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PR Newswire·

Summit Midstream Corporation Reports Third Quarter 2026 Financial and Operating Results

SMC
  • Summit Midstream reported third-quarter 2026 net income of $15.9 million, Adjusted EBITDA of $70.7 million, Distributable Cash Flow of $32.6 million, and Free Cash Flow of $5.2 million.
  • The company raised its 2026 Adjusted EBITDA guidance range to $250 million-$260 million from the previous $235 million-$255 million range.
  • Summit reached its final investment decision on the Double E Mainline Compression Expansion to meet growing Permian Basin demand.
  • Double E pipeline throughput increased 17% to a record 1,002 MMcf/d, with the remaining forward-haul capacity expected to be fully subscribed by year-end 2026.
  • The Rockies Segment Adjusted EBITDA rose 32% to $40.0 million, driven by a 40% increase in liquids volume throughput from 51 new wells connected in the Williston & DJ Basins.
  • The Mid-Con Segment Adjusted EBITDA increased 7% to $22.8 million, supported by a 7% rise in natural gas throughput to 561 MMcf/d.
  • Total average daily natural gas throughput across operated systems reached 952 MMcf/d, while liquids volumes increased 39.7% to 95 Mbbl/d.
  • Third-quarter capital expenditures totaled $21.2 million, with full-year 2026 capex expected to range between $100 million and $120 million.
  • As of September 30, 2026, the company held $12.5 million in unrestricted cash with $80 million drawn on its $500 million ABL Revolver.
  • The total net leverage ratio was approximately 3.9x, while the first lien net leverage ratio stood at 0.3x, maintaining compliance with all financial covenants.
  • MVC shortfall payments generated $4.1 million in Adjusted EBITDA, though the minimum volume commitments underpinning the Piceance segment expired at the end of the quarter.
  • The Board of Directors continued to suspend cash dividends on common stock, while Series A Preferred Stock dividends remain suspended until the December 14, 2026 payment date.
  • SMC repurchased 7,007 common shares for approximately $0.2 million during the quarter, leaving $33.8 million in remaining repurchase capacity.
Company
Summit Midstream Corporation
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Summit Midstream Corporation