Summit Midstream (SMC) Q2 2026 earnings summary

Executive summary

• Reported Q2 2026 net income of $4.6 million, reversing a net loss of $4.2 million in Q2 2025, and Adjusted EBITDA of $60.7 million, up 12% sequentially, driven by growth in Rockies and MidCon segments.

• Total revenues for Q2 2026 increased to $155.0 million, up $14.8 million year-over-year, driven by higher natural gas, NGLs, and condensate sales, partially offset by lower gathering fees.

• Customer activity accelerated, with 36 wells turned in line during Q2 and 17 more in Williston post-quarter, reflecting a positive response to higher crude prices.

• Major capital structure actions included a $440 million refinancing, redemption of $143.2 million in preferred units, and a $35 million share repurchase program, with $1 million executed by June 30, 2026.

• Commercial momentum continues with new contracts in Rockies and Permian, a 20-year extension in the DJ Basin, and new firm transportation agreements.

Financial highlights

• Q2 2026 Adjusted EBITDA: $60.7 million (up 12% sequentially); Distributable Cash Flow: $36.8 million; Free Cash Flow: $9.4 million.

• Q2 2026 revenues: $155.0 million (Q2 2025: $140.2 million); net income: $4.6 million (Q2 2025: net loss $4.2 million); EPS: $0.12 basic, $0.11 diluted.

• Capital expenditures for Q2 2026 were $25 million, including $4.1 million in maintenance CapEx.

• Ended quarter with $21 million unrestricted cash, $79 million drawn on revolver, and $418 million available borrowing capacity.

• Segment adjusted EBITDA for Q2 2026: Rockies $30.4M (+20%), Permian $9.4M (+13%), Mid-Con $21.4M (-14%), Piceance $8.7M (-17%).

Outlook and guidance

• Tightened full-year 2026 Adjusted EBITDA guidance to $235–$255 million.

• Raised full-year capital expenditure guidance to $100–$120 million, reflecting new well connections and Double E JV contributions.

• Double E Pipeline expansion project progressing, with new firm transportation agreements increasing contracted capacity to 1.9 Bcf/d; FID expected by end of summer 2026.

• Organic growth expected to deliver over $100 million by 2030, led by Rockies and Permian.

• Management intends to optimize capital structure, reduce indebtedness, and pursue opportunistic acquisitions or divestitures.