Welcome to our dedicated page for Summit Midstream news (Ticker: smc), a resource for investors and traders seeking the latest updates and insights on Summit Midstream stock.
Summit Midstream Corporation (SMC) operates critical midstream infrastructure across U.S. unconventional basins, specializing in natural gas, crude oil, and produced water management through fee-based contracts. This page provides investors and industry stakeholders with a comprehensive repository of official news and press releases.
Access timely updates on earnings reports, strategic acquisitions, regulatory developments, and operational milestones. Our curated collection eliminates the need to monitor multiple sources, offering direct access to verified information about SMC's infrastructure projects and market positioning.
Key content includes analysis of basin-specific operations, corporate restructuring impacts, and long-term contract developments. All materials maintain neutral reporting standards while highlighting SMC's role in energy logistics and risk-mitigated revenue strategies.
Bookmark this page for efficient tracking of SMC's evolving position within the midstream sector. Combine regular checks with broader market research to maintain informed perspectives on energy infrastructure investments.
Summit Midstream (NYSE: SMC) has acquired Moonrise Midstream from Fundare Resources for $90 million, comprising $70 million in cash and $20 million in SMC equity. The acquisition expands Summit's DJ Basin footprint with ~80 miles of natural gas gathering pipeline, ~25 miles of crude oil gathering pipeline, and 65 MMcf/d of processing capacity (expandable to ~100 MMcf/d).
The transaction represents a value-accretive acquisition multiple of approximately 5.0x 2024 Adjusted EBITDA. The Moonrise assets, located in Weld County, Colorado, include a 65 MMcf/d natural gas processing plant, 22,300 horsepower of compression, and long-term fee-based contracts covering approximately 60,000 leased acres from key customers including Fundare Resources, Verdad, Bison IV, and a large integrated energy company.
The acquisition aims to provide additional processing capacity and system redundancy while positioning Summit to handle future volume growth efficiently. Currently, three rigs are operating in Summit's dedicated acreage, with key customers planning multi-year development starting in 2026.
Summit Midstream (NYSE: SMC) has announced the resumption of its preferred dividend payments, with the board declaring a quarterly cash dividend of $51.27 per share on its Series A fixed-to-floating rate cumulative redeemable perpetual preferred stock. The dividend will be paid on March 15, 2025, to shareholders of record as of March 3, 2025. The payment will be distributed across 65,508 outstanding shares of Series A Preferred Stock. The company noted that previously unpaid dividends from prior periods remain accrued.
Summit Midstream (NYSE: SMC) has announced its schedule for the Fourth Quarter 2024 earnings call, which will take place on Tuesday, March 11, 2025. The company will release its operating and financial results before the New York Stock Exchange opens for trading on that day.
The conference call is scheduled for 10:00 a.m. Eastern on March 11, 2025, where SMC will discuss its quarterly performance. Interested participants can access the call via teleconference by registering through the provided link. Upon registration, participants will receive a dial-in number and a personalized PIN for call access. SMC recommends joining 10 minutes before the event starts.
The conference call, live webcast, and archive will be accessible through the Investors section of Summit Midstream's website at www.summitmidstream.com.
Summit Midstream (NYSE: SMC) has announced the pricing of an additional $250 million of 8.625% Senior Secured Second Lien Notes due 2029 at 103.375% of par. These Additional Notes will be combined with the existing $575 million notes under the same terms and conditions.
The company plans to use the proceeds to repay a portion of its asset-based lending credit facility (ABL Facility) and for general corporate purposes, including offering-related expenses. The offering is expected to close around January 10, 2025.
The Additional Notes will be guaranteed on a senior second-priority basis by SMC and certain subsidiaries, secured by the same collateral as the ABL Facility. The offering is exclusively available to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S of the Securities Act.
Summit Midstream (NYSE: SMC) has announced an offering of $250 million in additional 8.625% Senior Secured Second Lien Notes due 2029. These Additional Notes will be issued under the same indenture as the company's existing $575 million notes of the same type and will have substantially identical terms, except for the issue date and price. The net proceeds from this offering will be used to repay a portion of the outstanding borrowings under the company's asset-based lending credit facility and for general corporate purposes, including paying fees and expenses associated with the offering.
The Additional Notes will be guaranteed on a senior second-priority basis by the company and certain of its existing and future subsidiaries. Initially, they will be secured on a second-priority basis by the same collateral pledged for the benefit of the company's lenders under the ABL Facility. The offering is to qualified institutional buyers under Rule 144A and non-U.S. persons outside the United States in compliance with Regulation S under the Securities Act of 1933.
This press release does not constitute an offer to sell or a solicitation to buy any security, nor will there be any sale of the Additional Notes or related guarantees in any jurisdiction where such activities would be unlawful.
Summit Midstream (NYSE: SMC) has completed the acquisition of Tall Oak Midstream III from Tailwater Capital for $155 million in cash, 7.5 million common units, and associated Class B Common Stock, plus up to $25 million in contingent consideration through March 2026. The strategic acquisition rebalances Summit's portfolio to approximately 50% natural gas-oriented drilling activities. The transaction received strong shareholder approval with 99.8% of votes in favor. Pro forma total leverage ratio stands at 3.8x as of September 30, 2024.
Summit Midstream (NYSE: SMC) has issued a correction regarding the access link for its upcoming Virtual Shareholder Meeting. The special meeting of stockholders will be held virtually via live audio webcast on November 29, 2024, at 2:00 PM Central Time. Shareholders can access the meeting at https://web.lumiconnect.com/217371229 using the password 'summit2024'. Participants will have the ability to vote their shares electronically during the meeting.
Summit Midstream (NYSE: SMC) reported Q3 2024 financial results with a net loss of $197.5 million, including $142.6 million non-cash income tax expense. The company generated adjusted EBITDA of $45.2 million, representing 9% quarter-over-quarter growth, and Distributable Cash Flow of $22.1 million. Average daily natural gas throughput decreased 6.8% to 667 MMcf/d, while liquids volumes decreased 6.7% to 70 Mbbl/d. The company connected 38 wells during Q3 and maintains six active drilling rigs. SMC expects Q4 2024 adjusted EBITDA between $45-50 million and continues to progress with the Tall Oak Midstream III acquisition, expected to close in Q4 2024.
Summit Midstream (NYSE: SMC) has announced its schedule for the third quarter 2024 earnings release and conference call. The company will report its Q3 2024 operating and financial results on Tuesday, November 12, 2024, before NYSE trading opens. A conference call will follow at 10:00 a.m. Eastern on the same day. Additionally, SMC's senior management will participate in the 2024 Bank of America Leverage Finance Conference (December 3-4) and the 2024 Wells Fargo Midstream, Energy, & Utilities Symposium (December 10-11).
Tailwater Capital has announced an agreement to sell Tall Oak Midstream III to Summit Midstream (NYSE: SMC) for approximately $450 million. The deal includes $155 million in cash, about 7.5 million shares of SMC Class B common stock and Partnership common units (representing ~40% ownership), and up to $25 million in contingent cash. The transaction is expected to close in Q4 2024, subject to approvals. Tall Oak is a major gas gathering and processing system in the Arkoma Basin, with two 220 MMcf/d processing plants and extensive gathering lines. Upon closing, four Tailwater Capital-appointed directors will join Summit's Board.
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