Summit Midstream Corp
For the period ended Mar 31, 2026. Filed May 11, 2026.
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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, 2026 · Filed May 11, 2026
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 Cash Flows
| Three Months Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| (In thousands) | ||
| Operating activities: | ||
| Net income (loss) | $(3,166) | $4,634 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
| Deferred income taxes | (996) | 233 |
| Depreciation and amortization | 26,943 | 28,752 |
| Noncash lease expense | 681 | 2,349 |
| Amortization of debt issuance costs and other | 2,571 | 968 |
| Equity compensation | 3,036 | 2,375 |
| Income from equity method investee - Double E | (5,237) | (4,840) |
| Distributions from equity method investee - Double E | 7,595 | 6,694 |
| Loss on asset sales, net | 29 | — |
| (Gain) loss on earn-out remeasurement | 503 | (9,023) |
| Loss on sale of business | — | 43 |
| Unrealized loss on interest rate swaps | 529 | 1,870 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (4,437) | (3,378) |
| Trade accounts payable | (1,014) | 7,870 |
| Accrued expenses | 11,711 | 7,114 |
| Deferred revenue, net | (1,808) | (1,879) |
| Ad valorem taxes payable | (5,214) | (4,449) |
| Accrued interest | (20,154) | (12,730) |
| Accrued environmental remediation, net | (137) | (35) |
| Other, net | (4,565) | (10,538) |
| Net cash provided by operating activities | 6,870 | 16,030 |
| Investing activities: | ||
| Capital expenditures | (19,277) | (20,606) |
| Cash consideration paid for the acquisition of Moonrise, net of cash acquired | — | (69,997) |
| Investment in equity method investee - Double E | — | (2,488) |
| Other, net | (86) | — |
| Net cash used in investing activities | (19,363) | (93,091) |
| Financing activities: | ||
| Borrowings under New Permian Transmission Facility | 340,000 | — |
| Debt repayments - Legacy Permian Transmission Term Loan | (116,998) | (3,998) |
| Borrowings on Amended and Restated ABL Facility | 78,000 | 90,000 |
| Debt repayments - Amended and Restated ABL Facility | (75,000) | (250,000) |
| Distributions and redemption of Subsidiary Series A Preferred Units | (143,226) | (1,628) |
| Distributions on Series A Preferred Stock | (49,416) | (3,359) |
| Related party shares issued for cash, net | 41,459 | — |
| Related party settlement of Tall Oak earn-out | (21,304) | — |
| Issuance of Additional 2029 Secured Notes | — | 258,438 |
| Debt issuance costs | (8,052) | (4,832) |
| Other, net | (3,127) | (3,155) |
| Net cash provided by financing activities | 42,336 | 81,466 |
| Net change in cash, cash equivalents and restricted cash | 29,843 | 4,405 |
| Cash, cash equivalents and restricted cash, beginning of period | 19,679 | 25,199 |
| Cash, cash equivalents and restricted cash, end of period | $49,522 | $29,604 |
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