Summit Midstream Partners Q4 Earnings Call Highlights

• Summit reported beardown results with $58.6 cardinal of adjusted EBITDA successful Q4 and ~$243 cardinal of adjusted EBITDA for full-year 2025, and acceptable 2026 guidance of $225–$265 million adjusted EBITDA with $85–$105 million of capex and an expected 116–126 good connections.

• Balance expanse and financing moves included net indebtedness of ~$930 million (pro forma ~$890 million, ~3.9x leverage), ~$387 million of disposable borrowing capacity, and a $440 million Permian elder secured word indebtedness that funded an $85 million organisation utilized to repay preferred dividends and trim ABL borrowings.

• Double E secured >500 MMcf/d of caller semipermanent take-or-pay commitments (including 2 11+ twelvemonth deals totaling 440 MMcf/d) and expects ~1.6 Bcf/d steadfast capableness upon ramp, has launched a binding unfastened play to grow mainline to ~2.4 Bcf/d, and sees Permian EBITDA increasing toward $60 million by 2029 (potentially ~$90 million+ by 2030 if enlargement is afloat commercialized).

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Summit Midstream Partners (NYSE:SMC) outlined fourth-quarter and full-year 2025 results alongside an update connected commercialized enactment astatine its Double E Pipeline and its 2026 outlook, emphasizing caller semipermanent take-or-pay contracts, a refinancing astatine the Permian associated venture, and a multi-year integrated maturation framework.

Management said the institution generated astir $58.6 cardinal of adjusted EBITDA successful the 4th quarter, alongside $33.7 cardinal of distributable currency flow and $17 cardinal of escaped currency flow. For the afloat year, Summit reported approximately $243 cardinal of adjusted EBITDA.

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Capital expenditures totaled $19 million successful the 4th fourth and $89 million for the afloat year, according to CFO William Mault.

Summit ended 2025 with net indebtedness of astir $930 million, and absorption discussed a pro forma nett indebtedness fig of approximately $890 million aft a $40 cardinal repayment of its asset-based lending installation tied to an expected $85 cardinal organisation from a caller Permian Transmission word loan. On that pro forma basis, absorption said leverage would beryllium approximately 3.9x.

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Available borrowing capableness astatine year-end was approximately $387 million, which included astir $1 cardinal of undrawn letters of credit.

In the Rockies segment (DJ and Williston Basin systems), Summit reported adjusted EBITDA of $27.8 million, down $1.2 cardinal from the 3rd quarter. The diminution was attributed chiefly to little liquids volumes from earthy declines, partially offset by humble earthy state measurement growth. Liquids averaged about 66,000 barrels per day, down astir 6,000 barrels per time sequentially, portion earthy state averaged about 160 MMcf/d, up astir 2 MMcf/d. Summit connected 33 caller wells successful the DJ Basin during the quarter, which absorption expects to scope highest accumulation successful the 2nd 4th of 2026.