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$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 Statements of Operations
| Three Months EndedJune 30, | Six Months EndedJune 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| (In thousands, except per share amounts) | ||||
| Revenues: | ||||
| Gathering services and related fees | $64,182 | $45,213 | $128,347 | $107,198 |
| Natural gas, NGLs and condensate sales | 66,345 | 47,959 | 125,672 | 97,051 |
| Other revenues | 9,690 | 8,143 | 18,895 | 15,937 |
| Total revenues | 140,217 | 101,315 | 272,914 | 220,186 |
| Costs and expenses: | ||||
| Cost of natural gas and NGLs | 35,914 | 29,619 | 71,348 | 59,801 |
| Operation and maintenance | 39,241 | 23,440 | 72,771 | 48,452 |
| General and administrative | 15,516 | 14,164 | 32,116 | 28,949 |
| Depreciation and amortization | 30,055 | 23,917 | 58,572 | 51,784 |
| Transaction costs | 1,061 | 3,271 | 3,854 | 11,062 |
| Acquisition integration costs | 4,155 | — | 5,399 | 40 |
| Loss on asset sales, net | — | 34 | — | 7 |
| Long-lived asset impairments | 71 | 20 | 71 | 67,936 |
| Total costs and expenses | 126,013 | 94,465 | 244,131 | 268,031 |
| Other income, net | 378 | 2,131 | 9,435 | 2,118 |
| Gain (loss) on interest rate swaps | (500) | 920 | (1,466) | 3,510 |
| Gain (loss) on sale of business | — | (2,192) | (43) | 84,010 |
| Gain on sale of equity method investment | — | — | — | 126,261 |
| Interest expense | (23,864) | (31,457) | (46,401) | (69,303) |
| Loss on early extinguishment of debt | — | (4,964) | — | (4,964) |
| Income from equity method investees | 4,802 | 4,280 | 9,642 | 14,918 |
| Income (loss) before income taxes | (4,980) | (24,432) | (50) | 108,705 |
| Income tax benefit | 752 | 654 | 456 | 444 |
| Net income (loss) | $(4,228) | $(23,778) | $406 | $109,149 |
| Less: Net income attributable to Subsidiary Series A Preferred Units | (3,679) | (3,866) | (7,271) | (7,636) |
| Less: Net income attributable to Series A Preferred Stock | (3,101) | (3,313) | (7,019) | (6,533) |
| Add: Net loss attributable to noncontrolling interest in SMLP | 2,980 | — | 3,969 | — |
| Net income (loss) attributable to Summit Midstream Corporation | $(8,028) | $(30,957) | $(9,915) | $94,980 |
| Net income (loss) per share: | ||||
| Common stock – basic | $(0.66) | $(2.91) | $(0.83) | $9.00 |
| Common stock – diluted | $(0.66) | $(2.91) | $(0.83) | $8.57 |
| Weighted-average number of shares outstanding: | ||||
| Common stock – basic | 12,241 | 10,649 | 12,005 | 10,549 |
| Common stock – diluted | 12,241 | 10,649 | 12,005 | 11,081 |
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