Summit Midstream Corp

Earnings data Q2 2024

Earnings data Q3 2024

Earnings data Q4 2024

Summit Midstream Corp reports Q3 growth, eyes expansion opportunities

Summit Midstream Corp's Q3 performance reflects operational strength and growth, supported by increased EBITDA and successful well connections.
While facing challenges such as investor engagement and high debt levels, the company's financial position remains stable with room for growth.
Opportunities lie in leveraging recent acquisitions, exploring partnerships, and delivering on Q4 EBITDA expectations to drive future success.

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Summit Midstream Corp. engages in operating midstream energy infrastructure assets that are strategically located in unconventional resource basins, primarily shale formations, in the continental United States. The company was founded on May 14, 2024 and is headquartered in Houston, TX.

Summit Midstream has transformed post-COVID-19, improving its financial position and extending debt maturities to 2029, enhancing shareholder returns. The Tall Oak acquisition and portfolio improvements position Summit Midstream for long-term growth, with a focus on natural gas and 8% EBITDA growth. Key risks include the future of the Piceance basin and natural gas demand; however, rising prices and LNG demand are promising.

Summit Midstream's Stagnation Is Temporary

Summit Midstream's management avoided bankruptcy and turned the company from "fairly hopeless" to viable, with Tailwater Capital becoming a major shareholder. Tailwater Capital's involvement, with midstream experience, can be a big plus in the future. With a debt ratio under 4 and deferred preferred stock distributions gone, the company can now focus on sustainable growth.

Summit Midstream Has A New Major Shareholder

HOUSTON , Dec. 2, 2024 /PRNewswire/ --Summit Midstream Corporation (NYSE: SMC) ("Summit", "SMC" or the "Company") announced today that it and its wholly owned subsidiary, Summit Midstream Partners, LP (the "Partnership"), received shareholder approval and has completed the previously announced acquisition of Tall Oak Midstream Operating, LLC and its subsidiaries (collectively, "Tall Oak" or "Tall Oak Midstream III") from an affiliate of Tailwater Capital LLC ("Tailwater Capital") for $155 million of cash, 7.5 million common units of the Partnership and associated 7.5 million shares of SMC Class B Common Stock (the "Equity Consideration"), and up to $25 million contingent consideration in cash over certain measurement periods through March 31, 2026. This strategic acquisition marks a significant milestone in Summit's growth strategy, rebalancing its portfolio to approximately 50% natural gas-oriented drilling activities and increasing scale in a credit and value accretive manner.

Summit Midstream Corporation Completes Acquisition of Tall Oak Midstream III

HOUSTON , Nov. 29, 2024 /PRNewswire/ -- Summit Midstream Corporation (NYSE: SMC) ("Summit", "SMC" or the "Company") provides a correction to access link for Virtual Shareholder Meeting. Correction to Access Link for Virtual Shareholder Meeting:   The special meeting of stockholders of Summit Midstream Corporation (the "Company") to be held virtually, conducted via live audio webcast on November 29, 2024, at 2:00 PM, Central Time (the "Special Meeting") is accessible online by visiting https://web.lumiconnect.com/217371229 (password: summit2024).

Summit Midstream Corporation Correction to Access Link for Virtual Shareholder Meeting

Summit Midstream Corporation (NYSE:SMC ) Q3 2024 Earnings Conference Call November 12, 2024 10:00 AM ET Company Participants Randall Burton – Director of Finance and Investor Relations Heath Deneke – President, Chief Executive Officer and Chairman Bill Mault – Chief Financial Officer Conference Call Participants Operator Hello, and welcome to Summit Midstream Corporation Third Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode.

Summit Midstream Corporation (SMC) Q3 2024 Earnings Call Transcript

HOUSTON , Nov. 12, 2024 /PRNewswire/ -- Summit Midstream Corporation (NYSE: SMC) ("Summit", "SMC" or the "Company") announced today its financial and operating results for the three months ended September 30, 2024. Highlights Third quarter 2024 net loss of $197.5 million, including $142.6 million non-cash income tax expense to primarily establish SMC's deferred tax liability associated with the C-Corp conversion Generated adjusted EBITDA of $45.2 million, representing approximately 9% quarter-over-quarter growth1, cash flow available for distributions ("Distributable Cash Flow" or "DCF") of $22.1 million and free cash flow ("FCF") of $9.9 million Expect to generate approximately $45 million to $50 million of adjusted EBITDA in the fourth quarter 2024 Connected 38 wells during the third quarter and maintained an active customer base with six active drilling rigs and more than 100 drilled but uncompleted wells ("DUCs") behind our systems Closed the C-Corp conversion and a series of re-financing transactions, further simplifying our corporate structure, extending debt maturities and lowering our cost of capital Announced the transformative acquisition of Tall Oak Midstream III in the Arkoma Basin and filed the definitive proxy with the special meeting of stockholders expected to occur on November 29, 2024   1 Normalized for $1.6 million of Northeast segment adjusted EBITDA generated in the second quarter 2024   Management Commentary Heath Deneke, President, Chief Executive Officer and Chairman, commented, "Summit's third quarter operating and financial results were in line with management expectations, reflecting a very active quarter both corporately and operationally.

Summit Midstream Corporation Reports Third Quarter 2024 Financial and Operating Results

HOUSTON , Nov. 4, 2024 /PRNewswire/ -- Summit Midstream Corporation (NYSE: SMC) ("Summit", "SMC" or the "Company") announced today that it will report operating and financial results for the third quarter of 2024 on Tuesday, November 12, 2024, before the open of trading on the New York Stock Exchange. Third Quarter 2024 Earnings Call SMC will host a conference call at 10:00 a.m.

Summit Midstream Corporation Schedules Third Quarter 2024 Earnings Call

Summit Midstream's previous management's complacency led to severe financial troubles. New management has announced an acquisition, marking a significant step in the company's long recovery to becoming a competitive industry player. Long-term shareholders have suffered substantial losses that are unlikely to be recovered.

Summit Midstream Keeps Digging

Summit Midstream Partners' acquisition of Tall Oak Midstream for $450M is set to boost EBITDA and cash flow, enhancing shareholder returns. Tensions in the Middle East and potential oil & gas price increases make Summit's domestic focus and balanced oil-gas exposure attractive. Summit's favorable valuation, with P/E and cash flow ratios significantly lower than the sector average, presents a strong investment opportunity.

Summit Midstream Corporation: Many Tailwinds Are Now In Play

NEW YORK--(BUSINESS WIRE)--Halper Sadeh LLC, an investor rights law firm, is investigating whether the merger of Summit Midstream Corporation (NYSE: SMC) and Tall Oak Midstream Operating, LLC and its subsidiaries is fair to Summit shareholders. Halper Sadeh encourages Summit shareholders to click here to learn more about their legal rights and options or contact Daniel Sadeh or Zachary Halper at (212) 763-0060 or sadeh@halpersadeh.com or zhalper@halpersadeh.com. The investigation concerns wheth.

SMC Stock Alert: Halper Sadeh LLC Is Investigating Whether the Merger of Summit Midstream Corporation Is Fair to Shareholders

DALLAS , Oct. 1, 2024 /PRNewswire/ -- Tailwater Capital LLC ("Tailwater"), an energy and environmental infrastructure private equity firm, today announced that it has entered into definitive agreements with Summit Midstream Corporation (NYSE: SMC) ("Summit", "SMC" or the "Company") and its wholly owned subsidiary Summit Midstream Partners, LP (the "Partnership"), whereby Summit will acquire Tall Oak Midstream Operating, LLC and its subsidiaries (collectively, "Tall Oak" or "Tall Oak Midstream III") for a total consideration of approximately $450 million. Consideration is comprised of $155 million in cash, approximately 7.5 million shares of a combination of SMC Class B common stock and common units of the Partnership (in an Up-C structure), representing approximately 40% ownership in the pro forma company, and up to $25 million contingent consideration in cash over certain measurement periods through March 31, 2026.

Tailwater Capital Announces Sale of Tall Oak Midstream III to Summit Midstream Corporation

HOUSTON , Oct. 1, 2024 /PRNewswire/ -- Summit Midstream Corporation (NYSE: SMC) ("Summit", "SMC" or the "Company") announced today that it and its wholly owned subsidiary, Summit Midstream Partners, LP (the "Partnership"), have entered into definitive agreements to acquire Tall Oak Midstream Operating, LLC and its subsidiaries (collectively, "Tall Oak" or "Tall Oak Midstream III") from an affiliate of Tailwater Capital LLC ("Tailwater Capital") for a mix of cash and equity consideration. This strategic acquisition marks a significant milestone in Summit's growth strategy, increasing scale in a credit and value accretive manner.

Summit Midstream Corporation Announces Transformative Acquisition of Tall Oak Midstream III in the Arkoma Basin

Summit Midstream Corporation is a small-cap company worth almost $400 million that was heavily impacted by COVID-19. The company's non-premium assets have posed challenges, but efforts to clean up the balance sheet are underway. Summit Midstream is focused on generating long-term shareholder returns despite the difficult position it currently finds itself in.

Summit Midstream's Earnings Reaffirm It As A Great Small Cap

Summit Midstream (NYSE: SMC ) just reported results for the second quarter of 2024. Summit Midstream reported earnings per share of -$2.91.

SMC Stock Earnings: Summit Midstream Reported Results for Q2 2024

HOUSTON , Aug. 8, 2024 /PRNewswire/ -- Summit Midstream Corporation (NYSE: SMC) ("Summit", "SMC" or the "Company") announced today the financial and operating results of Summit Midstream Partners, LP ("SMLP"), a wholly-owned subsidiary of the Company, for the three months ended June 30, 2024.1 Highlights Second quarter 2024 net loss of $23.8 million, adjusted EBITDA of $43.1 million, cash flow available for distributions ("Distributable Cash Flow" or "DCF") of $11.7 million and free cash flow ("FCF") of $2.7 million Connected 34 wells during the second quarter and maintained an active customer base with three drilling rigs and more than 100 drilled but uncompleted wells ("DUCs") behind our systems Successful execution of an upsized $500 million asset-based revolving credit facility (the "A&R ABL Facility") and $575 million in aggregate principal amount of new 8.625% Senior Secured Second Lien Notes due 2029 (the "2029 Notes") expected to provide Summit with meaningfully improved financial flexibility Successfully reorganized from a master limited partnership ("MLP") to a C-corporation which is expected to deliver significant tax benefits to shareholders, enhance trading liquidity and appeal to a broader investor universe Reiterated pro forma 2024 adjusted EBITDA guidance of $170 million to $200 million 2 1 As previously announced, on August 1, 2024, SMC completed the previously announced transactions contemplated by the Agreement and Plan of Merger (the "Merger Agreement"), by and among the Company, Summit SMC NewCo, LLC ("Merger Sub"), a wholly-owned subsidiary of the Company, SMLP and Summit Midstream GP, LLC, the general partner of SMLP, pursuant to which Merger Sub merged with and into SMLP (the "Merger"), with SMLP continuing as the surviving entity and a wholly-owned subsidiary of the Company (the "Corporate Reorganization"). 2 Represents pro forma Adjusted EBITDA assuming the Utica Transaction and Mountaineer Transaction each closed on December 31, 2023.

Summit Midstream Corporation Reports Second Quarter 2024 Financial and Operating Results of Summit Midstream Partners, LP

Summit Midstream Partners LP

HOUSTON , July 31, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) (the "Partnership" or "SMLP"), announced today that it will complete the previously announced conversion (the "Corporate Reorganization") from a master limited partnership to a C-corporation on Thursday, August 1, 2024. Pursuant to the Corporate Reorganization, the unitholders of the Partnership will become shareholders of Summit Midstream Corporation ("New Summit").

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