Summit Midstream Corp.

Summit reported second-quarter 2026 adjusted EBITDA of $60.7 million, distributable cash flow of $36.8 million, and free cash flow of $9.4 million. Total capital expenditures were $25 million, including $4.1 million of maintenance capex. End-of-quarter liquidity included $21 million of unrestricted cash and $79 million drawn on the revolver, with about $418 million of available borrowing capacity after letters of credit, and total leverage was approximately 4.1x. Segment EBITDA was $30.4 million for Rockies, $9.4 million for Permian, $8.7 million for Piceance, and $21.4 million for Mid-Con. Management tightened full-year 2026 adjusted EBITDA guidance to $235 million-$255 million and raised capex guidance to $100 million-$120 million, including Double E JV contributions; it said the added spending is tied to contracted or committed activity and that earnings from these investments should start showing up in 2027.

Heath Deneke struck an upbeat tone, saying Summit had a strong quarter and that activity across the footprint is accelerating. He highlighted 36 wells turned in line in the quarter, 17 additional Williston wells after quarter-end, eight rigs behind the Rockies system, and new commercial wins in the Williston, DJ, and Double E. He framed the company as being positioned for strong growth in 2027 and beyond, citing more than $100 million of organic growth potential by 2030 and progress toward returning capital to shareholders.

Bill Mault walked through the quarter’s financials and liquidity: adjusted EBITDA of $60.7 million, DCF of $36.8 million, free cash flow of $9.4 million, and $25 million of capex. He noted $21 million of unrestricted cash, $79 million drawn on the revolver, approximately $418 million of borrowing availability, and 4.1x leverage at quarter end. He also said the company repurchased about 35 thousand shares for $1 million under the new $35 million authorization, leaving about $34 million of remaining capacity.

Analysts focused on how much the 30 incremental Williston wells could add in 2027, and management said they could contribute about $10 million of EBITDA, with more activity likely beyond that. Questions also centered on Double E’s remaining commercial commitments and management said it is finalizing two transportation agreements that should get the project to FID in the next couple of weeks. On Piceance, management warned of a step down in cash flow after MVC shortfall payments expire in Q3, estimating roughly $4 million per quarter of those payments and a normalized run rate around $4 million-$4.5 million of EBITDA. Management also said 70-75 crude does not materially change development plans in the Bakken, and that buybacks are mainly for support, while long-term value creation is expected to come more from deleveraging, growth, and a future dividend.