SMC
Summit Midstream Corporation26.50
-0.18-0.68%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
No earnings call transcript available
Key Stats
Market Cap
324.94MP/E (TTM)
-Basic EPS (TTM)
-3.34Dividend Yield
0%Recent Filings
8-K
New director appointed
10-Q
Q3 FY2025 results
Summit Midstream turned profitable in Q3 2025 ended September 30, posting $147M revenue, up 43% y/y from $102M, fueled by Mid-Con's 202% gathering fee surge post-Tall Oak integration and Rockies' 39% NGL sales jump from Moonrise assets and new wells. Operating cash flow hit $80M YTD, exceeding $40M last year, while free cash flow (derived: $10M YTD) supported $70M capex. Debt stands at $1.1B including $825M 8.625% notes due 2029, with $350M ABL availability and covenants met comfortably. Moonrise closed March 2025 for $90M (cash/stock), adding $74M PP&E and $13M intangibles (30-year life). Volumes compete fiercely in shale basins.
8-K
Q3 EBITDA jumps 7.2%
Summit Midstream posted Q3 net income of $5.0 million and adjusted EBITDA of $65.5 million, up 7.2% from Q2 on Rockies volume gains and Double E's record 712 MMcf/d throughput. Natural gas throughput hit 925 MMcf/d. Well connects on track for year midpoint; 120+ slated for H1 2026. Common dividends stay suspended.
8-K
Q2 EBITDA $61.1M, guidance low
Summit Midstream posted Q2 2025 net loss of $4.2 million yet delivered adjusted EBITDA of $61.1 million, up from Q1, with natural gas throughput rising 3.3% to 912 MMcf/d. Volumes grew across Mid-Con and Rockies but lagged expectations due to DJ/Arkoma timing and lower DJ prices. Key wins: 10-year Williston extensions, 100 MMcf/d Double E precedent for Q4 2026. 2025 EBITDA guidance skews to low end of $245-280 million.
10-Q
Q2 FY2025 results
Summit Midstream posted Q2 revenues of $140.2M, up 38% y/y, fueled by Mid-Con's 265% gathering fee surge post-Tall Oak integration and Rockies' 24% NGL sales lift from Moonrise Acquisition (closed March 2025 for $90M cash/stock). Operating loss narrowed to $4.2M from $23.8M y/y as interest expense dropped 24% after refinancing higher-cost debt with $825M 8.625% 2029 Secured Notes, while net loss hit $4.2M versus $23.8M. Cash swelled to $20.9M with $53.2M YTD operating cash flow; ABL revolver shows $359M availability. Debt stands manageable at $1.1B. Volumes grew. Yet counterparty nonperformance on MVCs looms.
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