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Summit Midstream Corporation
910 Louisiana Street, Suite 4200
Houston, TX 77002
Summit Midstream Corporation Reports Second Quarter 2025
Financial and Operating Results
Houston, Texas (August 12, 2025) – Summit Midstream Corporation (NYSE: SMC) (“Summit”, “SMC” or the “Company”) announced today its financial and operating results for the three months ended June 30, 2025.
Highlights
•Second quarter 2025 net loss of $4.2 million, adjusted EBITDA of $61.1 million, cash flow available for distributions ("Distributable Cash Flow" or “DCF”) of $32.4 million and free cash flow (“FCF”) of $9.2 million
•Connected 47 wells during the second quarter and maintained an active customer base with three drilling rigs, and an additional rig expected in the Arkoma, with over 100 DUCs behind our systems
•Anchor customer in the Arkoma Basin expected to begin drilling a 20-well program with completions starting in the fourth quarter of 2025 through the first half of 2026
•Executed a 10-year extension of certain gathering agreements with key customer in the Williston Basin
•Executed a new precedent agreement for 100 MMcf/d of firm capacity on the Double E Pipeline, with Q4 2026 expected in-service date and 10-year term
•SMC added to the Russell 3000, Russell 2000, and Russell Microcap Indexes during the June 30, 2025 FTSE Russell reconstitution
•Expect year-end financial results to be near the low end of our original 2025 Adjusted EBITDA guidance range of $245 million to $280 million
Management Commentary
Heath Deneke, President, Chief Executive Officer and Chairman, commented, “We generated $61.1 million of Adjusted EBITDA in the second quarter, slightly below our expectations at the midpoint of our guidance range, and connected 47 wells to our systems. The primary driver of underperformance relative to internal expectations this quarter was the timing and performance of certain wells in the DJ and Arkoma Basins, as well as lower than expected realized commodity prices in the DJ Basin. We view the timing impacts as temporary in nature and expect to recover the associated volumes in the second half of this year and into 2026. While crude oil prices have recovered and natural gas prices remain supportive, customers have not reverted development timing back to their original plans established earlier in the year, and as such we expect to be near the low end of our 2025 Adjusted EBITDA guidance range.
From a commercial perspective we remain active across the footprint. In the Arkoma, our key customer is expected to start an incremental 20-well development program, with a drilling rig scheduled to return in the third quarter and completions beginning in the fourth quarter of 2025 through the second quarter of 2026. In the Rockies we are actively pursuing several organic growth opportunities associated with sizeable incremental development programs beginning in 2026, as well as a few targeted bolt-on acquisitions to continue to expand our footprint, service offering and scale in the region. Further, we recently executed a 10-year extension of certain gathering agreements with a key customer in the Williston Basin, extending our weighted average contract life from four years to eight years in the basin. In the Permian, we executed a new precedent agreement for 100 MMcf/d of firm capacity behind the Double E Pipeline, tied to an expansion of a processing plant located in Lea County, New Mexico. The agreement is contingent upon satisfaction of certain customary conditions precedent and is subject to customer providing notice of its final investment decision to construct the new plant. We currently expect a Q4 2026 in-service date for the new plant connection and associated firm transportation agreement. Double E remains a highly strategic asset in the Delaware Basin and we continue to believe the pipeline is well positioned for additional commercial contracts and growth.”
Second Quarter 2025 Business Highlights
SMC's average daily natural gas throughput on its wholly owned operated systems increased 3.3% to 912 MMcf/d, while liquids volumes increased 5.4% to 78 Mbbl/d, relative to the first quarter of 2025. Double E pipeline
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transported an average of 682 MMcf/d and contributed $8.3 million in adjusted EBITDA, net to SMC, for the second quarter of 2025.
Natural gas price-driven segments:
•Natural gas price-driven segments generated $35.4 million in combined segment adjusted EBITDA, a 3.3% increase relative to the first quarter and combined capital expenditures of $14.6 million in the second quarter of 2025.
•Mid-Con segment adjusted EBITDA totaled $24.9 million, an increase of $2.4 million relative to the first quarter of 2025, primarily due to an increase in volume throughput on the system and higher natural gas sales. Volume throughput on the system increased by 2.9% primarily due to three new well connections in the Arkoma and six new well connections in the Barnett, partially offset by natural productions declines. Subsequent to quarter end, six new wells were connected in the Arkoma and four new wells were connected in the Barnett, bringing year-to-date total well connections to 30 in the Mid-Con segment. Additionally, a key customer in the Arkoma is expected to mobilize a rig in the third quarter to begin an additional 20-well development program. There is currently one rig running in the Barnett and one expected in the Arkoma, with 17 DUCs behind the system.
•Piceance segment adjusted EBITDA totaled $10.5 million, a decrease of $1.3 million relative to the first quarter of 2025, primarily due to higher operating expenses and a 1.1% decrease in volume throughput. There were no new wells connected to the system during the quarter.
Oil price-driven segments:
•Oil price-driven segments generated $33.5 million of combined segment adjusted EBITDA, representing a 1.2% increase relative to the first quarter of 2025, and had combined capital expenditures of $10.8 million.
•Rockies segment adjusted EBITDA totaled $25.2 million, an increase of $0.4 million relative to the first quarter of 2025, primarily due to a 5.4% increase in liquids volume throughput and 14.0% increase in natural gas volume throughput from the acquisition of Moonrise Midstream in the DJ Basin on March 10, 2025, partially offset by a reduction in realized commodity prices, lower margin mix and higher operating expenses in the DJ Basin. Relative to the first quarter, realized residue gas prices decreased approximately 40%, realized NGL prices decreased approximately 10% and realized condensate prices decreased approximately 15%, which had an estimated Adjusted EBITDA impact of approximately $2.0 million. Volumes on Summit’s legacy DJ Basin system, excluding incremental volumes from the Moonrise Midstream acquisition, were flat quarter-over-quarter, however, margin mix decreased as a result of higher volume contribution from lower margin contracts, which had an estimated Adjusted EBITDA impact of approximately $1.0 million. Additionally, segment operating expenses and general & administrative expenses increased by approximately $4.5 million relative to the first quarter, which included approximately $1.0 million of timing-related items and one-time costs, which is expected to normalize over the balance of the year. There were 38 new wells connected during the quarter, including 32 in the DJ Basin and 6 in the Williston Basin. There are currently two rigs running and approximately 85 DUCs behind the systems.
•Permian segment adjusted EBITDA totaled $8.3 million, a slight increase from the first quarter of 2025, primarily due to a 2.8% increase in volumes shipped on the Double E Pipeline leading to an increase in proportionate adjusted EBITDA from our Double E joint venture.
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The following table presents average daily throughput by reportable segment for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Average daily throughput (MMcf/d):
Northeast (1)
— 95— 404
Rockies147 130138 127
Piceance263 289265 301
Mid-Con502 202496 191
Aggregate average daily throughput912 716899 1,023
Average daily throughput (Mbbl/d):
Rockies78 7576 75
Aggregate average daily throughput78 7576 75
Ohio Gathering average daily throughput (MMcf/d) (2)
— — — 425
Double E average daily throughput (MMcf/d) (3)
682 549 673 508
_________
(1)Exclusive of Ohio Gathering due to equity method accounting.
(2)Gross basis, represents 100% of volume throughput for Ohio Gathering, subject to a one-month lag.
(3)Gross basis, represents 100% of volume throughput for Double E.
The following table presents adjusted EBITDA by reportable segment for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In thousands)(In thousands)
Reportable segment adjusted EBITDA (1):
Northeast (2)
$— $1,613 $— $30,634 
Rockies25,235 22,858 50,104 45,732 
Permian (3)
8,300 7,697 16,570 14,962 
Piceance10,474 12,848 22,260 28,081 
Mid-Con24,900 5,420 47,357 10,520 
Total$68,909 $50,436 $136,291 $129,929 
Less: Corporate and Other (4)
7,815 7,288 17,691 16,722 
Adjusted EBITDA (5)
$61,094 $43,148 $118,600 $113,207 
__________
(1)Segment adjusted EBITDA is a non-GAAP financial measure. We define segment adjusted EBITDA as total revenues less total costs and expenses, plus (i) other income (excluding interest income), (ii) our proportional adjusted EBITDA for equity method investees, (iii) depreciation and amortization, (iv) adjustments related to minimum volume commitments ("MVC") shortfall payments, (v) adjustments related to capital reimbursement activity, (vi) share-based and noncash compensation, (vii) impairments and (viii) other noncash expenses or losses, less other noncash income or gains.
(2)Includes our proportional share of adjusted EBITDA for Ohio Gathering. Summit records financial results of its investment in Ohio Gathering on a one-month lag and is based on the financial information available to us during the reporting period. With the divestiture of Ohio Gathering in March 2024, proportional adjusted EBITDA includes financial results from December 1, 2023 through March 22, 2024. We define proportional adjusted EBITDA for our equity method investees as the product of (i) total revenues less total expenses, excluding
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impairments and other noncash income or expense items and (ii) amortization for deferred contract costs; multiplied by our ownership interest during the respective period.
(3)Includes our proportional share of adjusted EBITDA for Double E. We define proportional adjusted EBITDA for our equity method investees as the product of total revenues less total expenses, excluding impairments and other noncash income or expense items; multiplied by our ownership interest during the respective period.
(4)Corporate and Other represents those results that are not specifically attributable to a reportable segment or that have not been allocated to our reportable segments, including certain general and administrative expense items and transaction costs.
(5)Adjusted EBITDA is a non-GAAP financial measure.
Capital Expenditures
Capital expenditures totaled $26.4 million in the second quarter of 2025, inclusive of maintenance capital expenditures of $5.5 million. Capital expenditures in the second quarter of 2025 were primarily related to pad connections in the Rockies and Mid-Con segments and compressor relocations from the Piceance to the Arkoma.
Six Months Ended June 30,
20252024
(In thousands)
Cash paid for capital expenditures (1):
Northeast$— $2,817 
Rockies22,321 20,468 
Piceance1,200 873 
Mid-Con21,726 525 
Total reportable segment capital expenditures$45,247 $24,683 
Corporate and Other1,749 2,237 
Total cash paid for capital expenditures$46,996 $26,920 
__________
(1)Excludes cash paid for capital expenditures by Ohio Gathering and Double E due to equity method accounting.
Capital & Liquidity
As of June 30, 2025, SMC had $20.9 million in unrestricted cash on hand and $140 million drawn under its $500 million ABL Revolver with $359 million of borrowing availability, after accounting for $0.8 million of issued, but undrawn letters of credit. As of June 30, 2025, SMC’s gross availability based on the borrowing base calculation in the credit agreement was $529 million, which is $29 million greater than the $500 million of lender commitments to the ABL Revolver. As of June 30, 2025, 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 0.5x relative to a maximum first lien leverage ratio of 2.5x. As of June 30, 2025, SMC reported a total leverage ratio of approximately 4.1x, excluding the potential earnout liability in connection with the Tall Oak Acquisition.
As of June 30, 2025, the Permian Transmission Credit Facility balance was $121.3 million, a reduction of $4.0 million relative to the March 31, 2025 balance of $125.3 million due to scheduled mandatory amortization. Summit Midstream Permian has $4.6 million of cash-on-hand as of June 30, 2025. 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 2025 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 2025, 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 2025. SMC’s MVC shortfall payment mechanisms contributed $4.2 million of total adjusted EBITDA in the second quarter of 2025.
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Three Months Ended June 30, 2025
MVC BillingsGathering revenueAdjustments to MVC shortfall paymentsNet impact to adjusted EBITDA
(In thousands)
Net change in deferred revenue related to MVC
   shortfall payments:
Piceance Basin$— $— $— $— 
Total net change$— $— $— $— 
MVC shortfall payment adjustments:
Rockies$— $— $(9)$(9)
Piceance4,219 4,219 — $4,219 
Northeast— — — — 
Mid-Con— — — — 
Total MVC shortfall payment adjustments$4,219 $4,219 $(9)$4,210 
Total (1)
$4,219 $4,219 $(9)$4,210 
Six months ended June 30, 2025
MVC BillingsGathering revenueAdjustments to MVC shortfall paymentsNet impact to adjusted EBITDA
(In thousands)
Net change in deferred revenue related to MVC
   shortfall payments:
Piceance Basin$— $— $— $— 
Total net change$— $— $— $— 
MVC shortfall payment adjustments:
Rockies$572 $572 $(9)$563 
Piceance8,452 8,452 — $8,452 
Northeast— — — — 
Mid-Con— — — — 
Total MVC shortfall payment adjustments$9,024 $9,024 $(9)$9,015 
Total (1)
$9,024 $9,024 $(9)$9,015 
(1)Exclusive of Double E due to equity method accounting.
Quarterly Dividend
The board of directors of Summit Midstream Corporation continued to suspend cash dividends payable on its common stock for the period ended June 30, 2025. The next cash dividend on the Series A Preferred stock, for the period ended September 14, 2025, will be paid to preferred shareholders of record as of the close of business on September 1, 2025. All unpaid dividends on the Series A Preferred Stock from prior periods remain accrued.
Second Quarter 2025 Earnings Call Information
SMC will host a conference call at 10:00 a.m. Eastern on August 12, 2025, to discuss its quarterly operating and financial results. The call can be accessed via teleconference at: Q2 2025 Summit Midstream Corporation Earnings Conference Call (https://register-conf.media-server.com/register/BI6c9b38895aa949c6b76c19f7c8d0247a). Once registration is completed, participants will receive a dial-in number along with a personalized PIN to access the call.
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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 Citi’s 2025 Natural Resources Conference which will take place on August 12–14, 2025. 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.
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.
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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), 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 2024 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 11, 2025, 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.


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SUMMIT MIDSTREAM CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
June 30,
2025		December 31,
2024
(In thousands)
ASSETS
Cash and cash equivalents$20,901 $22,822 
Restricted cash4,603 2,377 
Accounts receivable84,580 77,058 
Other current assets5,987 16,014 
Total current assets116,071 118,271 
Property, plant and equipment, net1,853,154 1,785,029 
Intangible assets, net160,049 154,279 
Investment in equity method investee268,311 269,561 
Other noncurrent assets25,458 32,344 
TOTAL ASSETS$2,423,043 $2,359,484 
LIABILITIES AND EQUITY
Trade accounts payable$30,881 $25,162 
Accrued expenses29,906 38,176 
Deferred revenue9,811 9,595 
Ad valorem taxes payable9,001 9,544 
Accrued compensation and employee benefits6,701 11,222 
Accrued interest26,953 21,711 
Accrued environmental remediation1,663 1,430 
Accrued settlement payable6,667 6,667 
Current portion of long-term debt16,766 16,580 
Other current liabilities19,037 34,714 
Total current liabilities157,386 174,801 
Deferred tax liabilities, net75,054 63,326 
Long-term debt, net1,058,663 976,995 
Noncurrent deferred revenue22,196 25,373 
Noncurrent accrued environmental remediation387 768 
Other noncurrent liabilities13,371 20,150 
TOTAL LIABILITIES1,327,057 1,261,413 
Commitments and contingencies
Mezzanine Equity
Subsidiary Series A Preferred Units136,960 132,946 
Equity
Series A Preferred Shares 110,508 110,230 
Common stock, $0.01 par value 122 106 
Class B Common Stock, $0.01 par value65 75 
Additional paid-in capital634,508 540,714 
Accumulated deficit(193,248)(183,333)
Total Company stockholders' equity551,955 467,792 
Noncontrolling interest407,071 497,333 
Total Equity959,026 965,125 
TOTAL LIABILITIES AND EQUITY$2,423,043 $2,359,484 
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SUMMIT MIDSTREAM CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In thousands, except per unit amounts)
Revenues:
Gathering services and related fees$64,182 $45,213 $128,347 $107,198 
Natural gas, NGLs and condensate sales66,345 47,959 125,672 97,051 
Other revenues9,690 8,143 18,895 15,937 
Total revenues140,217 101,315 272,914 220,186 
Costs and expenses:
Cost of natural gas and NGLs35,914 29,619 71,348 59,801 
Operation and maintenance39,241 23,440 72,771 48,452 
General and administrative15,516 14,164 32,116 28,949 
Depreciation and amortization30,055 23,917 58,572 51,784 
Transaction costs1,061 3,271 3,854 11,062 
Acquisition integration costs4,155 — 5,399 40 
Loss on asset sales, net— 34 — 7 
Long-lived asset impairments71 20 71 67,936 
Total costs and expenses126,013 94,465 244,131 268,031 
Other income, net378 2,131 9,435 2,118 
Gain (loss) on interest rate swaps(500)920 (1,466)3,510 
Gain (loss) on sale of business— (2,192)(43)84,010 
Gain on sale of equity method investment— — — 126,261 
Interest expense(23,864)(31,457)(46,401)(69,303)
Loss on early extinguishment of debt— (4,964)— (4,964)
Income from equity method investees4,802 4,280 9,642 14,918 
Income (loss) before income taxes(4,980)(24,432)(50)108,705 
Income tax benefit752 654 456 444 
Net income (loss)$(4,228)$(23,778)$406 $109,149 
Net income (loss) per share:
Common stock – basic$(0.66)$(2.91)$(0.83)$9.00 
Common stock – diluted$(0.66)$(2.91)$(0.83)$8.57 
Weighted-average number of shares outstanding:
Common stock – basic12,241 10,649 12,005 10,549 
Common stock – diluted12,241 10,649 12,005 11,081 
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SUMMIT MIDSTREAM CORPORATION AND SUBSIDIARIES
UNAUDITED OTHER FINANCIAL AND OPERATING DATA
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In thousands)
Other financial data:
Net income (loss)$(4,228)$(23,778)$406 $109,149 
Net cash provided by (used in) operating activities37,213 (12,643)53,243 30,973 
Capital expenditures26,390 10,522 46,996 26,920 
Contributions to equity method investees575 442 3,063 442 
Adjusted EBITDA61,094 43,148 118,600 113,207 
Cash flow available for distributions (1)
32,356 11,697 65,885 44,231 
Free Cash Flow9,222 2,723 20,576 19,901 
Dividends (2)
3,382 n/a6,741 n/a
Operating data:
Aggregate average daily throughput – natural gas (MMcf/d)
912 716 899 1,023 
Aggregate average daily throughput – liquids (Mbbl/d)78 75 76 75 
Ohio Gathering average daily throughput (MMcf/d) (3)
— — — 425 
Double E average daily throughput (MMcf/d) (4)
682 549 673 508 
__________
(1)Cash flow available for distributions is also referred to as Distributable Cash Flow, or DCF.
(2)Represents dividends declared and ultimately paid or expected to be paid to preferred and common shareholders in respect of a given period. On May 3, 2020, the board of directors of Summit Midstream Corporation announced an immediate suspension of the cash distributions payable on its preferred and common units. Excludes distributions paid on the Subsidiary Series A Preferred Units issued at Summit Permian Transmission Holdco, LLC. The board of directors of Summit Midstream Corporation reinstated cash dividends on its Series A Preferred Stock beginning on March 14, 2025.
(3)Gross basis, represents 100% of volume throughput for Ohio Gathering, subject to a one-month lag.
(4)Gross basis, represents 100% of volume throughput for Double E.




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SUMMIT MIDSTREAM CORPORATION AND SUBSIDIARIES
UNAUDITED RECONCILIATIONS TO NON-GAAP FINANCIAL MEASURES
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In thousands)
Reconciliations of net income to adjusted
    EBITDA and Distributable Cash Flow:
Net income (loss)$(4,228)$(23,778)$406 $109,149 
Add:
Interest expense23,864 31,457 46,401 69,303 
Income tax benefit(752)(654)(456)(444)
Depreciation and amortization (1)
30,289 24,152 59,041 52,254 
Proportional adjusted EBITDA for equity method investees (2)
7,444 6,842 14,848 27,517 
Adjustments related to capital reimbursement activity (3)
(1,930)(2,728)(3,876)(5,651)
Share-based and noncash compensation2,362 2,086 4,737 4,858 
(Gain) loss in fair value of Tall Oak earn out544 — (8,479)— 
Loss on early extinguishment of debt— 4,964 — 4,964 
Loss on asset sales, net— 34 — 7 
Long-lived asset impairment71 20 71 67,936 
(Gain) loss on interest rate swaps500 (920)1,466 (3,510)
(Gain) loss on sale of business— 2,192 43 (84,010)
Gain on sale of equity method investment— — — (126,261)
Other, net (4)
7,732 3,761 14,040 12,013 
Less:
Income from equity method investees4,802 4,280 9,642 14,918 
Adjusted EBITDA$61,094 $43,148 $118,600 $113,207 
Less:
Cash interest paid5,309 56,597 39,508 65,807 
Cash paid for taxes180 15 265 15 
Senior notes interest adjustment (5)
17,789 (28,779)4,935 (3,134)
Maintenance capital expenditures5,460 3,618 8,007 6,288 
Cash flow available for distributions (6)
$32,356 $11,697 $65,885 $44,231 
Less:
Growth capital expenditures20,930 6,904 38,989 20,632 
Investment in equity method investee575 442 3,063 442 
Distributions on Subsidiary Series A Preferred Units1,629 1,628 3,257 3,256 
Free Cash Flow$9,222 $2,723 $20,576 $19,901 
(1)Includes the amortization expense associated with our favorable gas gathering contracts as reported in other revenues.
(2)Reflects our proportionate share of Double E and Ohio Gathering adjusted EBITDA. Summit records financial results of its investment in Ohio Gathering on a one-month lag and is based on the financial information available to us during the reporting period. With the divestiture of Ohio Gathering in March 2024, proportional adjusted EBITDA includes financial results from December 1, 2023 through March 22, 2024.
(3)Adjustments related to capital reimbursement activity represent contributions in aid of construction revenue recognized in accordance with Accounting Standards Update No. 2014-09 Revenue from Contracts with Customers.
(4)Represents items of income or loss that we characterize as unrepresentative of our ongoing operations. For the six months ended June 30, 2025, the amount includes $7.7 million of transaction and other costs and $5.4 million of integration costs. For the six months ended June 30, 2024, the amount includes $13.3 million of transaction and other costs.
(5)Senior notes interest adjustment represents the net of interest expense accrued and paid during the period. Interest on the 2025 Notes was paid in cash semi-annually in arrears on April 15 and October 15. Interest on the 2026 Secured Notes and the 12.00% Senior Notes (the “2026 Unsecured Notes”) was paid in cash semi-annually in arrears on April 15 and October 15. Interest on the 2029 Secured Notes is paid semi-annually in arrears on each February 15 and August 15.
(6)Represents cash flow available for distribution to preferred and common shareholders. Common dividends cannot be paid unless all accrued preferred dividends are paid. Cash flow available for distributions is also referred to as Distributable Cash Flow, or DCF.
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SUMMIT MIDSTREAM CORPORATION AND SUBSIDIARIES
UNAUDITED RECONCILIATIONS TO NON-GAAP FINANCIAL MEASURES
Six Months Ended June 30,
20252024
(In thousands)
Reconciliation of net cash provided by operating activities to adjusted
    EBITDA and distributable cash flow:
Net cash provided by operating activities$53,243 $30,973 
Add:
Interest expense, excluding amortization of debt issuance costs44,422 62,400 
Income tax benefit, excluding federal income taxes98 (444)
Changes in operating assets and liabilities15,462 11,915 
Proportional adjusted EBITDA for equity method investees (1)
14,848 27,517 
Adjustments related to capital reimbursement activity (2)
(3,876)(5,651)
Realized gain on swaps(1,784)(2,657)
Other, net (3)
14,039 14,518 
Less:
Distributions from equity method investees13,955 23,659 
Noncash lease expense3,897 1,705 
Adjusted EBITDA$118,600 $113,207 
Less:
Cash interest paid39,508 65,807 
Cash paid for taxes265 15 
Senior notes interest adjustment (4)
4,935 (3,134)
Maintenance capital expenditures8,007 6,288 
Cash flow available for distributions (5)
$65,885 $44,231 
Less:
Growth capital expenditures38,989 20,632 
Investment in equity method investee3,063 442 
Distributions on Subsidiary Series A Preferred Units3,257 3,256 
Free Cash Flow$20,576 $19,901 
(1)Reflects our proportionate share of Double E and Ohio Gathering adjusted EBITDA. Summit records financial results of its investment in Ohio Gathering on a one-month lag and is based on the financial information available to us during the reporting period. With the divestiture of Ohio Gathering in March 2024, proportional adjusted EBITDA includes financial results from December 1, 2023 through March 22, 2024.
(2)Adjustments related to capital reimbursement activity represent contributions in aid of construction revenue recognized in accordance with Accounting Standards Update No. 2014-09 Revenue from Contracts with Customers.
(3)Represents items of income or loss that we characterize as unrepresentative of our ongoing operations. For the six months ended June 30, 2025, the amount includes $7.7 million of transaction and other costs and $5.4 million of integration costs. For the six months ended June 30, 2024, the amount includes $13.3 million of transaction and other costs.
(4)Senior notes interest adjustment represents the net of interest expense accrued and paid during the period. Interest on the 2025 Notes was paid in cash semi-annually in arrears on April 15 and October 15. Interest on the 2026 Secured Notes and the 12.00% Senior Notes (the “2026 Unsecured Notes”) was paid in cash semi-annually in arrears on April 15 and October 15. Interest on the 2029 Secured Notes is paid semi-annually in arrears on each February 15 and August 15.
(5)Represents cash flow available for distribution to preferred and common shareholders. Common dividends cannot be paid unless all accrued preferred dividends are paid. Cash flow available for distributions is also referred to as Distributable Cash Flow, or DCF.



Contact: 832-413-4770, ir@summitmidstream.com
SOURCE: Summit Midstream Corporation
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