SMC · Summit Midstream Corp.

Summit Midstream Corporation's Q1 2026 results showed a GAAP net loss of $3.2 million, with Adjusted EBITDA of $54.2 million reflecting a decline from $57.5 million in Q1 2025, primarily due to lower volumes in Mid-Con and Piceance segments from production declines and shut-ins, offset by favorable crude prices boosting Rockies. Natural gas throughput fell 2.7% to 870 MMcf/d and liquids 3.0% to 64 Mbbl/d versus Q4 2025. Segment performance varied: Rockies Adjusted EBITDA $26.4 million (down slightly on non-cash items but up volumes 4.4% and crude prices), Mid-Con $19.3 million (down on throughput), Piceance $9.6 million (impacted by 7.3% volume drop and shut-ins expected to resume Q3), and Permian flat at $8.7 million including Double E contribution. Capital expenditures of $19.3 million focused on Rockies and Mid-Con pad connections. Key strategic moves included repaying all $45 million Series A Preferred dividends, a $42 million common stock private placement from Tailwater Capital for flexibility, and a new $440 million non-recourse Term Facility for Permian Transmission funding growth and refinancing. Commercial progress featured a new 10-year Double E precedent for 100 MMcf/d, lifting total contracts to 1.755 Bcf/d. Management commentary from CEO Heath Deneke highlights momentum in Permian/Rockies, accelerating activity, and 40 new wells expected in Q2, supporting reiterated full-year Adjusted EBITDA guidance of $225-$265 million toward the midpoint.