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Edge20 Mar 2026
Tetra Pak: The Shape of Innovation
The story of Tetra Pak, the Rausing family, and how a paper tetrahedron gave rise to a company that now delivers almost 180 billion packages a year.
Summit Midstream
Summit Midstream (SMC) investor relations material
Summit Midstream Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary17 Mar, 2026
Executive summary
Achieved Q4 2025 Adjusted EBITDA of $58.6M and full-year Adjusted EBITDA of $243M, with strong commercial momentum, new long-term contracts, and refinancing activities supporting growth and deleveraging.
Signed over 0.5 Bcf/d (540 MMcf/d) of new long-term take-or-pay agreements on Double E Pipeline, fully subscribing mainline capacity and supporting future EBITDA growth, with Permian segment Adjusted EBITDA projected to reach $60M by 2029.
Successfully refinanced Double E with a $440M term loan, enabling an $85M distribution to repay $45M in preferred dividends and $40M in ABL borrowings, reducing leverage.
Executed a new 10-year crude gathering agreement in Divide County/Williston, expanding dedicated acreage by 200,000+ acres and development inventory.
Projecting over $100M of organic Adjusted EBITDA growth by 2030, driven by Permian and Rockies segments and Double E expansion.
Financial highlights
Q4 2025 Adjusted EBITDA: $58.6M; full-year 2025 Adjusted EBITDA: $243M; Q4 distributable cash flow: $33.7M; free cash flow: $17M.
Q4 2025 capital expenditures: $19M; full-year 2025 capex: $89M.
Year-end net debt: $930M; pro forma net debt after ABL repayment: $890M; pro forma leverage: 3.9x.
Available borrowing capacity at year-end: $387M; unrestricted cash at year-end: $9.3M.
Q4 2025 revenue: $142.3M; full-year 2025 revenue: $562.1M.
Outlook and guidance
2026 Adjusted EBITDA guidance: $225M–$265M; capex: $85M–$105M, including $35M for Double E.
Expecting 116–126 well connections in 2026, with 80% crude oil-oriented; natural gas throughput guidance: 875–920 MMcf/d; liquids: 65–90 Mbbl/d.
Commodity price assumptions: mid-$60s/bbl oil, $3.40/MMBtu gas; guidance based on strip pricing as of February 2026.
Permian segment Adjusted EBITDA projected to reach $60M by 2029, potentially $90M+ by 2030 if expansion is fully commercialized.
Targeting long-term leverage of 3.5x and considering a return of capital program as leverage approaches target.
Conditions for Double E expansion FID
Timeline for common dividend reinstatement?
Impact of upstream M&A on 2026 well connects
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Latest events from Summit Midstream
- $109.1M H1 net income, C-corp conversion, $1.1B refinancing, and 2024 EBITDA guidance reaffirmed.SMC
Q2 20241 Feb 2026 - $450M Tall Oak deal boosts scale, rebalances portfolio, and accelerates growth and capital returns.SMCM&A Announcement19 Jan 2026
- Q3 net loss $197.5M on tax/impairment; adjusted EBITDA up 9% to $45.2M; Tall Oak deal, reorg, asset sales.SMCQ3 202415 Jan 2026
- Leverage fell and share price surged in 2024, with strong 2025 growth and cash flow targeted.SMCQ4 202426 Dec 2025
- Unitholders will vote on a merger to convert to a C corporation, gaining new stockholder rights.SMCProxy Filing2 Dec 2025
- Q1 2025 delivered $132.7M revenue, $4.6M net income, and strong liquidity with key acquisitions.SMCQ1 202525 Nov 2025
- Q2 2025 adjusted EBITDA reached $61.1M, with growth driven by acquisitions and new contracts.SMCQ2 202523 Nov 2025
- Q3 adjusted EBITDA up 7.2% to $65.5M, with record pipeline volumes and strong 2026 outlook.SMCQ3 202517 Nov 2025
Next Summit Midstream earnings date
Q1 202611 May, 2026
Summit Midstream
Next Summit Midstream earnings date
Q1 202611 May, 2026
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