Summit Midstream Corp

Listed Company

SMCCIK 0002024218NYSEAcceleratedNatural Gas TransmissionDelawareFY ends Dec 31

Period

FY 2025

Revenue

$562.09M

Net Income

$-1.91M

Total Assets

$2.39B

Equity

$546.18M

Shares Out

10.65M

Op. Cash Flow

$133.59M

Business

Summit Midstream Corp develops, owns and operates midstream energy infrastructure serving production in core unconventional shale basins across the continental United States. It provides gathering, compression, dehydration, treating, processing and transmission services, and gathers crude oil and produced water, supplies freshwater for completions, and markets NGLs and condensate. The company reports operations in distinct segments including Rockies, Permian (including a 70% equity interest in the Double E pipeline), Piceance and Mid‑Con (including DFW Midstream and Tall Oak). It serves producers under primarily long‑term, fee‑based contracts and delivers volumes to interstate and intrastate pipelines, rail terminals and third‑party disposal wells.

Summary from filing dated 2025-03-11

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Total revenues	562	430	459
Cost of natural gas and NGLs	149	115	112
Operation and maintenance	149	101	101
General and administrative	61	56	42
Depreciation and amortization	114	101	123
Transaction costs	5	31	1
Acquisition integration costs	8	165,000	3
(Gain) loss on asset sales, net	486,000	1,000	−260,000
Long-lived asset impairment	3	68	500,000
Total costs and expenses	490	472	382
Other income, net	783,000	4	865,000
Gain (loss) on interest rate swaps	−1	4	2
Gain (loss) on sale of business	−582,000	82	−47,000
Gain on sale of equity method investment	0	126	0
Interest expense	−95	−115	−141
Loss on early extinguishment of debt	0	−50	−11
Income from equity method investees	21	24	34
Income (loss) before income taxes	−2	34	−39
Income tax benefit (expense)	501,000	−147	−322,000
Net loss	−2	−113	−39
Less: Net income attributable to Subsidiary Series A Preferred Units	−15	−15	−13
Less: Net income attributable to Series A Preferred Stock	−14	−13	−12
Add: Net loss attributable to noncontrolling interest	11	6	0
Net loss attributable to Summit Midstream Corporation	−20	−135	−63
Common stock - basic (in dollars per share)	−1.61	−12.78	−6.11
Common stock - diluted (in dollars per share)	−1.61	−12.78	−6.11
Common stock - basic (in shares)	12	11	10
Common stock - diluted (shares)	12	11	10

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Cash and cash equivalents	9	23	14
Restricted cash	10	2	3
Accounts receivable	70	77	76
Other current assets	7	16	6
Total current assets	97	118	98
Property, plant and equipment, net	1,844	1,785	1,699
Intangible assets, net	154	154	176
Investment in equity method investees	266	270	486
Other noncurrent assets	27	32	35
Total assets	2,388	2,359	2,494
Trade accounts payable	32	25	23
Accrued expenses	24	38	32
Deferred revenue	10	10	10
Ad valorem taxes payable	10	10	9
Accrued compensation and employee benefits	12	11	7
Accrued interest	30	22	19
Accrued environmental remediation	2	1	1
Accrued settlement payable	8	7	7
Current portion of long-term debt	21	17	16
Other current liabilities	27	35	10
Total current liabilities	177	175	134
Deferred tax liabilities, net	74	63	1
Long-term debt, net	1,024	977	1,455
Noncurrent deferred revenue	18	25	30
Noncurrent accrued environmental remediation	52,000	768,000	1
Other noncurrent liabilities	7	20	29
Total liabilities	1,300	1,261	1,651
Commitments and contingencies (Note 10)	—	—	—
Subsidiary Series A Preferred Units (93,039 issued and outstanding as of December 31, 2025 and December 31, 2024)	141	133	125
Additional paid-in capital	638	541	0
Accumulated deficit	−203	−183	0
Total Company stockholders equity	546	468	719
Noncontrolling interest	400	497	0
Total equity	947	965	719
TOTAL LIABILITIES AND EQUITY	2,388	2,359	2,494

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Deferred income taxes	−699,000	147	0
Depreciation and amortization	115	102	124
Noncash lease expense	6	2	4
Amortization of debt issuance costs	4	11	13
Equity compensation	8	9	7
Distributions from equity method investees	29	36	58
(Gain) loss on asset sales, net	486,000	1,000	−260,000
Foreign currency (gain) loss	0	42,000	−102,000
(Gain) loss on earn-out remeasurement	192,000	−6,000	599,000
Loss on early extinguishment of debt	0	50	11
Unrealized loss on interest rate swaps	4	914,000	3
Accounts receivable	10	3	−3
Trade accounts payable	6	1	4
Accrued expenses	−15	−625,000	6
Deferred revenue	−6	−5	−6
Ad valorem taxes payable	646,000	1	−2
Accrued interest	8	2	2
Accrued environmental remediation, net	−435,000	−739,000	−768,000
Other, net	−15	−19	−19
Net cash provided by operating activities	134	62	127
Capital expenditures	−89	−54	−69
Investment in Double E equity method investee	−4	−4	−4
Proceeds from Utica Sale (excluding Ohio Gathering)	0	292	0
Proceeds from sale of Ohio Gathering	0	333	0
Proceeds from Mountaineer Transaction	0	69	0
Proceeds from asset sale	0	4	260,000
Other, net	−295,000	0	−3
Net cash provided by (used in) investing activities	−163	487	−75
Borrowings on Amended and Restated ABL Facility	133	305	70
Debt repayments - Amended and Restated ABL Facility	−325	−313	−87
Distribution on Series A Preferred Shares	−13	0	0
Distributions on Subsidiary Series A Preferred Units	−7	−7	−7
Debt repayments - Redemption of 2026 Unsecured Notes	0	−210	0
Issuance of 2026 Unsecured Notes	0	0	29
Debt extinguishment costs	0	−24	−10
Debt issuance costs	−5	−5	−3
Other, net	−5	−3	−2
Net cash provided by (used in) financing activities	24	−540	−49
Net change in cash, cash equivalents, and restricted cash	−6	9	3

Filings

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