Summit Midstream Corp
For the period ended Dec 31, 2024. Filed Mar 11, 2025.
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FY2024 · Filed Mar 11, 2025
SMC$30.30+8.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Year ended December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| (In thousands) | ||
| Cash flows from operating activities: | ||
| Net loss | $(113,175) | $(38,947) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
| Deferred income taxes | 146,831 | — |
| Depreciation and amortization | 101,585 | 123,702 |
| Noncash lease expense | 1,658 | 3,773 |
| Amortization of debt issuance costs | 11,439 | 12,685 |
| Equity compensation | 8,561 | 6,566 |
| Income from equity method investees | (24,197) | (33,829) |
| Distributions from equity method investees | 36,190 | 57,572 |
| (Gain) loss on asset sales, net | 1 | (260) |
| Foreign currency (gain) loss | 42 | (102) |
| (Gain) loss on earn-out | (6) | 599 |
| Loss on early extinguishment of debt | 50,075 | 10,934 |
| (Gain) loss on sale of business | (82,187) | 47 |
| Gain on sale of equity method investment | (126,261) | — |
| Unrealized loss on interest rate swaps | 914 | 3,318 |
| Long-lived asset impairment | 68,260 | 540 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 3,004 | (3,352) |
| Trade accounts payable | 1,119 | 4,483 |
| Accrued expenses | (625) | 5,586 |
| Deferred revenue | (5,075) | (6,467) |
| Ad valorem taxes payable | 1,001 | (1,702) |
| Accrued interest | 2,413 | 1,943 |
| Accrued environmental remediation, net | (739) | (768) |
| Other, net | (19,057) | (19,415) |
| Net cash provided by operating activities | 61,771 | 126,906 |
| Cash flows from investing activities: | ||
| Capital expenditures | (53,611) | (68,905) |
| Cash consideration paid for Tall Oak Acquisition, net of cash acquired | (154,154) | — |
| Proceeds from Utica Sale (excluding Ohio Gathering) | 292,266 | — |
| Proceeds from sale of Ohio Gathering | 332,734 | — |
| Proceeds from Mountaineer Transaction | 69,304 | — |
| Proceeds from asset sale | 4,400 | 260 |
| Investment in Double E equity method investee | (3,880) | (3,500) |
| Other, net | — | (2,611) |
| Net cash provided by (used in) investing activities | 487,059 | (74,756) |
| Cash flows from financing activities: | ||
| Debt repayments - Amended and Restated ABL Facility | (313,000) | (87,000) |
| Debt repayments - Redemption of 2026 Unsecured Notes | (209,510) | — |
| Debt repayments - 2026 Secured Notes (Excess Cash Flow Offer) | (13,626) | — |
| Debt repayments - 2026 Secured Notes (Asset Sale Offer) | (6,910) | — |
| Debt repayments - Repurchase of 2025 Senior Notes | — | (29,650) |
| Debt repayments - Permian Transmission Term Loan | (15,524) | (10,507) |
| Debt repayments - 2025 Senior Notes Redemption | (49,783) | — |
| Debt repayments - 2026 Secured Notes Tender Offer and Redemption | (764,464) | — |
| Borrowings on Amended and Restated ABL Facility | 305,000 | 70,000 |
| Issuance of 2026 Unsecured Notes | — | 29,480 |
| Issuance of 2029 Secured Notes | 565,800 | — |
| Distributions on Subsidiary Series A Preferred Units | (6,513) | (6,512) |
| Debt extinguishment costs | (23,791) | (10,306) |
| Debt issuance costs | (4,675) | (2,968) |
| Other, net | (3,280) | (1,573) |
| Net cash used in financing activities | (540,276) | (49,036) |
| Net change in cash, cash equivalents and restricted cash | 8,554 | 3,114 |
| Cash, cash equivalents and restricted cash, beginning of period | 16,645 | 13,531 |
| Cash, cash equivalents and restricted cash, end of period | $25,199 | $16,645 |
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