Summit Midstream Corp
For the period ended Mar 31, 2025. Filed May 12, 2025.
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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.
Mar 31, 2025 · Filed May 12, 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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Unaudited Condensed Consolidated Balance Sheets
| March 31,2025 | December 31,2024 | |
|---|---|---|
| (In thousands, except share amounts) | ||
| ASSETS | ||
| Cash and cash equivalents | $26,228 | $22,822 |
| Restricted cash | 3,376 | 2,377 |
| Accounts receivable | 83,918 | 77,058 |
| Other current assets | 6,241 | 16,014 |
| Total current assets | 119,763 | 118,271 |
| Property, plant and equipment, net | 1,852,458 | 1,785,029 |
| Intangible assets, net | 163,182 | 154,279 |
| Investment in equity method investee | 270,196 | 269,561 |
| Other noncurrent assets | 28,576 | 32,344 |
| TOTAL ASSETS | $2,434,175 | $2,359,484 |
| LIABILITIES AND EQUITY | ||
| Trade accounts payable | $31,932 | $25,162 |
| Accrued expenses | 46,397 | 38,176 |
| Deferred revenue | 9,816 | 9,595 |
| Ad valorem taxes payable | 5,095 | 9,544 |
| Accrued compensation and employee benefits | 3,339 | 11,222 |
| Accrued interest | 8,981 | 21,711 |
| Accrued environmental remediation | 1,585 | 1,430 |
| Accrued settlement payable | 6,667 | 6,667 |
| Current portion of long-term debt | 16,671 | 16,580 |
| Other current liabilities | 20,124 | 34,714 |
| Total current liabilities | 150,607 | 174,801 |
| Deferred tax liabilities | 75,840 | 63,326 |
| Long-term debt, net | 1,067,172 | 976,995 |
| Noncurrent deferred revenue | 23,273 | 25,373 |
| Noncurrent accrued environmental remediation | 577 | 768 |
| Other noncurrent liabilities | 13,836 | 20,150 |
| TOTAL LIABILITIES | 1,331,305 | 1,261,413 |
| Commitments and contingencies (Note 9) | ||
| Mezzanine Equity | ||
| Subsidiary Series A Preferred Units (93,039 issued and outstanding as of March 31, 2025 and December 31, 2024) | 134,909 | 132,946 |
| Equity | ||
| Series A Preferred Stock (65,508 authorized as of March 31, 2025 and December 31, 2024; 65,508 issued and outstanding as of March 31, 2025 and December 31, 2024) | 110,789 | 110,230 |
| Common stock, $0.01 par value (42,000,000 authorized as of March 31, 2025 and December 31, 2024; 12,241,098 and 10,659,220 issued and outstanding as of March 31, 2025 and December 31, 2024, respectively) | 122 | 106 |
| Class B Common Stock, $0.01 par value (7,471,008 shares authorized as of March 31, 2025 and December 31, 2024; 6,524,467 and 7,471,008 issued and outstanding as of March 31, 2025 and December 31, 2024, respectively) | 65 | 75 |
| Additional paid-in capital | 632,387 | 540,714 |
| Accumulated deficit | (185,220) | (183,333) |
| Total Company Stockholders’ equity | 558,143 | 467,792 |
| Noncontrolling interest | 409,818 | 497,333 |
| Total Equity | 967,961 | 965,125 |
| TOTAL LIABILITIES AND EQUITY | $2,434,175 | $2,359,484 |
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