Summit Midstream Corp
For the period ended Sep 30, 2026. Filed Nov 9, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 9, 2026
SMC$30.30+8.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Unaudited Condensed Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | ||
|---|---|---|
| 2026 | 2025 | |
| (In thousands) | ||
| Operating activities: | ||
| Net income | $17,260 | $5,406 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
| Deferred income taxes | 3,885 | (17) |
| Depreciation and amortization | 81,487 | 88,131 |
| Noncash lease expense | 2,447 | 5,175 |
| Amortization of debt issuance costs and other | 5,077 | 3,005 |
| Equity compensation | 7,638 | 6,801 |
| Income from equity method investee - Double E | (18,665) | (15,190) |
| Distributions from equity method investee - Double E | 24,274 | 21,110 |
| (Gain) loss on sale of assets | (5,011) | 120 |
| (Gain) loss on earn-out remeasurement | 504 | (7,904) |
| Loss on sale of business | — | 582 |
| Unrealized (gain) loss on interest rate swaps | (2,270) | 3,987 |
| Long-lived asset impairment | — | 71 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (44,201) | (26) |
| Trade accounts payable | (9,360) | 10,786 |
| Accrued expenses | 8,900 | (13,487) |
| Deferred revenue, net | 4,405 | (6,574) |
| Ad valorem taxes payable | 472 | 1,871 |
| Accrued interest | (20,101) | (12,230) |
| Accrued environmental remediation, net | (313) | (199) |
| Other, net | (113) | (11,498) |
| Net cash provided by operating activities | 56,315 | 79,920 |
| Investing activities: | ||
| Capital expenditures | (65,464) | (69,910) |
| Cash consideration paid for the acquisition of Moonrise, net of cash acquired | — | (69,997) |
| Investment in equity method investee - Double E | (17,379) | (3,816) |
| Proceeds from asset sale | 10,000 | — |
| Other, net | (150) | — |
| Net cash used in investing activities | (72,993) | (143,723) |
| Financing activities: | ||
| Borrowings under First Amended New Permian Transmission Facility | 360,000 | — |
| Debt repayments - Legacy Permian Transmission Term Loan | (116,998) | (12,324) |
| Borrowings on Amended and Restated ABL Facility | 111,000 | 130,000 |
| Debt repayments - Amended and Restated ABL Facility | (144,000) | (285,000) |
| Distributions and redemption of Subsidiary Series A Preferred Units | (143,226) | (4,885) |
| Distributions on Series A Preferred Stock | (53,159) | (10,126) |
| Related party shares issued for cash, net | 41,459 | — |
| Related party settlement of Tall Oak earn-out | (21,304) | — |
| Repurchase of shares under Share Repurchase Program | (1,219) | — |
| Issuance of Additional 2029 Secured Notes | — | 258,438 |
| Debt issuance costs | (9,132) | (4,835) |
| Other, net | (3,292) | (4,218) |
| Net cash provided by financing activities | 20,129 | 67,050 |
| Net change in cash, cash equivalents and restricted cash | 3,451 | 3,247 |
| Cash, cash equivalents and restricted cash, beginning of period | 19,679 | 25,199 |
| Cash, cash equivalents and restricted cash, end of period | $23,130 | $28,446 |
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