Summit Midstream (SMC) Investor presentation summary

Strategic positioning and asset overview

• Operates a diversified, value-driven gathering, processing, and transmission platform across six major U.S. resource plays, with no single basin contributing more than 35% of EBITDA.

• Maintains a weighted average contract life of over 7 years and 85% fixed fee-based gross margin, providing insulation from commodity price volatility.

• Holds 5.9 million dedicated acres and 2,709 pipeline miles, with a total enterprise value of $1.98 billion and market capitalization of $691 million as of August 2026.

• Key customers include major independents and supermajors, supporting a diversified revenue base.

Growth drivers and capital allocation

• Expects over $100 million in organic adjusted EBITDA growth by 2030, driven by Permian and Rockies segment expansion and Double E Pipeline commercialization.

• Free cash flow yield stands at 8-9%, with a path to reinstating the common dividend once leverage targets are met.

• Capital expenditures are focused on low-cost pad connections and high-return projects, with long-term capex guidance of $50-70 million annually.

• Recent M&A activity has expanded scale, notably in the DJ Basin, increasing processing capacity and pipeline mileage significantly.

Permian and Double E Pipeline expansion

• Double E Pipeline is a critical outlet for northern Delaware Basin gas, with a 70%/30% JV structure and recent FID on a mainline compression expansion.

• Expansion adds ~900 MMcf/d of capacity, with 550 MMcf/d already contracted and potential to reach over $100 million segment EBITDA by 2030.

• Project returns are attractive, with a run-rate EBITDA build multiple trending toward 3.0x if fully subscribed.

• Future phases could further double segment outlook, leveraging strong demand from LNG, data centers, and exports.