Wednesday, November 11, 2026
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
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Third Quarter 2026 Financial Results. Summit Midstream Corporation reported revenue of $183.0 million, up 24.6% year over year and 18.1% sequentially. Net income attributable to common shareholders was approximately $8.2 million, or $0.58 per diluted share, compared with a loss of $1.6 million, or $(0.13) per share, a year ago and income of $1.6 million, or $0.11 per share, in the prior quarter. Adjusted EBITDA increased 7.9% year over year and 16.4% sequentially to $70.7 million. Distributable cash flow declined to $32.6 million from $36.7 million a year ago and $36.8 million in the prior quarter, while free cash flow decreased to $5.2 million from $16.7 million and $9.4 million, respectively.
Guidance Increased. Management raised its 2026 adjusted EBITDA guidance to $250 million to $260 million and from $235 million to $255 million, reflecting stronger producer activity and higher throughput. Rockies Segment adjusted EBITDA increased 32% sequentially to $40.0 million, supported by 51 new well connections. Double E throughput increased 17% to a record 1,002 MMcf/d, and Summit reached a final investment decision on its Mainline Compression Expansion. With seven active rigs and approximately 140 drilled but uncompleted wells behind its systems, management anticipates connecting 200 to 250 wells in 2027.
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