Summit Midstream Corp
For the period ended Sep 30, 2026. Filed Nov 9, 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.
Sep 30, 2026 · Filed Nov 9, 2026
SMC$27.96+3.1%Stored close · as of Nov 9, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious 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 OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-09.
0002024218-26-000096
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 223 previous paragraphs and 229 current paragraphs.
110 unchanged; 86 reworded; 31 added; 23 removed; 4 previous and 2 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 (31)
Current report
•New Permian Transmission Facility Amendment. On August 31, 2026, we entered into the First Amended New Permian Transmission Facility, pursuant to which certain lenders committed to providing $50.0 million in incremental term loans, with terms identical to the initial term loans under the New Permian Transmission Facility.
Current report
•DFW Asset Sale. On September 3, 2026, DFW Midstream Services LLC, our wholly owned subsidiary, sold non-key assets for cash consideration of $10.0 million. We recognized a gain on the sale of $5.0 million, recorded within “(Gain) loss on asset sales, net” in our unaudited condensed consolidated statements of operations.
Current report
Consolidated Overview for the Three and Nine Months Ended September 30, 2026 and 2025
Current report
•a volume throughput increase of 10 MMcf/d for the Rockies segment.
Current report
•a volume throughput increase of 20 MMcf/d for the Mid-Con segment.
Current report
•a $10.8 million increase in the Rockies;
Current report
•a $2.1 million decrease in the Piceance.
Current report
•a $0.6 million increase in the Mid-Con.
Current report
•a $8.7 million increase in the Rockies;
Current report
•a $2.8 million increase in the Mid-Con; and
Current report
•a $2.7 million decrease in the Mid-Con.
Current report
General and administrative expenses increased $2.8 million for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, primarily as a result of increased salaries and benefit expense. For the nine months ended September 30, 2026 and 2025, general and administrative expenses include $7.6 million and $6.8 million of noncash stock-based compensation, respectively.
Current report
Segment Overview for the Three and Nine Months Ended September 30, 2026 and 2025
Current report
Volume throughput increased for the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025, primarily as a result of 32 new well connections that came online subsequent to September 30, 2025, partially offset by natural production declines.
Current report
Three and nine months ended September 30, 2026. Segment adjusted EBITDA decreased $4.2 million for the three months ended September 30, 2026, compared to the three months ended September 30, 2025. The decrease reflects lower volume throughput discussed above, partially offset by lower cost of natural gas and NGLs. The decrease in other revenues reflects the recognition of a non-recurring $1.5 million benefit recognized in the third quarter of 2025.
Current report
Segment adjusted EBITDA decreased $8.2 million for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025. Segment adjusted EBITDA was negatively affected by lower gathering services revenues, primarily related to natural production declines and first-half producer shut-ins of approximately 9 MMcf/d, partially offset by lower operation and maintenance expense. Additionally, other revenues decreased, reflecting the recognition of a non-recurring $1.5 million benefit recognized in the third quarter of 2025.
Current report
First Amended New Permian Transmission Facility. On August 31, 2026, Summit Permian Transmission and Permian Holdco entered into the Incremental Amendment No. 1 to the New Permian Transmission Facility (the “First Incremental Amendment”) amending the New Permian Transmission Facility (as amended by the First Incremental Amendment, the “First Amended New Permian Transmission Facility”), pursuant to which certain lenders under the New Permian Transmission Facility committed to provide the $50.0 million incremental facility. This new incremental term loan constitutes an “Incremental Term Loan” under the New Permian Transmission Facility, with terms, rights, remedies, privileges, and protections that are identical to the initial term loans under the New Permian Transmission Facility.
Current report
•New Permian Transmission Facility Amendment. In August 2026, we entered into the First Amended New Permian Transmission Facility, pursuant to which certain lenders committed to providing $50.0 million in incremental term loans, with terms identical to the initial term loans under the New Permian Transmission Facility.
Current report
•DFW Asset Sale. On September 3, 2026, DFW Midstream Services LLC, our wholly owned subsidiary, sold non-key assets for cash consideration of $10.0 million. We recognized a gain on the sale of $5.0 million, recorded within “(Gain) loss on asset sales, net” in our unaudited condensed consolidated statements of operations.
Current report
Operating activity cash flows during the nine months ended September 30, 2026 primarily reflected:
Current report
Operating activity cash flows during the nine months ended September 30, 2025 primarily reflected:
Current report
Investing activity cash flows during the nine months ended September 30, 2026 primarily reflected:
Current report
•$65.5 million of cash outflows for capital expenditures;
Current report
•$10.0 million of proceeds from the sale of assets.
Current report
Investing activity cash flows during the nine months ended September 30, 2025 primarily reflected:
Current report
•$69.9 million of cash outflows for capital expenditures.
Current report
Financing activity cash flows during the nine months ended September 30, 2026 primarily reflected:
Current report
•$144.0 million of cash outflows for repayments on the Amended and Restated ABL Facility;
Current report
Financing activity cash flows during the nine months ended September 30, 2025 primarily reflected:
Current report
•$285.0 million of cash outflows for repayments on the Amended and Restated ABL Facility;
Current report
•the effects of litigation, including litigation seeking to impose liability on companies in the oil and gas industry for the effects of climate change;
Removed paragraphs (23)
Previous report
economic sanctions, and political instability;
Previous report
Consolidated Overview for the Three and Six Months Ended June 30, 2026 and 2025
Previous report
•a volume throughput increase of 15 MMcf/d for the Rockies segment;
Previous report
•a volume throughput increase of 27 MMcf/d for the Rockies segment;
Previous report
•a $0.7 million decrease in the Rockies;
Previous report
•a $3.0 million decrease in the Mid-Con.
Previous report
•a $2.0 million decrease in the Rockies;
Previous report
•a $1.0 million increase in the Mid-Con; and
Previous report
•a $3.3 million decrease in the Mid-Con.
Previous 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.
Previous report
Segment Overview for the Three and Six Months Ended June 30, 2026 and 2025
Previous 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.
Previous report
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 report
Operating activity cash flows during the six months ended June 30, 2026 primarily reflected:
Previous report
Operating activity cash flows during the six months ended June 30, 2025 primarily reflected:
Previous report
Investing activity cash flows during the six months ended June 30, 2026 primarily reflected:
Previous report
•$44.3 million of cash outflows for capital expenditures; and
Previous report
Investing activity cash flows during the six months ended June 30, 2025 primarily reflected:
Previous report
•$47.0 million of cash outflows for capital expenditures; and
Previous report
Financing activity cash flows during the six months ended June 30, 2026 primarily reflected:
Previous report
Financing activity cash flows during the six months ended June 30, 2025 primarily reflected:
Previous report
•$260.0 million of cash outflows for repayments on the Amended and Restated ABL Facility;
Previous report
•the effects of litigation;
Reworded paragraphs (86)
Previous wording
Our financial results are driven primarily by volume throughput across our gathering systems and by expense management. We generate the majority of our revenues from the gathering, compression, treating, and processing services that we provide to our customers. A majority of the volumes that we gather, compress, treat and/or process have a fixed-fee rate structure which enhances the stability of our cash flows by providing a revenue stream that is not subject to direct commodity price risk. We also earn a portion of our revenues from the following activities that directly expose us to fluctuations in commodity prices: (i) the sale of physical natural gas and/or NGLs purchased under percentage-of-proceeds or other processing arrangements with certain of our customers in the Rockies, Piceance and Mid-Con segments, (ii) the sale of natural gas we retain from certain Mid-Con segment customers, (iii) the sale of condensate we retain from our gathering services in the Rockies and Piceance segment, and (iv) additional gathering fees that are tied to the performance of certain commodity price indexes which are then added to the fixed gathering rates.
Current wording
Our financial results are driven primarily by volume throughput across our gathering systems and by expense management. We generate the majority of our revenues from the gathering, compression, treating, and processing services that we provide to our customers. A majority of the volumes that we gather, compress, treat and/or process have a fixed-fee rate structure, which enhances the stability of our cash flows by providing a revenue stream that is not subject to direct commodity price risk. We also earn a portion of our revenues from the following activities that directly expose us to fluctuations in commodity prices: (i) the sale of physical natural gas and/or NGLs purchased under percentage-of-proceeds or other processing arrangements with certain of our customers in the Rockies, Piceance, and Mid-Con segments, (ii) the sale of natural gas we retain from certain Mid-Con segment customers, (iii) the sale of condensate we retain from our gathering services in the Rockies and Piceance segments, and (iv) additional gathering fees that are tied to the performance of certain commodity price indexes, which are then added to the fixed gathering rates.
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, 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 Nine Months Ended September 30, 2026 and 2025” 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 ongoing U.S. military operation in Iran, and the threatened and actual closing of oil shipping routes, including the Strait of Hormuz, by Iran and affiliated groups, the current Russia-Ukraine conflict, international sanctions against Russia, the U.S. military operation in Venezuela, 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 (i) the ongoing U.S. military operation in Iran and the closing of oil shipping routes, including the Strait of Hormuz, by Iran and affiliated groups; (ii) the ongoing Russia-Ukraine conflict and international sanctions against Russia; (iii) the U.S. military operation in Venezuela; and (iv) other sustained military campaigns;
Previous wording
which we do business, including any future economic downturn, the imposition of tariffs or trade or other
Current wording
which we do business, including any future economic downturn, the imposition of tariffs or trade or other economic sanctions, and political instability;
Previous wording
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 wording
Double E. In August 2026, Double E reached a formal FID on its compression expansion project. The project will increase the pipeline’s capacity by approximately 50%, from approximately 1.6 Bcf/d to approximately 2.4 Bcf/d. In advance of the FID, Double E executed a purchase order for gas turbine compressors to secure the long lead time equipment necessary for the project and maintain its targeted in-service date of year-end 2028. Additionally, Double E anticipates filing its Section 7(c) certificate application with the Federal Energy Regulatory Commission later this year.
Previous wording
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 wording
In addition, Double E received notice from the Shipper that it reached FID on its processing plant expansion related to 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.
Previous wording
•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 wording
•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 program through September 30, 2026, we have repurchased 41,631 shares of common stock for an aggregate purchase price of $1.2 million, excluding applicable excise taxes. Following these repurchases, as of September 30, 2026, approximately $33.8 million remained available for future repurchases under the program.
Previous wording
Capital structure optimization and portfolio management. We intend to continue to improve our capital structure in the future by reducing our indebtedness with free cash flow, and when appropriate, we may pursue opportunistic transactions with the objective of increasing long-term shareholder value. This may include opportunistic acquisitions, divestitures, re-allocation of capital to new or existing areas, and development of joint ventures involving our existing midstream assets or new investment opportunities. We believe that our current cash balance, internally generated cash flow, our Amended and Restated ABL Facility, the New Permian Transmission Facility, and access to debt or equity capital markets will be adequate to finance our strategic initiatives. To attain our overall corporate strategic objectives, we may conduct an asset divestiture, or divestitures, at a transaction valuation that is less than the net book value of the divested asset.
Current wording
Capital structure optimization and portfolio management. We intend to continue to improve our capital structure in the future by reducing our indebtedness with free cash flow, and when appropriate, we may pursue opportunistic transactions with the objective of increasing long-term shareholder value. This may include opportunistic acquisitions, divestitures, re-allocation of capital to new or existing areas, and development of joint ventures involving our existing midstream assets or new investment opportunities. We believe that our current cash balance, internally generated cash flow, our Amended and Restated ABL Facility, the First Amended New Permian Transmission Facility, and access to debt or equity capital markets will be adequate to finance our strategic initiatives. To attain our overall corporate strategic objectives, we may conduct an asset divestiture, or divestitures, at a transaction valuation that is less than the net book value of the divested asset.
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 U.S., certain events and conditions in foreign oil and natural gas producing countries, such as the ongoing U.S. military operation in Iran, and the threatened and actual closing of oil shipping routes, including the Strait of Hormuz, by Iran and affiliated groups, Russia’s invasion of Ukraine, and the recent change in Venezuela’s political leadership, 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 U.S., certain events and conditions in foreign oil and natural gas producing countries, such as the ongoing U.S. military operation in Iran, the threatened and actual closing of oil shipping routes, including the Strait of Hormuz, by Iran and affiliated groups, Russia’s invasion of Ukraine, and the U.S. military operation in Venezuela, 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 this report, there have been no material impacts to us.
Previous wording
Natural gas, NGL, and crude oil supply and demand dynamics. Natural gas continues to be a critical component of energy supply and demand in the U.S. Over the long term, we believe that the prospects for continued natural gas demand are favorable and will be driven primarily by global population and economic growth, as well as the continued displacement of coal-fired electricity generation by natural gas-fired electricity generation and increase in U.S. LNG exports. Over the next several years, we expect natural gas prices will support continued upstream industry activity by producers focused on natural gas production.
Current wording
Natural gas, NGL, and crude oil supply and demand dynamics. Natural gas continues to be a critical component of energy supply and demand in the U.S. Over the long term, we believe that the prospects for continued natural gas demand are favorable and will be driven primarily by global population and economic growth, as well as the continued displacement of coal-fired electricity generation by natural gas-fired electricity generation and an increase in U.S. LNG exports. Over the next several years, we expect natural gas prices will support continued upstream industry activity by producers focused on natural gas production.
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, 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.
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, 2026, we had approximately $825.0 million principal of fixed-rate debt, $80.0 million outstanding under our variable rate Amended and Restated ABL Facility, and $360.0 million outstanding under the variable rate New Permian Transmission Facility. See Note 8 - Debtto the consolidated financial statements for additional information. As of September 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
(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”.
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 Nine Months Ended September 30, 2026 and 2025”.
Previous wording
Volumes – Gas. Natural gas throughput volumes decreased 13 MMcf/d for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, reflecting:
Current wording
Volumes – Gas. Natural gas throughput volumes increased 27 MMcf/d for the three months ended September 30, 2026 compared to the three months ended September 30, 2025, reflecting:
Previous wording
•a volume throughput decrease of 49 MMcf/d for the Piceance segment.
Current wording
•a volume throughput decrease of 36 MMcf/d for the Piceance segment;
Previous wording
•a volume throughput increase of 21 MMcf/d for the Mid-Con segment; and
Current wording
•a volume throughput increase of 53 MMcf/d for the Mid-Con segment; and
Previous wording
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 wording
Natural gas throughput volumes decreased 1 MMcf/d for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, reflecting:
Previous wording
•a volume throughput decrease of 44 MMcf/d for the Piceance segment.
Current wording
•a volume throughput decrease of 42 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 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.
Current wording
Volumes – Liquids. Crude oil and produced water throughput volumes at the Rockies segment increased for the three months ended September 30, 2026, compared to the three months ended September 30, 2025, primarily due to 56 new well connections that came online subsequent to September 30, 2025, partially offset by natural production declines.
Previous wording
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 wording
Crude oil and produced water throughput volumes at the Rockies segment was unchanged for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, primarily due to 56 new well connections that came online subsequent to September 30, 2025, 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, 2026 and 2025” section herein.
Current wording
For additional information on volumes, see the “Segment Overview for the Three and Nine Months Ended September 30, 2026 and 2025” section herein.
Previous 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.
Current wording
Revenues. Total revenues increased $36.1 million during the three months ended September 30, 2026 compared to the three months ended September 30, 2025, consisting of a $27.0 million increase in natural gas, NGLs and condensate sales, a $10.5 million increase in gathering services and related fees, and a $1.4 million decrease in other revenue.
Previous 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:
Current wording
Gathering Services and Related Fees. Gathering services and related fees increased $10.5 million compared to the three months ended September 30, 2025, primarily reflecting:
Previous 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:
Current wording
Natural Gas, NGLs and Condensate Sales. Natural gas, NGLs and condensate revenues increased $27.0 million compared to the three months ended September 30, 2025, primarily reflecting:
Previous wording
•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 wording
•a $26.5 million increase in the Rockies, primarily reflecting new well connections and additional throughput in connection with the Moonrise Acquisition that closed on March 10, 2025, partially offset by natural production declines; and
Previous wording
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 wording
Total revenues increased $57.4 million during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, consisting of a $59.1 million increase in natural gas, NGLs and condensate sales, a $4.4 million increase in gathering services and related fees, and a $6.2 million decrease in other revenue.
Previous wording
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 wording
Gathering Services and Related Fees. Gathering services and related fees increased $4.4 million compared to the nine months ended September 30, 2025, primarily reflecting:
Previous wording
•a $2.6 million decrease in the Piceance, primarily due to decreased volume throughput.
Current wording
•a $7.1 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 $32.1 million compared to the six months ended June 30, 2025, primarily reflecting:
Current wording
Natural Gas, NGLs and Condensate Sales. Natural gas, NGLs and condensate revenues increased $59.1 million compared to the nine months ended September 30, 2025, primarily reflecting:
Previous 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
Current wording
•a $62.4 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 $4.0 million during the three months ended June 30, 2026 compared to the three months ended June 30, 2025.
Current wording
Costs and Expenses. Total costs and expenses increased $23.4 million during the three months ended September 30, 2026 compared to the three months ended September 30, 2025.
Previous wording
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 wording
Total costs and expenses increased $32.1 million during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025.
Previous 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.
Current wording
Cost of Natural Gas and NGLs. Cost of natural gas and NGLs increased $21.6 million for the three months ended September 30, 2026, compared to the three months ended September 30, 2025 primarily associated with increased natural gas and NGL sales within the Rockies segment.
Previous wording
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 wording
Cost of natural gas and NGLs increased $38.7 million for the nine months ended September 30, 2026, compared to the nine months ended September 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 $0.6 million for the three months ended June 30, 2026, compared to the three months ended June 30, 2025.
Current wording
Operation and maintenance. Operation and maintenance expense increased $8.1 million for the three months ended September 30, 2026, compared to the three months ended September 30, 2025.
Previous 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.
Current wording
Operation and maintenance expense increased $13.3 million for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025 primarily as a result of the Moonrise Acquisition, which closed in March 2025.
Previous 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.
Current wording
General and administrative. General and administrative expense increased $3.3 million for the three months ended September 30, 2026, compared to the three months ended September 30, 2025 primarily as a result of increased salaries and benefit expense. For the three months ended September 30, 2026 and 2025, general and administrative expenses include $2.3 million and $2.1 million of noncash stock-based compensation, respectively.
Previous 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.
Current wording
Depreciation and amortization. Depreciation and amortization expense decreased $1.6 million for the three months ended September 30, 2026, compared to the three months ended September 30, 2025, primarily due to certain Piceance segment assets that were disposed of during the quarterly period ended September 30, 2025.
Previous wording
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 wording
Depreciation and amortization expense decreased $6.6 million for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, primarily due to certain Piceance segment assets that were disposed of during the quarterly period ended September 30, 2025.
Previous wording
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 wording
Interest expense. Interest expense increased $3.5 million for the three months ended September 30, 2026, compared to the three months ended September 30, 2025, primarily due to $4.8 million of increased interest expense associated with the Permian Transmission Credit Facilities, partially offset by $2.2 million of decreased interest expense associated with the Amended and Restated ABL Facility.
Previous 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.
Current wording
Interest expense increased $9.5 million for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, primarily due to $9.2 million of increased interest expense associated with the Permian Transmission Credit Facilities. Debt issuance cost amortization also increased $2.1 million, primarily due to the first quarter 2026 write-off of the remaining unamortized debt issuance costs on the Legacy Permian Transmission Credit Facilities. Interest expense on the 2029 Secured Notes increased $1.7 million. These increases were partially offset by a $3.2 million decrease in interest expense associated with the Amended and Restated ABL Facility.
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Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
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 a certain shipper (the “Shipper”) executed a firm option agreement for an additional 200 MMcf/d of capacity during the summer of 2026.
Current report — wording carried from elsewhere
•a volume throughput increase of 21 MMcf/d for the Rockies segment; and
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
•a volume throughput increase of 4 MMcf/d for the Mid-Con segment; and
Previous report — wording carried elsewhere
•a $5.1 million decrease in the Piceance, primarily due to decreased volume throughput.
Previous report — wording carried elsewhere
•$3.1 million of cash outflows for capital contributions for our equity method investment in Double E.
Previous report — wording carried elsewhere
•$117.0 million of cash outflows for repayments on the Amended and Restated ABL Facility;