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Summit Midstream (SMC) investor relations material
Summit Midstream Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
Achieved Q3 2025 adjusted EBITDA of $65.5 million, up over 7% sequentially, with distributable cash flow of $36.7 million and free cash flow of $16.7 million.
Reported Q3 2025 net income of $5.0 million.
Connected 21 new wells in Q3, with 109 wells connected year-to-date and about 50 more expected in Q4.
Double E Pipeline transported record volumes, averaging 745 MMcf/d in September.
Anticipates over 120 new well connects in the first half of 2026, with significant volume growth expected.
Financial highlights
Q3 2025 revenues were $146.9 million, up from $102.4 million in Q3 2024.
Net income for Q3 2025 was $5.0 million, compared to a net loss of $197.5 million in Q3 2024.
Adjusted EBITDA for Q3 2025 was $65.5 million, up from $45.2 million in Q3 2024 and 7% higher than Q2 2025.
Distributable cash flow for Q3 2025 was $36.7 million, up from $22.1 million in Q3 2024.
Capital expenditures totaled $22.9 million, with $14 million year-to-date spent on non-recurring integration and optimization projects.
Outlook and guidance
Expects full-year 2025 results to trend toward the low end of original adjusted EBITDA guidance of $245–$280 million due to well connect delays.
Over 120 new well connects are planned for the first half of 2026, with additional wells possible in the second half.
Plans to release full-year 2026 financial guidance with the Q4 2025 earnings release.
Explain EBITDA guidance vs. well connect midpoint
Quantify compressor redeployment financial impact
Plan for accrued Series A Preferred dividends
Q4 well connects impact on 2026 growth outlook?
Strategy for Double E free flow capacity?
What is the annual savings from compressor redeployment?
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Next Summit Midstream earnings date
Q4 202510 Mar, 2026
Next Summit Midstream earnings date
Q4 202510 Mar, 2026
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Frequently asked questions
Summit Midstream Partners, LP is a midstream energy company that provides natural gas, crude oil, and produced water gathering, processing, and transportation services. The company operates a network of pipelines and facilities across key energy-producing regions in the United States, including the Appalachian, Williston, and Permian basins. Summit Midstream Partners serves energy producers by enabling the efficient movement of resources from production sites to downstream markets and processing facilities. The company is headquartered in Houston, Texas, and its shares are listed on the NYSE.
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