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
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
COMMONLY USED OR DEFINED TERMS
| 2015 Blacktail Release | a 2015 rupture of our four-inch produced water gathering pipeline near Williston, North Dakota |
|---|---|
| 2029 Secured Notes | Summit Holdings’ 8.625% Senior Secured Second Lien Notes due October 2029 |
| ABL Agreement | Loan and Security Agreement, dated as of November 2, 2021, among Summit Holdings, as borrower, SMLP and certain subsidiaries from time to time party thereto, as guarantors, Bank of America, N.A., as agent, ING Capital LLC, Royal Bank of Canada, and Regions Bank, as co-syndication agents, and Bank of America, N.A., ING Capital LLC, RBC Capital Markets, and Regions Capital Markets, as joint lead arrangers and joint bookrunners |
| ABL Facility | the asset-based lending credit facility governed by the ABL Agreement |
| Additional 2029 Secured Notes | the $250,000,000 in aggregate principal amount of 2029 Secured Notes issued on January10, 2025 |
| Amended and Restated ABL Agreement | Amended and Restated Loan and Security Agreement, dated as of July 26, 2024, among Summit Holdings, as borrower, SMLP and certain subsidiaries from time to time party thereto, as guarantors, Bank of America, N.A., as agent, and Bank of America, N.A., Royal Bank of Canada, Regions Capital Markets, TD Securities (USA) LLC, JPMorgan Chase Bank, N.A., Citizens Bank, N.A., and Truist Bank, as joint lead arrangers and joint bookrunners |
| Amended and Restated ABL Facility | the asset-based lending credit facility governed by the Amended and Restated ABL Agreement |
| ASU | Accounting Standards Update |
| Bcf/d | the equivalent of one billion cubic feet per day; generally calculated when liquids are converted into natural gas; determined using a ratio of six thousand cubic feet of natural gas to one barrel of liquids |
| Board of Directors | the board of directors of Summit Midstream Corporation |
| Class B Common Stock | Class B common stock of the Company, par value $0.01 per share |
| common stock | common stock of the Company, par value $0.01 per share |
| Compensation Committee | the compensation committee of the Board of Directors |
| condensate | a natural gas liquid with a low vapor pressure, mainly composed of propane, butane, pentane, and heavier hydrocarbon fractions |
| Corporate Reorganization | the August 1, 2024 consummation of a transaction that resulted in SMLP becoming a wholly owned subsidiary of a newly formed Delaware corporation, Summit Midstream Corporation (taxed as a C-corporation) |
| DJ Basin | Denver-Julesburg Basin |
| DOJ | U.S. Department of Justice |
| Double E | Double E Pipeline, LLC |
|---|---|
| Dth | one million British thermal units |
| EPA | Environmental Protection Agency |
| EPS | earnings or loss per share |
| ERP | enterprise resource planning system |
| Exchange Act | Securities Exchange Act of 1934, as amended |
| FASB | Financial Accounting Standards Board |
| FID | Final Investment Decision |
| First Amended New Permian Transmission Facility | the New Permian Transmission Facility as amended by the First Incremental Amendment |
| First Incremental Amendment | the August 31, 2026, $50.0 million incremental term loan increase of the New PermianTransmission Facility |
| Fundare | Fundare Resources Company HoldCo, LLC and, solely for purposes of Section 9.19 of the Moonrise Acquisition (as defined below) purchase agreement, Fundare Resources Company, LLC |
| GAAP | accounting principles generally accepted in the United States of America |
| Intercreditor Agreement | Intercreditor Agreement, dated as of November 2, 2021, by and among Bank of America,N.A., as first lien representative and collateral agent for the initial first lien claimholders,Regions Bank, as second lien representative for the initial second lien claimholders and ascollateral agent for the initial second lien claimholders, acknowledged and agreed to bySummit Holdings and the other grantors referred to therein as reaffirmed and modified bythe Notice of Reaffirmation |
| Legacy PermianTransmission CreditFacilities | the credit facilities governed by the Credit Agreement, dated as of March 8, 2021, amongSummit Permian Transmission, as borrower, MUFG Bank Ltd., as administrative agent,Mizuho Bank (USA), as collateral agent, ING Capital LLC, Mizuho Bank, Ltd., and MUFGUnion Bank, N.A., as L/C issuers, coordinating lead arrangers and joint bookrunners, andthe lenders from time to time party thereto. This facility was paid off in full on March 16,2026 by the New Permian Transmission Facility |
| Mbbl/d | one thousand barrels per day |
| Meadowlark Midstream | Meadowlark Midstream Company, LLC |
| MMcf/d | one million cubic feet per day |
| Moonrise | Moonrise Midstream, LLC |
| Moonrise Acquisition | the acquisition of Moonrise from Fundare for approximately $90.0 million, consisting of (i) a $70.0 million cash payment and (ii) the issuance of 462,265 shares of common stock of the Company |
| MVC | minimum volume commitment |
|---|---|
| New Permian Transmission Facility | the March 16, 2026, $440.0 million refinancing of the Legacy Permian Transmission Credit Facilities and the Permian Term Loan Facility, in the form of a new term loan facility |
| NGLs | natural gas liquids; the combination of ethane, propane, normal butane, iso-butane, and natural gasolines that when removed from unprocessed natural gas streams become liquid under various levels of higher pressure and lower temperature |
| Notice of Reaffirmation | Notice and Reaffirmation of Intercreditor Agreement, dated as of July 26, 2024, by and among Bank of America, N.A., as first lien representative and collateral agent for the initial first lien claimholders, Regions Bank, as second lien representative and collateral agent for the initial second lien claimholders, acknowledged and agreed to by Summit Holdings and the other grantors referred to therein |
| NYSE | New York Stock Exchange |
| Partnership Common Units | common units representing limited partner interests of SMLP |
| play | a proven geological formation that contains commercial amounts of hydrocarbons |
| Permian Holdco | Summit Permian Transmission Holdco, LLC |
| Permian Term Loan Facility | the term loan governed by the Credit Agreement, dated as of March 8, 2021, among Summit Permian Transmission, LLC, as borrower, MUFG Bank Ltd., as administrative agent, Mizuho Bank (USA), as collateral agent, ING Capital LLC, Mizuho Bank, Ltd., and MUFG Union Bank, N.A., as L/C issuers, coordinating lead arrangers and joint bookrunners, and the lenders from time to time party thereto |
| produced water | water from underground geologic formations that is a by-product of natural gas and crude oil production |
| SEC | U.S. Securities and Exchange Commission |
| Securities Act | Securities Act of 1933, as amended |
| segment adjusted EBITDA | total revenues less total costs and expenses; plus (i) other income excluding interest income, (ii) our proportional adjusted EBITDA for equity method investees, (iii) depreciation and amortization, (iv) adjustments related to MVC shortfall payments, (v) adjustments related to capital reimbursement activity, (vi) stock-based and noncash compensation, (vii) impairments, and (viii) other noncash expenses or losses, less other noncash income or gains |
| Series A Certificate of Designation | the Certificate of Designation of Series A Floating Rate Cumulative Redeemable Perpetual Preferred Stock of the Company |
| Series A Preferred Stock | Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock issued by the Company |
| Series A Preferred Units | Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units issued by SMLP |
| shortfall payment | the payment received from a counterparty when its volume throughput does not meet its MVC for the applicable period |
| SMC LTIP | Summit Midstream Corporation 2024 Long-Term Incentive Plan, as amended from time to time |
|---|---|
| SMLP | Summit Midstream Partners, LP |
| SMLP LTIP | SMLP 2022 Long-Term Incentive Plan |
| SOFR | Secured Overnight Financing Rate |
| Subsidiary Series A Preferred Units | Series A Fixed Rate Cumulative Redeemable Preferred Units issued by Permian Holdco |
| Summit Holdings | Summit Midstream Holdings, LLC |
| Summit Investments | Summit Midstream Partners, LLC |
| Summit Permian Transmission | Summit Permian Transmission, LLC |
| Tall Oak Acquisition | the consummation of the transaction contemplated by the Business Contribution Agreement, dated as of October 1, 2024, by and among the Company, SMLP, and Tall Oak Midstream Holdings, LLC |
| Tall Oak Parent | Tall Oak Midstream Holdings, LLC |
| the Company | Summit Midstream Corporation and its subsidiaries |
| throughput volume | the volume of natural gas, crude oil, or produced water gathered, transported, or passing through a pipeline, plant, or other facility during a particular period; also referred to as volume throughput |
| unconventional resource basin | a basin where natural gas or crude oil production is developed from unconventional sources that require hydraulic fracturing as part of the completion process, for instance, natural gas produced from shale formations and coalbeds; also referred to as an unconventional resource play |
| U.S. | United States of America |
| wellhead | the equipment at the surface of a well, used to control the well’s pressure; also, the point at which the hydrocarbons and water exit the ground |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.