Summit Midstream Corporation Reports Third Quarter 2025 Financial and Operating Results

, /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, 2025. Highlights Third quarter 2025 net income of $5.0 million, adjusted EBITDA of $65.5 million, cash flow available for distributions ("Distributable Cash Flow" or "DCF") of $36.7 million and free cash flow ("FCF") of $16.7 million Adjusted EBITDA increased by 7.2% from the second quarter of 2025, driven by higher natural gas volumes in the Rockies segment Connected 21 wells during the third quarter and maintained an active customer base with five drilling rigs and more than 90 DUCs behind our systems Double E Pipeline transported record volumes of 712 MMcf/d during the quarter and averaged 745 MMcf/d during September Anticipate well connects to be near the midpoint of the company's full-year expectations, with 109 wells connected year-to-date and approximately 50 wells expected to be connected in the fourth quarter Working closely with several customers on their 2026 development programs, with more than 120 new well connects expected in the first half of 2026 Management Commentary Heath Deneke, President, Chief Executive Officer and Chairman, commented, "We had a solid third quarter with continued growth across our operating footprint. Adjusted EBITDA increased 7.2% from the prior quarter, representing approximately $260 million of run-rate adjusted EBITDA, driven by higher natural gas volumes in the Rockies region. We continue to see healthy customer activity with five rigs currently running behind our assets. In the Arkoma Basin, one of our key customers began drilling the 20-well program we discussed last quarter, which is expected to drive 5% to 10% volumetric growth next year. In the Rockies, natural gas volumes increased 7.5% quarter-over-quarter, averaging approximately 170 MMcf/d in September, supported by ongoing development from our core customers. As we discussed in second quarter earnings, we continue to expect to finish the year near the low end of our original adjusted EBITDA guidance range of $245 million to $280 million, primarily due to timing delays of anticipated customer activity, however, we anticipate well connects to come in around the midpoint of our full-year expectations, with 109 wells connected year-to-date and approximately 50 wells expected to be connected in the fourth quarter. As we look ahead, we're encouraged by the level of customer engagement across our systems and the visibility we have into next year's activity. We are working closely with several customers on their 2026 development programs, with more than 120 new well connects expected in the first half of 2026. As customers finalize their budgets and full-year development plans, we believe additional wells in the second half of 2026 could drive total activity meaningfully higher. We will provide an update on activity levels and full-year 2026 financial guidance in our fourth quarter earnings release in March 2026." Third Quarter 2025 Business Highlights SMC's average daily natural gas throughput on its wholly owned operated systems increased 1.4% to 925 MMcf/d, while liquids volumes decreased 7.7% to 72 Mbbl/d, relative to the second quarter of 2025. Double E pipeline transported an average of 712 MMcf/d and contributed $8.7 million in adjusted EBITDA, net to SMC, for the third quarter of 2025. Natural gas price-driven segments : Natural gas price-driven segments generated $36.1 million in combined segment adjusted EBITDA, a 2.0% increase relative to the second quarter and combined capital expenditures of $13.8 million in the third quarter of 2025. Mid-Con segment adjusted EBITDA totaled $23.6 million, a decrease of $1.3 million relative to the second quarter of 2025, primarily due to product margin partially offset by an increase in volume throughput on the system. Volume throughput on the system increased by 1.2% primarily due to six new well connections in the Arkoma and six new well connections in the Barnett, partially offset by natural production declines. Subsequent to quarter end, two new wells were connected in the Arkoma. There is currently one rig running in the Barnett and one in the Arkoma, with 18 DUCs behind the system, including 17 DUCs behind the Barnett, which are all expected to come online in 2026. Piceance segment adjusted EBITDA totaled $12.5 million, an increase of $2.0 million relative to the second quarter of 2025, primarily due to realization of previously deferred revenue and lower operating expenses, partially offset by a 1.5% decrease in volume throughput. Further, Summit has successfully redeployed seven latent compressors from the Piceance and two from the DJ Basin to the Arkoma and has identified an additional three compressors to relocate in the next couple quarters. There were no new wells connected to the system during the quarter. Oil price-driven segments : Oil price-driven segments generated $37.7 million of combined segment adjusted EBITDA, representing a 12.3% increase relative to the second quarter of 2025, and had combined capital expenditures of $8.4 million. Rockies segment adjusted EBITDA totaled $29.0 million, an increase of $3.8 million relative to the second quarter of 2025, primarily driven by higher natural gas volume throughput as wells connected during the first half of 2025 reached peak production and increased onloads from third-party systems, which resulted in increased fixed-fee revenue and improved product margin. Product margin also benefited from stronger realized NGL and condensate pricing, partially offset by lower realized residue gas prices. These gains were partially offset by a 7.7% decrease in liquids throughput. Nine new wells were connected during the quarter, including four in the DJ Basin and five in the Williston Basin. There are currently three rigs running and approximately 75 DUCs behind the system. Permian segment adjusted EBITDA totaled $8.7 million, a 4.5% increase from the second quarter of 2025, primarily due to a 4.4% increase in volumes shipped on the Double E Pipeline leading to an increase in proportionate adjusted EBITDA from our Double E joint venture. The following table presents average daily throughput by reportable segment for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Average daily throughput (MMcf/d): Northeast (1) — — — 269 Rockies 158 128 145 127 Piceance 259 284 263 295 Mid-Con 508 255 500 212 Aggregate average daily throughput 925 667 908 903 Average daily throughput (Mbbl/d): Rockies 72 70 75 73 Aggregate average daily throughput 72 70 75 73 Ohio Gathering average daily throughput(MMcf/d) (2) — — — 283 Double E average daily throughput (MMcf/d) (3) 712 661 686 559 _________ (1) Exclusive of Ohio Gathering due to equity method accounting. (2) Gross basis, represents 100% of volume throughput for Ohio Gathering, subject to a one-month lag. (3) Gross basis, represents 100% of volume throughput for Double E. The following table presents adjusted EBITDA by reportable segment for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (In thousands) (In thousands) Reportable segment adjusted EBITDA (1): Northeast (2) $ — $ — $ — $ 30,634 Rockies 28,999 24,850 79,103 70,582 Permian (3) 8,675 8,472 25,245 23,434 Piceance 12,509 12,831 34,769 40,912 Mid-Con 23,556 7,278 70,913 17,798 Total $ 73,739 $ 53,431 $ 210,030 $ 183,360 Less: Corporate and Other (4) 8,241 8,193 25,932 24,915 Adjusted EBITDA (5) $ 65,498 $ 45,238 $ 184,098 $ 158,445 __________ (1) Segment adjusted EBITDA is a non-GAAP financial measure. We define segment adjusted EBITDA as total revenues less total costs and expenses, plus (i) other income (excluding interest income), (ii) our proportional adjusted EBITDA for equity method investees, (iii) depreciation and amortization, (iv) adjustments related to minimum volume commitments ("MVC") shortfall payments, (v) adjustments related to capital reimbursement activity, (vi) share-based and noncash compensation, (vii) impairments and (viii) other noncash expenses or losses, less other noncash income or gains. (2) Includes our proportional share of adjusted EBITDA for Ohio Gathering. Summit records financial results of its investment in Ohio Gathering on a one-month lag and is based on the financial information available to us during the reporting period. With the divestiture of Ohio Gathering in March 2024, proportional adjusted EBITDA includes financial results from December 1, 2023 through March 22, 2024. We define proportional adjusted EBITDA for our equity method investees as the product of (i) total revenues less total expenses, excluding impairments and other noncash income or expense items and (ii) amortization for deferred contract costs; multiplied by our ownership interest during the respective period. (3) Includes our proportional share of adjusted EBITDA for Double E. We define proportional adjusted EBITDA for our equity method investees as the product of total revenues less total expenses, excluding impairments and other noncash income or expense items; multiplied by our ownership interest during the respective period. (4) Corporate and Other represents those results that are not specifically attributable to a reportable segment or that have not been allocated to our reportable segments, including certain general and administrative expense items and transaction costs. (5) Adjusted EBITDA is a non-GAAP financial measure. Capital Expenditures Capital expenditures totaled $22.9 million in the third quarter of 2025, inclusive of maintenance capital expenditures of $5.3 million. Capital expenditures in the third quarter of 2025 were primarily related to pad connections in the Rockies and Mid-Con segments and compressor relocations from the Piceance to the Arkoma. Year-to-date capital expenditures include $9.5 million for Tall Oak Integration and compressor relocation projects and $4.2 million for the Williston optimization project. Nine Months EndedSeptember 30, 2025 2024 (In thousands) Cash paid for capital expenditures (1): Northeast $ — $ 2,980 Rockies 30,696 29,211 Piceance 1,531 2,278 Mid-Con 35,210 686 Total reportable segment capital expenditures $ 67,437 $ 35,155 Corporate and Other 2,473 2,706 Total cash paid for capital expenditures $ 69,910 $ 37,861 __________ (1) Excludes cash paid for capital expenditures by Ohio Gathering and Double E due to equity method accounting. Capital & Liquidity As of September 30, 2025, SMC had $24.6 million in unrestricted cash on hand and $150 million drawn under its $500 million ABL Revolver with $349 million of borrowing availability, after accounting for $0.8 million of issued, but undrawn letters of credit. As of September 30, 2025, SMC's gross availability based on the borrowing base calculation in the credit agreement was $519 million, which is $19 million greater than the $500 million of lender commitments to the ABL Revolver. As of September 30, 2025, SMC was in compliance with all financial covenants, including interest coverage of 2.7x relative to a minimum interest coverage covenant of 2.0x and first lien leverage ratio of 0.6x relative to a maximum first lien leverage ratio of 2.5x. As of September 30, 2025, SMC reported a total leverage ratio of approximately 4.2x, including the potential earnout liability in connection with the Tall Oak Acquisition. As of September 30, 2025, the Permian Transmission Credit Facility balance was $117.0 million, a reduction of $4.2 million relative to the June 30, 2025 balance of $121.2 million due to scheduled mandatory amortization. Summit Midstream Permian has $3.8 million of cash-on-hand as of September 30, 2025. The Permian Transmission Term Loan remains non-recourse to SMC. MVC Shortfall Payments SMC billed its customers $4.2 million in the third quarter of 2025 related to MVC shortfalls. For those customers that do not have MVC shortfall credit banking mechanisms in their gathering agreements, the MVC shortfall payments are accounted for as gathering revenue in the period in which they are earned. In the third quarter of 2025, SMC recognized $4.2 million of gathering revenue associated with MVC shortfall payments. SMC had $0.0 million of adjustments to MVC shortfall payments in the third quarter of 2025. SMC's MVC shortfall payment mechanisms contributed $4.2 million of total adjusted EBITDA in the third quarter of 2025. Three Months Ended September 30, 2025 MVCBillings Gathering revenue Adjustmentsto MVC shortfall payments Net impact to adjusted EBITDA (In thousands) Net change in deferred revenue related to MVC shortfall payments: Piceance Basin $ — $ — $ — $ — Total net change $ — $ — $ — $ — MVC shortfall payment adjustments: Rockies $ 2 $ 2 $ — $ 2 Piceance 4,192 4,192 — $ 4,192 Northeast — — — — Mid-Con — — — — Total MVC shortfall payment adjustments $ 4,194 $ 4,194 $ — $ 4,194 Total (1) $ 4,194 $ 4,194 $ — $ 4,194 Nine months ended September 30, 2025 MVCBillings Gatheringrevenue Adjustments to MVCshortfallpayments Net impact to adjustedEBITDA (In thousands) Net change in deferred revenue related to MVC shortfall payments: Piceance Basin $ — $ — $ — $ — Total net change $ — $ — $ — $ — MVC shortfall payment adjustments: Rockies $ 574 $ 574 $ (9) $ 565 Piceance 12,645 12,645 — $ 12,645 Northeast — — — — Mid-Con — — — — Total MVC shortfall payment adjustments $ 13,219 $ 13,219 $ (9) $ 13,210 Total (1) $ 13,219 $ 13,219 $ (9) $ 13,210 (1) Exclusive of Double E due to equity method accounting. Quarterly Dividend The board of directors of Summit Midstream Corporation continued to suspend cash dividends payable on its common stock for the period ended September 30, 2025. The next cash dividend on the Series A Preferred stock, for the period ended December 14, 2025, will be paid to preferred shareholders of record as of the close of business on December 1, 2025. All unpaid dividends on the Series A Preferred Stock from prior periods remain accrued. Third Quarter 2025 Earnings Call Information SMC will host a conference call at 10:00 a.m. Eastern on November 11, 2025, to discuss its quarterly operating and financial results. The call can be accessed via teleconference at: Q3 2025 Summit Midstream Corporation Earnings Conference Call (https://register-conf.media-server.com/register/BI06145bbfd70342a7b002016865f64929). Once registration is completed, participants will receive a dial-in number along with a personalized PIN to access the call. While not required, it is recommended that participants join 10 minutes prior to the event start. The conference call, live webcast and archive of the call can be accessed through the Investors section of SMC's website at www.summitmidstream.com. Upcoming Investor Conferences Members of SMC's senior management team will attend the 2025 Bank of America Leverage Finance Conference taking place on December 2–3, 2025 and the 2025 Wells Fargo Energy & Power Symposium taking place on December 9–10, 2025. The presentation materials associated with this event will be accessible through the Investors section of SMC's website at www.summitmidstream.com prior to the beginning of the conference. Use of Non-GAAP Financial Measures We report financial results in accordance with U.S. generally accepted accounting principles ("GAAP"). We also present adjusted EBITDA, segment adjusted EBITDA, Distributable Cash Flow, and Free Cash Flow, non-GAAP financial measures. Adjusted EBITDA We define adjusted EBITDA as net income or loss, plus interest expense, income tax expense, depreciation and amortization, our proportional adjusted EBITDA for equity method investees, adjustments related to MVC shortfall payments, adjustments related to capital reimbursement activity, share-based and noncash compensation, impairments, items of income or loss that we characterize as unrepresentative of our ongoing operations and other noncash expenses or losses, income tax benefit, income (loss) from equity method investees and other noncash income or gains. Because adjusted EBITDA may be defined differently by other entities in our industry, our definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other entities, thereby diminishing its utility. Management uses adjusted EBITDA in making financial, operating and planning decisions and in evaluating our financial performance. Furthermore, management believes that adjusted EBITDA may provide external users of our financial statements, such as investors, commercial banks, research analysts and others, with additional meaningful comparisons between current results and results of prior periods as they are expected to be reflective of our core ongoing business. Adjusted EBITDA is used as a supplemental financial measure to assess: the ability of our assets to generate cash sufficient to make future potential cash dividends and support our indebtedness; the financial performance of our assets without regard to financing methods, capital structure or historical cost basis; our operating performance and return on capital as compared to those of other entities in the midstream energy sector, without regard to financing or capital structure; the attractiveness of capital projects and acquisitions and the overall rates of return on alternative investment opportunities; and the financial performance of our assets without regard to (i) income or loss from equity method investees, (ii) the impact of the timing of MVC shortfall payments under our gathering agreements or (iii) the timing of impairments or other income or expense items that we characterize as unrepresentative of our ongoing operations. Adjusted EBITDA has limitations as an analytical tool and investors should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. For example: certain items excluded from adjusted EBITDA are significant components in understanding and assessing an entity's financial performance, such as an entity's cost of capital and tax structure; adjusted EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments; adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; and although depreciation and amortization are noncash charges, the assets being depreciated and amortized will often have to be replaced in the future, and adjusted EBITDA does not reflect any cash requirements for such replacements. We compensate for the limitations of adjusted EBITDA as an analytical tool by reviewing the comparable GAAP financial measures, understanding the differences between the financial measures and incorporating these data points into our decision-making process. Distributable Cash Flow We define Distributable Cash Flow as adjusted EBITDA, as defined above, less cash interest paid, cash paid for taxes, net interest expense accrued and paid on the senior notes, and maintenance capital expenditures. Free Cash Flow We define free cash flow as distributable cash flow attributable to common and preferred shareholders less growth capital expenditures, less investments in equity method investees, less dividends to common and preferred shareholders. Free cash flow excludes proceeds from asset sales and cash consideration paid for acquisitions. We do not provide the GAAP financial measures of net income or loss or net cash provided by operating activities on a forward-looking basis because we are unable to predict, without unreasonable effort, certain components thereof including, but not limited to, (i) income or loss from equity method investees and (ii) asset impairments. These items are inherently uncertain and depend on various factors, many of which are beyond our control. As such, any associated estimate and its impact on our GAAP performance and cash flow measures could vary materially based on a variety of acceptable management assumptions. About Summit Midstream Corporation SMC is 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. SMC provides natural gas, crude oil and produced water gathering, processing and transportation services pursuant to primarily long-term, fee-based agreements with customers and counterparties in five unconventional resource basins: (i) the Williston Basin, which includes the Bakken and Three Forks shale formations in North Dakota; (ii) the Denver-Julesburg Basin, which includes the Niobrara and Codell shale formations in Colorado and Wyoming; (iii) the Fort Worth Basin, which includes the Barnett Shale formation in Texas; (iv) the Arkoma Basin, which includes the Woodford and Caney shale formations in Oklahoma; and (v) the Piceance Basin, which includes the Mesaverde formation as well as the Mancos and Niobrara shale formations in Colorado. SMC has an equity method investment in Double E Pipeline, LLC, which 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. SMC is headquartered in Houston, Texas. Forward-Looking Statements This press release includes certain statements concerning expectations for the future that are forward-looking within the meaning of the federal securities laws. Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements and may contain the words "expect," "intend," "plan," "anticipate," "estimate," "believe," "will be," "will continue," "will likely result," and similar expressions, or future conditional verbs such as "may," "will," "should," "would" and "could." In addition, any statement concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies and possible actions taken by SMC or its subsidiaries are also forward-looking statements. Forward-looking statements also contain known and unknown risks and uncertainties (many of which are difficult to predict and beyond management's control) that may cause SMC's actual results in future periods to differ materially from anticipated or projected results. An extensive list of specific material risks and uncertainties affecting SMC is contained in its 2024 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 11, 2025, as amended and updated from time to time. Any forward-looking statements in this press release are made as of the date of this press release and SMC undertakes no obligation to update or revise any forward-looking statements to reflect new information or events. SUMMIT MIDSTREAM CORPORATION AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS September 30, 2025 December 31, 2024 (In thousands) ASSETS Cash and cash equivalents $ 24,632 $ 22,822 Restricted cash 3,814 2,377 Accounts receivable 80,098 77,058 Other current assets 3,609 16,014 Total current assets 112,153 118,271 Property, plant and equipment, net 1,850,448 1,785,029 Intangible assets, net 156,892 154,279 Investment in equity method investee 267,456 269,561 Other noncurrent assets 26,565 32,344 TOTAL ASSETS $ 2,413,514 $ 2,359,484 LIABILITIES AND EQUITY Trade accounts payable $ 36,255 $ 25,162 Accrued expenses 25,868 38,176 Deferred revenue 8,862 9,595 Ad valorem taxes payable 11,415 9,544 Accrued compensation and employee benefits 7,157 11,222 Accrued interest 9,480 21,711 Accrued environmental remediation 1,796 1,430 Accrued settlement payable 10,260 6,667 Current portion of long-term debt 16,865 16,580 Other current liabilities 19,489 34,714 Total current liabilities 147,447 174,801 Deferred tax liabilities, net 76,321 63,326 Long-term debt, net 1,065,048 976,995 Noncurrent deferred revenue 19,532 25,373 Noncurrent accrued environmental remediation 203 768 Other noncurrent liabilities 7,917 20,150 TOTAL LIABILITIES 1,316,468 1,261,413 Commitments and contingencies Mezzanine Equity Subsidiary Series A Preferred Units 139,101 132,946 Equity Series A Preferred Shares 110,488 110,230 Common stock, $0.01 par value 122 106 Class B Common Stock, $0.01 par value 65 75 Additional paid-in capital 636,017 540,714 Accumulated deficit (194,826) (183,333) Total Company stockholders' equity 551,866 467,792 Noncontrolling interest 406,079 497,333 Total Equity 957,945 965,125 TOTAL LIABILITIES AND EQUITY $ 2,413,514 $ 2,359,484 SUMMIT MIDSTREAM CORPORATION AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended September 30, Nine Months EndedSeptember 30, 2025 2024 2025 2024 (In thousands, except per unit amounts) Revenues: Gathering services and related fees $ 65,359 $ 44,013 $ 193,706 $ 151,211 Natural gas, NGLs and condensate sales 71,079 48,243 196,751 145,294 Other revenues 10,445 10,159 29,340 26,096 Total revenues 146,883 102,415 419,797 322,601 Costs and expenses: Cost of natural gas and NGLs 38,138 28,246 109,486 88,047 Operation and maintenance 38,358 24,473 111,129 72,925 General and administrative 13,159 12,419 45,275 41,368 Depreciation and amortization 28,855 23,540 87,427 75,324 Transaction costs 1,429 2,094 5,283 13,156 Acquisition integration costs 1,661 — 7,060 40 (Gain) loss on asset sales, net 120 (6) 120 1 Long-lived asset impairments — — 71 67,936 Total costs and expenses 121,720 90,766 365,851 358,797 Other income (expense), net (575) 666 8,860 2,784 Gain (loss) on interest rate swaps 131 (2,574) (1,335) 936 Gain (loss) on sale of business (539) (1,672) (582) 82,338 Gain on sale of equity method investment — — — 126,261 Interest expense (24,191) (25,712) (70,592) (95,015) Loss on early extinguishment of debt — (42,235) — (47,199) Income from equity method investees 5,548 4,910 15,190 19,828 Income (loss) before income taxes 5,537 (54,968) 5,487 53,737 Income tax expense (537) (142,573) (81) (142,129) Net income (loss) $ 5,000 $ (197,541) $ 5,406 $ (88,392) Net loss per share: Common stock – basic $ (0.13) $ (19.25) $ (0.95) $ (10.39) Common stock – diluted $ (0.13) $ (19.25) $ (0.95) $ (10.39) Weighted-average number of shares outstanding: Common stock – basic 12,255 10,649 12,090 10,583 Common stock – diluted 12,255 10,649 12,090 10,583 SUMMIT MIDSTREAM CORPORATION AND SUBSIDIARIES UNAUDITED OTHER FINANCIAL AND OPERATING DATA Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (In thousands) Other financial data: Net income (loss) $ 5,000 $ (197,541) $ 5,406 $ (88,392) Net cash provided by operating activities 26,677 9,151 79,920 40,124 Capital expenditures 22,914 10,941 69,910 37,861 Contributions to equity method investees 753 989 3,816 1,431 Adjusted EBITDA 65,498 45,238 184,098 158,445 Cash flow available for distributions (1) 36,686 22,091 102,571 66,509 Free Cash Flow 16,716 9,663 37,292 29,751 Dividends (2) 3,385 n/a 10,126 n/a Operating data: Aggregate average daily throughput – natural gas (MMcf/d) 925 667 908 903 Aggregate average daily throughput – liquids (Mbbl/d) 72 70 75 73 Ohio Gathering average daily throughput (MMcf/d) (3) — — — 283 Double E average daily throughput (MMcf/d) (4) 712 661 686 559 __________ (1) Cash flow available for distributions is also referred to as Distributable Cash Flow, or DCF. (2) Represents dividends declared and ultimately paid or expected to be paid to preferred and common shareholders in respect of a given period. On May 3, 2020, the board of directors of Summit Midstream Corporation announced an immediate suspension of the cash distributions payable on its preferred and common units. Excludes distributions paid on the Subsidiary Series A Preferred Units issued at Summit Permian Transmission Holdco, LLC. The board of directors of Summit Midstream Corporation reinstated cash dividends on its Series A Preferred Stock beginning on March 14, 2025. (3) Gross basis, represents 100% of volume throughput for Ohio Gathering, subject to a one-month lag. (4) Gross basis, represents 100% of volume throughput for Double E. SUMMIT MIDSTREAM CORPORATION AND SUBSIDIARIES UNAUDITED RECONCILIATIONS TO NON-GAAP FINANCIAL MEASURES Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (In thousands) Reconciliations of net income to adjusted EBITDA and Distributable Cash Flow: Net income (loss) $ 5,000 $ (197,541) $ 5,406 $ (88,392) Add: Interest expense 24,191 25,712 70,592 95,015 Income tax expense 537 142,573 81 142,129 Depreciation and amortization (1) 29,090 23,774 88,131 76,028 Proportional adjusted EBITDA for equity method investees (2) 7,820 7,585 22,668 35,102 Adjustments related to capital reimbursement activity (3) (2,480) (2,283) (6,356) (7,934) Share-based and noncash compensation 2,064 1,840 6,801 6,698 (Gain) loss in fair value of Tall Oak earn out 575 — (7,904) — Loss on early extinguishment of debt — 42,235 — 47,199 (Gain) loss on asset sales, net 120 (6) 120 1 Long-lived asset impairment — — 71 67,936 (Gain) loss on interest rate swaps (131) 2,574 1,335 (936) (Gain) loss on sale of business 539 1,672 582 (82,338) Gain on sale of equity method investment — — — (126,261) Other, net (4) 3,721 2,013 17,761 14,026 Less: Income from equity method investees 5,548 4,910 15,190 19,828 Adjusted EBITDA $ 65,498 $ 45,238 $ 184,098 $ 158,445 Less: Cash interest paid 40,863 23,601 80,371 89,408 Cash paid for taxes 17 7 282 22 Senior notes interest adjustment (5) (17,393) (1,779) (12,458) (4,913) Maintenance capital expenditures 5,325 1,318 13,332 7,419 Cash flow available for distributions (6) $ 36,686 $ 22,091 $ 102,571 $ 66,509 Less: Growth capital expenditures 17,589 9,810 56,578 30,442 Investment in equity method investee 753 989 3,816 1,431 Distributions on Subsidiary Series A Preferred Units 1,628 1,629 4,885 4,885 Free Cash Flow $ 16,716 $ 9,663 $ 37,292 $ 29,751 (1) Includes the amortization expense associated with our favorable gas gathering contracts as reported in other revenues. (2) Reflects our proportionate share of Double E and Ohio Gathering adjusted EBITDA. Summit records financial results of its investment in Ohio Gathering on a one-month lag and is based on the financial information available to us during the reporting period. With the divestiture of Ohio Gathering in March 2024, proportional adjusted EBITDA includes financial results from December 1, 2023 through March 22, 2024. (3) Adjustments related to capital reimbursement activity represent contributions in aid of construction revenue recognized in accordance with Accounting Standards Update No. 2014-09 Revenue from Contracts with Customers. (4) Represents items of income or loss that we characterize as unrepresentative of our ongoing operations. For the nine months ended September 30, 2025, the amount includes $9.7 million of transaction and other costs and $7.1 million of integration costs. For the nine months ended September 30, 2024, the amount includes $13.2 million of transaction and other costs. (5) Senior notes interest adjustment represents the net of interest expense accrued and paid during the period. Interest on the 2025 Notes was paid in cash semi-annually in arrears on April 15 and October 15. Interest on the 2026 Secured Notes and the 12.00% Senior Notes (the "2026 Unsecured Notes") was paid in cash semi-annually in arrears on April 15 and October 15. Interest on the 2029 Secured Notes is paid semi-annually in arrears on each February 15 and August 15. (6) Represents cash flow available for distribution to preferred and common shareholders. Common dividends cannot be paid unless all accrued preferred dividends are paid. Cash flow available for distributions is also referred to as Distributable Cash Flow, or DCF. SUMMIT MIDSTREAM CORPORATION AND SUBSIDIARIES UNAUDITED RECONCILIATIONS TO NON-GAAP FINANCIAL MEASURES Nine Months Ended September 30, 2025 2024 (In thousands) Reconciliation of net cash provided by operating activities to adjusted EBITDA and distributable cash flow: Net cash provided by operating activities $ 79,920 $ 40,124 Add: Interest expense, excluding amortization of debt issuance costs 67,587 84,689 Income tax expense (benefit), excluding federal income taxes 98 (140) Changes in operating assets and liabilities 31,357 30,119 Proportional adjusted EBITDA for equity method investees (1) 22,668 35,102 Adjustments related to capital reimbursement activity (2) (6,356) (7,934) Realized gain on swaps (2,652) (3,974) Other, net (3) 17,761 13,992 Less: Distributions from equity method investees 21,110 31,241 Noncash lease expense 5,175 2,292 Adjusted EBITDA $ 184,098 $ 158,445 Less: Cash interest paid 80,371 89,408 Cash paid for taxes 282 22 Senior notes interest adjustment (4) (12,458) (4,913) Maintenance capital expenditures 13,332 7,419 Cash flow available for distributions (5) $ 102,571 $ 66,509 Less: Growth capital expenditures 56,578 30,442 Investment in equity method investee 3,816 1,431 Distributions on Subsidiary Series A Preferred Units 4,885 4,885 Free Cash Flow $ 37,292 $ 29,751 (1) Reflects our proportionate share of Double E and Ohio Gathering adjusted EBITDA. Summit records financial results of its investment in Ohio Gathering on a one-month lag and is based on the financial information available to us during the reporting period. With the divestiture of Ohio Gathering in March 2024, proportional adjusted EBITDA includes financial results from December 1, 2023 through March 22, 2024. (2) Adjustments related to capital reimbursement activity represent contributions in aid of construction revenue recognized in accordance with Accounting Standards Update No. 2014-09 Revenue from Contracts with Customers. (3) Represents items of income or loss that we characterize as unrepresentative of our ongoing operations. For the nine months ended September 30, 2025, the amount includes $9.7 million of transaction and other costs and $7.1 million of integration costs. For the nine months ended September 30, 2024, the amount includes $13.2 million of transaction and other costs. (4) Senior notes interest adjustment represents the net of interest expense accrued and paid during the period. Interest on the 2025 Notes was paid in cash semi-annually in arrears on April 15 and October 15. Interest on the 2026 Secured Notes and the 12.00% Senior Notes (the "2026 Unsecured Notes") was paid in cash semi-annually in arrears on April 15 and October 15. Interest on the 2029 Secured Notes is paid semi-annually in arrears on each February 15 and August 15. (5) Represents cash flow available for distribution to preferred and common shareholders. Common dividends cannot be paid unless all accrued preferred dividends are paid. Cash flow available for distributions is also referred to as Distributable Cash Flow, or DCF. SOURCE Summit Midstream Corporation

Summit Midstream Corporation Reports Third Quarter 2025 Financial and Operating Results

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