Summit Midstream Corporation — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net income for the quarter ended September 30, 2026, was $15.9 million, compared to $5.0 million in the same period in 2025.
• Adjusted EBITDA reached $70.7 million, a 16% increase from the second quarter of 2026 and an increase from $65.5 million in the third quarter of 2025.
• Distributable Cash Flow (DCF) was $32.6 million, down from $36.7 million in the prior quarter.
• Free Cash Flow (FCF) was $5.2 million, down from $16.7 million in the prior quarter.
• Total revenues were $183.0 million for the quarter, up from $146.9 million in the third quarter of 2025.
• Net cash provided by operating activities was $5.5 million for the quarter, compared to $26.7 million in the third quarter of 2025.
• Capital expenditures totaled $21.2 million for the quarter, including $4.7 million in maintenance capital.
• Cash flow available for distributions was $32.6 million for the quarter.
• Total net leverage ratio was approximately 3.9x as of September 30, 2026.
• First lien net leverage ratio was 0.3x, with an interest coverage ratio of 3.0x.

Guidance and Future Outlook:

• Raised 2026 Adjusted EBITDA guidance range to $250 million to $260 million, up from the previous range of $235 million to $255 million.
• Expects a year-end 2026 total net leverage ratio of approximately 3.6x.
• Full-year 2026 capital expenditures guidance remains $100 million to $120 million, with expectations to be near the high end of the range.
• Management expects to connect 200 to 250 wells in 2027, driven by seven rigs currently running and approximately 140 DUCs.
• Anticipates a mid-to-high-teens compound annual growth rate in Adjusted EBITDA over the next several years, driven by Rockies and Permian segments.
• Plans to provide specific financial guidance for 2027 early in the next year.
• Rockies producers signal plans to continue growing activity levels and volumes well into 2028 and beyond.

Business Segments and Product Lines:

• Rockies Segment: Adjusted EBITDA increased 32% to $40.0 million relative to the second quarter of 2026, driven by a 40% increase in liquids volume throughput. 51 new wells connected (32 in Williston, 19 in DJ Basin).
• Permian Segment: Adjusted EBITDA increased approximately $1.8 million to $11.2 million relative to the second quarter of 2026, driven by new contracts and a 16.6% increase in Double E volume throughput.
• Mid-Con Segment: Adjusted EBITDA increased 7% to $22.8 million relative to the second quarter of 2026, driven by a 7% increase in natural gas volume throughput to 561 MMcf/d.
• Piceance Segment: Adjusted EBITDA decreased $0.4 million to $8.3 million relative to the second quarter of 2026, as higher operating expenses offset a 4.2% increase in volume throughput.
• Double E Pipeline: Average daily throughput increased 17% to a record 1,002 MMcf/d relative to the second quarter of 2026. Pipeline remains on track to fully subscribe remaining forward-haul capacity by year-end.
• Aggregate Throughput: Average daily natural gas throughput increased 5.9% to 952 MMcf/d; liquids volumes increased 39.7% to 95 Mbbl/d relative to the second quarter of 2026.
• Reached final investment decision on the Double E Mainline Compression Expansion.

Market and Competitive Landscape:

• Strong producer activity and growing Rockies volumes supported the business.
• Growing reliance on Double E to meet in-basin gas transportation needs in the Permian.
• Demand for in-basin gas transportation services on Double E is filling Mainline Compression Expansion capacity to Waha and utilizing bidirectional capability to access additional markets.
• Five unconventional resource basins served: Williston, Denver-Julesburg, Fort Worth, Arkoma, and Piceance.

Risks and Challenges:

• Piceance segment Adjusted EBITDA declined due to higher operating expenses offsetting volume increases.
• Minimum volume commitments (MVC) underpinning Piceance segment gathering agreements expired at the end of the third quarter of 2026.
• Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from projections, including commodity prices, capital project execution, and regulatory factors.

Management Commentary and Tone:

• Management described the third quarter as one of the strongest in the company's history, driven by an active customer base and supportive commodity prices.
• New well connects, volume growth, and favorable prices added roughly $16.5 million of quarterly Adjusted EBITDA since the first quarter.
• Management expressed confidence in the momentum and progress on the balance sheet.
• Noted a "real step-change" in the organic growth outlook over the next two to three years.
• Highlighted progress in securing additional firm transportation contracts.

Other Key Points:

• Cash dividends on common stock were suspended for the period ended September 30, 2026.
• Quarterly cash dividend on Series A Preferred Stock for the period ending December 14, 2026, will be paid to shareholders of record as of December 1, 2026.
• Share repurchase program: Repurchased 7,007 shares for approximately $0.2 million in the quarter; $33.8 million of remaining capacity remains under the $35.0 million program.
• MVC shortfall payments: Billed customers $4.1 million in the quarter, contributing $4.1 million to Adjusted EBITDA.
• Balance sheet: $12.5 million in unrestricted cash-on-hand; $80 million drawn under a $500 million ABL Revolver with $417 million borrowing availability.
• Summit Permian Transmission Term Loan Facility balance was $360 million; remains non-recourse to SMC.
• Conference call scheduled for November 10, 2026, at 10:00 a.m. Eastern.
• Management to attend Bank of America Leveraged Finance Conference (December 1–2, 2026) and Wells Fargo Energy & Power Symposium (December 8–9, 2026).