Summit Midstream Corp
For the period ended Jun 30, 2026. Filed Aug 10, 2026.
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.
Jun 30, 2026 · Filed Aug 10, 2026
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 2026-03-31; filed 2026-05-11.
0002024218-26-000069
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-10.
0002024218-26-000087
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 192 previous paragraphs and 223 current paragraphs.
120 unchanged; 57 reworded; 35 added; 11 removed; 4 previous and 11 current paragraphs rearranged.
Tables are not compared: 16 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 (35)
Current report
Double E. During 2026, as part of the ongoing binding open season for Double E’s compression expansion project, Double E executed three long-term firm transportation agreements totaling 250 MMcf/d and has also entered into a firm option agreement for an additional 200 MMcf/d of capacity which may be executed by a certain shipper (the “Shipper”) during the summer of 2026. Additionally, Double E received an affirmative FID notice on a processing plant expansion from the Shipper on the previously announced 230 MMcf/d firm transportation agreement. With the 250 MMcf/d of new binding agreements entered into thus far during the open season and the affirmative FID on the previously announced 230 MMcf/d firm transportation agreement, Double E’s total contracted firm capacity has increased to approximately 1.9 Bcf/d.
Current report
Double E’s compression expansion project would increase the pipeline’s capacity by approximately 50%, from approximately 1.6 Bcf/d to approximately 2.4 Bcf/d. We expect to reach a formal FID by the end of summer 2026. In advance of the FID, Double E has recently executed a purchase order to acquire gas turbine compressors to secure the long lead time equipment necessary for the project and maintain Double E’s end of 2028 targeted in-service date. Additionally, Double E anticipates filing its 7c certificate application with the Federal Energy Regulatory Commission later this year.
Current report
•Share Repurchase Program. In June 2026, our Board of Directors authorized the Share Repurchase Program to repurchase up to $35.0 million of SMC’s outstanding common stock. Since the inception of the Share Repurchase Program through June 30, 2026, we have repurchased 34,624 shares of common stock for an aggregate purchase price of $1.0 million, excluding applicable excise taxes. Following these repurchases, as of June 30, 2026, approximately $34.0 million remained available for future repurchases under the program.
Current report
•a volume throughput increase of 15 MMcf/d for the Rockies segment;
Current report
•a volume throughput increase of 21 MMcf/d for the Mid-Con segment; and
Current report
•a volume throughput increase of 27 MMcf/d for the Rockies segment;
Current report
•a volume throughput increase of 4 MMcf/d for the Mid-Con segment; and
Current report
•a $0.7 million decrease in the Rockies;
Current report
•a $1.8 million increase in the Mid-Con; and
Current report
•a $3.0 million decrease in the Mid-Con.
Current report
Gathering Services and Related Fees. Gathering services and related fees decreased $6.1 million compared to the six months ended June 30, 2025, primarily reflecting:
Current report
•a $1.0 million increase in the Mid-Con; and
Current report
Total costs and expenses increased $8.7 million during the six months ended June 30, 2026 compared to the six months ended June 30, 2025.
Current report
Cost of natural gas and NGLs increased $17.1 million for the six months ended June 30, 2026, compared to the six months ended June 30, 2025 primarily associated with increased natural gas and NGL sales within the Rockies segment.
Current report
General and administrative expenses decreased $0.6 million for the six months ended June 30, 2026, compared to the six months ended June 30, 2025.
Current report
Interest expense. Interest expense increased $3.5 million for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily related to $4.5 million of increased interest expense associated with the Permian Transmission credit facilities, partially offset by $1.1 million of decreased interest expense associated with the Amended and Restated ABL Facility.
Current report
Segment Overview for the Three and Six Months Ended June 30, 2026 and 2025
Current report
Three and six months ended June 30, 2026. Segment adjusted EBITDA increased $5.1 million and $6.6 million, respectively, compared to the three and six months ended June 30, 2025. The increase was primarily attributable to increased natural gas throughput and a favorable margin mix, partially offset by lower liquids volume throughput. The six months ended June 30, 2026 was also impacted by increased operations and maintenance expense and general and administrative costs associated with the Moonrise Acquisition, partially offset by lower freshwater sales.
Current report
Volume throughput increased for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, primarily as a result of 44 new well connections that came online subsequent to June 30, 2025, partially offset by natural production declines.
Current report
Three and six months ended June 30, 2026. Segment adjusted EBITDA decreased $3.5 million and $6.7 million, respectively, compared to the three and six months ended June 30, 2025, primarily as a result of reduced natural gas and condensate sales as well as increased operations and maintenance expense.
Current report
Volume throughput decreased for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, primarily as a result of natural production declines. In addition, throughput volumes were negatively impacted by producer shut-ins, which reduced volumes by approximately 12 MMcf/d and 10 MMcf/d during the three and six months ended June 30, 2026, respectively.
Current report
General and administrative expenses attributable to Corporate and Other decreased by $2.5 million for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to the absence of $1.5 million of severance expense incurred during 2025 and lower professional and legal expenses in 2026, partially offset by increased compensation and benefits expense. For the six months ended June 30, 2026 and 2025, general and administrative expenses included $5.3 million and $4.7 million of noncash stock-based compensation, respectively.
Current report
Interest Expense. Interest expense increased by $3.5 million for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily related to $4.5 million of increased interest expense associated with the Permian Transmission credit facilities, partially offset by $1.1 million of decreased interest expense associated with the Amended and Restated ABL Facility.
Current report
In June 2026, our Board of Directors authorized the Share Repurchase Program to repurchase up to $35.0 million of our outstanding common stock. Under the Share Repurchase Program, repurchases of shares of our common stock may be made from time to time in the open market, through privately negotiated transactions, block purchases, or otherwise, including through a Rule 10b5-1 trading plan, in compliance with applicable federal and state securities laws, including Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The timing and amount of any repurchases will be determined by management at its discretion based on a variety of factors, including business and market conditions, the trading price of our common stock, compliance with debt covenants, and certain other considerations. The Share Repurchase Program does not obligate us to repurchase any specific number of shares, has no fixed expiration date, and may be suspended or discontinued at any time.
Current report
•Share Repurchase Program. In June 2026, our Board of Directors authorized the Share Repurchase Program to repurchase up to $35.0 million of SMC’s outstanding common stock. Since the inception of the Share Repurchase Program through June 30, 2026, we have repurchased 34,624 shares of common stock for an aggregate purchase price of $1.0 million, excluding applicable excise taxes.
Current report
Operating activity cash flows during the six months ended June 30, 2025 primarily reflected:
Current report
•$44.3 million of cash outflows for capital expenditures; and
Current report
•$6.5 million of cash outflows for capital contributions for our equity method investment in Double E.
Current report
Investing activity cash flows during the six months ended June 30, 2025 primarily reflected:
Current report
•$47.0 million of cash outflows for capital expenditures; and
Current report
•$3.1 million of cash outflows for capital contributions for our equity method investment in Double E.
Current report
•$1.0 million of cash outflows for repurchase of SMC common shares in connection with the Share Repurchase Program;
Current report
Financing activity cash flows during the six months ended June 30, 2025 primarily reflected:
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;
Removed paragraphs (11)
Previous report
•a volume throughput increase of 38 MMcf/d for the Rockies segment.
Previous report
•a $1.3 million decrease in the Rockies;
Previous report
•a $0.8 million decrease in the Mid-Con; and
Previous report
Volume throughput decreased for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily as a result of natural production declines, partially offset by 33 new well connections that came online subsequent to March 31, 2025.
Previous report
Three months ended March 31, 2026. Segment adjusted EBITDA decreased $3.1 million, compared to the three months ended March 31, 2025, primarily as a result of lower volume throughput discussed above as well as a temporary increase in field compression equipment expense.
Previous report
Volume throughput decreased 15% for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily as a result of natural production declines and an 8MMcf/d decrease from shut-in impacts during the quarter ended March 31, 2026.
Previous report
Three months ended March 31, 2026. Segment adjusted EBITDA decreased $2.2 million, compared to the three months ended March 31, 2025 primarily as a result of lower volume throughput discussed above as well as contractual step-downs of existing commercial agreements.
Previous report
•$19.3 million of cash outflows for capital expenditures.
Previous report
•$20.6 million of cash outflows for capital expenditures.
Previous report
•$75.0 million of cash outflows for repayments on the Amended and Restated ABL Facility;
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, 2026 and 2025” 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, 2026 and 2025” section included herein.
Previous wording
2026 capital structure transactions. During the quarterly period ended March 31, 2026, we completed several transactions with counterparties that impacted our financial position and quarterly cash flows and will also impact future cash outflows for interest expense, dividends, and operating and financing activities.
Current wording
2026 capital structure transactions. During 2026 we completed several transactions with counterparties that impacted our financial position and quarterly cash flows and will also impact future cash outflows for interest expense, dividends, and operating and financing activities.
Previous wording
•Legacy Permian Transmission Credit Facilities Refinancing. In March 2026, we completed a $440.0 million refinancing of our Legacy Permian Transmission Credit Facilities in the form of the New Permian Transmission Facility having a maturity in March 2031, bearing interest at SOFR plus 4.00% per annum. The New Permian Transmission Facility consists of $340.0 million in initial term loan commitments, $50.0 million in delayed draw commitments (with a commitment fee of 1.00% per annum) and a $50.0 million uncommitted incremental facility. In connection with the New Permian Transmission Facility, Summit Permian Transmission entered into a $7.0 million letter of credit arrangement.
Current wording
•Refinancing of Legacy Permian Transmission Credit Facilities. In March 2026, we completed a $440.0 million refinancing of our Legacy Permian Transmission Credit Facilities in the form of the New Permian Transmission Facility having a maturity in March 2031, bearing interest at SOFR plus 4.00% per annum. The New Permian Transmission Facility consists of $340.0 million in initial term loan commitments, $50.0 million in delayed draw commitments (with a commitment fee of 1.00% per annum) and a $50.0 million uncommitted incremental facility. In connection with the New Permian Transmission Facility, Summit Permian Transmission entered into a $7.0 million letter of credit arrangement.
Previous wording
•Cash settlement of unpaid dividends for Series A Preferred Units. In March 2026, we made a cash dividend payment to the holders of our Series A Preferred Units which included $46.3 million for accrued and unpaid dividends owed from March 15, 2020 to December 14, 2024.
Current wording
•Cash settlement of unpaid dividends for Series A Preferred Stock. In March 2026, we made a cash dividend payment to the holders of our Series A Preferred Stock which included $46.3 million for accrued and unpaid dividends owed from March 15, 2020 to December 14, 2024.
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, 2026, we had approximately $825.0 million principal of fixed-rate debt, $116.0 million outstanding under our variable rate Amended and Restated ABL Facility and $340.0 million outstanding under the variable rate New Permian Transmission Facility. (See Note 7 - Debtfor additional information.) As of March 31, 2026, we had $100.0 million of interest rate exposure hedged to offset the impact of changes in interest rates on our New Permian Transmission Facility.
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, 2026, we had approximately $825.0 million principal of fixed-rate debt, $79.0 million outstanding under our variable rate Amended and Restated ABL Facility and $350.0 million outstanding under the variable rate New Permian Transmission Facility (see Note 8 - Debtfor additional information). As of June 30, 2026, we had $100.0 million of interest rate exposure hedged to offset the impact of changes in interest rates on our New Permian Transmission Facility.
Previous wording
Consolidated Overview for the Three Months Ended March 31, 2026 and 2025
Current wording
Consolidated Overview for the Three and Six Months Ended June 30, 2026 and 2025
Previous wording
(1)Excludes volume throughput for Double E. For additional information, see the Permian section herein under the caption “Segment Overview for the Three Months Ended March 31, 2026 and 2025”.
Current wording
(1)Excludes volume throughput for Double E. For additional information, see the Permian section herein under the caption “Segment Overview for the Three and Six Months Ended June 30, 2026 and 2025”.
Previous wording
•a volume throughput decrease of 39 MMcf/d for the Piceance segment.
Current wording
•a volume throughput decrease of 49 MMcf/d for the Piceance segment.
Previous wording
•a volume throughput decrease of 12 MMcf/d for the Mid-Con segment.
Current wording
•a volume throughput decrease of 44 MMcf/d for the Piceance segment.
Previous wording
Volumes – Liquids. Crude oil and produced water throughput volumes at the Rockies segment decreased for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to natural production declines, offset by 11 new well connections that came online subsequent to March 31, 2025.
Current wording
Volumes – Liquids. Crude oil and produced water throughput volumes at the Rockies segment decreased for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to natural production declines, offset by 29 new well connections that came online subsequent to June 30, 2025.
Previous wording
For additional information on volumes, see the “Segment Overview for the Three Months Ended March 31, 2026 and 2025” section herein.
Current wording
For additional information on volumes, see the “Segment Overview for the Three and Six Months Ended June 30, 2026 and 2025” section herein.
Previous wording
Revenues. Total revenues increased $6.4 million during the three months ended March 31, 2026 compared to the three months ended March 31, 2025, comprised of a $14.3 million increase in natural gas, NGLs and condensate sales, a $4.6 million decrease in gathering services and related fees and a $3.3 million decrease in other revenue.
Current wording
Revenues. Total revenues increased $14.8 million during the three months ended June 30, 2026 compared to the three months ended June 30, 2025, comprised of a $17.8 million increase in natural gas, NGLs and condensate sales, a $1.5 million decrease in gathering services and related fees and a $1.5 million decrease in other revenue.
Previous wording
Gathering Services and Related Fees. Gathering services and related fees decreased $4.6 million compared to the three months ended March 31, 2025, primarily reflecting:
Current wording
Gathering Services and Related Fees. Gathering services and related fees decreased $1.5 million compared to the three months ended June 30, 2025, primarily reflecting:
Previous wording
•a $2.5 million decrease in the Piceance, primarily due to decreased volume throughput.
Current wording
•a $2.6 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 $14.3 million compared to the three months ended March 31, 2025, primarily reflecting:
Current wording
Natural Gas, NGLs and Condensate Sales. Natural gas, NGLs and condensate revenues increased $17.8 million compared to the three months ended June 30, 2025, primarily reflecting:
Previous wording
•a $15.0 million increase in the Rockies, primarily reflecting new well connections and additional throughput in connection with the Moonrise Acquisition, partially offset by natural production declines.
Current wording
•a $20.9 million increase in the Rockies, primarily reflecting new well connections and additional throughput in connection with the Moonrise Acquisition, partially offset by natural production declines; and
Previous wording
Costs and Expenses. Total costs and expenses increased $4.7 million during the three months ended March 31, 2026 compared to the three months ended March 31, 2025.
Current wording
Costs and Expenses. Total costs and expenses increased $4.0 million during the three months ended June 30, 2026 compared to the three months ended June 30, 2025.
Previous wording
Cost of Natural Gas and NGLs. Cost of natural gas and NGLs increased $3.9 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025 primarily related to the Moonrise Acquisition in late March 2025.
Current wording
Cost of Natural Gas and NGLs. Cost of natural gas and NGLs increased $13.2 million for the three months ended June 30, 2026, compared to the three months ended June 30, 2025 primarily associated with increased natural gas and NGL sales within the Rockies segment.
Previous wording
Operation and Maintenance. Operation and maintenance expense increased $4.7 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025 primarily as a result of the Moonrise Acquisition which closed in March 2025.
Current wording
Operation and maintenance expense increased $5.3 million for the six months ended June 30, 2026, compared to the six months ended June 30, 2025 primarily as a result of the Moonrise Acquisition which closed in March 2025.
Previous wording
General and administrative. General and administrative expense increased $1.3 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025 primarily as a result of increased employee salaries and benefits expense and a $2.0 million expense related to the settlement of an outstanding commercial dispute. These increases were partially offset by lower contract labor expense. For the three months ended March 31, 2026 and 2025, general and administrative expenses include $3.0 million and $2.4 million of noncash stock-based compensation, respectively.
Current wording
General and administrative. General and administrative expense decreased $1.8 million for the three months ended June 30, 2026, compared to the three months ended June 30, 2025 primarily as a result of $2.1 million of severance expense incurred in 2025, reduced professional and legal expenses in 2026, partially offset by increased salaries and benefit expense. For the three months ended June 30, 2026 and 2025, general and administrative expenses include $3.0 million and $2.4 million of noncash stock-based compensation, respectively.
Previous wording
Depreciation and amortization. Depreciation and amortization expense decreased $1.8 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to certain Piceance segment assets that were disposed of during the quarterly period ended September 30, 2025.
Current wording
Depreciation and amortization. Depreciation and amortization expense decreased $3.2 million for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to certain Piceance segment assets that were disposed of during the quarterly period ended September 30, 2025.
Previous wording
Transaction costs. During the three months ended March 31, 2025, transaction costs primarily relate to the Moonrise Acquisition and Tall Oak Acquisition.
Current wording
Transaction costs. During 2025, transaction costs primarily relate to the Moonrise Acquisition and the Tall Oak Acquisition.
Previous wording
Acquisition integration costs. Acquisition and integration costs during the three months ended March 31, 2025 primarily relate to fees paid to third-party service providers to integrate the Tall Oak Acquisition and the Moonrise Acquisition into the Company’s operational platform.
Current wording
Acquisition integration costs. Acquisition and integration costs during 2025 primarily relate to fees paid to third-party service providers to integrate the Tall Oak Acquisition and the Moonrise Acquisition into the Company’s operational platform.
Previous wording
Interest Expense. Interest expense increased $2.5 million for the three months ended March 31, 2026, compared to three months ended March 31, 2025, primarily related to $1.6 million of increased debt issuance cost amortization, primarily related to the write off of the remaining unamortized debt issuance costs on the Legacy Permian Transmission Credit Facilities and $1.1 million of increased interest expense related to the issuance of the Additional 2029 Secured Notes.
Current wording
Interest expense increased $6.0 million for the six months ended June 30, 2026, compared to the six months ended June 30, 2025 primarily related to $4.4 million of increased interest expense associated with the Permian Transmission credit facilities and $1.8 million of increased debt issuance cost amortization, primarily related to the first quarter 2026 write-off of the remaining unamortized debt issuance costs on the Legacy Permian Transmission Credit Facilities.
Previous wording
Income Tax. For the three months ended March 31, 2026, the Company recorded a tax benefit of $1.0 million. Our effective tax rate was different from the U.S. federal statutory income tax rate primarily due to the net income allocated to the noncontrolling interest, tax benefits related to stock-based compensation, and nondeductible executive compensation.
Current wording
Income tax. For the six months ended June 30, 2026, our effective tax rate is different than the U.S. federal statutory income tax rate of 21% primarily due to income allocated to the noncontrolling interest, nondeductible executive compensation, and excess tax benefits related to stock compensation.
Previous wording
Natural gas. Natural gas volume throughput increased 29% for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily reflecting 100 new well connections that came online subsequent to March 31, 2025 and additional throughput in connection with the Moonrise Acquisition, partially offset by natural production declines.
Current wording
Natural gas. Natural gas volume throughput increased for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, primarily reflecting 71 new well connections that came online subsequent to June 30, 2025 and additional throughput in connection with the Moonrise Acquisition, partially offset by natural production declines.
Previous wording
Liquids. Liquids volume throughput decreased 14% for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to natural production declines, partially offset by 11 new well connections that came online subsequent to March 31, 2025.
Current wording
Liquids. Liquids volume throughput decreased for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, primarily due to natural production declines, partially offset by 29 new well connections that came online subsequent to June 30, 2025.
Previous wording
Volume throughput for Double E increased 21% for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, as a result of increased throughput volumes from its customers.
Current wording
Volume throughput for Double E increasedfor the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, as a result of increased throughput volumes from its customers.
Previous wording
The following table presents the MVC quantities (i) that Double E’s shippers have contracted for under firm transportation service agreements and related negotiated rate agreements and (ii) three new precedent agreements for projects not yet placed in service. These precedent agreements are expected to require between $45.0 and $50.0 million of capital investment by Summit Permian Transmission, all of which is expected to be funded with the New Permian Transmission Facility.
Current wording
The following table presents the MVC quantities (i) that Double E’s shippers have contracted for under firm transportation service agreements and related negotiated rate agreements and (ii) new precedent agreements for projects not yet placed in service. These precedent agreements are expected to require between $60.0 and $70.0 million of capital investment by Summit Permian Transmission, all of which is expected to be funded with the New Permian Transmission Facility.
Previous wording
Three months ended March 31, 2026. Segment adjusted EBITDA increased $0.5 million, compared to the three months ended March 31, 2025, 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, 2026. Segment adjusted EBITDA increased $1.1 million and $1.5 million, respectively, compared to the three and six months ended June 30, 2025, primarily as a result of an increase in proportional adjusted EBITDA from our equity method investment in Double E.
Previous wording
Three months ended March 31, 2026. Segment adjusted EBITDA increased $1.5 million, compared to the three months ended March 31, 2025, primarily as a result of increased throughput described above, partially offset by lower freshwater sales.
Current wording
Three and six months ended June 30, 2026. Segment adjusted EBITDA decreased $1.8 million and $4.0 million, respectively, compared to the three and six months ended June 30, 2025 primarily as a result of lower volume throughput discussed above, partially offset by lower operations and maintenance expense.
Previous wording
Corporate and Other Overview for the Three Months Ended March 31, 2026 and 2025
Current wording
Corporate and Other Overview for the Three and Six Months Ended June 30, 2026 and 2025
Previous wording
General and administrative. For the three months ended March 31, 2026, general and administrative expenses attributable to Corporate and Other decreased by $1.3 million compared to the three months ended March 31, 2025, primarily due to lower fees associated with transition services incurred in 2025 for the Tall Oak acquisition, offset by increased employee salaries and benefit expense. For the three months ended March 31, 2026 and 2025, general and administrative expenses included $3.0 million and $2.4 million of noncash stock-based compensation, respectively.
Current wording
General and administrative. For the three months ended June 30, 2026, general and administrative expenses attributable to Corporate and Other decreased by $1.2 million compared to the three months ended June 30, 2025, primarily due to the absence of $1.5 million of severance expense incurred during 2025. For the three months ended June 30, 2026 and 2025, general and administrative expenses included $2.3 million and $2.4 million, respectively, of noncash stock-based compensation.
Previous wording
Transaction costs. Transaction costs during the three months ended March 31, 2025 primarily relate to the Moonrise Acquisition and Tall Oak Acquisition.
Current wording
Transaction costs. Transaction costs incurred during 2025 were primarily related to the Moonrise Acquisition and the Tall Oak Acquisition.
Previous wording
Acquisition integration costs. Acquisition and integration costs during the three months ended March 31, 2025, primarily relate to fees paid to third-party service providers to integrate the Tall Oak Acquisition and the Moonrise Acquisition into the Company’s operational platform.
Current wording
Acquisition integration costs. Acquisition and integration costs incurred during 2025 were primarily related to fees paid to third-party service providers to integrate the Tall Oak Acquisition and the Moonrise Acquisition into the Company’s operational platform.
Previous wording
Interest Expense. Interest expense increased $2.5 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025 primarily related to $1.6 million of increased debt issuance cost amortization, primarily related to the write off of the remaining unamortized debt issuance costs on the Legacy Permian Transmission Credit Facilities and $1.1 million of increased interest expense related to the issuance of the Additional 2029 Secured Notes.
Current wording
Interest expense increased $6.0 million for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily related to $4.4 million of increased interest expense associated with the Permian Transmission credit facilities and $1.8 million of increased debt issuance cost amortization, primarily related to the first quarter 2026 write-off of the remaining unamortized debt issuance costs on the Legacy Permian Transmission Credit Facilities.
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, 2026.
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, 2026.
Previous wording
Summit Midstream Corporation Tax Structure. We operate the Company in an Up-C tax structure whereby the Company owned 68% of SMLP as of March 31, 2026 and Tall Oak Parent owned the remaining 32% of SMLP as a noncontrolling interest. If on March 31, 2026, Tall Oak Parent converted their 6.5 million SMLP Partnership Common 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 wording
Summit Midstream Corporation Tax Structure. We operate the Company in an Up-C tax structure whereby the Company owned approximately 68% of SMLP as of June 30, 2026 and Tall Oak Parent owned the remaining 32% of SMLP as a noncontrolling interest. If on June 30, 2026, Tall Oak Parent converted their 6.5 million SMLP Partnership Common 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.
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 New Permian Transmission Facility. 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, 2026, the First Lien Net Leverage Ratio (as defined in the Amended and Restated ABL Agreement) and the Interest Coverage Ratio were 0.35:1.00 and 2.74:1.00, 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 New Permian Transmission Facility. 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, 2026, the First Lien Net Leverage Ratio (as defined in the Amended and Restated ABL Agreement) and the Interest Coverage Ratio were 0.29:1.00 and 2.73:1.00, respectively.
Previous wording
Amended and Restated ABL Facility. As of March 31, 2026, 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, 2026, there was $116.0 million outstanding under the Amended and Restated ABL Facility and the available borrowing capacity totaled $381.3 million after giving effect to the issuance thereunder of $2.7 million of outstanding but undrawn irrevocable standby letters of credit.
Current wording
Amended and Restated ABL Facility. As of June 30, 2026, 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, 2026, there was $79.0 million outstanding under the Amended and Restated ABL Facility and the available borrowing capacity totaled $418.3 million after giving effect to the issuance thereunder of $2.7 million of outstanding but undrawn irrevocable standby letters of credit.
Showing the first 40 of 57 pairs. Open the source sections for the rest.
Rearranged current paragraphs (11)
Current report — wording carried from elsewhere
Natural gas throughput volumes decreased 13 MMcf/d for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, reflecting:
Current report — wording carried from elsewhere
Crude oil and produced water throughput volumes at the Rockies segment decreased for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to natural production declines, offset by 29 new well connections that came online subsequent to June 30, 2025.
Current report — wording carried from elsewhere
Total revenues increased $21.2 million during the six months ended June 30, 2026 compared to the six months ended June 30, 2025, comprised of a $32.1 million increase in natural gas, NGLs and condensate sales, a $6.1 million decrease in gathering services and related fees and a $4.8 million decrease in other revenue.
Current report — wording carried from elsewhere
•a $2.0 million decrease in the Rockies;
Current report — wording carried from elsewhere
•a $5.1 million decrease in the Piceance, primarily due to decreased volume throughput.
Current report — wording carried from elsewhere
Natural Gas, NGLs and Condensate Sales. Natural gas, NGLs and condensate revenues increased $32.1 million compared to the six months ended June 30, 2025, primarily reflecting:
Current report — wording carried from elsewhere
•a $35.9 million increase in the Rockies, primarily reflecting new well connections and additional throughput in connection with the Moonrise Acquisition, partially offset by natural production declines; and
Current report — wording carried from elsewhere
•a $3.3 million decrease in the Mid-Con.
Current report — wording carried from elsewhere
Operation and maintenance. Operation and maintenance expense increased $0.6 million for the three months ended June 30, 2026, compared to the three months ended June 30, 2025.
Current report — wording carried from elsewhere
Depreciation and amortization expense decreased $5.0 million for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to certain Piceance segment assets that were disposed of during the quarterly period ended September 30, 2025.
Current report — wording carried from elsewhere
•$117.0 million of cash outflows for repayments on the Amended and Restated ABL Facility;
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
Segment Overview for the Three Months Ended March 31, 2026 and 2025
Previous report — wording carried elsewhere
Operating activity cash flows during the three months ended March 31, 2025 primarily reflected:
Previous report — wording carried elsewhere
Investing activity cash flows during the three months ended March 31, 2025 primarily reflected:
Previous report — wording carried elsewhere
Financing activity cash flows during the three months ended March 31, 2025 primarily reflected: