Summit Midstream Corp
For the period ended Jun 30, 2025. Filed Aug 11, 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.
Jun 30, 2025 · Filed Aug 11, 2025
SMC$27.13+1.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-12.
0002024218-25-000050
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-11.
0002024218-25-000061
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 182 previous paragraphs and 211 current paragraphs.
117 unchanged; 57 reworded; 26 added; 5 removed; 3 previous and 11 current paragraphs rearranged.
Tables are not compared: 15 previous and 16 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (26)
Current report
One Big Beautiful Bill Act. On July 4, 2025, new U.S tax legislation was signed into law (known as the “One Big Beautiful Bill Act” or “OBBBA”) which makes permanent many of the tax provisions enacted in 2017 as part of the Tax Cuts and Jobs Act that were set to expire at the end of 2025. Currently, as a result of the OBBBA reverting to a higher EBITDA-based business interest expense limitation, the Company expects the passage of the OBBBA will now allow it to deduct significantly more of its interest expense. Prior to the passage of the OBBBA, the Company’s ability to deduct its interest expense was more limited.
Current report
•a volume throughput increase of 300 MMcf/d for the Mid-Con segment.
Current report
•a volume throughput increase of 17 MMcf/d for the Rockies segment.
Current report
•a volume throughput decrease of 95 MMcf/d for the Northeast segment.
Current report
Natural gas throughput volumes decreased 124 MMcf/d for the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily reflecting:
Current report
•a volume throughput decrease of 404 MMcf/d for the Northeast segment.
Current report
•a volume throughput increase of 305 MMcf/d for the Mid-Con segment.
Current report
•a $23.4 million increase in the Mid-Con, primarily due to increased volume throughput as a result of the Tall Oak Acquisition;
Current report
Gathering Services and Related Fees. Gathering services and related fees increased $21.1 million compared to the six months ended June 30, 2024, primarily reflecting:
Current report
•a $47.6 million increase in the Mid-Con, primarily due to increased volume throughput as a result of the Tall Oak Acquisition;
Current report
Total costs and expenses decreased $23.9 million during the six months ended June 30, 2025 compared to the six months ended June 30, 2024.
Current report
Cost of natural gas and NGLs increased $11.5 million for the six months ended June 30, 2025, compared to the six months ended June 30, 2024.
Current report
Operation and maintenance expense increased $24.3 million for the six months ended June 30, 2025, compared to the six months ended June 30, 2024.
Current report
Interest expense decreased $22.9 million for the six months ended June 30, 2025, compared to six months ended June 30, 2024, primarily due to $37.0 million of reduced interest expense as a result of the 2026 Secured Notes Tender Offer and the Asset Sale Offer that occurred in July 2024 and May 2024, respectively and $12.0 million of reduced interest expense due to the full repayment and discharge of the 2026 Unsecured Notes in June 2024, partially offset by $34.4 million of increased borrowing costs in connection with issuance of the 2029 Secured Notes in July 2024 and January 2025.
Current report
Income Tax. Income tax benefit increased for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024. The Company’s Up-C tax structure results in the allocation of income from SMLP to SMC, in which SMC records a provision for income taxes.
Current report
Segment Overview for the Three and Six Months Ended June 30, 2025 and 2024
Current report
Three and six months ended June 30, 2025. Segment adjusted EBITDA increased $2.4 million and $4.4 million, compared to the three and six months ended June 30, 2024, respectively, primarily as a result of margin mix and the Moonrise Acquisition.
Current report
Interest expense decreased $22.9 million for the six months ended June 30, 2025, compared to six months ended June 30, 2024, primarily due to $37.0 million of reduced interest expense as a result of the 2026 Secured Notes Tender Offer and the Asset Sale Offer that occurred in July 2024 and May 2024, respectively and $12.0 million of reduced interest expense due to the full repayment and discharge of the 2026 Unsecured Notes in June 2024, partially offset by $34.4 million of increased borrowing costs in connection with issuance of the 2029 Secured Notes in July 2024 and January 2025.
Current report
Summit Midstream Corporation Tax Structure. We operate the Company in an Up-C tax structure whereby the Company owns 65% of SMLP as of June 30, 2025 and Tailwater Capital owns the remaining 35% of SMLP as a noncontrolling interest. If on June 30, 2025, Tailwater Capital converted their 6.5 million SMLP partnership units and 6.5 million Class B shares for the Company’s common stock, the following adjustments would occur to the Company’s balance sheet and common shares outstanding.
Current report
•$4.4 million of cash inflows from the sale of compressor equipment; and
Current report
•$260.0 million of cash outflows for repayments on the Amended and Restated ABL Facility;
Current report
•$6.7 million of cash outflows for Distributions to Series A Preferred Shareholders;
Current report
•$209.5 million of cash outflows from the redemption of 2026 Unsecured Notes;
Current report
•$13.6 million of cash outflows for the Excess Cash Flow Offer;
Current report
•$7.6 million of cash outflows for repayments on the Permian Transmission Term Loan; and
Current report
•$6.9 million of cash outflows for the Asset Sale Offer.
Removed paragraphs (5)
Previous report
•a volume throughput decrease of 712 MMcf/d for the Northeast segment.
Previous report
•a volume throughput increase of 309 MMcf/d for the Mid-Con segment.
Previous report
•a $24.1 million increase in the Mid-Con, primarily due to increased volume throughput as a result of the Tall Oak Acquisition;
Previous report
Three months ended March 31, 2025. Segment adjusted EBITDA increased $2.0 million, compared to the three months ended March 31, 2024, primarily as a result of higher product margins and approximately $1.1 million of EBITDA in connection with the Moonrise Acquisition.
Previous report
•$250.0 million of cash outflows for repayments on the Amended and Restated ABL Facility;
Reworded paragraphs (57)
Previous wording
The following table presents certain consolidated and reportable segment financial data. For additional information on our reportable segments, see the “Segment Overview for the Three Months Ended March 31, 2025 and 2024” section included herein.
Current wording
The following table presents certain consolidated and reportable segment financial data. For additional information on our reportable segments, see the “Segment Overview for the Three and Six Months Ended June 30, 2025 and 2024” section included herein.
Previous wording
•Ongoing impact of political and economic conditions and events in foreign oil and natural gas producing countries on commodity prices, including the continued conflict in the Middle East, current Russia-Ukraine conflict, the international sanctions against Russia and other sustained military campaigns;
Current wording
•Ongoing impact of political and economic conditions and events in foreign oil and natural gas producing countries on commodity prices, including the continued conflicts in the Middle East, current Russia-Ukraine conflict, the international sanctions against Russia and other sustained military campaigns;
Previous wording
Ongoing impact of political and economic conditions and events in foreign oil and natural gas producing countries on commodity prices. Although we operate solely in the United States, certain events and conditions in foreign oil and natural gas producing countries, such as the continued conflict in the Middle East, including the Hamas-Israel war, and Russia’s invasion of Ukraine, could have potential effects on us, including, but not limited to, volatility in currencies and commodity prices, higher inflation, cost and supply chain pressures and availability and disruptions in banking systems and capital markets. As of the date of filing, there have been no material impacts to us.
Current wording
Ongoing impact of political and economic conditions and events in foreign oil and natural gas producing countries on commodity prices. Although we operate solely in the United States, certain events and conditions in foreign oil and natural gas producing countries, such as the continued conflict in the Middle East, including the Hamas-Israel war, and the recent escalation of the Israel-Iran conflict, and Russia’s invasion of Ukraine, could have potential effects on us, including, but not limited to, volatility in currencies and commodity prices, higher inflation, cost and supply chain pressures and availability and disruptions in banking systems and capital markets. As of the date of filing, there have been no material impacts to us.
Previous wording
Impact of increases in interest rates. Increases in interest rates could adversely affect our future ability to obtain financing or materially increase the cost of existing and any additional financing. Since March 2022, the Federal Reserve has raised its target range for the federal funds rate multiple times and the timing of any potential further increases or decreases remains uncertain. As of March 31, 2025, we had approximately $825.0 million principal of fixed-rate debt, $145.0 million outstanding under our variable rate Amended and Restated ABL Facility and $125.3 million outstanding under the variable rate Permian Transmission Term Loan (see Note 8 - Debt). As of March 31, 2025, we had $112.8 million of interest rate exposure hedged to offset the impact of changes in interest rates on our Permian Transmission Term Loan.
Current wording
Impact of increases in interest rates. Increases in interest rates could adversely affect our future ability to obtain financing or materially increase the cost of existing and any additional financing. Since March 2022, the Federal Reserve has raised its target range for the federal funds rate multiple times and the timing of any potential further increases or decreases remains uncertain. As of June 30, 2025, we had approximately $825.0 million principal of fixed-rate debt, $140.0 million outstanding under our variable rate Amended and Restated ABL Facility and $121.2 million outstanding under the variable rate Permian Transmission Term Loan (see Note 8 - Debt). As of June 30, 2025, we had $109.1 million of interest rate exposure hedged to offset the impact of changes in interest rates on our Permian Transmission Term Loan.
Previous wording
Consolidated Overview for the Three Months Ended March 31, 2025 and 2024
Current wording
Consolidated Overview for the Three and Six Months Ended June 30, 2025 and 2024
Previous wording
(1)Excludes volume throughput for Ohio Gathering and Double E. For additional information, see the Northeast and Permian sections herein under the caption “Segment Overview for the Three Months Ended March 31, 2025 and 2024”.
Current wording
(1)Excludes volume throughput for Ohio Gathering and Double E. For additional information, see the Northeast and Permian sections herein under the caption “Segment Overview for the Three and Six Months Ended June 30, 2025 and 2024”.
Previous wording
Volumes – Gas. Natural gas throughput volumes decreased 444 MMcf/d for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, primarily reflecting:
Current wording
Volumes – Gas. Natural gas throughput volumes increased 196 MMcf/d for the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily reflecting:
Previous wording
•a volume throughput decrease of 46 MMcf/d for the Piceance segment.
Current wording
•a volume throughput decrease of 26 MMcf/d for the Piceance segment.
Previous wording
Volumes – Liquids. Crude oil and produced water throughput volumes at the Rockies segment remained consistent for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to natural production declines, offset by 19 new well connections that came online subsequent to March 31, 2024 and additional throughput in connection with the Moonrise Acquisition..
Current wording
Volumes – Liquids. Crude oil and produced water throughput volumes at the Rockies segment remained comparable for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to natural production declines, offset by 23 new well connections that came online subsequent to June 30, 2024 and additional throughput in connection with the Moonrise Acquisition.
Previous wording
For additional information on volumes, see the “Segment Overview for the Three Months Ended March 31, 2025 and 2024” section herein.
Current wording
For additional information on volumes, see the “Segment Overview for the Three and Six Months Ended June 30, 2025 and 2024” section herein.
Previous wording
Revenues. Total revenues increased $13.8 million during the three months ended March 31, 2025 compared to the three months ended March 31, 2024, comprised of a $10.2 million increase in natural gas, NGLs and condensate sales, a $2.2 million increase in gathering services and related fees and a $1.4 million increase in other revenue.
Current wording
Revenues. Total revenues increased $38.9 million during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, comprised of a $18.4 million increase in natural gas, NGLs and condensate sales, a $19.0 million increase in gathering services and related fees and a $1.5 million increase in other revenue.
Previous wording
Gathering Services and Related Fees. Gathering services and related fees increased $2.2 million compared to the three months ended March 31, 2024, primarily reflecting:
Current wording
Gathering Services and Related Fees. Gathering services and related fees increased $19.0 million compared to the three months ended June 30, 2024, primarily reflecting:
Previous wording
•a $16.9 million decrease in the Northeast, primarily due to the sale of the Mountaineer Midstream system and the disposition of Summit Utica;
Current wording
•a $2.0 million decrease in the Northeast, primarily due to the sale of the Mountaineer Midstream system and the disposition of Summit Utica;
Previous wording
•a $4.6 million decrease in the Piceance, primarily due to decreased volume throughput; and
Current wording
•a $2.4 million decrease in the Piceance, primarily due to decreased volume throughput; and
Previous wording
Natural Gas, NGLs and Condensate Sales. Natural gas, NGLs and condensate revenues increased $10.2 million compared to the three months ended March 31, 2024, primarily reflecting:
Current wording
Natural Gas, NGLs and Condensate Sales. Natural gas, NGLs and condensate revenues increased $18.4 million compared to the three months ended June 30, 2024, primarily reflecting:
Previous wording
•a $6.9 million increase in the Rockies, primarily due to increased volume throughput; and
Current wording
•a $11.6 million increase in the Rockies, primarily due to increased volume throughput; and
Previous wording
•a $3.4 million increase in the Mid-Con, primarily related to increased volume throughput as a result of the Tall Oak Acquisition.
Current wording
•a $6.9 million increase in the Mid-Con, primarily related to increased volume throughput as a result of the Tall Oak Acquisition.
Previous wording
•a $0.5 million decrease in the Rockies, primarily due to decreased volume throughput.
Current wording
•a $7.1 million decrease in the Piceance, primarily due to decreased volume throughput.
Previous wording
Costs and Expenses. Total costs and expenses decreased $55.4 million during the three months ended March 31, 2025 compared to the three months ended March 31, 2024.
Current wording
Costs and Expenses. Total costs and expenses increased $31.5 million during the three months ended June 30, 2025 compared to the three months ended June 30, 2024.
Previous wording
Cost of Natural Gas and NGLs. Cost of natural gas and NGLs increased $5.3 million for the three months ended March 31, 2025, compared to the three months ended March 31, 2024.
Current wording
Cost of Natural Gas and NGLs. Cost of natural gas and NGLs increased $6.3 million for the three months ended June 30, 2025, compared to the three months ended June 30, 2024.
Previous wording
Operation and Maintenance. Operation and maintenance expense increased $8.5 million for the three months ended March 31, 2025, compared to the three months ended March 31, 2024.
Current wording
Operation and Maintenance. Operation and maintenance expense increased $15.8 million for the three months ended June 30, 2025, compared to the three months ended June 30, 2024.
Previous wording
Interest Expense. Interest expense decreased $15.3 million for the three months ended March 31, 2025, compared to three months ended March 31, 2024, primarily due to $18.6 million of reduced interest expense as a result of the 2026 Secured Notes Tender Offer and the Asset Sale Offer that occurred in July 2024 and May 2024, respectively, $4.0 million of reduced interest expense as a result of decreased borrowings on the Amended and Restated ABL Facility and $6.3 million of reduced interest expense due to the full repayment and discharge of the 2026 Unsecured Notes in June 2024, partially offset by $16.7 million of increased borrowing costs in connection with issuance of the 2029 Secured Notes in July 2024 and January 2025.
Current wording
Interest Expense. Interest expense decreased $7.6 million for the three months ended June 30, 2025, compared to three months ended June 30, 2024, primarily due to $18.4 million of reduced interest expense as a result of the 2026 Secured Notes Tender Offer and the Asset Sale Offer that occurred in July 2024 and May 2024, respectively and $5.7 million of reduced interest expense due to the full repayment and discharge of the 2026 Unsecured Notes in June 2024, partially offset by $17.8 million of increased borrowing costs in connection with issuance of the 2029 Secured Notes in July 2024 and January 2025.
Previous wording
Natural gas. Natural gas volume throughput increased for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily reflecting 83 new well connections that came online subsequent to March 31, 2024, additional throughput in connection with the Moonrise Acquisition, partially offset by a 17 MMcf/d reduction in gas delivered by third parties and natural production declines.
Current wording
Natural gas. Natural gas volume throughput increased for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, primarily reflecting 97 new well connections that came online subsequent to June 30, 2024, additional throughput in connection with the Moonrise Acquisition, partially offset by a 12 MMcf/d reduction in gas delivered by third parties and natural production declines.
Previous wording
For the three months ended March 31, 2025 and 2024, costs of natural gas and NGLs includes $13.3 million and $11.2 million, respectively, of gathering fees collected under percentage of proceeds arrangements.
Current wording
For the three months ended June 30, 2025 and 2024, costs of natural gas and NGLs includes $14.3 million and $11.4 million, respectively, of gathering fees collected under percentage of proceeds arrangements.
Previous wording
Liquids. Liquids volume throughput remained consistent for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to natural production declines, offset by 19 new well connections that came online subsequent to March 31, 2024 and additional throughput in connection with the Moonrise Acquisition.
Current wording
Liquids. Liquids volume throughput increased for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, primarily due to 23 new well connections that came online subsequent to June 30, 2024 and additional throughput in connection with the Moonrise Acquisition, partially offset by natural production declines.
Previous wording
Volume throughput for Double E increasedfor the three months ended March 31, 2025, compared to the three months ended March 31, 2024.
Current wording
Volume throughput for Double E increasedfor the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024.
Previous wording
Three months ended March 31, 2025. Segment adjusted EBITDA increased $1.0 million compared to the three months ended March 31, 2024, primarily as a result of an increase in proportional adjusted EBITDA from our equity method investment in Double E.
Current wording
Three and six months ended June 30, 2025. Segment adjusted EBITDA increased $0.6 million and $1.6 million, respectively, compared to the three and six months ended June 30, 2024, primarily as a result of an increase in proportional adjusted EBITDA from our equity method investment in Double E.
Previous wording
Volume throughput decreased for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily as a result of natural production declines.
Current wording
Volume throughput decreased for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, primarily as a result of natural production declines.
Previous wording
Three months ended March 31, 2025. Segment adjusted EBITDA decreased $3.4 million compared to the three months ended March 31, 2024 primarily related to natural production declines.
Current wording
Three and six months ended June 30, 2025. Segment adjusted EBITDA decreased $2.4 million and $5.8 million, respectively, compared to the three and six months ended June 30, 2024 primarily related to contractual step-downs.
Previous wording
Volume throughput increased for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily as a result of the Tall Oak Acquisition and 34 new well connections that came online subsequent to March 31, 2024 and the resumption of previous production curtailments associated with reductions in commodity pricing.
Current wording
Volume throughput increased for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, primarily as a result of the Tall Oak Acquisition and 29 new well connections that came online subsequent to June 30, 2024 and the resumption of previous production curtailments associated with reductions in commodity pricing.
Previous wording
Three months ended March 31, 2025. Segment adjusted EBITDA increased $17.4 million compared to the three months ended March 31, 2024, primarily as a result of the increased volume throughput discussed above.
Current wording
Three and six months ended June 30, 2025. Segment adjusted EBITDA increased $19.5 million and $36.8 million, compared to the three and six months ended June 30, 2024, respectively, primarily as a result of the Tall Oak Acquisition and increased volume throughput discussed above.
Previous wording
Corporate and Other Overview for the Three Months Ended March 31, 2025 and 2024
Current wording
Corporate and Other Overview for the Three and Six Months Ended June 30, 2025 and 2024
Previous wording
General and administrative. General and administrative expenses increased by $1.9 million for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to increased professional and legal expenses.
Current wording
General and administrative. General and administrative expenses increased by $0.3 million and $2.2 million for the three and six months ended June 30, 2025, respectively, compared to the three and six months ended June 30, 2024, primarily due to increased professional and legal expenses and $2.1 million of corporate severance expense.
Previous wording
Transaction costs. Transaction costs during the three months ended March 31, 2025 and 2024 were primarily related to the the Moonrise Acquisition and Utica Sale, respectively.
Current wording
Transaction costs. Transaction costs during the three and six months ended June 30, 2025 and 2024 were primarily related to the Moonrise Acquisition and Utica Sale, respectively.
Previous wording
Interest expense. Interest expense decreased $15.3 million for the three months ended March 31, 2025, compared to three months ended March 31, 2024, primarily due to $18.6 million of reduced interest expense as a result of the 2026 Secured Notes Tender Offer and the Asset Sale Offer that occurred in July 2024 and May 2024, respectively, $4.0 million of reduced interest expense as a result of decreased borrowings on the Amended and Restated ABL Facility and $6.3 million of reduced interest expense due to the full repayment and discharge of the 2026 Unsecured Notes in June 2024, partially offset by $16.7 million of increased borrowing costs in connection with issuance of the 2029 Secured Notes in July 2024 and January 2025.
Current wording
Interest expense. Interest expense decreased $7.6 million for the three months ended June 30, 2025, compared to three months ended June 30, 2024, primarily due to $18.4 million of reduced interest expense as a result of the 2026 Secured Notes Tender Offer and the Asset Sale Offer that occurred in July 2024 and May 2024, respectively and $5.7 million of reduced interest expense due to the full repayment and discharge of the 2026 Unsecured Notes in June 2024, partially offset by $17.8 million of increased borrowing costs in connection with issuance of the 2029 Secured Notes in July 2024 and January 2025.
Previous wording
We review these metrics on a regular basis for consistency and trend analysis. There have been no changes in the composition or characteristics of these metrics during the three months ended March 31, 2025.
Current wording
We review these metrics on a regular basis for consistency and trend analysis. There have been no changes in the composition or characteristics of these metrics during the three and six months ended June 30, 2025.
Previous wording
We are in compliance with all covenants contained in the indenture governing the 2029 Secured Notes, the Amended and Restated ABL Facility and the Permian Transmission Credit Facilities. The Amended and Restated ABL Facility requires that Summit Holdings not permit (i) the First Lien Net Leverage Ratio (as defined in the Amended and Restated ABL Agreement) as of the last day of any fiscal quarter to be greater than 2.50:1.00, or (ii) the Interest Coverage Ratio (as defined in the Amended and Restated ABL Agreement) as of the last day of any fiscal quarter to be less than 2.00:1.00. As of March 31, 2025, the First Lien Net Leverage Ratio (as defined in the Amended and Restated ABL Agreement) and the Interest Coverage Ratio was 0.52:1.00 and 2.80:1.00, respectively.
Current wording
We are in compliance with all covenants contained in the indenture governing the 2029 Secured Notes, the Amended and Restated ABL Facility and the Permian Transmission Credit Facilities. The Amended and Restated ABL Facility requires that Summit Holdings not permit (i) the First Lien Net Leverage Ratio (as defined in the Amended and Restated ABL Agreement) as of the last day of any fiscal quarter to be greater than 2.50:1.00, or (ii) the Interest Coverage Ratio (as defined in the Amended and Restated ABL Agreement) as of the last day of any fiscal quarter to be less than 2.00:1.00. As of June 30, 2025, the First Lien Net Leverage Ratio (as defined in the Amended and Restated ABL Agreement) and the Interest Coverage Ratio was 0.53:1.00 and 2.76:1.00, respectively.
Previous wording
Amended and Restated ABL Facility. Concurrently with the issuance of the 2029 Secured Notes, on July 26, 2024, Summit Holdings, as borrower, amended and restated its existing first-lien, senior secured credit agreement, with SMLP, consisting of a $500.0 million asset-based revolving credit facility. As of March 31, 2025, the Amended and Restated ABL Facility will mature on the earliest of (a) July 26, 2029, (b) July 31, 2029 if either (i) the outstanding amount of the 2029 Secured Notes (or any refinancing debt permitted under the Amended and Restated ABL Facility in respect thereof that has a final maturity date, scheduled amortization or any other scheduled repayment, mandatory prepayment, mandatory redemption or sinking fund obligation prior to the date that is 91 days after the Amended and Restated ABL Termination Date (provided, that the terms of such permitted refinancing debt may (x) require the payment of interest from time to time and (y) include customary mandatory redemptions, prepayments or offers to purchase with proceeds of asset sales or upon the occurrence of a change of control)) on such date equals or exceeds $50.0 million or (ii) the outstanding amount of such debt described in clause (i) above on such date is less than $50.0 million and Liquidity (as defined in the Amended and Restated ABL Agreement) at any time on or after such date is less than the sum of (A) such outstanding amount and (B) the greater of (x) 10% of the aggregate Commitments (as defined in the Amended and Restated ABL Agreement) then in effect and (y) $50.0 million (and, for the avoidance of doubt, once the Amended and Restated ABL Termination Date occurs it may not be unwound as a result of Liquidity (as defined in the Amended and Restated ABL Agreement) increasing on a subsequent date), and (c) any date on which the aggregate Commitments terminate thereunder. As of March 31, 2025, there was $145.0 million outstanding under the Amended and Restated ABL Facility and the available borrowing capacity totaled $354.2 million after giving effect to the issuance thereunder of $0.8 million of outstanding but undrawn irrevocable standby letters of credit.
Current wording
Amended and Restated ABL Facility. Concurrently with the issuance of the 2029 Secured Notes, on July 26, 2024, Summit Holdings, as borrower, amended and restated its existing first-lien, senior secured credit agreement, with SMLP, consisting of a $500.0 million asset-based revolving credit facility. As of June 30, 2025, the Amended and Restated ABL Facility will mature on the earliest of (a) July 26, 2029, (b) July 31, 2029 if either (i) the outstanding amount of the 2029 Secured Notes (or any refinancing debt permitted under the Amended and Restated ABL Facility in respect thereof that has a final maturity date, scheduled amortization or any other scheduled repayment, mandatory prepayment, mandatory redemption or sinking fund obligation prior to the date that is 91 days after the Amended and Restated ABL Termination Date (provided, that the terms of such permitted refinancing debt may (x) require the payment of interest from time to time and (y) include customary mandatory redemptions, prepayments or offers to purchase with proceeds of asset sales or upon the occurrence of a change of control)) on such date equals or exceeds $50.0 million or (ii) the outstanding amount of such debt described in clause (i) above on such date is less than $50.0 million and Liquidity (as defined in the Amended and Restated ABL Agreement) at any time on or after such date is less than the sum of (A) such outstanding amount and (B) the greater of (x) 10% of the aggregate Commitments (as defined in the Amended and Restated ABL Agreement) then in effect and (y) $50.0 million (and, for the avoidance of doubt, once the Amended and Restated ABL Termination Date occurs it may not be unwound as a result of Liquidity (as defined in the Amended and Restated ABL Agreement) increasing on a subsequent date), and (c) any date on which the aggregate Commitments terminate thereunder. As of June 30, 2025, there was $140.0 million outstanding under the Amended and Restated ABL Facility and the available borrowing capacity totaled $359.2 million after giving effect to the issuance thereunder of $0.8 million of outstanding but undrawn irrevocable standby letters of credit.
Previous wording
Cash flows provided by operating activities for the three months ended March 31, 2025 primarily reflected:
Current wording
Cash flows provided by operating activities for the six months ended June 30, 2025 primarily reflected:
Previous wording
•a net income of $4.6 million plus positive adjustments of $29.4 million for non-cash operating items; and
Current wording
•a net income of $0.4 million plus positive adjustments of $68.3 million for non-cash operating items; and
Showing the first 40 of 57 pairs. Open the source sections for the rest.
Rearranged current paragraphs (11)
Current report — wording carried from elsewhere
•a volume throughput decrease of 36 MMcf/d for the Piceance segment.
Current report — wording carried from elsewhere
Crude oil and produced water throughput volumes at the Rockies segment remained comparable for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to natural production declines, offset by 23 new well connections that came online subsequent to June 30, 2024 and additional throughput in connection with the Moonrise Acquisition.
Current report — wording carried from elsewhere
Total revenues increased $52.7 million during the six months ended June 30, 2025 compared to the six months ended June 30, 2024, comprised of a $28.6 million increase in natural gas, NGLs and condensate sales, a $21.1 million increase in gathering services and related fees and a $3.0 million increase in other revenue.
Current report — wording carried from elsewhere
•a $18.9 million decrease in the Northeast, primarily due to the sale of the Mountaineer Midstream system and the disposition of Summit Utica;
Current report — wording carried from elsewhere
Natural Gas, NGLs and Condensate Sales. Natural gas, NGLs and condensate revenues increased $28.6 million compared to the six months ended June 30, 2024, primarily reflecting:
Current report — wording carried from elsewhere
•a $18.4 million increase in the Rockies, primarily due to increased volume throughput; and
Current report — wording carried from elsewhere
•a $10.3 million increase in the Mid-Con, primarily related to increased volume throughput as a result of the Tall Oak Acquisition.
Current report — wording carried from elsewhere
For the six months ended June 30, 2025 and 2024, costs of natural gas and NGLs includes $27.6 million and $22.6 million, respectively, of gathering fees collected under percentage of proceeds arrangements.
Current report — wording carried from elsewhere
•$70.0 million of cash inflows from the proceeds of the Mountaineer Transaction;
Current report — wording carried from elsewhere
•$26.9 million of cash outflows for capital expenditures.
Current report — wording carried from elsewhere
Amended and Restated ABL Facility and the Permian Transmission Credit Facilities, and access to debt or equity capital markets, will be adequate to finance our operations for the next twelve months without adversely impacting our liquidity.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
Segment Overview for the Three Months Ended March 31, 2025 and 2024
Previous report — wording carried elsewhere
•$16.4 million of cash outflows for capital expenditures.
Previous report — wording carried elsewhere
•$3.8 million of cash outflows for repayments on the Permian Transmission Term Loan.