Summit Midstream Corp
summitmidstream.comWhat Do They Do?
Gathers, processes, and transports natural gas, crude oil, and produced water for oil and gas producers.
10-K for FY2025, filed Mar 16, 2026
How Do They Make Money?
Producers pay fees for gathering, compression, treating and processing, generally under long-term contracts and billed monthly; Summit also sells natural gas, NGLs and condensate, with the sale tied to delivery at an agreed point.
10-K for FY2025, filed Mar 16, 2026We earn revenue by providing gathering, compression, treating and/or processing services pursuant to primarily long-term and fee-based…View ↗
Fee-based arrangements. Under fee-based arrangements, the Company receives a fee or fees for one or more of the following services (i)…View ↗
Performance obligations for the sale of natural gas, NGLs and condensate are satisfied at a point in time. There are no significant…View ↗
Services are typically billed on a monthly basis and the Company does not offer extended payment terms. The Company does not have contracts…View ↗
-
10-K for FY2025, filed Mar 16, 2026
FY2025 revenue by product or service ↗
$562.1M
-
10-K for FY2025, filed Mar 16, 2026
$562.1M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Gathering services and related fees
Recurring
10-K for FY2025, filed Mar 16, 2026 |
45% |
Gathering services and related fees, FY2025
$255.7M Sources
|
Recurring |
|
Natural gas, NGLs and condensate sales
Sold outright
10-K for FY2025, filed Mar 16, 2026 |
47% |
Natural gas, NGLs and condensate sales, FY2025
$265.1M Sources
|
Sold outright |
|
Other revenues
|
7.4% |
Other revenues, FY2025
$41.4M Sources
|
Who Are Their Customers?
Oil and gas producers, including their affiliates and subsidiaries, contract for gathering, processing and transportation services.
10-K for FY2025, filed Mar 16, 2026
Do Revenues Turn Into Profits?
Not on paper. It lost $5.9M in FY2025, but brought in more cash than it spent: $44.6M of free cash flow.
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 10, 2026
$1.6MView ↗
- ▲ Now profitable
- vs −$8M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 10, 2026
Open tableView ↗
-
Aug 10, 2026
Summit narrowed 2026 guidance for adjusted earnings before interest, taxes, depreciation and amortization
The company set the range at $235 million to $255 million and raised total capital expenditure guidance to $100 million to $120 million.
Sources
8-K, filed Aug 10, 2026
"With a solid first half behind us and customer activity accelerating across the footprint, we have better visibility into our second-half…View ↗
Loading...
