Summit Midstream (SMC) Investor presentation summary

Strategic positioning and asset overview

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

• Maintains a weighted average contract life of over 7 years and 5.9 million dedicated acres under long-term agreements.

• 85% of gross margin is fixed fee-based, providing insulation from commodity price volatility.

• Holds a simplified capital structure with $606 million market capitalization and $1.9 billion enterprise value.

• Customer base includes major independents and supermajors, supporting stable cash flows.

Growth drivers and capital allocation

• Expects over $100 million in organic EBITDA growth by 2030, driven by Permian and Rockies segments.

• Double E Pipeline expansion is a key catalyst, with 640 MMcf/d of new long-term contracts and potential EBITDA rising from $34 million to $90 million by 2030.

• Recent M&A activity, including DJ Basin bolt-ons and Williston crude gathering agreements, has expanded scale and footprint.

• Capital expenditures are focused on high-return projects, with long-term guidance of $50–70 million annually.

• Free cash flow yield stands at 9–11%, with a path to reinstating the common dividend as leverage targets are met.

Operational efficiency and financial performance

• System backbone is fully built out, limiting incremental capex to low-cost pad connections and infill drilling.

• Operating leverage and customer reimbursements further reduce capital intensity in key segments.

• Adjusted EBITDA for Q1 2026 was $54.2 million, with strong segment contributions from Rockies and Mid-Con.

• Debt refinanced in 2024, providing a multi-year runway and ample liquidity via a $500 million revolver.

• Maintains a 4.2x total leverage ratio, targeting 3.5x for dividend resumption.