Summit Midstream Corporation Reports Fourth Quarter and Full-Year 2025 Financial and Operating Results, Permian and Rockies Segment Growth Update and Provides Full-Year 2026 Guidance

Recently signed three 10+-year firm take-or-pay contracts on Double E that are expected to drive Permian Segment Adjusted EBITDA from $34 million in 2025 to approximately $60 million in 2029

Mar. 17, 2026 at 1:41am

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Summit Midstream Corporation (NYSE: SMC) announced its financial and operating results for fourth quarter and full-year 2025, Permian and Rockies segment growth update, and provided full-year 2026 financial guidance. The company reported a fourth quarter net loss of $7.3 million, Adjusted EBITDA of $58.5 million, cash flow available for distributions of $33.7 million and free cash flow of $17.0 million. Summit recently signed three 10+-year firm take-or-pay contracts on Double E that are expected to drive Permian Segment Adjusted EBITDA from $34 million in 2025 to approximately $60 million in 2029.

Why it matters

The new contracts on Double E Pipeline and in the Williston Basin highlight Summit's strategic infrastructure and growth opportunities, while the Double E refinancing underscores the company's financial flexibility to execute on important growth initiatives. The planned repayment of the arrears on the Series A Preferred Stock is also an important step towards enabling a sustainable return of capital program for shareholders.

The details

Summit recently signed three 10+-year firm take-or-pay contracts on Double E that are expected to drive Permian Segment Adjusted EBITDA from $34 million in 2025 to approximately $60 million in 2029. The company also executed a new 10-year crude gathering agreement with a Bakken producer, anchored by a large Area of Dedication covering more than 200,000 acres. Summit refinanced the Double E capital structure with a new $440 million term loan facility, which will fund capital projects and provide an $85 million one-time distribution to Summit to pay down debt and repay $45 million of arrears on its corporate Series A Preferred Stock.

  • Recently signed three 10+-year firm take-or-pay contracts on Double E.
  • The new 10-year crude gathering agreement with a Bakken producer is expected to have the first new pad turned in line in the first quarter of 2026.
  • The Double E refinancing transaction closed subsequent to quarter-end.

The players

Summit Midstream Corporation

A value-driven corporation focused on developing, owning and operating midstream energy infrastructure assets that are strategically located in the core producing areas of unconventional resource basins, primarily shale formations, in the continental United States.

Double E Pipeline, LLC

An equity method investment of Summit Midstream Corporation that provides interstate natural gas transportation service from multiple receipt points in the Delaware Basin to various delivery points in and around the Waha Hub in Texas.

Producers Midstream II

Reached a final investment decision on Train II of its Dude processing plant in Lea County, New Mexico, which was a condition precedent to the commencement of a previously announced 10-year, 100 MMcf/d firm transportation agreement with Double E Pipeline.

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What they’re saying

“We are pleased with the commercial and financial progress achieved over the past two quarters, which underscore the strategic value of our infrastructure, embedded growth opportunities, and our continued focus on execution with financial discipline.”

— Heath Deneke, President, Chief Executive Officer and Chairman (Summit Midstream Corporation)

“Furthermore, given the mid-$60 oil price assumption embedded in our 2026 guidance, we are optimistic that customer activity levels could further increase in the second half of the year if the recent spike in oil prices continues to lift the backend of the forward price curve.”

— Heath Deneke, President, Chief Executive Officer and Chairman (Summit Midstream Corporation)

What’s next

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The takeaway

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