Summit Midstream Corp
For the period ended Dec 31, 2024. Filed Mar 11, 2025.
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FY2024 · Filed Mar 11, 2025
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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Consolidated Statements of Operations
| Year ended December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| (In thousands, except per-share amount) | ||
| Revenues: | ||
| Gathering services and related fees | $200,844 | $248,223 |
| Natural gas, NGLs and condensate sales | 195,027 | 179,254 |
| Other revenues | 33,748 | 31,426 |
| Total revenues | 429,619 | 458,903 |
| Costs and expenses: | ||
| Cost of natural gas and NGLs | 114,996 | 112,462 |
| Operation and maintenance | 100,968 | 100,741 |
| General and administrative | 55,562 | 42,135 |
| Depreciation and amortization | 100,647 | 122,764 |
| Transaction costs | 30,956 | 1,251 |
| Acquisition integration costs | 165 | 2,654 |
| (Gain) loss on asset sales, net | 1 | (260) |
| Long-lived asset impairment | 68,260 | 540 |
| Total costs and expenses | 471,555 | 382,287 |
| Other income, net | 4,188 | 865 |
| Gain on interest rate swaps | 4,127 | 1,830 |
| Gain (loss) on sale of business | 82,187 | (47) |
| Gain on sale of equity method investment | 126,261 | — |
| Interest expense | (115,446) | (140,784) |
| Loss on early extinguishment of debt | (50,075) | (10,934) |
| Income from equity method investees | 24,197 | 33,829 |
| Income (loss) before income taxes | 33,503 | (38,625) |
| Income tax expense | (146,678) | (322) |
| Net loss | $(113,175) | $(38,947) |
| Less: Net income attributable to Subsidiary Series A Preferred Units | (14,806) | (12,581) |
| Add: Net loss attributable to noncontrolling interest | 5,822 | — |
| Net loss attributable to Summit Midstream Corporation | $(122,159) | $(51,528) |
| Less: net income attributable to Series A Preferred Stock | (13,337) | (11,566) |
| Net loss attributable to common equity holders | $(135,496) | $(63,094) |
| Net loss per share: | ||
| Common stock – basic | $(12.78) | $(6.11) |
| Common stock – diluted | $(12.78) | $(6.11) |
| Weighted-average number of shares outstanding: | ||
| Common stock – basic | 10,600 | 10,334 |
| Common stock – diluted | 10,600 | 10,334 |
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