$SMC

Summit Midstream Corp

CIK:0002024218|SEC Filings

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Total revenues	$ 155,013	$ 140,217	$ 294,155	$ 272,914
Costs and expenses:
Cost of natural gas and NGLs	$ 49,092	$ 35,914	$ 88,464	$ 71,348
Type of cost, good or service [extensible list]	Natural Gas Liquids (NGL) [Member]	Natural Gas Liquids (NGL) [Member]	Natural Gas Liquids (NGL) [Member]	Natural Gas Liquids (NGL) [Member]
Operation and maintenance	$ 39,812	$ 39,241	$ 78,029	$ 72,771
General and administrative	13,690	15,516	31,563	32,116
Depreciation and amortization	26,851	30,055	53,559	58,572
Transaction costs	19	1,061	241	3,854
Acquisition integration costs	608	4,155	981	5,399
Gain (loss) on asset sales, net	(26)	0	3	0
Long-lived asset impairments	0	71	0	71
Total costs and expenses	130,046	126,013	252,840	244,131
Other income (expense), net	1,290	378	700	9,435
Gain (loss) on interest rate swaps	947	(500)	797	(1,466)
Loss on sale of business	0	0	0	(43)
Interest expense	(27,403)	(23,864)	(52,416)	(46,401)
Income from equity method investees	5,832	4,802	11,069	9,642
Income (loss) before income taxes	5,633	(4,980)	1,465	(50)
Income tax benefit (expense)	(1,068)	752	(66)	456
Net income (loss)	4,565	(4,228)	1,399	406
Less: Net income attributable to Subsidiary Series A Preferred Units	0	(3,679)	(1,930)	(7,271)
Less: Net income attributable to Series A Preferred Stock	(1,865)	(3,101)	(4,978)	(7,019)
Add: Net (income) loss attributable to noncontrolling interest in SMLP	(1,093)	2,980	1,821	3,969
Net income (loss) attributable to Summit Midstream Corporation	$ 1,607	$ (8,028)	$ (3,688)	$ (9,915)
Net income (loss) per share:
Common stock – basic (in dollars per share)	$ 0.12	$ (0.66)	$ (0.28)	$ (0.83)
Common stock – diluted (in dollars per share)	$ 0.11	$ (0.66)	$ (0.28)	$ (0.83)
Weighted-average number of shares outstanding:
Common stock – basic (in shares)	13,811	12,241	13,074	12,005
Common stock – diluted (in shares)	14,045	12,241	13,074	12,005
Gathering services and related fees
Revenues:
Total revenues	$ 62,700	$ 64,182	$ 122,270	$ 128,347
Natural gas, NGLs and condensate sales
Revenues:
Total revenues	84,116	66,345	157,767	125,672
Other revenues
Revenues:
Total revenues	$ 8,197	$ 9,690	$ 14,118	$ 18,895

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net income (loss)	$ 1,399	$ 406
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Deferred income taxes	72	(553)
Depreciation and amortization	54,028	59,041
Noncash lease expense	1,554	3,897
Amortization of debt issuance costs and other	3,813	1,979
Equity compensation	5,334	4,737
Income from equity method investee - Double E	(11,069)	(9,642)
Distributions from equity method investee - Double E	15,519	13,955
Loss on asset sales, net	3	0
(Gain) loss on earn-out remeasurement	503	(8,479)
Loss on sale of business	0	43
Unrealized (gain) loss on interest rate swaps	(406)	3,250
Long-lived asset impairments	0	71
Changes in operating assets and liabilities:
Accounts receivable	(17,450)	(4,040)
Trade accounts payable	(10,310)	5,753
Accrued expenses	18,710	(9,435)
Deferred revenue, net	(2,707)	(2,960)
Ad valorem taxes payable	(2,964)	(543)
Accrued interest	(2,379)	5,242
Accrued environmental remediation, net	(313)	(147)
Other, net	(2,535)	(9,332)
Net cash provided by operating activities	50,802	53,243
Investing activities:
Capital expenditures	(44,270)	(46,996)
Investment in equity method investee - Double E	(6,508)	(3,063)
Other, net	14	0
Net cash used in investing activities	(50,764)	(120,056)
Financing activities:
Borrowings on Amended and Restated ABL Facility	83,000	95,000
Debt repayments - Amended and Restated ABL Facility	(117,000)	(260,000)
Distributions and redemption of Subsidiary Series A Preferred Units	(143,226)	(3,256)
Distributions on Series A Preferred Stock	(51,277)	(6,741)
Related party shares issued for cash, net	41,459	0
Related party settlement of Tall Oak earn-out	(21,304)	0
Repurchase of shares under Share Repurchase Program	(1,009)	0
Debt issuance costs	(8,082)	(4,835)
Other, net	(3,520)	(3,382)
Net cash provided by financing activities	12,043	67,118
Net change in cash, cash equivalents and restricted cash	12,081	305
Cash, cash equivalents and restricted cash, beginning of period	19,679	25,199
Cash, cash equivalents and restricted cash, end of period	31,760	25,504
Moonrise Acquisition
Investing activities:
Cash consideration paid for the acquisition of Moonrise, net of cash acquired	0	(69,997)
New Permian Transmission Credit Facility
Financing activities:
Borrowings under New Permian Transmission Facility	350,000	0
Permian Transmission Term Loan
Financing activities:
Debt repayments - Legacy Permian Transmission Term Loan	(116,998)	(8,106)
Additional 2029 Secured Notes
Financing activities:
Issuance of Additional 2029 Secured Notes	$ 0	$ 258,438

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 20,967	$ 9,274
Restricted cash	10,793	10,405
Accounts receivable	87,202	69,752
Other current assets	5,509	7,490
Total current assets	124,471	96,921
Property, plant and equipment, net	1,839,292	1,844,146
Intangible assets, net	149,513	153,564
Investment in Double E	267,641	265,583
Other noncurrent assets	26,463	27,395
TOTAL ASSETS	2,407,380	2,387,609
LIABILITIES AND EQUITY
Trade accounts payable	21,414	31,652
Accrued expenses	43,090	24,270
Deferred revenue	7,996	10,122
Ad valorem taxes payable	7,226	10,190
Accrued compensation and employee benefits	7,342	12,063
Accrued interest	27,666	30,045
Accrued environmental remediation	1,398	1,710
Accrued settlement payable	8,333	8,333
Current portion of long-term debt	1,748	21,223
Other current liabilities	5,672	27,185
Total current liabilities	131,885	176,793
Deferred tax liabilities, net	92,536	73,635
Long-term debt, net	1,237,900	1,024,347
Noncurrent deferred revenue	17,817	18,398
Noncurrent accrued environmental remediation	52	52
Other noncurrent liabilities	8,324	6,532
TOTAL LIABILITIES	1,488,514	1,299,757
Commitments and contingencies (See Note 9)
Mezzanine Equity
Subsidiary Series A Preferred Units (nil and 93,039 units issued and outstanding as of June 30, 2026 and December 31, 2025, respectively)	0	141,296
Equity
Additional paid-in capital	740,596	638,427
Accumulated deficit	(206,590)	(202,902)
Total Company stockholders’ equity	598,375	546,180
Noncontrolling interest	320,491	400,376
Total Equity	918,866	946,556
TOTAL LIABILITIES AND EQUITY	2,407,380	2,387,609
Series A Preferred Stock
Equity
Series A Preferred Stock (65,508 shares authorized, issued and outstanding as of June 30, 2026 and December 31, 2025)	$ 64,168	$ 110,468
Common Stock
Equity
Common stock, par value (in dollars per shares)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	42,000,000	42,000,000
Common stock, value issued	$ 136	$ 122
Class B Common Stock
Equity
Common stock, par value (in dollars per shares)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	7,471,008	7,471,008
Common stock, value issued	$ 65	$ 65