Summit Midstream Corp (SMC) SEC Filings

Summit Midstream Corporation reported second quarter 2026 net income of $4.6 million, compared with a net loss a year earlier, on total revenues of $155.0 million. Adjusted EBITDA was $60.7 million, a 12% increase versus the first quarter of 2026, with Distributable Cash Flow of $36.8 million and Free Cash Flow of $9.4 million.

Average daily natural gas throughput on wholly owned systems rose to 899 MMcf/d and liquids volumes to 68 Mbbl/d, while Double E Pipeline averaged 859 MMcf/d and contributed $9.4 million of Adjusted EBITDA. Segment Adjusted EBITDA was $30.4 million in Rockies, $21.4 million in Mid-Con, $8.7 million in Piceance, and $9.4 million in Permian.

Capital expenditures were $25.0 million in the quarter, and full-year 2026 capex guidance increased to $100–$120 million to fund additional growth projects. The company established a $35 million stock repurchase program and bought 34,624 shares for about $1.0 million, with $34.0 million remaining. As of June 30, 2026, Summit held $21.0 million of cash, had $79 million drawn on its $500 million ABL revolver with $418 million of availability, and reported a total leverage ratio of approximately 4.1x.

Summit Midstream Corporation reported consolidated net income of $4.6 million for the quarter ended June 30 2026, compared with a net loss of $4.2 million a year earlier. Net income attributable to common stockholders was $1.6 million, or $0.12 basic EPS, versus a loss of $0.66 per share in 2025.

For the first six months of 2026, total revenues were $294.2 million versus $272.9 million in 2025, driven by higher natural gas, NGL and condensate sales, while gathering fees declined modestly. Segment adjusted EBITDA totaled $133.7 million, with Rockies and Permian improving and Mid-Con and Piceance lower.

Operating cash flow was $50.8 million, funding $44.3 million of capital expenditures and part of a major capital structure reshaping. The company closed a $440.0 million New Permian Transmission Facility, redeemed $143.2 million of Subsidiary Series A Preferred Units, paid $46.3 million of accrued Series A preferred dividends, and issued 1.35 million common shares for $41.5 million of cash. Total debt (net) rose to $1.24 billion, while total equity was $918.9 million as of June 30 2026.

Summit Midstream Corp executive James David Johnston, Executive VP, General Counsel, Chief Compliance Officer and Secretary, sold 2,600 shares of common stock in an open-market transaction at a weighted average price of $29.72 per share. The sale was executed under a pre-established Rule 10b5-1 trading plan and occurred through multiple trades between $29.42 and $30.13 per share. Following this transaction, he directly holds 75,357 shares of Summit Midstream common stock.

Summit Midstream Corporation filed a current report describing strong commercial momentum on two key growth platforms: the Double E natural gas pipeline in the Permian and its crude oil gathering systems in the Williston Basin.

For Double E, the company has executed three new long-term firm transportation agreements totaling 250 MMcf/d during a binding open season and entered into a firm option agreement for an additional 200 MMcf/d. With these commitments and an affirmative FID notice tied to a prior 230 MMcf/d agreement, Double E’s total contracted firm capacity has risen to about 1.9 Bcf/d. The planned Compression Expansion would increase pipeline capacity by roughly 50%, from about 1.6 Bcf/d to about 2.4 Bcf/d, with a targeted in-service date at the end of 2028.

In the Williston Basin, Summit signed a new crude oil gathering agreement in Divide County, North Dakota, covering a 40,000-acre area of dedication and supporting 15 new four-mile lateral well connects expected by year-end 2026. Management notes that, over the past six months, dedicated crude gathering acreage has expanded by more than 240,000 acres as development activity migrates toward the company’s existing footprint.

Summit Midstream Corporation announced that its Board of Directors has authorized an inaugural stock repurchase program to buy back up to $35 million of its outstanding common stock. This gives the company flexibility to return capital to shareholders when it views the share price as attractive.

Management highlighted that all arrears on the Series A Preferred Stock have been repaid and that improving free cash flow and financial flexibility support the decision. Repurchases may be made in the open market or through privately negotiated and block transactions, including under a Rule 10b5-1 trading plan, and can be started, paused, or discontinued at management’s discretion with no fixed end date.

Summit Midstream Corp director Jerry L. Peters reported an open-market sale of 10,000 shares of Common Stock at $32.00 per share through a Joint Spousal Trust. The transaction was reported as an indirect ownership change.

Following this sale, the Joint Spousal Trust held 16,979 Summit Midstream Corp shares attributable to Peters.

Charles Schwab Corporation submitted a Form 144 notice relating to the proposed sale of 10,000 shares of Common Stock. The filing lists an aggregate amount of $317,000.00 and includes multiple prior director compensation equity grants dated 03/15/2022, 03/15/2023, 03/14/2025, and 03/16/2026 with share counts shown. The filing identifies the exchange as NYSE.

Summit Midstream Corporation held its 2026 annual meeting of stockholders on May 7, 2026, where investors voted on five proposals. Holders of common and Class B common stock voted together on most items, while Class B stockholders voted separately on one director seat.

Stockholders elected three Class II directors and one Class II Class B director to serve until the 2029 annual meeting. They also ratified Deloitte & Touche LLP as independent registered public accounting firm for the year ending December 31, 2026, approved an advisory resolution on executive compensation, and approved Amendment No. 1 to the Summit Midstream Corporation 2024 Long-Term Incentive Plan.