Business
Summit Midstream Corporation Reports First Quarter 2026 Financial and Operating Results
Summit Midstream Corporation (NYSE: SMC) ("Summit", "SMC" or the "Company") announced today its financial and operating results for the three months ended March 31, 2026.
About this update from Summit Midstream Corporation
[{"type":"text","content":"HOUSTON, May 11, 2026 /PRNewswire/ -- Summit Midstream Corporation (NYSE: SMC) ("Summit", "SMC" or the "Company") announced today its financial and operating results for the three months ended March 31, 2026.","length":248,"tagName":"p"},{"type":"text","content":"Highlights","length":10,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"First quarter 2026 net loss of $3.2 million, Adjusted EBITDA of $54.2 million, cash flow available for distributions ("Distributable Cash Flow" or "DCF") of $26.9 million and free cash flow ("FCF") of $11.4 million","length":244,"tagName":"p"}]},{"val":[{"type":"text","content":"Connected 37 wells during the first quarter, including four Williston wells from the new 10-year crude gathering agreement; five rigs currently running with approximately 80 DUCs behind the systems","length":197,"tagName":"p"}]},{"val":[{"type":"text","content":"Executed a new precedent agreement for 100 MMcf/d of firm capacity on the Double E Pipeline, with Q1 2027 expected in-service date and 10-year term","length":147,"tagName":"p"}]},{"val":[{"type":"text","content":"Repaid all $45 million of accrued Series A Preferred Stock dividends clearing a key milestone toward reinstating a common dividend","length":130,"tagName":"p"}]},{"val":[{"type":"text","content":"Completed a $42 million private placement of common stock to an affiliate of Tailwater Capital LLC, Summit's largest shareholder, providing additional financial flexibility to execute on high-return growth projects and reduce ABL borrowings","length":249,"tagName":"p"}]},{"val":[{"type":"text","content":"Reiterating 2026 full-year Adjusted EBITDA guidance of $225 million to $265 million, supported by accelerating producer activity in the Rockies and anticipated Mid-Con volume ramp","length":184,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":1151,"olType":false},{"type":"text","content":"Management Commentary","length":21,"tagName":"p"},{"type":"text","content":"Heath Deneke, President, Chief Executive Officer and Chairman, commented, "First quarter results reflected favorable crude oil prices primarily impacting our Rockies segment, offset by lower realized residue gas prices and lower than expected volumes in the Mid-Con Segment. We conti...