in number along with a personalized PIN to access the call. While not required, it is recommended that participants join 10 minutes prior to the event start. The conference call, live webcast and archive of the call can be accessed through the Investors section of SMC's website at www.summitmidstream.com. About Summit Midstream Corporation SMC is a value-driven corporation focused on developing, owning and operating midstream energy infrastructure assets that are strategically located in the core producing areas of unconventional resource basins, primarily shale formations, in the continental United States. SMC provides natural gas, crude oil and produced water gathering, processing and transportation services pursuant to primarily long-term, fee-based agreements with customers and counterparties in five unconventional resource basins: (i) the Williston Basin, which includes the Bakken and Three Forks shale formations in North Dakota; (ii) the Denver-Julesburg Basin, which includes the Niobrara and Codell shale formations in Colorado and Wyoming; (iii) the Fort Worth Basin, which includes the Barnett Shale formation in Texas; (iv) the Arkoma Basin, which includes the Woodford and Caney shale formations in Oklahoma; and (v) the Piceance Basin, which includes the Mesaverde formation as well as the Mancos and Niobrara shale formations in Colorado. SMC has an equity method investment in Double E Pipeline, LLC, which provides interstate natural gas transportation service from multiple receipt points in the Delaware Basin to various delivery points in and around the Waha Hub in Texas. SMC is headquartered in Houston, Texas. Forward-Looking Statements This press release includes certain statements concerning expectations for the future that are forward-looking within the meaning of the federal securities laws. Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements and may contain the words "expect," "intend," "plan," "anticipate," "estimate," "believe," "will be," "will continue," "will likely result," and similar expressions, or future conditional verbs such as "may," "will," "should," "would" and "could." In addition, any statement concerning future financial performance (including future revenues, earnings or growth rates), payment of dividends on any series of stock, ongoing business strategies and possible actions taken by SMC or its subsidiaries are also forward-looking statements. Forward-looking statements also contain known and unknown risks and uncertainties (many of which are difficult to predict and beyond management's control) that may cause SMC's actual results in future periods to differ materially from anticipated or projected results. An extensive list of specific material risks and uncertainties affecting SMC is contained in its 2025 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 16, 2026, as amended and updated from time to time. Any forward-looking statements in this press release are made as of the date of this press release and SMC undertakes no obligation to update or revise any forward-looking statements to reflect new information or events. View original content to download multimedia:https://www.prnewswire.com/news-releases/summit-midstream-corporation-schedules-second-quarter-2026-earnings-call-302839502.html

Investors in Summit Midstream Corporation (NYSE:SMC) had a good week, as its shares rose 7.9% to close at US$32.13 following the release of its quarterly results. Revenues of US$139m were in line with expectations, although statutory losses per share were US$0.43, some 12% smaller than was expected. Earnings are an important time for investors, as they can track a company's performance, look at what the analyst is forecasting for next year, and see if there's been a change in sentiment towards the company. With this in mind, we've gathered the latest statutory forecasts to see what the analyst is expecting for next year. This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality. After the latest results, the sole analyst covering Summit Midstream are now predicting revenues of US$584.8m in 2026. If met, this would reflect an okay 2.7% improvement in revenue compared to the last 12 months. The loss per share is expected to greatly reduce in the near future, narrowing 44% to US$0.93. Yet prior to the latest earnings, the analyst had been forecasting revenues of US$579.2m and losses of US$1.09 per share in 2026. While the revenue estimates were largely unchanged, sentiment seems to have improved, with the analyst upgrading their numbers and making a notable improvement in losses per share in particular. View our latest analysis for Summit Midstream These new estimates led to the consensus price target rising 11% to US$51.00, with lower forecast losses suggesting things could be looking up for Summit Midstream. Taking a look at the bigger picture now, one of the ways we can understand these forecasts is to see how they compare to both past performance and industry growth estimates. It's pretty clear that there is an expectation that Summit Midstream's revenue growth will slow down substantially, with revenues to the end of 2026 expected to display 3.6% growth on an annualised basis. This is compared to a historical growth rate of 7.3% over the past five years. Juxtapose this against the other companies in the industry with analyst coverage, which are forecast to grow their revenues (in aggregate) 3.6% annually. So it's pretty clear that, while Summit Midstream's revenue growth is expected to slow, it's expected to grow roughly in line with the industry. The most important thing to take away is that the analyst reconfirmed their loss per share estimates for next year. Happily, there were no real changes to revenue forecasts, with the business still expected to grow in line with the overall industry. We note an upgrade to the price target, suggesting that the analyst believes the intrinsic value of the business is likely to improve over time. Keeping that in mind, we still think that the longer term trajectory of the business is much more important for investors to consider. We have analyst estimates for Summit Midstream going out as far as 2027, and you can see them free on our platform here. You can also view our analysis of Summit Midstream's balance sheet, and whether we think Summit Midstream is carrying too much debt, for free on our platform here. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Interested in Summit Midstream Partners, LP? Here are five stocks we like better. Q1 results were in line with expectations: Summit Midstream reported first-quarter 2026 Adjusted EBITDA of $54.2 million and said full-year results are still expected to trend toward the midpoint of its $225 million to $265 million guidance range. Strength in the Rockies helped offset weaker MidCon volumes and lower residue gas prices. Double E Pipeline is gaining momentum: After quarter-end, Summit signed another 10-year take-or-pay agreement for 100 million cubic feet per day, bringing total contracted volumes on Double E to just over 1.7 billion cubic feet per day. The company is working toward a potential investment decision this summer for an expansion project. Balance sheet and growth plans improved: Summit repaid preferred dividends, completed a $42 million equity placement, and refinanced a term loan, helping simplify its balance sheet and support organic growth. Management said it sees more than $100 million of potential organic EBITDA growth by 2030 and hopes to restore a common dividend in the near future. Summit Midstream Partners (NYSE:SMC) said first-quarter 2026 results were broadly in line with expectations, as strength in its Rockies business helped offset weaker volumes and lower realized residue gas prices in its MidCon segment. President, CEO and Chairman Heath Deneke said Summit reported first-quarter Adjusted EBITDA of $54.2 million and continues to expect 2026 results to trend toward the midpoint of its original Adjusted EBITDA guidance range of $225 million to $265 million. The midpoint is $245 million. → Micron Investors Face a High-Stakes Moment After the Latest Rally “Summit reported first quarter 2026 Adjusted EBITDA of $54.2 million, which was generally in line with expectations despite lower volumes and realized residue gas prices in the Arkoma,” Deneke said. He added that MidCon underperformance was partially offset by gains in the Rockies segment, driven by higher-than-budgeted crude oil pricing. Deneke described the macro backdrop as increasingly constructive for Summit, noting that crude oil prices had recovered from lows earlier in the year. He said roughly 80% of Summit’s expected 2026 well connects are in crude oil-oriented basins, which could improve producer economics and support higher activity levels. → How Bad Could Tesla’s Cybertruck Recall Be for Shares? Several Rockies customers have told Summit they are working on plans to accelerate activity into 2026 and increase activity in 2027, Deneke said. He also cited benefits from higher crude prices for field condensate sales and optimization activities in the Rockies segment. On natural gas, Deneke said Henry Hub pricing remains constructive, LNG export demand continues to grow, and longer-term demand from data centers and electrification is supportive of the company’s natural gas infrastructure in the MidCon and Permian segments. → Reading the Stripes: Is The Industrial Recession Over? Summit connected 37 wells during the first quarter, including the first four Williston wells under a new 10-year crude gathering agreement in Divide County. Deneke said early production from those wells has been encouraging. In the Arkoma, Summit saw lower-than-expected well performance from two pads during the quarter, which Deneke said was a primary driver of the segment’s volume underperformance. The pads were drilled on the outer edges of Summit’s dedicated acreage footprint to test the boundaries of proven but undeveloped locations in the Caney and Woodford formations. More recently, Summit brought online a three-well pad in the dry gas area of its Arkoma system. Deneke said those wells are outperforming internal expectations and have averaged about 50 million cubic feet per day combined over the past couple of days since being turned in line. Chief Financial Officer Bill Mault said Summit reported Distributable Cash Flow of $26.9 million and Free Cash Flow of $11.4 million for the quarter. Total capital expenditures were $19.3 million, including $3.7 million of maintenance capital, with most growth capital directed toward pad connections in the Rockies and MidCon segments. Rockies: Adjusted EBITDA was $26.4 million, down $1.5 million from the fourth quarter of 2025. Mault cited a non-cash imbalance, a 3% decline in liquids volumes, lower realized residue gas prices on percentage-of-proceeds contracts and lower freshwater sales, partially offset by higher natural gas throughput and stronger crude oil and NGL prices beginning in March. Permian: Adjusted EBITDA was $8.7 million, flat with the prior quarter. Double E volumes averaged 805 million cubic feet per day. Piceance: Adjusted EBITDA was $9.6 million, down $0.4 million from the fourth quarter, mainly due to throughput declines, temporary shut-ins and natural production declines. MidCon: Adjusted EBITDA was $19.3 million, down $2.1 million from the fourth quarter, driven primarily by natural production declines, partially offset by six new Arkoma well connections. Mault said customers in the Piceance currently have about 20 million cubic feet per day of volume shut in because of low regional gas prices, primarily at the White River Hub. Based on current forward prices, Summit expects that production to begin resuming in the third quarter of 2026. Summit also highlighted progress on the Double E Pipeline. Deneke said that after quarter-end, the company executed another 10-year take-or-pay precedent agreement for 100 million cubic feet per day of firm capacity, expected to start in the first half of 2027. The agreement brings total contracted volumes on Double E to just over 1.7 billion cubic feet per day. Deneke said Summit continues to build momentum in its open season for commitments supporting a previously announced midpoint compressor expansion project of 800 million cubic feet per day. He said the company remains optimistic about securing additional contracts needed to make a final investment decision this summer. During the question-and-answer session, Deneke said Double E is competitively positioned because many competing pipelines have filled existing takeaway capacity and may require more expensive greenfield or looping projects to expand. He said Summit believes Double E is “one of the only options in town” that can be available by the end of 2028 to meet incremental Permian residue gas growth. Deneke also said LNG growth has been a major catalyst for infrastructure development from Waha toward East Texas and Louisiana, but shippers are also showing interest in markets to the west, MidCon and Midwest. He noted discussions with data center and power generation customers near Double E seeking access to low-cost Permian gas. Summit ended the quarter with $43.4 million of unrestricted cash and $116 million drawn on its revolving credit facility. Mault said the company had about $381 million of available borrowing capacity after accounting for $2.7 million of undrawn letters of credit. Deneke said Summit repaid all $45 million of accrued Series A preferred stock dividends, completed a $42 million private placement of common stock to an affiliate of Tailwater Capital LLC, and closed the Summit Permian Transmission LLC term loan refinancing. He said those steps improved and simplified the balance sheet and supported funding for organic growth, including Double E Pipeline capital growth. On capital allocation, Mault said Summit has been prioritizing debt repayment with remaining free cash flow after growth capital as it works toward a long-term leverage target of 3.5 times. He added that many organic growth projects have estimated unlevered returns of more than 20% to 30%. Deneke said Summit remains active in evaluating acquisitions, particularly in the Rockies, where he sees more near-term opportunities involving privately owned systems. He said Permian opportunities may be larger and more complex, while near-term focus is more concentrated on Rockies opportunities. Deneke closed by saying Summit sees more than $100 million of potential organic EBITDA growth from its existing portfolio by 2030 and has a path toward reaching its leverage target and reinstating a common dividend “in the near future.” Summit Midstream Partners is a publicly traded master limited partnership that provides gathering, compression, processing and transportation services for natural gas, natural gas liquids (NGLs) and crude oil in key U.S. onshore basins. The company's assets include a network of intrastate and interstate pipelines, processing plants, fractionators and storage facilities designed to serve producers, marketers and end users throughout the Appalachian, Gulf Coast, Mid-Continent and Western Canadian Sedimentary basins. In the Appalachian region, Summit operates extensive gathering lines and multiple gas-processing complexes connected to the Mountaineer NGL Hub, one of the largest fractionation and storage hubs in the Mid-Atlantic. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Summit Midstream Partners Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

This article first appeared on GuruFocus. Release Date: May 12, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Summit Midstream Corp (NYSE:SMC) reported first quarter 2026 adjusted EBITDA of $54.2 million, aligning with expectations despite challenges. Higher crude oil prices have positively impacted the Rocky segment, offsetting underperformance in the Mid-Continent segment. The company expects to trend towards the midpoint of its 2026 adjusted EBITDA guidance of $225 million to $265 million. Summit Midstream Corp (NYSE:SMC) has made significant progress in simplifying and improving its balance sheet, including paying off $45 million of accrued Series A preferred stock dividends. The company has secured a new 10-year take-or-pay agreement for its EE pipeline, increasing contracted volumes to over 1.7 BCF a day. The Mid-Continent segment experienced underperformance due to lower volumes and realized residue gas prices. The Rockies segment saw a decrease in adjusted EBITDA by $1.5 million compared to the previous quarter, primarily due to non-cash imbalances and reduced liquids volumes. The PION segment reported a decline in adjusted EBITDA due to volume throughput declines and temporary shut-ins. Natural production declines in the Mid-Con segment led to a decrease in adjusted EBITDA, despite new well connections. Some customers have shut in approximately 20 million cubic feet per day of volume due to low regional gas prices, impacting production. Warning! GuruFocus has detected 10 Warning Signs with SMC. Is SMC fairly valued? Test your thesis with our free DCF calculator. Q: Would you please discuss the competitive positioning of the EE pipeline? Are you seeing increasing demand for incremental takeaway capacity tied to LNG's export growth, and could EE ultimately require additional expansion phases beyond what's currently contemplated? A: Heath Denicke, CEO: The EE pipeline is well-positioned competitively, especially with the build-out of the Delaware Basin. Many competing pipelines have filled their existing capacity and are looking at more costly expansions. Our current expansion, adding $800-$900 million a day of capacity, is one of the few options available by 2028 to meet Permian Basin growth. The LNG export growth has been a catalyst, and we see potential for further expansion as new markets develop, particularly in the northern end of our system. Q: How sustainable is Rocky's throughput growth over the next several quarters? What level of producer activity are you seeing in the DJ and Williston Basins? A: Bill Malt, CFO: There's significant momentum in both the DJ and Williston Basins due to improving crude prices. In the DJ Basin, we expect 16 wells to come online in Q2, with more activity planned over the next few years. In North Dakota, several customers are looking to accelerate development, which should drive volumetric growth. The Rockies segment is roughly 35% commodity price exposed, with a mix of NGLs, crude, and residue gas. Q: Are there any bolt-on acquisition opportunities in your operating regions, particularly the Rockies and Permian? A: Heath Denicke, CEO: The Rockies present the most near-term acquisition opportunities, with several privately owned systems seeking liquidity. These acquisitions typically fit our historical profile, offering synergistic benefits and accretive value. In the Permian, opportunities are larger and more complex, but we remain focused on Rockies opportunities in the near term. Q: What are the remaining plans and objectives in your broader capital structure optimization strategy? How do you prioritize capital allocation between debt reduction, organic growth, acquisitions, and return of capital to shareholders? A: Bill Malt, CFO: Our priority is debt repayment to achieve a long-term leverage target of 3.5 times. We balance this with M&A and organic growth opportunities, focusing on projects with high unlevered rates of return. We aim to reinvest in growth while maintaining financial flexibility. Q: What is the outlook for Summit's growth and financial performance? A: Heath Denicke, CEO: We are on track to meet the $245 million midpoint of our adjusted EBITDA guidance for 2026. The macro outlook supports over $100 million of organic EBITDA growth by 2030. We are actively pursuing M&A opportunities to scale the business and have taken steps to simplify our balance sheet, aiming to reinstate a common dividend soon. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

HOUSTON, May 11, 2026 /PRNewswire/ -- Summit Midstream Corporation (NYSE: SMC) ("Summit", "SMC" or the "Company") announced today its financial and operating results for the three months ended March 31, 2026. Highlights First quarter 2026 net loss of $3.2 million, Adjusted EBITDA of $54.2 million, cash flow available for distributions ("Distributable Cash Flow" or "DCF") of $26.9 million and free cash flow ("FCF") of $11.4 million Connected 37 wells during the first quarter, including four Williston wells from the new 10-year crude gathering agreement; five rigs currently running with approximately 80 DUCs behind the systems Executed a new precedent agreement for 100 MMcf/d of firm capacity on the Double E Pipeline, with Q1 2027 expected in-service date and 10-year term Repaid all $45 million of accrued Series A Preferred Stock dividends clearing a key milestone toward reinstating a common dividend Completed a $42 million private placement of common stock to an affiliate of Tailwater Capital LLC, Summit's largest shareholder, providing additional financial flexibility to execute on high-return growth projects and reduce ABL borrowings Reiterating 2026 full-year Adjusted EBITDA guidance of $225 million to $265 million, supported by accelerating producer activity in the Rockies and anticipated Mid-Con volume ramp Management Commentary Heath Deneke, President, Chief Executive Officer and Chairman, commented, "First quarter results reflected favorable crude oil prices primarily impacting our Rockies segment, offset by lower realized residue gas prices and lower than expected volumes in the Mid-Con Segment. We continue to expect the business to trend toward the midpoint of our original guidance range and are seeing a lot of momentum across our portfolio, particularly in the Permian and Rockies segments. "Subsequent to quarter end, Double E executed another new 10-year take-or-pay precedent agreement for 100 MMcf/d of firm capacity behind an operational processing plant in Eddy County, New Mexico, with the lateral connecting the plant expected to be in-service in the first quarter of 20271. This agreement, along with those previously announced, brings total contracted volume on Double E to 1.755 Bcf/d, and we remain encouraged by the continued commercial progress on the pipeline. We are evaluating significant shipper interest in the recently launched open season, and remain optimistic there will be sufficient commercial support to make a final investment decision on the approximately 800 MMcf/d mid-point compression expansion project. "In the Rockies Segment, the favorable crude oil price environment is expected to improve our product margin over the coming quarters and several customers are actively working to accelerate and increase activity beyond our original expectations. We are also encouraged by the preliminary results of four wells behind the new Williston Basin commercial contract we secured last quarter. We have 40 new wells expected across the portfolio in the second quarter, including 20 in the Mid-Con segment." First Quarter 2026 Business Highlights SMC's average daily natural gas throughput on its wholly owned, operated systems decreased 2.7% to 870 MMcf/d, while liquids volumes decreased 3.0% to 64 Mbbl/d, relative to the fourth quarter of 2025. Double E Pipeline averaged 805 MMcf/d and contributed $8.7 million in Adjusted EBITDA, net to SMC, for the first quarter of 2026. Natural gas price-driven segments: Natural gas price-driven segments generated $28.9 million in combined Segment Adjusted EBITDA, a $2.6 million decrease relative to the fourth quarter of 2025, with combined capital expenditures of $7.6 million Mid-Con Segment Adjusted EBITDA totaled $19.3 million, a decrease of $2.1 million relative to the fourth quarter of 2025, primarily due to lower natural gas throughput as a result of natural production declines, partially offset by six new Arkoma well connections. Subsequent to quarter end, three additional Arkoma wells were connected to the system and there are currently 17 Barnett DUCs expected to come online in the second quarter of 2026. Piceance Segment Adjusted EBITDA totaled $9.6 million, a decrease of $0.4 million relative to the fourth quarter of 2025, primarily due to a 7.3% decline in volume throughput driven by temporary shut-ins of approximately 8.0 MMcf/d, natural production declines, and no new well connections during the quarter. Customers currently have ~20 MMcf/d of natural gas shut-in as a result of low regional gas prices. Based on current forecasted prices in the region, we expect this production to resume beginning in the third quarter of 2026. Oil price-driven segments: Oil price-driven segments generated $35.1 million in combined Segment Adjusted EBITDA, a $1.5 million decrease relative to the fourth quarter of 2025, with combined capital expenditures of $11.0 million Rockies Segment Adjusted EBITDA totaled $26.4 million, a decrease of $1.5 million relative to the fourth quarter of 2025, driven by a $1.2 million non-cash imbalance, lower realized residue gas prices negatively impacting percent-of-proceeds contracts and lower fresh water sales, partially offset by a 4.4% increase in natural gas volume throughput and higher realized crude oil and NGL prices beginning in March 2026. 18 wells were connected in the DJ Basin and 13 in the Williston Basin, including the first four 3-mile lateral wells under the new 10-year crude gathering agreement. Five rigs are currently running with approximately 60 DUCs behind the system. Permian Segment Adjusted EBITDA totaled $8.7 million, flat relative to the fourth quarter of 2025. The following table presents average daily throughput by reportable segment for the periods indicated: The following table presents adjusted EBITDA by reportable segment for the periods indicated: Capital Expenditures Capital expenditures totaled $19.3 million in the first quarter of 2026, inclusive of maintenance capital expenditures of $3.7 million. Capital expenditures in the first quarter of 2026 were primarily related to pad connections in the Rockies and Mid-Con segments. Capital & Liquidity As of March 31, 2026, SMC had $43.4 million in unrestricted cash on hand and $116 million drawn under its $500 million ABL Revolver with $381 million of borrowing availability, after accounting for $2.7 million of issued, but undrawn letters of credit. As of March 31, 2026, SMC's gross availability based on the borrowing base calculation in the credit agreement was $802 million, which is $302 million greater than the $500 million of lender commitments to the ABL Revolver. As of March 31, 2026, SMC was in compliance with all financial covenants, including interest coverage of 2.7x relative to a minimum interest coverage covenant of 2.0x and first lien leverage ratio of 0.4x relative to a maximum first lien leverage ratio of 2.5x. As of March 31, 2026, SMC reported a total leverage ratio of approximately 4.2x. During the first quarter, Summit Permian Transmission, LLC entered into a new $440 million senior secured term facility, which includes a $50 million committed accordion feature and a $50 million uncommitted accordion feature (the "Term Facility") maturing in March 2031. Proceeds from the Term Facility were used to refinance Summit Permian Transmission's existing credit facility, redeem Summit Permian Transmission Holdco's preferred units, fund an $85 million restricted payment to SMC, provide liquidity to fund SMC's share of capital expenditures including those associated with the recently announced expansion projects, and pay other fees and expenses. As of March 31, 2026, the Summit Permian Transmission Term Loan Facility had a balance of $340 million. Summit Midstream Permian has $6.1 million of cash-on-hand as of March 31, 2026. The Permian Transmission Term Loan remains non-recourse to SMC. MVC Shortfall Payments SMC billed its customers $4.1 million in the first quarter of 2026 related to MVC shortfalls. For those customers that do not have MVC shortfall credit banking mechanisms in their gathering agreements, the MVC shortfall payments are accounted for as gathering revenue in the period in which they are earned. In the first quarter of 2026, SMC recognized $4.1 million of gathering revenue associated with MVC shortfall payments. SMC had no adjustments to MVC shortfall payments in the first quarter of 2026. SMC's MVC shortfall payment mechanisms contributed $4.1 million of total Adjusted EBITDA in the first quarter of 2026. Quarterly Dividend The Board of Directors of Summit Midstream Corporation continued to suspend cash dividends payable on the common stock for the period ended March 31, 2026. The quarterly cash dividend on the Series A Preferred Stock, for the period ended June 14, 2026, will be paid to preferred shareholders of record as of the close of business on June 1, 2026. On March 27, 2026, all unpaid dividends of $46.3 million on the Series A Preferred Stock were paid to holders of record as of the close of business on March 17, 2026. First Quarter 2026 Earnings Call Information SMC will host a conference call at 10:00 a.m. Eastern on May 12, 2026, to discuss its quarterly operating and financial results. The call can be accessed via teleconference at the following link: Q1 2026 Summit Midstream Corporation Earnings Conference Call (https://register-conf.media-server.com/register/BI874f39fdf8c54b499c4ac477755fbcad). Once registration is completed, participants will receive a dial-in number along with a personalized PIN to access the call. While not required, it is recommended that participants join 10 minutes prior to the event start. The conference call, live webcast and archive of the call can be accessed through the Investors section of SMC's website at www.summitmidstream.com. Upcoming Investor Conferences Members of SMC's senior management team will attend the 2026 Energy Infrastructure CEO & Investor Conference which will take place on May 18–20, 2026, the 2026 RBC Capital Markets Global Energy, Power & Infrastructure Conference taking place on June 2–3, 2026, and the BofA Energy and Power Credit Conference on June 3–4, 2026. The presentation materials associated with each event will be accessible through the Investors section of SMC's website at www.summitmidstream.com prior to the beginning of the conference. Use of Non-GAAP Financial Measures We report financial results in accordance with U.S. generally accepted accounting principles ("GAAP"). We also present adjusted EBITDA, segment adjusted EBITDA, Distributable Cash Flow, and Free Cash Flow, non-GAAP financial measures. Adjusted EBITDA We define adjusted EBITDA as net income or loss, plus interest expense, income tax expense, depreciation and amortization, our proportional adjusted EBITDA for equity method investees, adjustments related to MVC shortfall payments, adjustments related to capital reimbursement activity, share-based and noncash compensation, impairments, items of income or loss that we characterize as unrepresentative of our ongoing operations and other noncash expenses or losses, income tax benefit, income (loss) from equity method investees and other noncash income or gains. Because adjusted EBITDA may be defined differently by other entities in our industry, our definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other entities, thereby diminishing its utility. Management uses adjusted EBITDA in making financial, operating and planning decisions and in evaluating our financial performance. Furthermore, management believes that adjusted EBITDA may provide external users of our financial statements, such as investors, commercial banks, research analysts and others, with additional meaningful comparisons between current results and results of prior periods as they are expected to be reflective of our core ongoing business. Adjusted EBITDA is used as a supplemental financial measure to assess: the ability of our assets to generate cash sufficient to make future potential cash dividends and support our indebtedness; the financial performance of our assets without regard to financing methods, capital structure or historical cost basis; our operating performance and return on capital as compared to those of other entities in the midstream energy sector, without regard to financing or capital structure; the attractiveness of capital projects and acquisitions and the overall rates of return on alternative investment opportunities; and the financial performance of our assets without regard to (i) income or loss from equity method investees, (ii) the impact of the timing of MVC shortfall payments under our gathering agreements or (iii) the timing of impairments or other income or expense items that we characterize as unrepresentative of our ongoing operations. Adjusted EBITDA has limitations as an analytical tool and investors should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. For example: certain items excluded from adjusted EBITDA are significant components in understanding and assessing an entity's financial performance, such as an entity's cost of capital and tax structure; adjusted EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments; adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; and although depreciation and amortization are noncash charges, the assets being depreciated and amortized will often have to be replaced in the future, and adjusted EBITDA does not reflect any cash requirements for such replacements. We compensate for the limitations of adjusted EBITDA as an analytical tool by reviewing the comparable GAAP financial measures, understanding the differences between the financial measures and incorporating these data points into our decision-making process. Distributable Cash Flow We define Distributable Cash Flow as adjusted EBITDA, as defined above, less cash interest paid, cash paid for taxes, net interest expense accrued and paid on the senior notes, and maintenance capital expenditures. Free Cash Flow We define free cash flow as distributable cash flow attributable to common and preferred shareholders less growth capital expenditures, less investments in equity method investees, less dividends to common and preferred shareholders. Free cash flow excludes proceeds from asset sales and cash consideration paid for acquisitions. We do not provide the GAAP financial measures of net income or loss or net cash provided by operating activities on a forward-looking basis because we are unable to predict, without unreasonable effort, certain components thereof including, but not limited to, (i) income or loss from equity method investees and (ii) asset impairments. These items are inherently uncertain and depend on various factors, many of which are beyond our control. As such, any associated estimate and its impact on our GAAP performance and cash flow measures could vary materially based on a variety of acceptable management assumptions. About Summit Midstream Corporation SMC is a value-driven corporation focused on developing, owning and operating midstream energy infrastructure assets that are strategically located in the core producing areas of unconventional resource basins, primarily shale formations, in the continental United States. SMC provides natural gas, crude oil and produced water gathering, processing and transportation services pursuant to primarily long-term, fee-based agreements with customers and counterparties in five unconventional resource basins: (i) the Williston Basin, which includes the Bakken and Three Forks shale formations in North Dakota; (ii) the Denver-Julesburg Basin, which includes the Niobrara and Codell shale formations in Colorado and Wyoming; (iii) the Fort Worth Basin, which includes the Barnett Shale formation in Texas; (iv) the Arkoma Basin, which includes the Woodford and Caney shale formations in Oklahoma; and (v) the Piceance Basin, which includes the Mesaverde formation as well as the Mancos and Niobrara shale formations in Colorado. SMC has an equity method investment in Double E Pipeline, LLC, which provides interstate natural gas transportation service from multiple receipt points in the Delaware Basin to various delivery points in and around the Waha Hub in Texas. SMC is headquartered in Houston, Texas. Forward-Looking Statements This press release includes certain statements concerning expectations for the future that are forward-looking within the meaning of the federal securities laws. Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements and may contain the words "expect," "intend," "plan," "anticipate," "estimate," "believe," "will be," "will continue," "will likely result," and similar expressions, or future conditional verbs such as "may," "will," "should," "would" and "could." In addition, any statement concerning future financial performance (including future revenues, earnings or growth rates), payment of dividends on any series of stock, ongoing business strategies and possible actions taken by SMC or its subsidiaries are also forward-looking statements. Forward-looking statements also contain known and unknown risks and uncertainties (many of which are difficult to predict and beyond management's control) that may cause SMC's actual results in future periods to differ materially from anticipated or projected results. An extensive list of specific material risks and uncertainties affecting SMC is contained in its 2025 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 16, 2026, as amended and updated from time to time. Any forward-looking statements in this press release are made as of the date of this press release and SMC undertakes no obligation to update or revise any forward-looking statements to reflect new information or events. View original content:https://www.prnewswire.com/news-releases/summit-midstream-corporation-reports-first-quarter-2026-financial-and-operating-results-302768640.html

HOUSTON, April 29, 2026 /PRNewswire/ -- Summit Midstream Corporation (NYSE: SMC) ("Summit", "SMC" or the "Company") announced today that it will report operating and financial results for the first quarter of 2026 on Monday, May 11, 2026, after the close of trading on the New York Stock Exchange. First Quarter 2026 Earnings Call SMC will host a conference call at 10:00 a.m. Eastern on May 12, 2026, to discuss its quarterly operating and financial results. The call can be accessed via teleconference at: Q1 2026 Summit Midstream Corporation Earnings Conference Call (https://register-conf.media-server.com/register/BI874f39fdf8c54b499c4ac477755fbcad). Once registration is completed, participants will receive a dial-in number along with a personalized PIN to access the call. While not required, it is recommended that participants join 10 minutes prior to the event start. The conference call, live webcast and archive of the call can be accessed through the Investors section of SMC's website at www.summitmidstream.com Upcoming Investor Conferences Members of SMC's senior management team will attend the 2026 Energy Infrastructure CEO & Investor Conference which will take place on May 18–20, 2026, the 2026 RBC Capital Markets Global Energy, Power & Infrastructure Conference taking place on June 2–3, 2026, and the BofA Energy and Power Credit Conference on June 3–4, 2026. The presentation materials associated with this event will be accessible through the Investors section of SMC's website at www.summitmidstream.com prior to the beginning of the conference. About Summit Midstream Corporation SMC is a value-driven corporation focused on developing, owning and operating midstream energy infrastructure assets that are strategically located in the core producing areas of unconventional resource basins, primarily shale formations, in the continental United States. SMC provides natural gas, crude oil and produced water gathering, processing and transportation services pursuant to primarily long-term, fee-based agreements with customers and counterparties in five unconventional resource basins: (i) the Williston Basin, which includes the Bakken and Three Forks shale formations in North Dakota; (ii) the Denver-Julesburg Basin, which includes the Niobrara and Codell shale formations in Colorado and Wyoming; (iii) the Fort Worth Basin, which includes the Barnett Shale formation in Texas; (iv) the Arkoma Basin, which includes the Woodford and Caney shale formations in Oklahoma; and (v) the Piceance Basin, which includes the Mesaverde formation as well as the Mancos and Niobrara shale formations in Colorado. SMC has an equity method investment in Double E Pipeline, LLC, which provides interstate natural gas transportation service from multiple receipt points in the Delaware Basin to various delivery points in and around the Waha Hub in Texas. SMC is headquartered in Houston, Texas. Forward-Looking Statements This press release includes certain statements concerning expectations for the future that are forward-looking within the meaning of the federal securities laws. Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements and may contain the words "expect," "intend," "plan," "anticipate," "estimate," "believe," "will be," "will continue," "will likely result," and similar expressions, or future conditional verbs such as "may," "will," "should," "would" and "could." In addition, any statement concerning future financial performance (including future revenues, earnings or growth rates), payment of dividends on any series of stock, ongoing business strategies and possible actions taken by SMC or its subsidiaries are also forward-looking statements. Forward-looking statements also contain known and unknown risks and uncertainties (many of which are difficult to predict and beyond management's control) that may cause SMC's actual results in future periods to differ materially from anticipated or projected results. An extensive list of specific material risks and uncertainties affecting SMC is contained in its 2025 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 16, 2026, as amended and updated from time to time. Any forward-looking statements in this press release are made as of the date of this press release and SMC undertakes no obligation to update or revise any forward-looking statements to reflect new information or events. View original content:https://www.prnewswire.com/news-releases/summit-midstream-corporation-schedules-first-quarter-2026-earnings-call-302757841.html