Wednesday, March 18, 2026
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Double E Pipeline growth. Summit recently signed two new long-term take-or-pay agreements totaling 540 MMcf/d of incremental firm capacity on the Double E Pipeline, an 11-year, 210 MMcf/d contract with a large investment-grade shipper and an 11-year, 230 MMcf/d agreement with an undisclosed shipper, alongside the previously announced 100 MMcf/d Producers Midstream II commitment, which received an affirmative FID during the quarter. These contracts are expected to grow the Permian Segment Adj. EBITDA from ~$34 million in 2025 to ~$60 million by 2029.
2026 guidance. Summit expects full-year 2026 Adj. EBITDA of $225 million to $265 million, with total capital expenditures of $85 million to $105 million, including approximately $35 million attributable to Double E. The outlook assumes WTI at approximately $64 per barrel and Henry Hub at approximately $3.40 per MMBtu, both materially below current strip prices, suggesting meaningful upside if the commodity environment is sustained. The company expects 116 to 126 well connections supported by seven active rigs and approximately 90 DUCs.
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