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Summit Midstream Partners (SMLP) investor relations material
Summit Midstream Partners Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary12 Aug, 2025
Executive summary
Completed Moonrise and Tall Oak acquisitions, integrating assets and expanding the Mid-Con and Rockies segments, while divesting Northeast operations to focus on core basins.
Reported Q2 2025 adjusted EBITDA of $61.1 million, net loss of $4.2 million, and strong free cash flow, with 47 new wells connected and three active drilling rigs.
Signed 10-year extension of gathering agreements in Williston Basin and a new 100 MMcf/d precedent agreement for Double E Pipeline.
Added to Russell 3000, 2000, and Microcap indices, enhancing visibility and liquidity.
Corporate reorganization established an Up-C tax structure, with 65% ownership retained and 35% as noncontrolling interest.
Financial highlights
Q2 2025 revenues were $140.2 million, up from $101.3 million in Q2 2024; adjusted EBITDA was $61.1 million, and DCF was $32.4 million.
Net debt stood at approximately $944 million with $359 million in available borrowing capacity at quarter end.
Segment adjusted EBITDA for Q2 2025: Rockies $25.2M, Permian $8.3M, Piceance $10.5M, Mid-Con $24.9M.
Free cash flow for the first half of 2025 was $9.2 million; maintenance capital expenditures were $8 million.
Interest expense decreased $7.6 million year-over-year for Q2 2025 due to debt refinancing and repayments.
Outlook and guidance
Year-end 2025 results expected near the low end of adjusted EBITDA guidance ($245M–$280M) due to deferred customer development and timing issues.
Anticipate volume recovery and stronger performance in 2026 as deferred wells come online and new contracts take effect.
Management remains focused on capital structure optimization, deleveraging, and pursuing bolt-on acquisitions, especially in the Rockies.
No common stock dividends expected in the near term; Series A Preferred dividends reinstated.
What is the expected Double E in-service date?
Explain Rockies segment's margin mix decrease.
When will Series A preferred dividends be paid?
What rate relief was offered in the Williston?
When is the Double E expansion in service?
What is driving strong Mid-Con well results?
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Next Summit Midstream Partners earnings date
Q3 202511 Nov, 2025
Next Summit Midstream Partners earnings date
Q3 202511 Nov, 2025
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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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