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Summit Midstream (NYSE: SMC) has announced its schedule for the first quarter 2025 earnings release and conference call. The company will release its Q1 2025 operating and financial results on Thursday, May 8, 2025, before NYSE trading opens.
A conference call is scheduled for 10:00 a.m. Eastern on May 8, 2025, to discuss the quarterly results. Participants are encouraged to join 10 minutes before the start time and can access the call through registration on the company's website.
Additionally, SMC's senior management will participate in three upcoming investor conferences: the 2025 Energy Infrastructure CEO & Investor Conference (May 20-22), the RBC Capital Markets Global Energy, Power & Infrastructure Conference (June 3-4), and the BofA Energy and Power Credit Conference (June 4-5). Presentation materials will be available on SMC's website before each event.
Summit Midstream (NYSE: SMC) has announced the availability of its 2024 tax packages, including final Schedule K-1s, for Summit Midstream Partners, LP. The tax documents can be accessed online at the Partner DataLink portal. Physical copies will be mailed to unitholders this week.
Notably, this will be the last tax package issued in this format, as SMC completed its conversion from a master partnership to a on August 1, 2024. Unitholders requiring assistance can contact Partner DataLink via email or phone during business hours (8:00 a.m. – 5:00 p.m. CDT).
Summit Midstream (NYSE: SMC) reported its Q4 and full-year 2024 results, posting a Q4 net loss of $24.8 million, adjusted EBITDA of $46.2 million, and free cash flow of $6.6 million. The company successfully reduced its total leverage to 3.9x by year-end 2024.
Key operational highlights include connecting 23 wells in Q4, totaling 156 wells in 2024, with 100+ DUCs behind their systems. Natural gas throughput increased 10.5% to 737 MMcf/d, while liquids volumes declined 2.9% to 68 Mbbl/d.
SMC completed two strategic acquisitions: Tall Oak Midstream III and Moonrise Midstream in the DJ Basin. The company provided 2025 guidance projecting adjusted EBITDA of $245-280 million and capital expenditures of $65-75 million. SMC expects 125-185 well connections in 2025 and has reinstated cash dividends on Series A Preferred Stock starting March 15, 2025.
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.