Summit Midstream Corp
For the period ended Sep 30, 2024. Filed Nov 12, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 12, 2024
SMC$27.96+3.1%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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COMMONLY USED OR DEFINED TERMS
| 2015 Blacktail Release | a 2015 rupture of our four-inch produced water gathering pipeline near Williston, North Dakota |
|---|---|
| 2022 DJ Acquisitions | the acquisition of Outrigger DJ Midstream LLC from Outrigger Energy II LLC, and each of Sterling Energy Investments LLC, Grasslands Energy Marketing LLC and Centennial Water Pipelines LLC from Sterling Investment Holdings LLC |
| 2025 Senior Notes | Summit Holdings’ and Finance Corp.’s 5.75% senior unsecured notes due April 2025 |
| 2026 Secured Notes | Summit Holdings’ and Finance Corp.’s 8.500% senior secured second lien notes due October 2026 |
| 2026 Unsecured Notes | Summit Holdings’ and Finance Corp.’s 12.00% senior unsecured notes due October 2026 |
| 2029 Secured Notes | Summit Holdings’ 8.625% Senior Secured Second Lien Notes due October 2029 |
| ABL Agreement | Loan and Security Agreement, dated as of November 2, 2021, among Summit Holdings, as borrower, SMLP and certain subsidiaries from time to time party thereto, as guarantors, Bank of America, N.A., as agent, ING Capital LLC, Royal Bank of Canada and Regions Bank, as co-syndication agents, and Bank of America, N.A., ING Capital LLC, RBC Capital Markets and Regions Capital Markets, as joint lead arrangers and joint bookrunners |
| ABL Facility | the asset-based lending credit facility governed by the ABL Agreement |
| Amended and Restated ABL Agreement | Amended and Restated Loan and Security Agreement, dated as of July 26, 2024, among Summit Holdings, as borrower, SMLP and certain subsidiaries from time to time party thereto, as guarantors, Bank of America, N.A., as agent, and Bank of America, N.A., Royal Bank of Canada, Regions Capital Markets, TD Securities (USA) LLC, JPMorgan Chase Bank, N.A, Citizens Bank, N.A., and Truist Bank, as joint lead arrangers and joint bookrunners |
| Amended and Restated ABL Facility | the asset-based lending credit facility governed by the Amended and Restated ABL Agreement |
| ASC | Accounting Standards Codification |
| ASU | Accounting Standards Update |
| Bcf/d | one billion cubic feet per day |
| Board of Directors | the board of directors of Summit Midstream Corporation |
| Co-Issuers | Summit Holdings and Finance Corp., as co-issuers of the 2025 Senior Notes, the 2026Unsecured Notes and the 2026 Secured Notes |
| condensate | a natural gas liquid with a low vapor pressure, mainly composed of propane, butane,pentane and heavier hydrocarbon fractions |
| Corporate Reorganization | the August 1, 2024 consummation of a transaction that resulted in the Partnership becoming a wholly owned subsidiary of a newly formed Delaware corporation, Summit Midstream Corporation (taxed as a C-corporation) |
| DJ Basin | Denver-Julesburg Basin |
|---|---|
| Double E | Double E Pipeline, LLC |
| Double E Pipeline | a 135 mile, 1.35 Bcf/d, FERC-regulated interstate natural gas transmission pipeline that commenced operations in November 2021 and provides transportation service from multiple receipt points in the Delaware Basin to various delivery points in and around the Waha hub in Texas |
| Double E Project | the development and construction of the Double E Pipeline |
| EPA | Environmental Protection Agency |
| EPS | earnings or loss per share |
| FASB | Financial Accounting Standards Board |
| Finance Corp. | Summit Midstream Finance Corp. |
| GAAP | accounting principles generally accepted in the United States of America |
| General Partner | Summit Midstream GP, LLC |
| Mbbl/d | one thousand barrels per day |
| MD&A | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
| Meadowlark Midstream | Meadowlark Midstream Company, LLC |
| MMBTU | metric million British thermal units |
| MMcf/d | one million cubic feet per day |
| Mountaineer Midstream | Mountaineer Midstream Company, LLC |
| MVC | minimum volume commitment |
| NGLs | natural gas liquids; the combination of ethane, propane, normal butane, iso-butane and natural gasolines that when removed from unprocessed natural gas streams become liquid under various levels of higher pressure and lower temperature |
| NYSE | New York Stock Exchange |
| OCC | Ohio Condensate Company, L.L.C. |
| OGC | Ohio Gathering Company, L.L.C. |
| Ohio Gathering | Ohio Gathering Company, L.L.C. and Ohio Condensate Company, L.L.C. |
| OpCo | Summit Midstream OpCo, LP |
| OPEC | Organization of the Petroleum Exporting Countries |
| play | a proven geological formation that contains commercial amounts of hydrocarbons |
|---|---|
| Permian Holdco | Summit Permian Transmission Holdco, LLC |
| Permian Term Loan Facility | the term loan governed by the Credit Agreement, dated as of March 8, 2021, among Summit Permian Transmission, LLC, as borrower, MUFG Bank Ltd., as administrative agent, Mizuho Bank (USA), as collateral agent, ING Capital LLC, Mizuho Bank, Ltd. and MUFG Union Bank, N.A., as L/C issuers, coordinating lead arrangers and joint bookrunners, and the lenders from time to time party thereto |
| Permian Transmission Credit Facilities | the credit facilities governed by the Credit Agreement, dated as of March 8, 2021, among Summit Permian Transmission, as borrower, MUFG Bank Ltd., as administrative agent, Mizuho Bank (USA), as collateral agent, ING Capital LLC, Mizuho Bank, Ltd. and MUFG Union Bank, N.A., as L/C issuers, coordinating lead arrangers and joint bookrunners, and the lenders from time to time party thereto |
| produced water | water from underground geologic formations that is a by-product of natural gas and crude oil production |
| SEC | Securities and Exchange Commission |
| Securities Act | Securities Act of 1933, as amended |
| segment adjusted EBITDA | 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 MVC shortfall payments, (v) adjustments related to capital reimbursement activity, (vi) unit-based and noncash compensation, (vii) impairments and (viii) other noncash expenses or losses, less other noncash income or gains |
| Series A Preferred Stock | Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock issuedby the Company |
| Series A Preferred Units | Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units issuedby the Partnership |
| shortfall payment | the payment received from a counterparty when its volume throughput does not meet its MVC for the applicable period |
| SMC LTIP | Summit Midstream Corporation 2024 Long-Term Incentive Plan |
| SMLP | Summit Midstream Partners, LP |
| SMLP LTIP | SMLP 2022 Long-Term Incentive Plan |
| SOFR | Secured Overnight Financing Rate |
| Subsidiary Series A Preferred Units | Series A Fixed Rate Cumulative Redeemable Preferred Units issued by Permian Holdco |
| Summit Holdings | Summit Midstream Holdings, LLC |
| Summit Investments | Summit Midstream Partners, LLC |
| Summit Permian Transmission | Summit Permian Transmission, LLC |
|---|---|
| Summit Utica | Summit Midstream Utica, LLC |
| the Company | Summit Midstream Corporation and its subsidiaries |
| the Partnership | Summit Midstream Partners, LP |
| the Partnership Agreement | the Fourth Amended and Restated Agreement of Limited Partnership of the Partnership, dated May 28, 2020 |
| the Transaction | the consummation of the transaction contemplated by Tall Oak Business Combination Agreement between Summit Midstream Corporation, Summit Midstream Partners, LP and Tall Oak Midstream Holdings, LLC |
| throughput volume | the volume of natural gas, crude oil or produced water gathered, transported or passing through a pipeline, plant or other facility during a particular period; also referred to as volume throughput |
| unconventional resource basin | a basin where natural gas or crude oil production is developed from unconventional sources that require hydraulic fracturing as part of the completion process, for instance, natural gas produced from shale formations and coalbeds; also referred to as an unconventional resource play |
| wellhead | the equipment at the surface of a well, used to control the well’s pressure; also, the point at which the hydrocarbons and water exit the ground |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.