Summit Midstream Corp
For the period ended Sep 30, 2025. Filed Nov 10, 2025.
View on SEC.govAbout this filing
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.
Sep 30, 2025 · Filed Nov 10, 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 2025-06-30; filed 2025-08-11.
0002024218-25-000061
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-10.
0002024218-25-000069
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 211 previous paragraphs and 215 current paragraphs.
125 unchanged; 68 reworded; 17 added; 14 removed; 4 previous and 5 current paragraphs rearranged.
Tables are not compared: 16 previous and 18 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 (17)
Current report
Consolidated Overview for the Three and Nine Months Ended September 30, 2025 and 2024
Current report
•a volume throughput increase of 253 MMcf/d for the Mid-Con segment.
Current report
•a volume throughput increase of 30 MMcf/d for the Rockies segment.
Current report
•a volume throughput decrease of 269 MMcf/d for the Northeast segment.
Current report
•a volume throughput increase of 288 MMcf/d for the Mid-Con segment.
Current report
•a $22.4 million increase in the Mid-Con, primarily due to increased volume throughput as a result of the Tall Oak Acquisition; partially offset by
Current report
•a $70.0 million increase in the Mid-Con, primarily due to increased volume throughput as a result of the Tall Oak Acquisition; partially offset by
Current report
Operation and maintenance expense increased $38.2 million for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024 primarily as a result of the Tall Oak Acquisition and the Moonrise Acquisition, partially offset by the disposition of our Mountaineer Midstream system.
Current report
Segment Overview for the Three and Nine Months Ended September 30, 2025 and 2024
Current report
The Company is providing the below additional financial and operational details for its liquids related activities within its Rockies segment (in thousands):
Current report
The Company is providing below additional financial and operational details for its natural gas and other related activities within its Rockies segment (in thousands):
Current report
Acquisition integration costs. Acquisition and integration costs in 2025 are primarily related to fees paid to third-party service providers to integrate the Tall Oak Acquisition and the Moonrise Acquisition.
Current report
•$285.0 million of cash outflows for repayments on the Amended and Restated ABL Facility;
Current report
•$649.8 million of cash outflows for the redemption of Secured Notes;
Current report
•$49.8 million of cash outflows from the 2025 Notes Redemption;
Current report
•$21.4 million of cash outflows for debt extinguishment costs;
Current report
•the effects of a prolonged government shutdown;
Removed paragraphs (14)
Previous report
Consolidated Overview for the Three and Six Months Ended June 30, 2025 and 2024
Previous report
•a volume throughput increase of 300 MMcf/d for the Mid-Con segment.
Previous report
•a volume throughput increase of 17 MMcf/d for the Rockies segment.
Previous report
•a volume throughput decrease of 95 MMcf/d for the Northeast segment.
Previous report
•a volume throughput decrease of 404 MMcf/d for the Northeast segment.
Previous report
•a volume throughput increase of 305 MMcf/d for the Mid-Con segment.
Previous report
•a $23.4 million increase in the Mid-Con, primarily due to increased volume throughput as a result of the Tall Oak Acquisition;
Previous report
•a $47.6 million increase in the Mid-Con, primarily due to increased volume throughput as a result of the Tall Oak Acquisition;
Previous 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.
Previous report
Segment Overview for the Three and Six Months Ended June 30, 2025 and 2024
Previous report
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 report
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.
Previous report
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 report
•$260.0 million of cash outflows for repayments on the Amended and Restated ABL Facility;
Reworded paragraphs (68)
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 and Six Months Ended June 30, 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 Nine Months Ended September 30, 2025 and 2024” section included herein.
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 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.
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 September 30, 2025, we had approximately $825.0 million principal of fixed-rate debt, $150.0 million outstanding under our variable rate Amended and Restated ABL Facility and $117.0 million outstanding under the variable rate Permian Transmission Term Loan (see Note 8 - Debt). As of September 30, 2025, we had $105.3 million of interest rate exposure hedged to offset the impact of changes in interest rates on our Permian Transmission Term Loan.
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 and Six Months Ended June 30, 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 Nine Months Ended September 30, 2025 and 2024”.
Previous 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:
Current wording
Volumes – Gas. Natural gas throughput volumes increased 258 MMcf/d for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, primarily reflecting:
Previous wording
•a volume throughput decrease of 26 MMcf/d for the Piceance segment.
Current wording
•a volume throughput decrease of 25 MMcf/d for the Piceance segment.
Previous wording
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 wording
Natural gas throughput volumes increased 5 MMcf/d for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily reflecting:
Previous wording
•a volume throughput decrease of 36 MMcf/d for the Piceance segment.
Current wording
•a volume throughput decrease of 32 MMcf/d for the Piceance segment.
Previous 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.
Current wording
Volumes – Liquids. Crude oil and produced water throughput volumes at the Rockies segment increased for the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to 28 new well connections that came online subsequent to September 30, 2024 and additional throughput in connection with the Moonrise Acquisition, partially offset by natural production declines.
Previous wording
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 wording
Crude oil and produced water throughput volumes at the Rockies segment increased for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily due to 28 new well connections that came online subsequent to September 30, 2024 and additional throughput in connection with the Moonrise Acquisition, partially offset by natural production declines.
Previous wording
For additional information on volumes, see the “Segment Overview for the Three and Six Months Ended June 30, 2025 and 2024” section herein.
Current wording
For additional information on volumes, see the “Segment Overview for the Three and Nine Months Ended September 30, 2025 and 2024” section herein.
Previous 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.
Current wording
Revenues. Total revenues increased $44.5 million during the three months ended September 30, 2025 compared to the three months ended September 30, 2024, comprised of a $22.8 million increase in natural gas, NGLs and condensate sales, a $21.3 million increase in gathering services and related fees and a $0.3 million increase in other revenue.
Previous 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:
Current wording
Gathering Services and Related Fees. Gathering services and related fees increased $21.3 million compared to the three months ended September 30, 2024, primarily reflecting:
Previous wording
•a $7.1 million decrease in the Piceance, primarily due to decreased volume throughput.
Current wording
•a $2.2 million decrease in the Piceance, primarily due to decreased volume throughput.
Previous 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:
Current wording
Natural Gas, NGLs and Condensate Sales. Natural gas, NGLs and condensate revenues increased $22.8 million compared to the three months ended September 30, 2024, primarily reflecting:
Previous wording
•a $11.6 million increase in the Rockies, primarily due to increased volume throughput; and
Current wording
•a $18.5 million increase in the Rockies, primarily due to increased volume throughput; and
Previous wording
•a $6.9 million increase in the Mid-Con, primarily related to increased volume throughput as a result of the Tall Oak Acquisition.
Current wording
•a $4.5 million increase in the Mid-Con, primarily related to increased volume throughput as a result of the Tall Oak Acquisition.
Previous wording
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 wording
Total revenues increased $97.2 million during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, comprised of a $51.5 million increase in natural gas, NGLs and condensate sales, a $42.5 million increase in gathering services and related fees and a $3.2 million increase in other revenue.
Previous wording
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 wording
Gathering Services and Related Fees. Gathering services and related fees increased $42.5 million compared to the nine months ended September 30, 2024, primarily reflecting:
Previous wording
•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 wording
•a $18.9 million decrease in the Northeast, primarily due to the sale of the Mountaineer Midstream system and the disposition of Summit Utica; and
Previous wording
•a $2.4 million decrease in the Piceance, primarily due to decreased volume throughput; and
Current wording
•a $9.3 million decrease in the Piceance, primarily due to decreased volume throughput.
Previous wording
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 wording
Natural Gas, NGLs and Condensate Sales. Natural gas, NGLs and condensate revenues increased $51.5 million compared to the nine months ended September 30, 2024, primarily reflecting:
Previous wording
•a $18.4 million increase in the Rockies, primarily due to increased volume throughput; and
Current wording
•a $36.9 million increase in the Rockies, primarily due to increased volume throughput; and
Previous wording
•a $10.3 million increase in the Mid-Con, primarily related to increased volume throughput as a result of the Tall Oak Acquisition.
Current wording
•a $14.8 million increase in the Mid-Con, primarily related to increased volume throughput as a result of the Tall Oak Acquisition.
Previous 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.
Current wording
Costs and Expenses. Total costs and expenses increased $31.0 million during the three months ended September 30, 2025 compared to the three months ended September 30, 2024.
Previous wording
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 wording
Total costs and expenses increased $7.1 million during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.
Previous 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.
Current wording
Cost of Natural Gas and NGLs. Cost of natural gas and NGLs increased $9.9 million for the three months ended September 30, 2025, compared to the three months ended September 30, 2024.
Previous wording
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 wording
Cost of natural gas and NGLs increased $21.4 million for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.
Previous 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.
Current wording
Operation and Maintenance. Operation and maintenance expense increased $13.9 million for the three months ended September 30, 2025, compared to the three months ended September 30, 2024 primarily as a result of the Tall Oak Acquisition and the Moonrise Acquisition, partially offset by the disposition of our Mountaineer Midstream system.
Previous 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.
Current wording
Interest Expense. Interest expense decreased $1.5 million for the three months ended September 30, 2025, compared to three months ended September 30, 2024.
Previous wording
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 wording
Interest expense decreased $24.4 million for the nine months ended September 30, 2025, compared to nine months ended September 30, 2024, primarily due to $44.2 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 $43.7 million of increased borrowing costs in connection with the issuance of the 2029 Secured Notes in July 2024 and January 2025.
Previous wording
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 wording
Income Tax. For the nine months ended September 30, 2025, the Company recorded a tax expense of $0.1 million. The income tax expense was the result of the Company’s Up-C tax structure, which results in the allocation of income from SMLP to SMC, in which SMC records a provision for income taxes. For the year ended December 31, 2025, the Company expects to generate a tax net operating loss.
Previous 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.
Current wording
Natural gas. Natural gas volume throughput increased for the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, primarily reflecting 68 new well connections that came online subsequent to September 30, 2024, additional throughput in connection with the Moonrise Acquisition, partially offset by natural production declines.
Previous 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.
Current wording
Liquids. Liquids volume throughput increased for the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, primarily due to 28 new well connections that came online subsequent to September 30, 2024 and additional throughput in connection with the Moonrise Acquisition, partially offset by natural production declines.
Previous wording
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 wording
Three and nine months ended September 30, 2025. Segment adjusted EBITDA increased $4.1 million and $8.5 million, compared to the three and nine months ended September 30, 2024, respectively, primarily as a result of margin mix and the Moonrise Acquisition.
Previous 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.
Current wording
Volume throughput for Double E increasedfor the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024.
Previous wording
The following table presents the MVC quantities that Double E’s shippers have contracted to with firm transportation service agreements and related negotiated rate agreements:
Current wording
The following table presents the MVC quantities that Double E’s shippers have contracted to with firm transportation service agreements and related negotiated rate agreements. excluding a new precedent agreement for 100 MMcf/d of firm capacity with an expected in-service during the fourth quarter of 2026 and a 10-year term:
Previous 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.
Current wording
Three and nine months ended September 30, 2025. Segment adjusted EBITDA increased $0.2 million and $1.8 million, respectively, compared to the three and nine months ended September 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 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.
Current wording
Volume throughput decreased for the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, primarily as a result of natural production declines.
Previous 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.
Current wording
Three and nine months ended September 30, 2025. Segment adjusted EBITDA decreased $0.3 million and $6.1 million, respectively, compared to the three and nine months ended September 30, 2024 primarily related to contractual step-downs.
Previous 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.
Current wording
Volume throughput increased for the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, primarily as a result of the Tall Oak Acquisition and 32 new well connections that came online subsequent to September 30, 2024 and the resumption of previous production curtailments associated with reductions in commodity pricing.
Showing the first 40 of 68 pairs. Open the source sections for the rest.
Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
Interest Expense. Interest expense decreased $1.5 million for the three months ended September 30, 2025, compared to three months ended September 30, 2024.
Current report — wording carried from elsewhere
•$69.3 million of cash inflows from the proceeds of the Mountaineer Transaction;
Current report — wording carried from elsewhere
•$37.9 million of cash outflows for capital expenditures.
Current report — wording carried from elsewhere
•$565.8 million of cash inflows from the issuance of the 2029 Secured Notes;
Current report — wording carried from elsewhere
•$150.0 million of cash inflows from borrowings on the Amended and Restated ABL Facility.
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
•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 report — wording carried elsewhere
•$70.0 million of cash inflows from the proceeds of the Mountaineer Transaction;
Previous report — wording carried elsewhere
•$26.9 million of cash outflows for capital expenditures.
Previous report — wording carried 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.