Summit Midstream Corporation: Fourth Quarter 2024 Results and 2025 Outlook
HOUSTON, March 10, 2025
Summit Midstream Corporation (NYSE: SMC) recently reported its financial and operating results for the fourth quarter and full-year 2024, along with providing full-year 2025 financial guidance. The company reported a net loss of $24.8 million for the fourth quarter of 2024, with adjusted EBITDA coming in at $46.2 million, Distributable Cash Flow (DCF) of $22.1 million, and free cash flow (FCF) of $6.6 million. The total leverage was reduced to 3.9x at year-end 2024.
Operational Highlights
During the fourth quarter of 2024, Summit successfully connected 23 new wells, bringing the total number of wells connected to 156 for the year. The company’s active customer base now includes over 100 drilled but uncompleted wells (DUCs) behind its systems, with an expected 125 to 185 wells coming online in 2025.
Acquisitions
Summit also announced the successful closing of a value- and credit-accretive acquisition of Tall Oak Midstream III on December 31, 2024. In addition, on March 10, 2025, the company closed the acquisition of Moonrise Midstream in the DJ Basin. These acquisitions are expected to contribute positively to Summit’s financial and operational performance.
Financial Guidance
For full-year 2025, Summit provided a financial guidance range of $245 million to $280 million in adjusted EBITDA and total capital expenditures of $65 million to $75 million.
Management Commentary
Heath Deneke, President, CEO, and Chairman of Summit, stated, “2024 was an eventful and pivotal year for Summit. We successfully executed on our strategic priorities, including reducing leverage, expanding our footprint, and delivering strong operational performance. We are well-positioned to build on this momentum in 2025 and beyond.”
Impact on Individuals
For individuals with investments in Summit Midstream Corporation, the company’s financial and operational progress is likely to be positive. The reduction in leverage, successful acquisitions, and strong operational performance are all indicators of a financially sound and growing business. The reinstatement of the cash dividend on the Series A Preferred Stock starting March 15, 2025, is an added bonus for investors.
Impact on the World
Summit’s acquisitions and operational growth contribute to the overall energy infrastructure sector. The addition of new wells and expansion of customer bases helps to meet the growing demand for midstream services in the energy industry. Furthermore, the company’s financial strength and ability to reduce leverage sets a positive example for other midstream companies looking to grow and succeed in the market.
Conclusion
Summit Midstream Corporation’s strong fourth-quarter and full-year 2024 results, along with its positive outlook for 2025, demonstrate the company’s commitment to growth and financial stability. The successful execution of strategic priorities, including the reduction of leverage, expansion of the company’s footprint, and strong operational performance, position Summit well for future success. For investors, the reinstatement of the cash dividend on the Series A Preferred Stock is an added bonus. The company’s growth also contributes positively to the energy infrastructure sector and sets a positive example for other midstream companies.
- Summit Midstream Corporation reported net loss, adjusted EBITDA, DCF, and FCF for Q4 2024
- Total leverage reduced to 3.9x at year-end 2024
- 156 wells connected in 2024, with over 100 DUCs and 125-185 expected in 2025
- Successfully closed Tall Oak Midstream III and Moonrise Midstream acquisitions
- Provided 2025 full-year financial guidance range of $245 million to $280 million in adjusted EBITDA and $65 million to $75 million in capital expenditures
- Heath Deneke, President, CEO, and Chairman, expressed optimism for the company’s future
- Impact on individuals: positive for investors due to financial progress and cash dividend
- Impact on the world: contributes to energy infrastructure sector growth and sets positive example for midstream companies
