Key Highlights:
- Summit Midstream Corporation (SMC, Financial) reported a Q1 2025 net income of $4.6 million and adjusted EBITDA of $57.5 million.
- Natural gas throughput increased by 19.8% to 883 MMcf/d, and liquids volumes rose by 8.8% to 74 Mbbl/d.
- SMC suspended common stock dividends but reinstated payments on Series A Preferred Stock.
Summit Midstream Corporation (SMC) announced its financial results for the first quarter of 2025, highlighting a net income of $4.6 million and an adjusted EBITDA of $57.5 million. The company also reported a distributable cash flow of $33.5 million, demonstrating strong operational performance despite certain market challenges.
Key achievements in the quarter included the completion of the Moonrise Midstream acquisition and connecting 41 new wells. The company also raised $250 million through Senior Secured Notes, reflecting confidence in its financial strategy.
SMC's natural gas throughput saw a significant increase of 19.8%, reaching 883 MMcf/d, while liquids volumes grew by 8.8% to 74 Mbbl/d compared to Q4 2024. Despite suspending common stock dividends, the company reinstated dividends on Series A Preferred Stock, indicating a focus on maintaining shareholder returns while managing liquidity.
As of March 31, 2025, SMC held $26.2 million in cash with $354 million in borrowing availability, maintaining a leverage ratio of 4.0x. This financial positioning supports the company's strategic initiatives and investment in growth projects.
Looking forward, Summit Midstream reaffirmed its 2025 guidance of $245-280 million in adjusted EBITDA and capital expenditures between $65-75 million. The company's diversified asset portfolio, with a focus on natural gas-oriented operations, provides resilience against the volatility of crude oil prices.