0002024218-25-000020 | 10-K | XBRL Viewer

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DEBT - Components of Long-Term Debt (Details) - USD ($)	Mar. 07, 2025	Jan. 10, 2025	Dec. 31, 2024	Jul. 26, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Total			$ 1,009,321,000
Less: unamortized debt discount and debt issuance costs			(15,746,000)		$ (31,449,000)
Total debt, net of unamortized debt discount and debt issuance costs			993,575,000		1,470,690,000
Less: current portion of Permian Transmission Term Loan			(16,580,000)		(15,524,000)
Total long-term debt			976,995,000		1,455,166,000
Asset Backed Lending Facility \| Line of Credit
Line of Credit Facility [Line Items]
Secured notes			305,000,000		313,000,000
Permian Transmission Term Loan
Line of Credit Facility [Line Items]
Total			129,321,000
Permian Transmission Term Loan \| Line of Credit
Line of Credit Facility [Line Items]
Total			129,321,000		144,846,000
2029 Secured Notes (2) \| Term Loan
Line of Credit Facility [Line Items]
Unsecured notes			$ 575,000,000		0
Stated interest rate (as a percent)			8.625%
2026 Unsecured Notes
Line of Credit Facility [Line Items]
Stated interest rate (as a percent)			12.00%
2026 Unsecured Notes \| Unsecured Debt
Line of Credit Facility [Line Items]
Unsecured notes			$ 0		209,510,000
2025 Senior Notes
Line of Credit Facility [Line Items]
Stated interest rate (as a percent)			5.75%
2025 Senior Notes \| Senior Notes
Line of Credit Facility [Line Items]
Unsecured notes			$ 0		49,783,000
2026 Secured Notes
Line of Credit Facility [Line Items]
Stated interest rate (as a percent)			8.50%
2026 Secured Notes \| Term Loan
Line of Credit Facility [Line Items]
Unsecured notes			$ 0		$ 785,000,000
Senior Secured Second Lien Notes, 2029
Line of Credit Facility [Line Items]
Debt instrument, amount				$ 50,600,000
Senior Secured Second Lien Notes, 2029 \| Subsequent Event
Line of Credit Facility [Line Items]
Stated interest rate (as a percent)		8.625%
Debt instrument, amount	$ 825,000,000	$ 250,000,000

DEBT - Schedule of Redemption Price (Details) - Senior Secured Second Lien Notes, 2029 - Summit Holdings	Jul. 26, 2024
Debt Instruments Redemption Period One
Line of Credit Facility [Line Items]
Redemption price, expressed as percentage of principal amount (as a percent)	104.313%
Debt Instruments Redemption Period Two
Line of Credit Facility [Line Items]
Redemption price, expressed as percentage of principal amount (as a percent)	102.156%
Debt Instrument Redemption Period After Two
Line of Credit Facility [Line Items]
Redemption price, expressed as percentage of principal amount (as a percent)	100.00%

REVENUE - Schedule of Estimated Revenue Expected to be Recognized (Details) - Gathering services and related fees $ in Thousands	Dec. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 37,557
Revenue, remaining performance obligation, expected timing of satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 26,568
Revenue, remaining performance obligation, expected timing of satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 7,965
Revenue, remaining performance obligation, expected timing of satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 5,325
Revenue, remaining performance obligation, expected timing of satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 0
Revenue, remaining performance obligation, expected timing of satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2030-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 0
Revenue, remaining performance obligation, expected timing of satisfaction, Period	1 year

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Total revenues	$ 429,619	$ 458,903
Costs and expenses:
Type of Cost, Good or Service [Extensible List]	Natural Gas Liquids (NGL) [Member]	Natural Gas Liquids (NGL) [Member]
Cost of natural gas and NGLs	$ 114,996	$ 112,462
Operation and maintenance	100,968	100,741
General and administrative	55,562	42,135
Depreciation and amortization	100,647	122,764
Transaction costs	30,956	1,251
Acquisition integration costs	165	2,654
(Gain) loss on asset sales, net	1	(260)
Long-lived asset impairment	68,260	540
Total costs and expenses	471,555	382,287
Other income, net	4,188	865
Gain on interest rate swaps	4,127	1,830
Gain (loss) on sale of business	82,187	(47)
Gain on sale of equity method investment	126,261	0
Interest expense	(115,446)	(140,784)
Loss on early extinguishment of debt	(50,075)	(10,934)
Income from equity method investees	24,197	33,829
Income (loss) before income taxes	33,503	(38,625)
Income tax expense	(146,678)	(322)
Net loss	(113,175)	(38,947)
Less: Net income attributable to Subsidiary Series A Preferred Units	(14,806)	(12,581)
Add: Net loss attributable to noncontrolling interest	5,822	0
Net loss attributable to Summit Midstream Corporation	(122,159)	(51,528)
Less: net income attributable to Series A Preferred Stock	$ (13,337)	$ (11,566)
Net loss per share:
Common stock - basic (in dollars per share)	$ (12.78)	$ (6.11)
Common stock - diluted (in dollars per share)	$ (12.78)	$ (6.11)
Weighted-average number of shares outstanding:
Common stock - basic (in shares)	10,600	10,334
Common stock - diluted (shares)	10,600	10,334
Class B Common Stock
Costs and expenses:
Net loss attributable to common equity holders	$ (135,496)	$ (63,094)
Gathering services and related fees
Revenues:
Total revenues	200,844	248,223
Natural gas, NGLs and condensate sales
Revenues:
Total revenues	195,027	179,254
Other revenues
Revenues:
Total revenues	$ 33,748	$ 31,426

INCOME TAXES

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

16. INCOME TAXES

Prior to consummation of the Corporate Reorganization, SMLP was treated as a partnership for federal and state income tax purposes, in which SMLP’s taxable income or loss was passed through to its unitholders. SMLP was subject to Texas margin tax. Therefore, with the exception of the state of Texas, SMLP did not directly pay federal and state income taxes and no entity-level income tax provisions was recorded other than for the effects of the Texas margin tax.

Effective August 1, 2024, pursuant to the Corporate Reorganization, Summit Midstream Corporation became a corporation and thus is subject to United States federal and state income taxes. Upon consummation of the Corporate Reorganization, Summit Midstream Corporation recognized (i) an incremental $153.0 million income tax expense in its consolidated statements of operations for temporary differences that existed as of the date of the Corporate Reorganization, (ii) a $32.4 million tax benefit to equity due to changes in tax bases and liabilities and (iii) a net deferred tax liability of $120.6 million in its consolidated balance sheet. The tax amounts recognized in the financial statements are based on management’s best estimates, are preliminary and subject to change, and such changes could be material. The Company has not yet completed its tax return process for tax year 2024, which will require the receipt of final brokerage trade data and the determination of SMLP’s final outside tax basis immediately prior to the Corporate Reorganization.

On December 2, 2024, the Company completed the transaction contemplated in the Tall Oak Business Contribution Agreement, pursuant to which Tall Oak Parent contributed all of its equity interests in Tall Oak to SMLP in exchange for total consideration equal to $425.0 million. Upon completion of the Tall Oak Acquisition, the Company and Tall Oak Parent jointly owned SMLP each with economic and voting rights, and Tall Oak Parent owned exchangeable non-economic Class B Common Stock with Company voting rights (the “Up-C Structure”). Starting on December 2, 2024, SMLP is treated as a partnership for income tax reporting purposes. Its partners, including the Company, are liable for federal, state, and local income taxes based on their share of SMLP’s taxable income.

The provision (benefit) for income taxes included the following components:


(in thousands)	2024		2023
Current:
Federal	$	—	$	—
State	(135)		322
	$	(135)	$	322
Deferred
Federal	$	124,330	$	—
State	22,483		—
	$	146,813	$	—
Provision (benefit) for income taxes	$	146,678	$	322

The following reconciles the provision for income taxes included in the consolidated statements of operations with the provision which would result from application of the statutory federal tax rate to pre-tax financial income:


(in thousands)	2024			2023
Income (loss) before income taxes	$	33,503		$	(38,625)
Increase (decrease) resulting from:
Pretax income at federal statutory rates	7,036			(8,111)
State income taxes, net of federal income tax effect	(804)			322
Corporate reorganization	152,992			—
Transaction costs	1,086			—
Minority interests in Summit Midstream Partners, LP	1,222			—
Removal of noncontrolling interests	(3,304)			—
Removal of nontaxable income	(11,550)			8,111
Other	—			—
Provision (benefit) for income taxes	$	146,678		$	322
Effective Tax Rate	438		%	(1)		%

The components of the Company’s deferred tax balances as of December 31, 2024 were as follows:


(in thousands)	2024		2023
Deferred tax liabilities:
Investment in Partnership	(86,227)		—
Other Deferred Tax Liability	$	—	$	(1,425)
Total deferred tax liabilities	$	(86,227)	$	(1,425)

Deferred tax assets:
Interest expense	6,001		—
Net operating loss carryforward	15,683		—
Other	1,217		—
Subtotal	$	22,901	$	—
Valuation allowance	—		—
Total deferred tax assets	$	22,901	$	—
Net deferred tax liability	$	(63,326)	$	(1,425)

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized, and when necessary, valuation allowances are provided. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company assesses the realizability of its deferred tax assets quarterly and considers carryback availability, the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. No valuation allowance has been recognized as of December 31, 2024.

As of December 31, 2024, the Company has $64.8 million of U.S. federal net operating loss carryforwards that have an indefinite life and $57.7 million of state net operating losses that will begin to expire in 2044.

The Company’s policy is to record interest and penalties for uncertain tax positions in income tax expense. At December 31, 2024, the Company did not have any uncertain tax positions, interest or penalties.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

REVENUE (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Estimated Revenue Expected to be Recognized and MVC Shortfall Payments

The following table presents estimated revenue expected to be recognized over the remaining contract period related to performance obligations that are unsatisfied and are comprised of estimated MVC shortfall payments.

The Company applies the practical expedient in paragraph 606-10-50-14 of Topic 606 for certain arrangements that are considered optional purchases (i.e., there is no enforceable obligation for the customer to make purchases) and those amounts are therefore excluded from the table.


	2025		2026		2027		2028		2029		Thereafter
	(in thousands)
Gathering services and related fees	$	37,557	$	26,568	$	7,965	$	5,325	$	—	$	—

Schedule of Disaggregated Revenue by Geographic Area and Major Products and Services Reportable Segments

In the following tables, revenue is disaggregated by geographic area and major products and services. For more detailed information about reportable segments, see Note 18 -Segment Information.


	Year ended December 31, 2024
	Gathering services and related fees		Natural gas, NGLs and condensate sales		Other revenues		Total
	(in thousands)
Reportable Segments:
Rockies	$	63,219	$	190,535	$	14,757	$	268,511
Permian	—		—		3,641		3,641
Piceance	73,115		2,775		5,109		80,999
Mid-Con	45,659		1,717		9,515		56,891
Northeast	18,851		—		—		18,851
Total reportable segments	200,844		195,027		33,022		428,893
Corporate and other	—		—		726		726

Total	$	200,844	$	195,027	$	33,748	$	429,619


	Year ended December 31, 2023
	Gathering services and related fees		Natural gas, NGLs and condensate sales		Other revenues		Total
	(in thousands)
Reportable Segments:
Rockies	$	65,869	$	173,688	$	15,474	$	255,031
Permian	—		—		3,570		3,570
Piceance	81,041		4,788		5,588		91,417
Mid-Con	37,508		778		6,831		45,117
Northeast	63,805		—		—		63,805
Total reportable segments	248,223		179,254		31,463		458,940
Corporate and other	—		—		(37)		(37)
Total	$	248,223	$	179,254	$	31,426	$	458,903

EQUITY AND NONCASH COMPENSATION - SMP Net Profits Interests (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
SMC LTIP share-based compensation	$ 6,566
SMLP LTIP \| General and administrative expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
SMC LTIP share-based compensation	$ 6,566

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Interest Rate Swap
CONCENTRATIONS OF RISK
Derivative instrument, notional amount	$ 116,400,000	$ 130,400,000
Fair value of interest rate swap	11,000,000	11,900,000
Fair Value, Inputs, Level 3
CONCENTRATIONS OF RISK
Deferred earn-out liability	21,300,000	$ 5,100,000
Deferred earn-out liability, current	14,500,000
Deferred earn-out liability, noncurrent	$ 6,800,000

EQUITY AND NONCASH COMPENSATION - SMLP Long-Term Incentive Plan (Details) - SMLP LTIP - Phantom Units - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Units
Beginning balance (in shares)	688,467	605,142
Granted (in shares)	377,036	323,371
Vested (in shares)	(349,064)	(236,154)
Forfeited (in shares)	(19,129)	(3,892)
Ending balance (in shares)	697,310	688,467
Weighted-average grant date fair value
Beginning balance (in dollars per unit)	$ 17.69	$ 17.62
Granted (in dollars per unit)	18.52	17.29
Vested (in dollars per unit)	17.92	15.69
Forfeited (in dollars per unit)	15.92	20.50
Ending balance (in dollars per unit)	$ 19.19	$ 17.69

EQUITY METHOD INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments


	December 31, 2024		December 31, 2023
	(In thousands)
Double E (1)	$	269,561	$	276,221
Ohio Gathering	—		210,213
Total	$	269,561	$	486,434

(1) The Company’s investment balance in Double E includes capitalized interest costs.

mmarized balance sheet information for Double E follows (amounts represent 100% of investee financial information).


	December 31, 2024		December 31, 2023
	(In thousands)
Current assets	$	10,762	$	11,410
Noncurrent assets	385,837		391,777
Total assets	$	396,599	$	403,187

Current liabilities	$	10,987	$	6,373
Noncurrent liabilities	11,890		13,727
Total liabilities	$	22,877	$	20,100

Summarized statements of operations information for Double E follows (amounts represent 100% of investee financial information).


	Year Ended December 31, 2024		Year Ended December 31, 2023
	(In thousands)
Total revenues	$	52,981	$	42,335
Total operating expenses	28,328		26,868
Net income	$	24,660	$	15,467

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands			12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Dec. 02, 2024	Aug. 01, 2024	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense		$ 153,000	$ 146,678	$ 322
Increase (decrease) in income taxes		32,400
Deferred tax liabilities		$ 120,600	63,326	$ 1,425
Federal income tax NOL carryforwards			64,800
State income tax NOL carryforwards			$ 57,700
Tall Oak
Business Acquisition [Line Items]
Total consideration paid for Tall Oak	$ 459,305

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

EQUITY AND MEZZANINE EQUITY - Partners' Capital Account, Common Units (Details) - Common Units	12 Months Ended
	Dec. 31, 2024 shares
Rollforwards of the number of partner units
Beginning balance (in shares)	10,376,189
Ending balance (in shares)	0
Common Stock
Rollforwards of the number of partner units
Beginning balance (in shares)	0
Ending balance (in shares)	7,471,008
Common Stock \| Tall Oak
Rollforwards of the number of partner units
Tall Oak Acquisition (in shares)	7,471,008

EQUITY AND MEZZANINE EQUITY (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule of Partner Units Activity

An update on the number of shares of common stock follows for the period from December 31, 2022 to December 31, 2024.


	Common Units	Shares of Common Stock
Units, December 31, 2022	10,182,763	—

Common units issued for SMLP LTIP, net	193,426	—



Units, December 31, 2023	10,376,189	—

Common units issued for SMLP LTIP, net	272,496	—
Corporate Reorganization	(10,648,685)	10,648,685
Common units issued for SMC LTIP, net	—	10,535
Shares, December 31, 2024	—	10,659,220

An update on the number of shares of Series A Preferred Stock is as follows for the period from December 31, 2022 to December 31, 2024.


	Series A Preferred Units	Series A Preferred Stock
Units, December 31, 2022	65,508	—
2023 activity	—	—

Units, December 31, 2023	65,508	—
Corporate Reorganization	(65,508)	65,508
Shares, December 31, 2024	—	65,508

An update on the number of Partnership Common Units not owned by the Company follows for the period from December 31, 2022 to December 31, 2024.


			Partnership Common Units
Units, December 31, 2022			—


Units, December 31, 2023			—

Tall Oak Acquisition			7,471,008
Units, December 31, 2024			7,471,008

Schedule of Change in Subsidiary

The following table shows the change in the Company’s Subsidiary Series A Preferred Unit balance from January 1, 2023 through December 31, 2024, net of $1.1 million and $1.7 million of unamortized issuance costs as of December 31, 2024 and December 31, 2023, respectively:


	(in thousands)
Balance as of January 1, 2023	$	118,584



Redemption accretion, net of issuance cost amortization	12,581
Cash distribution (includes $1.6 million distribution payable as of December 31, 2023)	(6,513)
Balance as of December 31, 2023	$	124,652
Redemption accretion, net of issuance cost amortization	14,807
Cash distribution (includes $1.6 million distribution payable as of December 31, 2024)	(6,513)
Balance as of December 31, 2024	$	132,946

Schedule of Stock by Class

An update on the number of shares of Class B Common Stock follows for the period from December 31, 2022 to December 31, 2024.


			Shares of Class B Common Stock
Shares, December 31, 2022			—


Shares, December 31, 2023			—

Tall Oak Acquisition			7,471,008
Shares, December 31, 2024			7,471,008

Schedule of Noncontrolling Interest

The following table shows the changes in noncontrolling interest during the periods presented:


	Noncontrolling Interest
Balance, January 1, 2024	$	—
Issuance of noncontrolling interest (Tall Oak Acquisition)	503,155
Net loss	(5,822)
Balance as of December 31, 2024	$	497,333

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

PROPERTY, PLANT, AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant, and Equipment, Net

Details on the Company’s property, plant and equipment follow.


	December 31, 2024		December 31, 2023
	(In thousands)
Gathering and processing systems and related equipment	$	2,372,881	$	2,335,980
Construction in progress	57,611		56,064
Land and line fill	12,816		11,534
Other	66,303		65,029
Total	2,509,611		2,468,607
Less: accumulated depreciation	(724,582)		(770,022)
Property, plant and equipment, net	$	1,785,029	$	1,698,585

Schedule of Depreciation Expense and Capitalized Interest Costs

Depreciation expense and capitalized interest for the Company follow.


	Year ended December 31,
	2024		2023
	(In thousands)
Depreciation expense	$	85,615	$	95,307
Capitalized interest	1,164		1,284

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

10. COMMITMENTS AND CONTINGENCIES

Environmental Matters. Although the Company believes that it is in material compliance with applicable environmental regulations, the risk of environmental remediation costs and liabilities are inherent in pipeline ownership and operation. Furthermore, the Company can provide no assurances that significant environmental remediation costs and liabilities will not be incurred in the future. The Company is currently not aware of any material contingent liabilities that exist with respect to environmental matters, except as noted below.

As of December 31, 2024, the Company has recognized (i) a current liability for remediation effort expenditures expected to be incurred within the next 12 months and (ii) a noncurrent liability for estimated remediation expenditures expected to be incurred

subsequent to December 31, 2025. Each of these amounts represent the Company’s best estimate for costs expected to be incurred. Neither of these amounts have been discounted to their present value.

An update of the Company’s undiscounted accrued environmental remediation is as follows and is primarily related to the 2015 Blacktail Release and other environmental remediation activities, as detailed below.


	(In thousands)
Accrued environmental remediation, December 31, 2022	$	3,705
Payments made	(641)
Changes in estimates	(127)
Accrued environmental remediation, December 31, 2023	$	2,937
Payments made	(1,160)
Changes in estimates	421
Accrued environmental remediation, December 31, 2024	$	2,198

In 2015, SMLP learned of the rupture of a four-inch produced water gathering pipeline on the Meadowlark Midstream system near Williston, North Dakota (“2015 Blacktail Release”). On August 4, 2021, subsidiaries of SMLP entered into the following agreements to resolve the U.S. federal and North Dakota state governments’ environmental claims with respect to the 2015 Blacktail Release: (i) a Consent Decree with the U.S. Department of Justice, the U.S. Environmental Protection Agency (“EPA”), and the State of North Dakota (“Consent Decree”); (ii) a Plea Agreement with the United States (“Plea Agreement”); and (iii) a Consent Agreement with the North Dakota Industrial Commission (“Consent Agreement” together with the Consent Decree and Plea Agreement, the “Global Settlement”). As of December 31, 2024 and 2023, the accrued loss liability for the 2015 Blacktail Release was $15.0 million and $21.7 million, respectively, and are recorded within Other noncurrent liabilities and Accrued settlement payable within the consolidated balance sheets.

Key terms of the Global Settlement included (i) payment of penalties and fines totaling $36.3 million, consisting of $1.25 million in natural resource damages payable to federal and state governments, $25.0 million payable to the federal government over five years, and $10.0 million payable to state governments over, for the federal and state civil amounts, six years and, for the federal criminal amounts, five years, with interest applied to unpaid amounts accruing at, for the federal and state civil amounts, a fixed rate of 3.25% and, for the federal criminal amounts, a variable rate set by statute, and of which $6.7 million is expected to be paid within the next twelve months; (ii) continuation of remediation efforts at the site of the 2015 Blacktail Release; (iii) other injunctive relief including but not limited to control room management, environmental management system audit, training, and reporting; (iv) guilty pleas by defendant Summit Midstream Partners, LLC (the “Defendant”) for (a) one charge of negligent discharge of a harmful quantity of oil and (b) one charge of knowing failure to immediately report a discharge of oil; and (v) organizational probation for a minimum period of three years from sentencing on December 6, 2021, including payment in full of certain components of the fines and penalty amounts. The agreements comprising the Global Settlement were subject to the approval of the U.S. District Court for the District of North Dakota (the “U.S. District Court”). The U.S. District Court entered an order making the civil components of the Global Settlement effective on September 28, 2021 and accepted the sentencing in the Plea Agreement on December 6, 2021, completing approval of the Global Settlement.

Subsidiaries of the Company are also participating in two proceedings before the EPA as a result of the Plea Agreement becoming effective. Following the U.S. District Court’s entering judgment on the Defendant’s guilty plea to one count of negligent discharge of produced water in violation of the Clean Water Act, the Defendant was statutorily debarred by operation of law pursuant to 33 U.S.C. § 1368(a) to participate in federal awards performed at the “violating facility,” which the EPA determined to be the Marmon subsystem of the produced water gathering system in North Dakota. The scope and effect of the debarment as defined do not materially affect the Company’s operations. The Defendant has submitted a petition for reinstatement, which was denied by the EPA’s suspension and debarment office (“SDO”) on July 11, 2022. The SDO determined that the term of probation in the Plea Agreement was the appropriate period of time to demonstrate the Defendant’s change of corporate attitude, policies, practices, and procedures. SMLP and certain subsidiaries of SMLP have also received a show cause notice from the EPA requesting us to “show cause” why SDO should not issue a Notice of Proposed Debarment to the Defendant and certain affiliates under 2 C.F.R. § 180.800(d), to which SMLP responded, and in which proceeding no further developments have occurred.

Legal Proceedings. The Company is involved in various litigation and administrative proceedings arising in the ordinary course of business. In the opinion of management, any liabilities, which include insured claims, would not individually or in the aggregate have a material adverse effect on the Company’s financial position or results of operations. When a liability is covered by insurance, the Company reports the gross liability for the loss and a separate asset for the estimate of the probable amount recoverable from the insurance company.

INTANGIBLE ASSETS - Recognized Amortization Expense in Other Revenues and Cost and Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Other Revenue \| Favorable gas gathering contracts
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 938	$ 938
Costs And Expenses \| Contract intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization expense	7,093	18,881
Costs And Expenses \| Rights-of-way
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 7,940	$ 8,576

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

LEASES - Narrative (Details)	12 Months Ended
LEASES - Narrative (Details)	Dec. 31, 2024
Loss Contingencies [Line Items]
Finance leases, term of contract (in years)	3 years
Revolving credit facility
Loss Contingencies [Line Items]
Percentage of operating lease incremental borrowing rate (as a percent)	6.43%
Minimum \| Office Space
Loss Contingencies [Line Items]
Operating leases, term of contract (in years)	3 years
Minimum \| Equipment
Loss Contingencies [Line Items]
Operating leases, term of contract (in years)	3 years
Maximum \| Office Space
Loss Contingencies [Line Items]
Operating leases, term of contract (in years)	10 years
Maximum \| Equipment
Loss Contingencies [Line Items]
Operating leases, term of contract (in years)	4 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

SUBSEQUENT EVENTS (Details) - USD ($)					12 Months Ended
SUBSEQUENT EVENTS (Details) - USD ($)	Mar. 10, 2025	Feb. 28, 2025	Jan. 01, 2025	Dec. 02, 2024	Dec. 31, 2024	Mar. 07, 2025	Jan. 10, 2025	Jul. 26, 2024
Tall Oak
Subsequent Event [Line Items]
Total consideration paid for Tall Oak				$ 459,305,000
Cash paid to acquire investment					$ 800,000
Subsequent Event \| Moonrise Acquisition
Subsequent Event [Line Items]
Total consideration paid for Tall Oak	$ 90,000,000
Cash paid to acquire investment	$ 70,000,000
Number of shares of common stock issued in acquisition (in shares)	462,265
Subsequent Event \| Class B Common Stock \| Tall Oak
Subsequent Event [Line Items]
Shares converted (in shares)			946,541
Subsequent Event \| Common Class A \| Tall Oak
Subsequent Event [Line Items]
Shares converted (in shares)			946,541
Subsequent Event \| Series A Preferred Stock
Subsequent Event [Line Items]
Preferred stock, dividends per share, declared (in dollars per share)		$ 51.27
Preferred stock, shares outstanding (in shares)		65,508
Senior Secured Second Lien Notes, 2029
Subsequent Event [Line Items]
Debt instrument, amount								$ 50,600,000
Senior Secured Second Lien Notes, 2029 \| Summit Holdings
Subsequent Event [Line Items]
Debt instrument, amount								$ 575,000,000
Stated interest rate (as a percent)								8.625%
Senior Secured Second Lien Notes, 2029 \| Subsequent Event
Subsequent Event [Line Items]
Debt instrument, amount						$ 825,000,000	$ 250,000,000
Stated interest rate (as a percent)							8.625%

INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Liabilities Subject to Amortization

Details regarding the Company’s intangible assets follow.


	December 31, 2024
	Gross carrying amount		Accumulated amortization		Net
	(In thousands)
Favorable gas gathering contracts	$	21,063	$	(16,685)	$	4,378
Contract intangibles	146,900		(134,885)		12,015
Rights-of-way	197,077		(67,627)		129,450
Indefinite-lived intangibles	8,436		—		8,436
Total intangible assets	$	373,476	$	(219,197)	$	154,279


	December 31, 2023
	Gross carrying amount		Accumulated amortization		Net
	(In thousands)
Favorable gas gathering contracts	$	21,063	$	(15,747)	$	5,316
Contract intangibles	270,412		(247,024)		23,388
Rights-of-way	205,358		(66,906)		138,452
Indefinite-lived intangibles	8,436		—		8,436
Total intangible assets	$	505,269	$	(329,677)	$	175,592

Schedule of Recognized Amortization Expense in Other Revenues and Cost and Expenses

The Company recognized amortization expense of its favorable gas gathering contracts in Other revenues as follows:


	Year ended December 31,
	2024		2023
	(In thousands)
Amortization expense – favorable gas gathering contracts	$	938	$	938

The Company recognized amortization expense of its contract and right of way intangibles in costs and expenses as follows:


	Year ended December 31,
	2024		2023
	(In thousands)
Amortization expense – contract intangibles	$	7,093	$	18,881
Amortization expense – rights-of-way	7,940		8,576

Schedule of Estimated Aggregate Annual Amortization Expected to be Recognized

The Company’s estimated aggregate annual amortization expected to be recognized for each of the five succeeding fiscal years and thereafter, as of December 31, 2024, follows.


	(In thousands)
2025	$	15,603
2026	14,185
2027	8,724
2028	8,557
2029	8,007
Thereafter	90,767
	$	145,843

EQUITY AND NONCASH COMPENSATION

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

EQUITY AND NONCASH COMPENSATION

15. EQUITY AND NONCASH COMPENSATION

SMLP Long-Term Incentive Plan. SMLP’s 2022 Long-Term Incentive Plan, as amended by the First Amendment, effective as of March 16, 2022 (the “SMLP LTIP”) provided for equity awards to eligible officers, employees, consultants and directors of SMLP, thereby linking the recipients’ compensation directly to SMLP’s performance. The SMLP LTIP provided for the granting, from time to time, of unit-based awards, including common units, restricted units, phantom units, unit options, unit

appreciation rights, distribution equivalent rights, profits interest units and other unit-based awards. Grants were made at the discretion of the Board of Directors or the Compensation Committee. Initially, a total of 1.0 million common units was reserved for issuance pursuant to and in accordance with the SMLP LTIP.

Significant items for the year ended December 31, 2024:

•For the year ended December 31, 2024, SMLP granted 237,619 time-based phantom units and associated distribution equivalent rights to employees in connection with SMLP’s annual incentive compensation award cycle. These granted date fair value of these awards totaled $4.0 million and the awards generally vest ratably over a three-year period.

•For the year ended December 31, 2024, SMLP granted 122,867 performance-based phantom units and associated distribution equivalent rights to certain members of management in connection with SMLP’s annual incentive compensation award cycle. The grant date fair value of these awards totaled $2.4 million and the awards vest at the end of three years.

•For the year ended December 31, 2024, SMLP issued 39,486 common units to SMLP’s six independent directors in connection with their annual compensation plan. The grant date fair value of these awards totaled $0.6 million and became fully vested at the grant date.

•On May 16, 2024, the Board of Directors of the General Partner approved the First Amendment to the SMLP LTIP, which increased the number of common units that may be delivered with respect to awards granted under the SMLP LTIP by 750,000 common units.

SMC Long-Term Incentive Plan. In connection with the consummation of the Corporate Reorganization, the Company assumed the SMLP LTIP, and all the obligations of SMLP thereunder. The SMLP LTIP units were exchanged on a one-for-one basis with equivalent terms. In connection with the assumption of the SMLP LTIP and the Corporate Reorganization, the Board of Directors approved the amendment and restatement of the SMLP LTIP, with such amendment and restatement effective as of August 1, 2024 (such amended and restated plan, the Summit Midstream Corporation 2024 Long-Term Incentive Plan (the “SMC LTIP”)). The SMC LTIP authorizes the Compensation Committee of the Company, in its discretion, to grant awards of restricted stock, restricted stock units, stock options, stock appreciation rights and other awards related to the Company’s common stock upon such terms and conditions as it may determine appropriate and in accordance with the terms of the SMC LTIP.

•For the year ended December 31, 2024, the Company granted 16,550 time-based phantom units and associated distribution equivalent rights to employees. The granted date fair value of these awards totaled $0.6 million and the awards vest over a three-year period.

As of December 31, 2024, approximately 0.8 million shares of common stock remained available for future issuance under the SMC LTIP, which includes the impact of 0.7 million of granted but unvested restricted stock and performance based awards, assuming the performance based awards are settled with a 100% target payout.

The following table presents phantom award activity for the periods presented inclusive of activity before and after the Corporate Reorganization:


	Units	Weighted-average grant date fair value
Nonvested phantom awards, December 31, 2022	605,142	$	17.62
Phantom awards granted	323,371	17.29
Phantom awards vested	(236,154)	15.69
Phantom awards forfeited	(3,892)	20.50
Nonvested phantom awards, December 31, 2023	688,467	17.69
Phantom awards granted	377,036	18.52
Phantom awards vested	(349,064)	17.92
Phantom awards forfeited	(19,129)	15.92
Nonvested phantom awards, December 31, 2024	697,310	$	19.19

Each phantom unit issued pursuant to the SMLP LTIP was a notional unit that entitled the grantee to receive a common unit upon the vesting of the phantom unit or on a deferred basis upon specified future dates or events or, in the discretion of the administrator, cash equal to the fair market value of a common unit. Distribution equivalent rights for each phantom unit provided for a lump sum cash amount equal to the accrued distributions from the grant date to be paid in cash upon the vesting date.

Phantom units granted prior to the Corporate Reorganization generally vested ratably over a three-year period. Grant date fair value was determined based on the closing price of SMLP’s common units on the date of grant multiplied by the number of phantom units awarded to the grantee. Forfeitures were recorded as incurred. Holders of all phantom units granted prior to the Corporate Reorganization were entitled to receive distribution equivalent rights for each phantom unit, providing for a lump sum cash amount equal to the accrued distributions from the grant date of the phantom units to be paid in cash upon the vesting date.

In connection with the Corporation Reorganization, each outstanding phantom unit automatically was canceled and converted into a restricted stock unit with respect to 1.000 share of Company common stock and will continue to be subject to the same terms and conditions applicable to such phantom unit as in effect immediately prior to the Corporate Reorganization. Upon vesting, restricted stock unit awards will be settled with shares of Company common stock. Any accumulated but not yet settled distribution equivalent rights associated with the phantom units will be paid in accordance with the terms and conditions applicable to such phantom unit award agreement immediately prior to the effective time of the Corporate Reorganization.

The intrinsic value of phantom units and restricted stock units that vested during the years ended December 31, 2023 and 2024 follows.


	Year ended December 31,
	2024		2023
	(In thousands)
Intrinsic value of vested LTIP awards	$	7,375	$	3,758

As of December 31, 2024, the unrecognized share-based compensation related to the SMC LTIP was $5.5 million. Incremental unit-based compensation will be recorded over the remaining weighted-average vesting period of approximately 1.1 years.

Share-based compensation recognized in general and administrative expense related to awards under the SMC LTIP follows.


	Year ended December 31,
	2024		2023
	(In thousands)
SMC LTIP share-based compensation	$	8,561	$	6,566

REVENUE

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

REVENUE

4. REVENUE


	2025		2026		2027		2028		2029		Thereafter
	(in thousands)
Gathering services and related fees	$	37,557	$	26,568	$	7,965	$	5,325	$	—	$	—

Revenue by Category. In the following tables, revenue is disaggregated by geographic area and major products and services. For more detailed information about reportable segments, see Note 18 -Segment Information.


	Year ended December 31, 2024
	Gathering services and related fees		Natural gas, NGLs and condensate sales		Other revenues		Total
	(in thousands)
Reportable Segments:
Rockies	$	63,219	$	190,535	$	14,757	$	268,511
Permian	—		—		3,641		3,641
Piceance	73,115		2,775		5,109		80,999
Mid-Con	45,659		1,717		9,515		56,891
Northeast	18,851		—		—		18,851
Total reportable segments	200,844		195,027		33,022		428,893
Corporate and other	—		—		726		726

Total	$	200,844	$	195,027	$	33,748	$	429,619


	Year ended December 31, 2023
	Gathering services and related fees		Natural gas, NGLs and condensate sales		Other revenues		Total
	(in thousands)
Reportable Segments:
Rockies	$	65,869	$	173,688	$	15,474	$	255,031
Permian	—		—		3,570		3,570
Piceance	81,041		4,788		5,588		91,417
Mid-Con	37,508		778		6,831		45,117
Northeast	63,805		—		—		63,805
Total reportable segments	248,223		179,254		31,463		458,940
Corporate and other	—		—		(37)		(37)
Total	$	248,223	$	179,254	$	31,426	$	458,903

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 12
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

DEFERRED REVENUE (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Rollforward Deferred Revenue

An update of current deferred revenue follows.


	(In thousands)
Current deferred revenue, January 1, 2024	$	10,196
Additions	8,258
Less: revenue recognized and other	(8,859)
Current deferred revenue, December 31, 2024	$	9,595

An update of noncurrent deferred revenue follows.


	(In thousands)
Noncurrent deferred revenue, January 1, 2024	$	30,085
Additions	4,652
Less: reclassification to current deferred revenue and other	(9,364)
Noncurrent deferred revenue, December 31, 2024	$	25,373

ACQUISTION AND DIVESTITURES

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

ACQUISTION AND DIVESTITURES

Tall Oak Business Contribution Agreement. On December 2, 2024, the Company completed the transaction contemplated in the Business Contribution Agreement (the “Tall Oak Business Contribution Agreement”), by and among the Company, SMLP, and Tall Oak Midstream Holdings, LLC, a Delaware limited liability company (“Tall Oak Parent”), pursuant to which Tall Oak Parent contributed all of its equity interests in Tall Oak Midstream Operating, LLC, a Delaware limited liability company (“Tall Oak”), to the Company in exchange for an aggregate amount equal to (i) $425.0 million, consisting of (a) $155.0 million in cash consideration, subject to certain adjustments contemplated by the Tall Oak Business Contribution Agreement, and (b) 7,471,008 shares of Class B Common Stock and 7,471,008 Partnership Common Units, plus (ii) potential cumulative earn-out payments continuing through March 31, 2026, not to exceed $25.0 million in the aggregate, that Tall Oak Parent may become entitled to receive pursuant to the Tall Oak Business Contribution Agreement, subject to Tall Oak and its customers meeting certain development requirements (the “Tall Oak Acquisition”). During the year ended December 31, 2024 the Company paid $0.8 million to Tall Oak Midstream Management, LLC for transition services in connection with the Tall Oak acquisition, which is recorded within general and administrative expense on the consolidated statements of operations.

The estimated fair values of certain assets and liabilities, including property, plant and equipment and other intangible assets required the use of significant judgements and estimates. As a result, the provisional measurements below are preliminary and subject to change during the measurement period and such changes could be material. The Company continues to assess the fair values of the assets acquired and liabilities assumed.

The following table sets forth the preliminary fair value of the assets acquired and liabilities assumed as of the acquisition date. Certain data and assessments necessary to complete the purchase price allocation are still under evaluation, including, but not limited to, the final actualization of accrued liabilities and receivable balances and the valuation of property, plant and equipment and intangible assets. The Company will finalize the purchase price allocation during the twelve-month period following the acquisition date, during which time the value of the assets and liabilities may be revised as appropriate.


Preliminary Purchase Price Allocation (in thousands):
Total consideration paid for Tall Oak (1)	$	459,305
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash	846
Accounts receivable	10,925
Other current assets	4,741
Property, plant and equipment, net	439,556
Intangibles	17,000
Trade accounts payable, accrued expenses and other	(13,763)
Net assets acquired and liabilities assumed	$	459,305

(1) Purchase price consideration includes $283.1 million of equity consideration.

The assets acquired and liabilities assumed were recorded at their preliminary estimated fair values at the date of the acquisition. Acquired working capital amounts are expected to approximate fair value due to their short-term nature. The valuation of certain assets, including property, are based on preliminary appraisals. The fair value of acquired equipment is based on both available market data and cost and income approaches. These methods are considered Level 3 fair value estimates and include significant assumptions of future gathering and processing volumes, commodity prices, and operating and capital cost estimates, discounted using weighted average cost of capital for industry peers.

Intangible assets acquired consist of rights-of-way with a weighted average amortization period of 30 years.

From the date of the Tall Oak Acquisition through December 31, 2024, revenues and operating income associated with the operations acquired through the acquisition totaled $6.8 million and $3.3 million, respectively.

Pro Forma Information (Unaudited). The following table summarizes the unaudited pro forma condensed financial information of SMC as if the Tall Oak Acquisition had occurred on January 1, 2023:


	Year Ended December 31, 2024		Year Ended December 31, 2023
Revenues	$	519,456	$	575,348
Net loss	$	(94,020)	$	(6,387)

The unaudited pro forma information is for information purposes only and is not necessarily indicative of the operating results that would have occurred had the transaction been completed at January 1, 2023, nor is it necessarily indicative of future operating results.

Summit Utica Sale. On March 22, 2024, SMLP completed the disposition of Summit Midstream Utica, LLC (“Summit Utica”) to a subsidiary of MPLX LP for a cash sale price of $625.0 million, subject to customary post-closing adjustments (the “Utica Sale”). Summit Utica was the owner of (i) approximately 36% of the issued and outstanding equity interests in Ohio Gathering Company, L.L.C. (“OGC”), (ii) approximately 38% of the issued and outstanding equity interests in Ohio Condensate Company, L.L.C. (“OCC” and, together with OGC, “Ohio Gathering”) and (iii) midstream assets located in the Utica Shale. Ohio Gathering was the owner of a natural gas gathering system and condensate stabilization facility located in Belmont and Monroe counties in the Utica Shale in southeastern Ohio.

During the quarterly period ended March 31, 2024, the Company recognized a total gain on the disposition of Summit Utica of $212.5 million based on total cash proceeds received of $625.0 million and net assets sold of $412.5 million. A portion of the cash proceeds was used to reduce amounts outstanding under the Company’s existing asset-based revolving credit facility and pay the costs and expenses in connection with the 2026 Secured Notes Asset Sale Offer (as defined herein) (see Note 8 - Debt, for additional information).

The purchase and sale agreement for the sale of Summit Utica did not discretely list values for OGC, OCC or SMLP’s midstream assets located in the Utica Shale. Using fair value methods allowed by GAAP, the Company derived a fair value estimate for the disposed assets and then determined the appropriate gain recognition amount for each disposal to include in its consolidated financial statements. The estimated fair values were determined utilizing a discounted cash flow technique based on estimated revenues, costs, capital expenditures and an appropriate discount rate. Given the unobservable nature of the inputs, the fair value measurement is deemed to use Level 3 inputs. Based on these fair values, the Company recognized a gain on the disposition of the Utica midstream business of $85.6 million, which is recorded within gain on sale of business in the

Company’s consolidated statements of operations, and a gain of $126.3 million related to the disposition of Ohio Gathering, which is recorded within gain on sale of Ohio Gathering in the Company’s consolidated statements of operations.

Mountaineer Midstream System. On May 1, 2024, SMLP completed the sale of its Mountaineer Midstream Company, LLC (“Mountaineer Midstream”) system, to Antero Midstream LLC for a cash sale price of $70.0 million, subject to customary post-closing adjustments (the “Mountaineer Transaction”). Mountaineer Midstream was the owner of midstream assets located in the Marcellus Shale. Prior to closing the Mountaineer Transaction, SMLP sold related compression assets located in the Marcellus Shale to a compression service provider for cash consideration of approximately $5 million in April 2024.

During the year ended December 31, 2024, the Company recognized an impairment of $68.0 million in connection with the Mountaineer Transaction and the sale of compression assets based on their estimated fair value and net assets of approximately $143.0 million.

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

Supplemental Cash Flow Elements [Abstract]

Schedule of Supplemental Cash Flow Information


	Year ended December 31,
	2024		2023
	(In thousands)
Supplemental cash flow information:
Cash interest paid	$	101,779	$	127,022
Cash paid for taxes	$	22	$	15

Noncash investing and financing activities:
Capital expenditures in trade accounts payable (period-end accruals)	$	10,684	$	11,612
Equity consideration issued for Tall Oak Acquisition	$	283,077	$	—
2025 Senior Notes Exchange	$	—	$	180,030
Accretion of Subsidiary Series A Preferred Units, net of issuance cost amortization	$	14,807	$	12,581

DEBT - Schedule of Maturities of Long-Term Debt (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Total	$ 1,009,321
2025	16,580
2026	16,967
2027	17,769
2028	78,005
2029	880,000
Permian Transmission Term Loan
Debt Instrument [Line Items]
Total	129,321
2025	16,580
2026	16,967
2027	17,769
2028	78,005
2029	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

REVENUE - Schedule of Disaggregated Revenue by Geographic Area and Major Products and Services Reportable Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 429,619	$ 458,903
Corporate and other
Disaggregation of Revenue [Line Items]
Total revenues	726	(37)
Gathering services and related fees
Disaggregation of Revenue [Line Items]
Total revenues	200,844	248,223
Gathering services and related fees \| Corporate and other
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Natural gas, NGLs and condensate sales
Disaggregation of Revenue [Line Items]
Total revenues	195,027	179,254
Natural gas, NGLs and condensate sales \| Corporate and other
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Other revenues
Disaggregation of Revenue [Line Items]
Total revenues	33,748	31,426
Other revenues \| Corporate and other
Disaggregation of Revenue [Line Items]
Total revenues	726	(37)
Reportable Segments
Disaggregation of Revenue [Line Items]
Total revenues	428,893	458,940
Reportable Segments \| Rockies
Disaggregation of Revenue [Line Items]
Total revenues	268,511	255,031
Reportable Segments \| Permian
Disaggregation of Revenue [Line Items]
Total revenues	3,641	3,570
Reportable Segments \| Piceance
Disaggregation of Revenue [Line Items]
Total revenues	80,999	91,417
Reportable Segments \| Mid-Con
Disaggregation of Revenue [Line Items]
Total revenues	56,891	45,117
Reportable Segments \| Northeast
Disaggregation of Revenue [Line Items]
Total revenues	18,851	63,805
Reportable Segments \| Gathering services and related fees
Disaggregation of Revenue [Line Items]
Total revenues	200,844	248,223
Reportable Segments \| Gathering services and related fees \| Rockies
Disaggregation of Revenue [Line Items]
Total revenues	63,219	65,869
Reportable Segments \| Gathering services and related fees \| Permian
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Reportable Segments \| Gathering services and related fees \| Piceance
Disaggregation of Revenue [Line Items]
Total revenues	73,115	81,041
Reportable Segments \| Gathering services and related fees \| Mid-Con
Disaggregation of Revenue [Line Items]
Total revenues	45,659	37,508
Reportable Segments \| Gathering services and related fees \| Northeast
Disaggregation of Revenue [Line Items]
Total revenues	18,851	63,805
Reportable Segments \| Natural gas, NGLs and condensate sales
Disaggregation of Revenue [Line Items]
Total revenues	195,027	179,254
Reportable Segments \| Natural gas, NGLs and condensate sales \| Rockies
Disaggregation of Revenue [Line Items]
Total revenues	190,535	173,688
Reportable Segments \| Natural gas, NGLs and condensate sales \| Permian
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Reportable Segments \| Natural gas, NGLs and condensate sales \| Piceance
Disaggregation of Revenue [Line Items]
Total revenues	2,775	4,788
Reportable Segments \| Natural gas, NGLs and condensate sales \| Mid-Con
Disaggregation of Revenue [Line Items]
Total revenues	1,717	778
Reportable Segments \| Natural gas, NGLs and condensate sales \| Northeast
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Reportable Segments \| Other revenues
Disaggregation of Revenue [Line Items]
Total revenues	33,022	31,463
Reportable Segments \| Other revenues \| Rockies
Disaggregation of Revenue [Line Items]
Total revenues	14,757	15,474
Reportable Segments \| Other revenues \| Permian
Disaggregation of Revenue [Line Items]
Total revenues	3,641	3,570
Reportable Segments \| Other revenues \| Piceance
Disaggregation of Revenue [Line Items]
Total revenues	5,109	5,588
Reportable Segments \| Other revenues \| Mid-Con
Disaggregation of Revenue [Line Items]
Total revenues	9,515	6,831
Reportable Segments \| Other revenues \| Northeast
Disaggregation of Revenue [Line Items]
Total revenues	$ 0	$ 0

INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

6. INTANGIBLE ASSETS

Details regarding the Company’s intangible assets follow.


	December 31, 2024
	Gross carrying amount		Accumulated amortization		Net
	(In thousands)
Favorable gas gathering contracts	$	21,063	$	(16,685)	$	4,378
Contract intangibles	146,900		(134,885)		12,015
Rights-of-way	197,077		(67,627)		129,450
Indefinite-lived intangibles	8,436		—		8,436
Total intangible assets	$	373,476	$	(219,197)	$	154,279


	December 31, 2023
	Gross carrying amount		Accumulated amortization		Net
	(In thousands)
Favorable gas gathering contracts	$	21,063	$	(15,747)	$	5,316
Contract intangibles	270,412		(247,024)		23,388
Rights-of-way	205,358		(66,906)		138,452
Indefinite-lived intangibles	8,436		—		8,436
Total intangible assets	$	505,269	$	(329,677)	$	175,592

The Company recognized amortization expense of its favorable gas gathering contracts in Other revenues as follows:


	Year ended December 31,
	2024		2023
	(In thousands)
Amortization expense – favorable gas gathering contracts	$	938	$	938

The Company recognized amortization expense of its contract and right of way intangibles in costs and expenses as follows:


	Year ended December 31,
	2024		2023
	(In thousands)
Amortization expense – contract intangibles	$	7,093	$	18,881
Amortization expense – rights-of-way	7,940		8,576

The Company’s estimated aggregate annual amortization expected to be recognized for each of the five succeeding fiscal years and thereafter, as of December 31, 2024, follows.


	(In thousands)
2025	$	15,603
2026	14,185
2027	8,724
2028	8,557
2029	8,007
Thereafter	90,767
	$	145,843

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The provision (benefit) for income taxes included the following components:


(in thousands)	2024		2023
Current:
Federal	$	—	$	—
State	(135)		322
	$	(135)	$	322
Deferred
Federal	$	124,330	$	—
State	22,483		—
	$	146,813	$	—
Provision (benefit) for income taxes	$	146,678	$	322

Schedule of Effective Income Tax Rate Reconciliation


(in thousands)	2024			2023
Income (loss) before income taxes	$	33,503		$	(38,625)
Increase (decrease) resulting from:
Pretax income at federal statutory rates	7,036			(8,111)
State income taxes, net of federal income tax effect	(804)			322
Corporate reorganization	152,992			—
Transaction costs	1,086			—
Minority interests in Summit Midstream Partners, LP	1,222			—
Removal of noncontrolling interests	(3,304)			—
Removal of nontaxable income	(11,550)			8,111
Other	—			—
Provision (benefit) for income taxes	$	146,678		$	322
Effective Tax Rate	438		%	(1)		%

Schedule of Deferred Tax Assets and Liabilities

The components of the Company’s deferred tax balances as of December 31, 2024 were as follows:


(in thousands)	2024		2023
Deferred tax liabilities:
Investment in Partnership	(86,227)		—
Other Deferred Tax Liability	$	—	$	(1,425)
Total deferred tax liabilities	$	(86,227)	$	(1,425)

Deferred tax assets:
Interest expense	6,001		—
Net operating loss carryforward	15,683		—
Other	1,217		—
Subtotal	$	22,901	$	—
Valuation allowance	—		—
Total deferred tax assets	$	22,901	$	—
Net deferred tax liability	$	(63,326)	$	(1,425)

INCOME TAXES - Summary of Provision for (Benefit from) Income Taxes (Details) - USD ($) $ in Thousands		12 Months Ended
	Aug. 01, 2024	Dec. 31, 2024	Dec. 31, 2023
Current:
Federal		$ 0	$ 0
State		(135)	322
Current income tax, total		(135)	322
Deferred
Federal		124,330	0
State		22,483	0
Deferred income tax, total		146,813	0
Provision (benefit) for income taxes	$ 153,000	$ 146,678	$ 322

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

+ Details

EQUITY AND MEZZANINE EQUITY - Schedule Of Series A Preferred Stock (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Series A Preferred Stock
Class of Stock [Line Items]
Beginning balance (in shares)	0	0
2023 activity (in shares)		0
Corporate Reorganization (in shares)	(65,508)
Ending balance (in shares)	65,508	0
Series A Preferred Units
Class of Stock [Line Items]
Beginning balance (in shares)	65,508	65,508
2023 activity (in shares)		0
Corporate Reorganization (in shares)	65,508
Ending balance (in shares)	0	65,508

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

ACQUISTION AND DIVESTITURES (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Fair Value of the Assets and Liabilities Acquired


Preliminary Purchase Price Allocation (in thousands):
Total consideration paid for Tall Oak (1)	$	459,305
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash	846
Accounts receivable	10,925
Other current assets	4,741
Property, plant and equipment, net	439,556
Intangibles	17,000
Trade accounts payable, accrued expenses and other	(13,763)
Net assets acquired and liabilities assumed	$	459,305

(1) Purchase price consideration includes $283.1 million of equity consideration.

Schedule of Pro Forma Information

Pro Forma Information (Unaudited). The following table summarizes the unaudited pro forma condensed financial information of SMC as if the Tall Oak Acquisition had occurred on January 1, 2023:


	Year Ended December 31, 2024		Year Ended December 31, 2023
Revenues	$	519,456	$	575,348
Net loss	$	(94,020)	$	(6,387)

EQUITY METHOD INVESTMENTS - Statements of Operations Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Net income	$ (113,175)	$ (38,947)
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Total revenues	52,981	42,335
Total operating expenses	28,328	26,868
Net income	$ 24,660	$ 15,467

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

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- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 22,822	$ 14,044
Restricted cash	2,377	2,601
Accounts receivable	77,058	76,275
Other current assets	16,014	5,502
Total current assets	118,271	98,422
Property, plant and equipment, net	1,785,029	1,698,585
Intangible assets, net	154,279	175,592
Investment in equity method investees	269,561	486,434
Other noncurrent assets	32,344	35,165
Total assets	2,359,484	2,494,198
LIABILITIES AND EQUITY
Trade accounts payable	25,162	22,714
Accrued expenses	38,176	32,377
Deferred revenue	9,595	10,196
Ad valorem taxes payable	9,544	8,543
Accrued compensation and employee benefits	11,222	6,815
Accrued interest	21,711	19,298
Accrued environmental remediation	1,430	1,483
Accrued settlement payable	6,667	6,667
Current portion of long-term debt	16,580	15,524
Other current liabilities	34,714	10,395
Total current liabilities	174,801	134,012
Deferred tax liabilities	63,326	1,425
Long-term debt, net	976,995	1,455,166
Noncurrent deferred revenue	25,373	30,085
Noncurrent accrued environmental remediation	768	1,454
Other noncurrent liabilities	20,150	28,841
Total liabilities	1,261,413	1,650,983
Commitments and contingencies (Note 10)
Mezzanine Equity
Subsidiary Series A Preferred Units (93,039 issued and outstanding as of December 31, 2024 and December 31, 2023)	132,946	124,652
Equity
Series A Preferred Units (65,508 issued and outstanding as of December 31, 2023)		96,893
Common limited partner capital (10,376,189 issued and outstanding as of December 31, 2023)		621,670
Additional paid-in capital	540,714	0
Accumulated deficit	(183,333)	0
Total Company stockholders’ equity	467,792	718,563
Noncontrolling interest	497,333	0
Total equity	965,125	718,563
TOTAL LIABILITIES AND EQUITY	2,359,484	$ 2,494,198
Series A Preferred Stock
Equity
Series A Preferred Stock (65,508 shares authorized, 65,508 issued and outstanding as of December 31, 2024)	110,230
Common Stock
Equity
Common stock, value iss	106
Class B Common Stock
Equity
Common stock, value iss	$ 75

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED ACCOUNTING STANDARDS APPLICABLE TO THE COMPANY (Policies)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Corporate Reorganization

In connection with the Corporate Reorganization, SMLP entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among SMLP, the Company, Summit SMC NewCo, LLC (“Merger Sub”), a wholly owned subsidiary of the Company, and Summit Midstream GP, LLC (the “General Partner”). Pursuant to the Merger Agreement, Merger Sub merged with and into SMLP (the “Merger”), with SMLP continuing as the surviving entity and a wholly owned subsidiary of the Company, with (i) each then outstanding common unit representing limited partner interests in SMLP automatically converting into the right to receive one share of the Company’s common stock and (ii) each then outstanding Series A Fixed to Floating Rate Cumulative Redeemable Perpetual Preferred Unit (“Series A Preferred Unit”) automatically converting into the right to receive one share of Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock (“Series A Preferred Stock”) of the Company. The Merger was accounted for as a common-control transaction between SMLP and Summit Midstream Corporation as a result of SMLP’s unitholders controlling both SMLP and Summit Midstream Corporation before and after the Merger. Upon consummation of the Corporate Reorganization, Summit Midstream Corporation recognized (i) income tax expense in its consolidated statements of operations for temporary differences that existed as of the date of the Corporate Reorganization, (ii) a tax benefit to equity due to changes in tax basis in assets and liabilities and (iii) a net deferred tax liability in its consolidated balance sheets. Upon completion of the Merger, SMLP’s common limited partner capital accounts were eliminated and replaced with shares of common stock, paid in capital, and retained deficit. Additionally, the Series A Preferred Units were exchanged for an equivalent number of shares of Series A Preferred Stock, with no substantive changes in contractual terms or investor cash flows. As a result of the Corporate Reorganization, periods prior to August 1, 2024 reflect Summit Midstream as a limited partnership, not a corporation. References to common units for periods prior to the Corporate Reorganization refer to common units of SMLP, and references to common stock for periods following the Corporate Reorganization refer to shares of common stock of the Company.

Presentation and Consolidation

The Company prepares its consolidated financial statements in accordance with GAAP as established by the FASB. The Company makes estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet dates, including fair value measurements, the reported amounts of revenues and expenses and the disclosure of commitments and contingencies. Although management believes these estimates are reasonable, actual results could differ from its estimates. The consolidated financial statements include the assets, liabilities and results of operations of Summit Midstream Corporation and its subsidiaries. All intercompany transactions among the consolidated entities have been eliminated in consolidation. Comprehensive income or loss is the same as net income or loss for all periods presented.

Cash, Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash that has restrictions on its availability to the Company is classified as

restricted cash. The restricted cash balance of $2.4 million and $2.6 million as of December 31, 2024 and 2023, respectively, is related to proceeds that are available to finance Permian Transmission’s debt service or other general corporate purposes of Permian Transmission. See Note 9 - Debt for additional information.

Accounts Receivable

Accounts receivable relate to gathering and other services provided to the Company’s customers and other counterparties. The Company evaluates the collectability of its accounts receivable and the need for an allowance for doubtful accounts based on customer-specific facts and circumstances. To the extent the collectability of a specific customer or counterparty receivable is doubtful, the Company recognizes an allowance for doubtful accounts. Uncollectible receivables are written off when a settlement is reached for an amount that is less than the outstanding historical balance or a receivable amount is deemed otherwise unrealizable.

Other. As of December 31, 2024, other current assets and other current liabilities include a $9.8 million insurance receivable and a corresponding liability, in connection with an insured claim that was fully settled during January 2025.

Property, Plant and Equipment

The Company records its property, plant and equipment at historical cost of construction or its fair value at the time of acquisition. The Company capitalizes expenditures that extend the useful life of an asset or enhance its productivity or efficiency from its original design over the expected remaining period of use. For maintenance and repairs that do not add capacity or extend the useful life of an asset, the Company recognizes expenditures as an expense as incurred. The Company capitalizes project costs incurred during construction, including interest on funds borrowed to finance the construction of facilities and pipelines, as construction in progress. Accrued capital expenditures are reflected in trade accounts payable.

The Company records depreciation on a straight-line basis over an asset’s estimated useful life and bases its estimates for useful life on various factors including age (in the case of acquired assets), manufacturing specifications, technological advances and historical data concerning useful lives of similar assets. Estimates of useful lives follow.


			Useful lives (In years)
Gathering and processing systems and related equipment			12-30
Other			3-15

Construction in progress is depreciated consistent with its applicable asset class once it is placed in service. Land and line fill are not depreciated.

The Company bases an asset’s carrying value on estimates, assumptions and judgments for useful life and salvage value. Upon sale, retirement or other disposal, the Company removes the carrying value of an asset and its accumulated depreciation from its balance sheet and recognizes the related gain or loss, if any.

Asset Retirement Obligations

The Company records a liability for asset retirement obligations only if and when a future asset retirement obligation with a determinable life is identified. For identified asset retirement obligations, the Company evaluates whether the expected retirement date and related costs of retirement can be estimated. The Company has concluded that its gathering and processing assets have an indeterminate life because they are owned and will operate for an indeterminate period when properly maintained. Because the Company does not have sufficient information to reasonably estimate the amount or timing of such obligations and does not have any current plan to discontinue use of any significant assets, the Company did not provide for any asset retirement obligations as of December 31, 2024 or 2023.

Amortizing Intangibles

The Company has certain acquired gas gathering contracts that had above-market pricing structures at the acquisition date and the Company amortizes these favorable contracts using a straight-line method over the contract’s estimated useful life. The Company defines useful life as the period over which the contract is expected to contribute to the Company’s future cash flows. These favorable contracts have original terms ranging from 10 years to 20 years and the Company recognizes the amortization expense associated with these contracts in Other revenues.

The Company amortizes all other gas gathering contracts, or contract intangibles, over the period of economic benefit based upon expected revenues over the life of the contract. The useful life of these contracts ranges from 3 years to 25 years. The Company recognizes the amortization expense associated with these contracts in Depreciation and amortization expense.

The Company also has rights-of-way associated with municipal easements and easements granted within existing rights-of-way. The Company amortizes these intangible assets over the shorter of the contractual term of the rights-of-way or the estimated useful life of the gathering system. The contractual terms of the rights-of-way range from 20 years to 30 years and the Company recognizes the amortization expense associated with these rights-of-way assets in Depreciation and amortization expense.

Equity Method Investments

The Company accounts for its investment in which it exercises significant influence using the equity method so long as it (i) does not control the investee and (ii) is not the primary beneficiary. The Company reflects this investment in its consolidated balance sheets under the caption titled “investment in equity method investees.”

The Company recognizes an other-than-temporary impairment for losses in the value of equity method investees when evidence indicates that the carrying amount is no longer supportable. Evidence of a loss in value might include, but is not limited to, absence of an ability to recover the carrying amount of the investment or an inability of the equity method investee to sustain an earnings capacity that would justify the carrying amount of the investment. A current fair value of an investment that is less than its carrying amount may indicate a loss in value of the investment. The Company evaluates its equity method investments for impairment whenever a triggering event exists that would indicate a need to assess the investment for potential impairment.

Impairment of Long-Lived Assets

The Company tests assets for impairment when events or circumstances indicate the carrying value of a long-lived asset may not be recoverable. The carrying value of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from its use and eventual disposition. If the Company concludes that an asset’s carrying value will not be recovered through future cash flows, the Company recognizes an impairment loss on the long-lived asset equal to the amount by which the carrying value exceeds its fair value. The Company determines fair value using a combination of market-based and income-based approaches.

Environmental Matters

The Company is subject to various federal, state and local laws and regulations relating to the protection of the environment. Liabilities for loss contingencies, including environmental remediation costs, arising from claims, assessments, litigation, fines and penalties and other sources are charged to expense when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. The Company accrues for losses associated with environmental remediation obligations when such losses are probable and reasonably estimable. Such accruals are adjusted as further information develops or circumstances change. Recoveries of environmental remediation costs from other parties or insurers are recorded as assets when their realization is assured beyond a reasonable doubt.

Commitments and Contingencies

When required, the Company records accruals for loss contingencies in accordance with FASB ASC 450, Contingencies. Such determinations are subject to interpretations of current facts and circumstances, forecasts of future events and estimates of the financial impacts of such events.

Mezzanine Capital

A noncontrolling interest is reported as a component of equity unless the noncontrolling interest is considered redeemable, in which case the noncontrolling interest is recorded between liabilities and equity (mezzanine or temporary equity) in the Company’s consolidated balance sheet.

Noncontrolling Interest

Noncontrolling interests represent the portion of net assets in the Company’s consolidated subsidiaries that are not wholly owned by the Company. The Company’s noncontrolling interest is recorded at carrying value and is reported as a component of equity on the consolidated balance sheet. The Company’s noncontrolling interest was established in December 2024 in connection with the Tall Oak Acquisition, as a result of the Company owning SMLP alongside the former owners of Tall Oak. See Note 3 - Acquisition and Divestitures for additional information.As of December 31, 2024, the noncontrolling interest on the Company’s balance sheet reflects a 41.2% noncontrolling interest in SMLP.

Revenue Recognition

The Company provides gathering and/or processing services principally under contracts that contain one or more of the following arrangements described below:

•Fee-based arrangements. Under fee-based arrangements, the Company receives a fee or fees for one or more of the following services (i) natural gas gathering, treating, transporting, compressing and/or processing, (ii) crude oil and/or produced water gathering and (iii) fresh water delivery services.

•Percent-of-proceeds arrangements. Under percent-of-proceeds arrangements, the Company generally purchases natural gas from producers at the wellhead, or other receipt points, gathers the wellhead natural gas through its gathering system, treats and compresses the natural gas, processes the natural gas and/or sells the natural gas to a third party for processing. The Company then remits to its producers an agreed-upon percentage of the actual proceeds received from sales of the residue natural gas and NGLs. Certain of these arrangements may also result in returning all or a portion of the residue natural gas and/or the NGLs to the producer, in lieu of returning sales proceeds. The margins earned are directly related to the volume of natural gas that flows through the system and the price at which the Company is able to sell the residue natural gas and NGLs.

The majority of the Company’s contracts have a single performance obligation which is either to provide gathering services (an integrated service) or sell natural gas, NGLs and condensate, which are both satisfied when the related natural gas, crude oil and produced water are received and transferred to an agreed upon delivery point. The Company also has certain contracts with multiple performance obligations. They include an option for the customer to acquire additional services such as contracts containing minimum volume commitment (“MVCs”). These performance obligations would also be satisfied when the related

natural gas, crude oil and produced water are received and transferred to an agreed upon delivery point. In these instances, the Company allocates the contract’s transaction price to each performance obligation using its best estimate of the standalone selling price of each service in the contract.

Performance obligations for gathering services are generally satisfied over time. The Company utilizes either an output method (i.e., measure of progress) for guaranteed, stand-ready service contracts or an asset/system delivery time estimate for non-guaranteed, as-available service contracts.

Performance obligations for the sale of natural gas, NGLs and condensate are satisfied at a point in time. There are no significant judgments for these transactions because the customer obtains control based on an agreed upon delivery point.

Services are typically billed on a monthly basis and the Company does not offer extended payment terms. The Company does not have contracts with financing components.

For the contracts described above, the Company reflects its revenues in the financial statement captions described below.


Financial statement caption:						Revenue description:
Revenues:
Gathering services and related fees						•Revenue earned from fee-based gathering, compression, treating and processing services;
Natural gas, NGLs and condensate sales						•Revenue from the sale of physical natural gas purchased from customers percent-of- proceeds arrangements (Costs are presented within cost of natural gas and NGLs); •Revenue from sale of condensate and NGLs retained from gathering services;
Other revenues						•Reimbursements to the Company for costs incurred on customer’s behalf (Recorded on a gross basis with corresponding costs included in operations and maintenance expense); •Revenue for freshwater deliveries; •Lease revenue; •Contract amortization; and •Revenue for management fees related to Double E (as defined herein).

Certain of the Company’s gathering and/or processing agreements provide for monthly MVCs. Under these MVCs, customers agree to ship and/or process a minimum volume of production on the Company’s gathering systems or to pay a minimum monetary amount over certain periods during the term of the MVC. A customer must make a shortfall payment to the Company at the end of the contracted measurement period if its actual throughput volumes are less than its contractual MVC for that period. Certain customers are entitled to utilize shortfall payments to offset gathering fees in one or more subsequent contracted measurement periods to the extent that such customers throughput volumes in a subsequent contracted measurement period exceed its MVC for that contracted measurement period.

Many of the Company’s gas gathering agreements contain provisions that can reduce or delay the cash flows that it expects to receive from MVCs to the extent that a customer’s actual throughput volumes are above or below its MVC for the applicable contracted measurement period. These provisions include the following:

•To the extent that a customer’s throughput volumes are less than its MVC for the applicable period and the customer makes a shortfall payment, it may be entitled to an offset in one or more subsequent periods to the extent that its throughput volumes in subsequent periods exceed its MVC for those periods. In such a situation, the Company would not receive gathering fees on throughput in excess of that customer’s MVC (depending on the terms of the specific gas gathering agreement) to the extent that the customer had made a shortfall payment with respect to one or more preceding measurement periods (as applicable).

•To the extent that a customer’s throughput volumes exceed its MVC in the applicable contracted measurement period, it may be entitled to apply the excess throughput against its aggregate MVC, thereby reducing the period for which its annual MVC applies. As a result of this mechanism, the weighted-average remaining period for which the Company’s MVCs apply will be less than the weighted-average of the originally stated MVC contractual terms.

•To the extent that certain of the Company’s customers’ throughput volumes exceed its MVC for the applicable period, there is a crediting mechanism that allows the customer to build a bank of credits that it can utilize in the future to reduce shortfall payments owed in subsequent periods, subject to expiration if there is no shortfall in subsequent periods. The period over which this credit bank can be applied to future shortfall payments varies, depending on the particular gas gathering agreement.

The Company recognizes customer obligations under their MVCs as revenue and contract assets when (i) it considers it remote that the customer will utilize shortfall payments to offset gathering or processing fees in excess of its MVCs in subsequent periods; (ii) the customer incurs a shortfall in a contract with no banking mechanism or claw back provision; (iii) the customer’s banking mechanism has expired; or (iv) it is remote that the customer will use its unexercised right. In making this determination, the Company considers both quantitative and qualitative facts and circumstances, including, but not limited to, contract terms, capacity of the associated pipeline or receipt point and/or expectations regarding future investment, drilling and production.

The majority of the Company’s revenue is derived from long-term, fee-based contracts with its customers, which include original terms of up to 25 years. The Company also earns revenue in the Rockies, Piceance and Mid-Con reporting segments from the sale of physical natural gas purchased from certain customers under percent-of-proceeds arrangements which are reported in Natural gas, NGLs and condensate sales. However, the gathering fees associated with these gathering contracts are presented net within cost of natural gas and NGLs. The Company also sells condensate and NGLs retained from certain of its gathering services in the Piceance, Rockies and Mid-Con reporting segments. Revenues from the sale of natural gas and condensate are recognized in Natural gas, NGLs and condensate sales; the associated expense is included in Operation and maintenance expense. Certain customers reimburse the Company for costs incurred on their behalf. The Company records costs incurred and reimbursed by its customers on a gross basis, with the revenue component recognized in Other revenues and the associated expense included in operations and maintenance expense.

The transaction price in the Company’s contracts is primarily based on the volume of natural gas, crude oil or produced water transferred by its gathering systems to the customer’s agreed upon delivery point multiplied by the contractual rate. For contracts that include MVCs, variable consideration up to the MVC will be included in the transaction price. For contracts that do not include MVCs, the Company does not estimate variable consideration because the performance obligations are completed on a daily basis. For contracts containing noncash consideration such as fuel received in-kind, the Company measures the transaction price at the point of sale when the volume, mix and market price of the commodities are known.

The Company has contracts with MVCs that are variable and constrained. Contracts with longer than monthly MVCs are reviewed on a quarterly basis and adjustments to those estimates are made during each respective reporting period, if necessary.

The transaction price is allocated if the contract contains more than one performance obligation such as contracts that include MVCs. The transaction price allocated is based on the MVC for the applicable measurement period.

Unit-Based Compensation

For awards of share-based compensation, the Company determines a grant date fair value and recognizes the related compensation expense in the statements of operations over the vesting period for each respective award.

Income Taxes

Prior to the consummation of the Corporate Reorganization on August 1, 2024, SMLP was treated as a partnership for federal and state income tax purposes, in which the taxable income or loss generally was passed through to its unitholders. SMLP was also subject to the Texas margin tax. Therefore, for periods prior to the Corporate Reorganization, with the exception of the state of Texas, SMLP did not directly pay federal and state income taxes and no entity-level income tax provision was recognized, other than for the effects of the Texas margin tax.

Effective with the Corporate Reorganization, the Company became subject to federal and state income taxes as a C-corporation. As such, it accounts for income taxes, as required, under ASC 740, Accounting for Income Taxes (“ASC 740”). Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and net operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates applied to taxable income in the relevant years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in net income or loss in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

We record income tax balances in accordance with ASC 740 on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. For tax positions which do not meet the more-likely-than-not threshold, we record uncertain tax positions in accordance with ASC 740.

Interest Rate Swaps

Interest rate swap agreements are reported as either assets or liabilities on the consolidated balance sheet at fair value. Interest rate swap agreements are not designated as cash-flow hedges, and accordingly, changes in fair value are recorded in earnings. The Company does not use interest rate swap agreements for speculative purposes.

Accounting standards recently implemented and New Accounting Standards Implemented in this Annual Report

Accounting standards recently implemented. ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 enhances disclosures on reportable segments and provides additional detailed information about significant segment expenses. The guidance in ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company adopted ASU 2023-07 on this annual report as of and for the year ended December 31, 2024.

New accounting standards not yet implemented in this Annual Report. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires additional transparency for income tax disclosures, including the income tax rate reconciliation table and cash taxes paid both in the United States and foreign jurisdictions. This standard is effective for annual periods beginning after December 15, 2024. The Company is currently assessing the impact this standard will have on our disclosures.

ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 is intended to improve expense disclosures, primarily by requiring disclosure of disaggregated information about certain income statement expense line items on an annual and interim basis. This standard will be effective for annual reporting periods beginning in fiscal year 2027 and for interim periods beginning in fiscal year 2028, with early adoption permitted. The updates required by this standard should be applied prospectively, but retrospective application is permitted. The Company is currently assessing the impact this standard will have on our disclosures.

EQUITY AND MEZZANINE EQUITY

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

EQUITY AND MEZZANINE EQUITY

12. EQUITY AND MEZZANINE EQUITY

Common Stock. Upon the consummation of the Corporate Reorganization, each outstanding common unit of SMLP was converted into the right to receive 1.000 shares of common stock of Summit Midstream Corporation. An update on the number of shares of common stock follows for the period from December 31, 2022 to December 31, 2024.


	Common Units	Shares of Common Stock
Units, December 31, 2022	10,182,763	—

Common units issued for SMLP LTIP, net	193,426	—



Units, December 31, 2023	10,376,189	—

Common units issued for SMLP LTIP, net	272,496	—
Corporate Reorganization	(10,648,685)	10,648,685
Common units issued for SMC LTIP, net	—	10,535
Shares, December 31, 2024	—	10,659,220

Class B Common Stock. In the Tall Oak Acquisition, the Company issued 7,471,008 shares of non-economic Class B Common Stock to Tall Oak Parent. Such shares of Class B Common Stock have Company voting rights and are exchangeable along with the associated Partnership Common Units for shares of our common stock at the election of the holder for no additional consideration.

An update on the number of shares of Class B Common Stock follows for the period from December 31, 2022 to December 31, 2024.


			Shares of Class B Common Stock
Shares, December 31, 2022			—


Shares, December 31, 2023			—

Tall Oak Acquisition			7,471,008
Shares, December 31, 2024			7,471,008

Series A Preferred Stock. Upon the consummation of the Corporate Reorganization, each outstanding Series A Preferred Unit was converted into the right to receive 1.000 shares of Series A Preferred Stock of Summit Midstream Corporation, with the liquidation preference of each share of Series A Preferred Stock initially equal to $1,000 and the Certificate of Designation of Series A Floating Rate Cumulative Redeemable Perpetual Preferred Stock of Summit Midstream Corporation (the “Series A Certificate of Designation”) deeming all accumulated and unpaid distributions on the Series A Preferred Units to be Series A Unpaid Cash Dividends (as defined in the Series A Certificate of Designation) per share of Series A Preferred Stock, which constituted all consideration to be paid in respect to such Series A Preferred Units, and any rights to accumulated and unpaid distributions on such Series A Preferred Units were discharged.

The Series A Preferred Stock ranks senior to (i) shares of common stock and Class B Common Stock and (ii) each other class or series of company interests or other equity securities in the Company that may be established in the future that expressly ranks junior to the Series A Preferred Stock as to the payment of dividends and amounts payable upon a liquidation event. The Series A Preferred Stock ranks equal in all respects with each class or series of company interests or other equity securities in the Company that may be established in the future that is not expressly made senior or subordinated to the Series A Preferred Stock as to the payment of dividends and amounts payable on a liquidation event. The Series A Preferred Stock ranks junior to (i) all of the Company’s existing and future indebtedness and other liabilities with respect to assets available to satisfy claims against the Company and (ii) each other class or series of company interests or other equity securities in the Company established in the future that is expressly made senior to the Series A Preferred Stock as to the payment of dividends and amounts payable upon a liquidation event.

Dividends on the Series A Preferred Stock are cumulative and compounding and are payable quarterly in arrears on the 15th day of March, June, September and December of each year (each, a “Dividend Payment Date”) to holders of record as of the close of business on the first business day of the month of the applicable Dividend Payment Date, in each case, when, as, and if declared by the Company’s Board of Directors out of legally available funds for such purpose.

The dividend rate for the Series A Preferred Stock is equal to the three-month SOFR plus a spread of 7.69%. The floating rate established on December 15, 2024 for the period ending March 31, 2025 was 12.0%.

On May 3, 2020, SMLP suspended distributions to holders of the Series A Preferred Units, commencing with respect to the quarter ending March 31, 2020. On February 28, 2025, the Company announced the resumption of its dividends to holders of shares of Series A Preferred Stock (the “Series A Preferred Dividend”). See Note 19 - Subsequent Events for additional information.

As of December 31, 2024, the Company had 65,508 shares of Series A Preferred Stock outstanding and $46.4 million of accrued and unpaid distributions on the Series A Preferred Stock.

An update on the number of shares of Series A Preferred Stock is as follows for the period from December 31, 2022 to December 31, 2024.


	Series A Preferred Units	Series A Preferred Stock
Units, December 31, 2022	65,508	—
2023 activity	—	—

Units, December 31, 2023	65,508	—
Corporate Reorganization	(65,508)	65,508
Shares, December 31, 2024	—	65,508

Partnership Common Units. In the Tall Oak Acquisition, we issued 7,471,008 Partnership Common Units to Tall Oak Parent. Such Partnership Common Units are exchangeable along with the associated shares of Class B Common Stock for shares of our common stock at the election of the holder for no additional consideration.

An update on the number of Partnership Common Units not owned by the Company follows for the period from December 31, 2022 to December 31, 2024.


			Partnership Common Units
Units, December 31, 2022			—


Units, December 31, 2023			—

Tall Oak Acquisition			7,471,008
Units, December 31, 2024			7,471,008

Subsidiary Series A Preferred Units. Summit Permian Transmission Holdco, LLC (“Permian Holdco”) has Series A Fixed Rate Cumulative Redeemable Preferred Units (“Subsidiary Series A Preferred Units”) that rank senior to each other class or series of limited liability company interests or other equity securities in Permian Holdco that may be established in the future that expressly ranks junior to the Subsidiary Series A Preferred Units as to the payment of distributions and amounts payable upon a liquidation event. The Subsidiary Series A Preferred Units rank equal in all respects with each class or series of limited liability company interests or other equity securities in Permian Holdco that may be established in the future that is not expressly made senior or subordinated to the Subsidiary Series A Preferred Units as to the payment of distributions and amounts payable on a liquidation event. The Subsidiary Series A Preferred Units rank junior to (i) all of Permian Holdco’s or a subsidiary of Permian Holdco’s future indebtedness and other liabilities with respect to assets available to satisfy claims against Permian Holdco and (ii) each other class or series of limited liability company interests or other equity securities in Permian Holdco established in the future that is expressly made senior to the Subsidiary Series A Preferred Units as to the payment of distributions and amounts payable upon a liquidation event. Income is allocated to the Subsidiary Series A Preferred Units in an amount equal to the earned distributions for the respective reporting period.

Distributions on the Subsidiary Series A Preferred Units are cumulative and compounding and are payable 21 days following the quarterly period ended March, June, September and December of each year (each, a “Subsidiary Series A Distribution Payment Date”) to holders of record as of the close of business on the first business day of the month of the applicable Subsidiary Series A Distribution Payment Date, in each case, when, as, and if declared by the board of directors of Permian Holdco out of legally available funds for such purpose.

The distribution rate for the Subsidiary Series A Preferred Units is 7.00% per annum of the $1,000 issue amount per outstanding Subsidiary Series A Preferred Unit.

These Subsidiary Series A Preferred Units are considered redeemable securities under GAAP due to the existence of certain redemption provisions that are outside of the Company’s control. Therefore, the securities are classified as temporary equity in the mezzanine section of the consolidated balance sheets.

The Company records its Subsidiary Series A Preferred Units at fair value upon issuance, net of issuance costs, and subsequently records an effective interest method accretion amount each reporting period to accrete the carrying value to a most probable redemption value that is based on a predetermined internal rate of return measure. As of December 31, 2024 and 2023, the Company had 93,039 Subsidiary Series A Preferred Units outstanding.

If the Subsidiary Series A Preferred Units were redeemed on December 31, 2024, the redemption amount would be $134.1 million, when considering the applicable multiple of invested capital metric and make-whole amount provisions contained in the Amended and Restated Limited Liability Company Agreement of Permian Holdco.


	(in thousands)
Balance as of January 1, 2023	$	118,584



Redemption accretion, net of issuance cost amortization	12,581
Cash distribution (includes $1.6 million distribution payable as of December 31, 2023)	(6,513)
Balance as of December 31, 2023	$	124,652
Redemption accretion, net of issuance cost amortization	14,807
Cash distribution (includes $1.6 million distribution payable as of December 31, 2024)	(6,513)
Balance as of December 31, 2024	$	132,946

Noncontrolling interest. The following table shows the changes in noncontrolling interest during the periods presented:


	Noncontrolling Interest
Balance, January 1, 2024	$	—
Issuance of noncontrolling interest (Tall Oak Acquisition)	503,155
Net loss	(5,822)
Balance as of December 31, 2024	$	497,333

Change in Ownership of Consolidated Subsidiary. The Tall Oak Acquisition resulted in the establishment of a noncontrolling interest on December 2, 2024 due to the issuance of 7,471,008 Partnership Common Units in Summit Midstream Partners, LP to Tall Oak Parent. From December 2, 2024 to December 31, 2024, there were no changes to the ownership of Summit Midstream Partners, LP.

Dividend Policy. On May 3, 2020, SMLP suspended distributions to holders of its common units and suspended payments of distributions to holders of the Series A Preferred Units, commencing with respect to the quarter ending March 31, 2020. Upon the consummation of the Corporate Reorganization, all accumulated and unpaid distributions on the Series A Preferred Units were deemed by the Series A Certificate of Designation to be Series A Unpaid Cash Dividends (as defined in the Series A Certificate of Designation) per share of Series A Preferred Stock, and any rights to accumulated and unpaid distributions on such Series A Preferred Units were discharged. Because the Series A Preferred Stock ranks senior to the Company’s common stock with respect to dividend rights, any accrued dividends on the Series A Preferred Stock must first be paid prior to the initiation of dividends to holders of the Company’s common stock. As of December 31, 2024, the amount of accrued and unpaid dividends on the Series A Preferred Stock totaled $46.4 million. On February 28, 2025, the Company announced the resumption of its Series A Preferred Dividend. See Note 19 - Subsequent Events for additional information.

Absent a material change to the Company’s business, the Company does not expect to pay dividends to holders of the Company’s common stock in the foreseeable future. Any future dividend payments will depend on the Company’s financial condition, market conditions and other matters deemed relevant by the Company’s Board of Directors. Additionally, the Company’s ability to pay dividends is subject to restrictions on dividends under the Amended and Restated ABL Facility and the indenture governing the 2029 Senior Notes.

FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

FINANCIAL INSTRUMENTS

11. FINANCIAL INSTRUMENTS

Concentrations of Credit Risk. Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, restricted cash and accounts receivable. The Company maintains its cash and cash equivalents and restricted cash in bank deposit accounts that frequently exceed federally insured limits. The Company has not experienced any losses in such accounts and does not believe it is exposed to any significant risk.

Accounts receivable primarily comprise amounts due for the gathering, compression, treating and processing services the Company provides to its customers and also the sale of natural gas liquids resulting from its processing services. This industry concentration has the potential to impact its overall exposure to credit risk, either positively or negatively, in that the Company’s customers may be similarly affected by changes in economic, industry or other conditions. The Company monitors the creditworthiness of its counterparties and can require letters of credit or other forms of credit assurance for receivables from counterparties that are judged to have substandard credit, unless the credit risk can otherwise be mitigated.

Fair Value. The carrying amount of cash and cash equivalents, restricted cash, accounts receivable and trade accounts payable reported on the consolidated balance sheet approximates fair value due to their short-term maturities.

A summary of the estimated fair value of the Company’s debt financial instruments follows.


	December 31, 2024				December 31, 2023
	Carrying Value (1)		Estimated fair value (Level 2)		Carrying Value (1)		Estimated fair value (Level 2)
	(in thousands)

2025 Senior Notes	$	—	$	—	$	49,783	$	48,414
2026 Secured Notes	$	—	$	—	$	785,000	$	778,131
2026 Unsecured Notes	$	—	$	—	$	209,510	$	203,225
2029 Secured Notes (2)	$	575,000	$	595,125	$	—	$	—

(1) Excludes applicable unamortized debt issuance costs and debt discounts.

(2) Excludes the additional $250.0 million of 2029 Secured Notes issued on January 10, 2025. See Note 19 – Subsequent Events, for additional information.

The carrying value on the balance sheets of the Amended and Restated ABL Facility and Permian Transmission Term Loan represent their fair value due to its floating interest rate. The fair value for the 2029 Secured Notes, 2026 Unsecured Notes, 2026 Secured Notes and 2025 Senior Notes is based on an average of nonbinding broker quotes as of December 31, 2024 and 2023. The use of different market assumptions or valuation methodologies may have a material effect on the estimated fair value.

Deferred earn-out. The estimated fair value of the Company’s deferred earn-outs are remeasured each reporting period and estimated using discounted cash flow techniques with appropriate discount rates. The balances of deferred earn-outs are recorded within other noncurrent liabilities on the consolidated balance sheets. Given the unobservable nature of the inputs, the fair value measurement of the deferred earn-out is deemed to use Level 3 inputs.

Tall Oak earn-out: In connection with the Tall Oak Acquisition, the Company incurred a deferred earn-out liability. As of December 31, 2024, the estimated fair value of the deferred earn-out liability recorded on the Company’s consolidated balance sheet was $21.3 million, of which $14.5 million is reflected within other current liabilities and $6.8 million is reflected within other noncurrent liabilities. The earn-out becomes payable to Tall Oak Parent subject to Tall Oak and its customers meeting certain development requirements. As of December 31, 2024 none of the earn-out requirements had been met.

Sterling DJ earn-out: In connection with the acquisition of Sterling DJ, SMLP assumed a deferred earn-out liability, which was remeasured each reporting period. SMLP’s deferred earn-out liability was settled in full during the quarterly period ended June 30, 2024. As of December 31, 2023, the estimated fair value of the deferred earn-out liability was $5.1 million.

Interest Rate Swaps. In connection with the Permian Transmission Term Loan, formerly the Permian Transmission Credit Facilities, SMLP entered into amortizing interest rate swap agreements. As of December 31, 2024 and 2023, the outstanding notional amount of interest rate swaps was $116.4 million and $130.4 million, respectively. These interest rate swaps manage exposure to variability in expected cash flows attributable to interest rate risk. Interest rate swaps convert a portion of the Company’s variable rate debt to fixed rate debt. The Company chooses counterparties for its derivative instruments that it believes are creditworthy at the time the transactions are entered into, and the Company actively monitors the creditworthiness where applicable. However, there can be no assurance that a counterparty will be able to meet its obligations to the Company. The Company presents its derivative positions on a gross basis and does not net the asset and liability positions.

As of December 31, 2024 and 2023, the Company’s interest rate swap agreements had a fair value of $11.0 million and $11.9 million, respectively, and are recorded within other noncurrent assets within the consolidated balance sheets. The derivative instruments’ fair value are determined using level 2 inputs from the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
-Paragraph 107
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

LEASES (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Right-Of-Use Assets and Lease Liabilities

ROU assets (included in the other noncurrent assets caption on the Company’s consolidated balance sheet) and lease liabilities (included in the Other current liabilities and Other noncurrent liabilities captions on the Company’s consolidated balance sheet) follow:


	December 31, 2024		December 31, 2023
	(In thousands)

ROU assets
Operating	$	8,513	$	10,352
Finance	3,861		2,400
	$	12,374	$	12,752
Lease liabilities, current
Operating	$	5,801	$	3,341
Finance	1,382		870
	$	7,183	$	4,211
Lease liabilities, noncurrent
Operating	$	3,390	$	7,360
Finance	1,560		1,197
	$	4,950	$	8,557

Schedule of Lease Cost and Other Information

Lease cost and Other information follow:


	Year ended December 31,
	2024		2023
	(In thousands)
Lease cost
Finance lease cost:
Amortization of ROU assets (included in depreciation and amortization)	$	1,186	$	686
Interest on lease liabilities (included in interest expense)	156		62
Operating lease cost (included in general and administrative expense)	916		1,999
	$	2,258	$	2,747


	Year ended December 31,
	2024		2023
	(In thousands)
Other information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operating leases	$	3,328	$	3,975
Operating cash outflows from finance leases	156		62
Financing cash outflows from finance leases	1,148		610
ROU assets obtained in exchange for new operating lease liabilities	3,882		3,516
ROU assets obtained in exchange for new finance lease liabilities	1,781		1,238
Weighted-average remaining lease term (years) - operating leases	2.2		3.6
Weighted-average remaining lease term (years) - finance leases	2.3		2.5
Weighted-average discount rate - operating leases	7%		6%
Weighted-average discount rate - finance leases	6%		5%

The Company recognizes total lease expense incurred or allocated to us in general and administrative expenses. Lease expense related to operating leases, including lease expense incurred on the Company’s behalf and allocated to us, was as follows:


	Year ended December 31,
	2024		2023
	(In thousands)
Lease expense	$	6,179	$	5,898

Schedule of Future Minimum Lease Payments Due and Future Minimum Rentals to be Received Under Noncancelable Leases and Subleases

Future minimum lease payments due under noncancelable leases as of December 31, 2024, were as follows:


	December 31, 2024
	(In thousands)
	Operating		Finance
2025	$	6,402	$	1,416
2026	1,662		979
2027	1,543		523
2028	50		74
2029	105		—
2030	18		—
Thereafter	646		—
Total future minimum lease payments	$	10,426	$	2,992

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

DEFERRED REVENUE (Details) $ in Thousands	12 Months Ended
DEFERRED REVENUE (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Change in Contract With Customer, Liability, Current [Roll Forward]
Beginning balance	$ 10,196
Additions	8,258
Less: revenue recognized and other	(8,859)
Ending balance	9,595
Change in Contract With Customer, Liability, Noncurrent [Roll Forward]
Beginning balance	30,085
Additions	4,652
Less: reclassification to current deferred revenue and other	(9,364)
Ending balance	$ 25,373

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE

13. EARNINGS PER SHARE

Earnings per share is computed using the two-class method. The two-class method determines earnings per share of common stock and participating securities according to dividends or dividend equivalents and their respective participation rights in undistributed earnings. The following table details the components of basic and diluted EPS.


	Year ended December 31,
	2024		2023
	(In thousands, except per-share amounts)
Numerator for basic and diluted EPS:

Net loss	$	(113,175)	$	(38,947)
Less: Net income attributable to Subsidiary Series A Preferred Units	(14,806)		(12,581)
Net loss attributable to noncontrolling interest	5,822		—
Net loss attributable Summit Midstream Corporation	(122,159)		(51,528)

Less: Net income attributable to Series A Preferred Stock	(13,337)		(11,566)

Net loss attributable to common equity holders	$	(135,496)	$	(63,094)

Denominator for basic and diluted EPS:
Weighted-average number of shares outstanding – basic	10,600		10,334
Effect of nonvested restricted stock units	—		—
Effect of assumed conversion and elimination of noncontrolling interest net income	—		—
Weighted-average number of shares outstanding – diluted	10,600		10,334

Net Loss per share:
Common Stock – basic	$	(12.78)	$	(6.11)
Common Stock – diluted	$	(12.78)	$	(6.11)
Class B Common Stock – basic and diluted	$	—	$	—

Nonvested anti-dilutive restricted shares excluded from the calculation of diluted EPS	546		245
Class B Common Stock	592		—

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Accrued Environmental Remediation


	(In thousands)
Accrued environmental remediation, December 31, 2022	$	3,705
Payments made	(641)
Changes in estimates	(127)
Accrued environmental remediation, December 31, 2023	$	2,937
Payments made	(1,160)
Changes in estimates	421
Accrued environmental remediation, December 31, 2024	$	2,198

LEASES - Future Minimum Lease Payments Due and Future Minimum Rentals to be Received under Noncancelable Leases (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Operating
2025	$ 6,402
2026	1,662
2027	1,543
2028	50
2029	105
2030	18
Thereafter	646
Total future minimum lease payments	10,426
Finance
2025	1,416
2026	979
2027	523
2028	74
2029	0
2030	0
Thereafter	0
Total future minimum lease payments	$ 2,992

EQUITY METHOD INVESTMENTS

12 Months Ended

Dec. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

EQUITY METHOD INVESTMENTS

7. EQUITY METHOD INVESTMENTS

As of December 31, 2024, the Company has an equity method investment in Double E, the balance of which is included in the Investment in equity method investees caption on the consolidated balance sheets. On March 22, 2024, in connection with the Utica Sale, the Company sold its investment in Ohio Gathering and recognized a $126.3 million gain, which is recorded within Gain on sale of equity method investment within the consolidated statements of operations. See Note 3 - Acquisition and Divestitures for additional information.

Details of the Company’s equity method investments follow.


	December 31, 2024		December 31, 2023
	(In thousands)
Double E (1)	$	269,561	$	276,221
Ohio Gathering	—		210,213
Total	$	269,561	$	486,434

(1) The Company’s investment balance in Double E includes capitalized interest costs.

Double E. The Company, through its wholly owned subsidiary Summit Permian Transmission, LLC (“Summit Permian

Transmission”), has a 70% ownership in Double E Pipeline, LLC (“Double E”). Double E owns a long-haul natural gas pipeline (the “Double E Pipeline”) that provides transportation service for residue natural gas from multiple receipt points in the Delaware Basin to various delivery points in and around the Waha hub in Texas. The Double E Pipeline commenced operations in November 2021 and during the years ended December 31, 2024 and 2023, the Company made cash investments of $3.9 million and $3.5 million, respectively, in Double E. During the year ended December 31, 2024, Double E made distributions to its investors totaling $36.4 million of which the Company received $25.5 million. All amounts received by the Company were utilized for payment of interest and principal on the Permian Transmission Term Loan and distributions to the holders of the Subsidiary Series A Preferred Units.

Double E is deemed to be a variable interest entity as defined in GAAP. Summit Permian Transmission was not deemed to be the primary beneficiary of Double E due to the voting rights of Double E’s other owner regarding significant matters. The Company accounts for its ownership interest in Double E as an equity method investment because it has significant influence over Double E.

Summarized balance sheet information for Double E follows (amounts represent 100% of investee financial information).


	December 31, 2024		December 31, 2023
	(In thousands)
Current assets	$	10,762	$	11,410
Noncurrent assets	385,837		391,777
Total assets	$	396,599	$	403,187

Current liabilities	$	10,987	$	6,373
Noncurrent liabilities	11,890		13,727
Total liabilities	$	22,877	$	20,100

Summarized statements of operations information for Double E follows (amounts represent 100% of investee financial information).


	Year Ended December 31, 2024		Year Ended December 31, 2023
	(In thousands)
Total revenues	$	52,981	$	42,335
Total operating expenses	28,328		26,868
Net income	$	24,660	$	15,467

As of December 31, 2024 and 2023, the Company’s carrying amount of its interest in Double E approximated its underlying investment.

Ohio Gathering. The Company had an investment in OGC and OCC that was collectively referred to as Ohio Gathering. Ohio Gathering owned, operated and developed midstream infrastructure consisting of a liquids-rich natural gas gathering system, a dry natural gas gathering system and a condensate stabilization facility in the Utica Shale in southeastern Ohio. Ohio Gathering provided gathering services pursuant to primarily long-term, fee-based gathering agreements, which included acreage dedications. The Company made its initial investment in Ohio Gathering in 2014 and owned approximately 36.5% of OGC and approximately 38.2% of OCC as of December 31, 2023.

As previously discussed, on March 22, 2024, the Company completed the Utica Sale. Summit Utica was the owner of Ohio Gathering. Ohio Gathering was accounted for as an equity method investment because it had joint control with non-affiliated owners, which gave the Company significant influence. For the years ended December 31, 2024 and 2023, equity in earnings from our equity method investee Ohio Gathering totaled $7.0 million and $22.9 million, respectively.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED ACCOUNTING STANDARDS APPLICABLE TO THE COMPANY

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED ACCOUNTING STANDARDS APPLICABLE TO THE COMPANY

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED ACCOUNTING STANDARDS APPLICABLE TO THE COMPANY

Cash, Cash Equivalents and Restricted Cash. The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash that has restrictions on its availability to the Company is classified as

Accounts Receivable. Accounts receivable relate to gathering and other services provided to the Company’s customers and other counterparties. The Company evaluates the collectability of its accounts receivable and the need for an allowance for doubtful accounts based on customer-specific facts and circumstances. To the extent the collectability of a specific customer or counterparty receivable is doubtful, the Company recognizes an allowance for doubtful accounts. Uncollectible receivables are written off when a settlement is reached for an amount that is less than the outstanding historical balance or a receivable amount is deemed otherwise unrealizable.

Property, Plant and Equipment. The Company records its property, plant and equipment at historical cost of construction or its fair value at the time of acquisition. The Company capitalizes expenditures that extend the useful life of an asset or enhance its productivity or efficiency from its original design over the expected remaining period of use. For maintenance and repairs that do not add capacity or extend the useful life of an asset, the Company recognizes expenditures as an expense as incurred. The Company capitalizes project costs incurred during construction, including interest on funds borrowed to finance the construction of facilities and pipelines, as construction in progress. Accrued capital expenditures are reflected in trade accounts payable.


			Useful lives (In years)
Gathering and processing systems and related equipment			12-30
Other			3-15

Construction in progress is depreciated consistent with its applicable asset class once it is placed in service. Land and line fill are not depreciated.

Asset Retirement Obligations. The Company records a liability for asset retirement obligations only if and when a future asset retirement obligation with a determinable life is identified. For identified asset retirement obligations, the Company evaluates whether the expected retirement date and related costs of retirement can be estimated. The Company has concluded that its gathering and processing assets have an indeterminate life because they are owned and will operate for an indeterminate period when properly maintained. Because the Company does not have sufficient information to reasonably estimate the amount or timing of such obligations and does not have any current plan to discontinue use of any significant assets, the Company did not provide for any asset retirement obligations as of December 31, 2024 or 2023.

Amortizing Intangibles. The Company has certain acquired gas gathering contracts that had above-market pricing structures at the acquisition date and the Company amortizes these favorable contracts using a straight-line method over the contract’s estimated useful life. The Company defines useful life as the period over which the contract is expected to contribute to the Company’s future cash flows. These favorable contracts have original terms ranging from 10 years to 20 years and the Company recognizes the amortization expense associated with these contracts in Other revenues.

Equity Method Investment. The Company accounts for its investment in which it exercises significant influence using the equity method so long as it (i) does not control the investee and (ii) is not the primary beneficiary. The Company reflects this investment in its consolidated balance sheets under the caption titled “investment in equity method investees.”

Impairment of Long-Lived Assets. The Company tests assets for impairment when events or circumstances indicate the carrying value of a long-lived asset may not be recoverable. The carrying value of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from its use and eventual disposition. If the Company concludes that an asset’s carrying value will not be recovered through future cash flows, the Company recognizes an impairment loss on the long-lived asset equal to the amount by which the carrying value exceeds its fair value. The Company determines fair value using a combination of market-based and income-based approaches.

Environmental Matters. The Company is subject to various federal, state and local laws and regulations relating to the protection of the environment. Liabilities for loss contingencies, including environmental remediation costs, arising from claims, assessments, litigation, fines and penalties and other sources are charged to expense when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. The Company accrues for losses associated with environmental remediation obligations when such losses are probable and reasonably estimable. Such accruals are adjusted as further information develops or circumstances change. Recoveries of environmental remediation costs from other parties or insurers are recorded as assets when their realization is assured beyond a reasonable doubt.

Commitments and Contingencies. When required, the Company records accruals for loss contingencies in accordance with FASB ASC 450, Contingencies. Such determinations are subject to interpretations of current facts and circumstances, forecasts of future events and estimates of the financial impacts of such events.

Mezzanine Equity. A noncontrolling interest is reported as a component of equity unless the noncontrolling interest is considered redeemable, in which case the noncontrolling interest is recorded between liabilities and equity (mezzanine or temporary equity) in the Company’s consolidated balance sheet.

Noncontrolling Interest. Noncontrolling interests represent the portion of net assets in the Company’s consolidated subsidiaries that are not wholly owned by the Company. The Company’s noncontrolling interest is recorded at carrying value and is reported as a component of equity on the consolidated balance sheet. The Company’s noncontrolling interest was established in December 2024 in connection with the Tall Oak Acquisition, as a result of the Company owning SMLP alongside the former owners of Tall Oak. See Note 3 - Acquisition and Divestitures for additional information.

As of December 31, 2024, the noncontrolling interest on the Company’s balance sheet reflects a 41.2% noncontrolling interest in SMLP.

Revenue. The Company provides gathering and/or processing services principally under contracts that contain one or more of the following arrangements described below:

Services are typically billed on a monthly basis and the Company does not offer extended payment terms. The Company does not have contracts with financing components.

For the contracts described above, the Company reflects its revenues in the financial statement captions described below.


Financial statement caption:						Revenue description:
Revenues:
Gathering services and related fees						•Revenue earned from fee-based gathering, compression, treating and processing services;
Natural gas, NGLs and condensate sales						•Revenue from the sale of physical natural gas purchased from customers percent-of- proceeds arrangements (Costs are presented within cost of natural gas and NGLs); •Revenue from sale of condensate and NGLs retained from gathering services;
Other revenues						•Reimbursements to the Company for costs incurred on customer’s behalf (Recorded on a gross basis with corresponding costs included in operations and maintenance expense); •Revenue for freshwater deliveries; •Lease revenue; •Contract amortization; and •Revenue for management fees related to Double E (as defined herein).

Share-Based Compensation. For awards of share-based compensation, the Company determines a grant date fair value and recognizes the related compensation expense in the statements of operations over the vesting period for each respective award.

Income Taxes. Prior to the consummation of the Corporate Reorganization on August 1, 2024, SMLP was treated as a partnership for federal and state income tax purposes, in which the taxable income or loss generally was passed through to its unitholders. SMLP was also subject to the Texas margin tax. Therefore, for periods prior to the Corporate Reorganization, with the exception of the state of Texas, SMLP did not directly pay federal and state income taxes and no entity-level income tax provision was recognized, other than for the effects of the Texas margin tax.

Interest Rate Swaps. Interest rate swap agreements are reported as either assets or liabilities on the consolidated balance sheet at fair value. Interest rate swap agreements are not designated as cash-flow hedges, and accordingly, changes in fair value are recorded in earnings. The Company does not use interest rate swap agreements for speculative purposes.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED ACCOUNTING STANDARDS APPLICABLE TO THE COMPANY - Property, Plant and Equipment (Details)	Dec. 31, 2024
Gathering and processing systems and related equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful lives (In years)	12 years
Gathering and processing systems and related equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful lives (In years)	30 years
Other \| Minimum
Property, Plant and Equipment [Line Items]
Useful lives (In years)	3 years
Other \| Maximum
Property, Plant and Equipment [Line Items]
Useful lives (In years)	15 years

ORGANIZATION, CORPORATE REORGANIZATION, BUSINESS OPERATIONS AND PRESENTATION AND CONSOLIDATION	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION, CORPORATE REORGANIZATION, BUSINESS OPERATIONS AND PRESENTATION AND CONSOLIDATION	1. ORGANIZATION, CORPORATE REORGANIZATION, BUSINESS OPERATIONS AND PRESENTATION AND CONSOLIDATION Organization. Summit Midstream Corporation (including its subsidiaries, collectively the “Company”) was incorporated under the laws of the State of Delaware on May 14, 2024 for the purpose of effecting the reorganization (the “Corporate Reorganization”) of Summit Midstream Partners, LP, a Delaware master limited partnership (“SMLP”), in which the Company was incorporated to serve as the new parent holding company of SMLP. The Company’s common stock, par value $0.01 per share (“common stock”), is listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “SMC.” SMLP was formed in May 2012, and prior to August 1, 2024, SMLP’s common units were listed on the NYSE under the ticker symbol “SMLP.” Upon completion of the Tall Oak Acquisition (as defined herein) on December 2, 2024, ownership of SMLP shifted to an Up‑C tax structure, with the Company owning SMLP alongside holders of a noncontrolling limited partnership interest. The Company is a value-oriented company focused on developing, owning and operating midstream energy infrastructure assets that are strategically located in the core producing areas of unconventional resource basins, primarily shale formations, in the continental United States. The Company’s business activities are primarily conducted through various operating subsidiaries, each of which is owned or controlled by its subsidiary holding company, Summit Midstream Holdings, LLC, a Delaware limited liability company (“Summit Holdings”). Corporate Reorganization. In connection with the Corporate Reorganization, SMLP entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among SMLP, the Company, Summit SMC NewCo, LLC (“Merger Sub”), a wholly owned subsidiary of the Company, and Summit Midstream GP, LLC (the “General Partner”). Pursuant to the Merger Agreement, Merger Sub merged with and into SMLP (the “Merger”), with SMLP continuing as the surviving entity and a wholly owned subsidiary of the Company, with (i) each then outstanding common unit representing limited partner interests in SMLP automatically converting into the right to receive one share of the Company’s common stock and (ii) each then outstanding Series A Fixed to Floating Rate Cumulative Redeemable Perpetual Preferred Unit (“Series A Preferred Unit”) automatically converting into the right to receive one share of Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock (“Series A Preferred Stock”) of the Company. The Merger was accounted for as a common-control transaction between SMLP and Summit Midstream Corporation as a result of SMLP’s unitholders controlling both SMLP and Summit Midstream Corporation before and after the Merger. Upon consummation of the Corporate Reorganization, Summit Midstream Corporation recognized (i) income tax expense in its consolidated statements of operations for temporary differences that existed as of the date of the Corporate Reorganization, (ii) a tax benefit to equity due to changes in tax basis in assets and liabilities and (iii) a net deferred tax liability in its consolidated balance sheets. Upon completion of the Merger, SMLP’s common limited partner capital accounts were eliminated and replaced with shares of common stock, paid in capital, and retained deficit. Additionally, the Series A Preferred Units were exchanged for an equivalent number of shares of Series A Preferred Stock, with no substantive changes in contractual terms or investor cash flows. As a result of the Corporate Reorganization, periods prior to August 1, 2024 reflect Summit Midstream as a limited partnership, not a corporation. References to common units for periods prior to the Corporate Reorganization refer to common units of SMLP, and references to common stock for periods following the Corporate Reorganization refer to shares of common stock of the Company. Business Operations. The Company provides natural gas gathering, compression, treating and processing services as well as crude oil and produced water gathering services pursuant to primarily long-term, fee-based agreements with its customers. In addition to these services, the Company also provides freshwater delivery services pursuant to short-term agreements with customers. The Company’s results are primarily driven by the volumes of natural gas that it transports, gathers, compresses, treats and/or processes as well as by the volumes of crude oil and produced water that it gathers. Presentation and Consolidation. The Company prepares its consolidated financial statements in accordance with GAAP as established by the FASB. The Company makes estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet dates, including fair value measurements, the reported amounts of revenues and expenses and the disclosure of commitments and contingencies. Although management believes these estimates are reasonable, actual results could differ from its estimates. The consolidated financial statements include the assets, liabilities and results of operations of Summit Midstream Corporation and its subsidiaries. All intercompany transactions among the consolidated entities have been eliminated in consolidation. Comprehensive income or loss is the same as net income or loss for all periods presented.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED ACCOUNTING STANDARDS APPLICABLE TO THE COMPANY (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Useful lives of Property, Plant and Equipment

Estimates of useful lives follow.


			Useful lives (In years)
Gathering and processing systems and related equipment			12-30
Other			3-15

LEASES

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

LEASES

17. LEASES

Leases. The Company leases certain office space and equipment under operating leases. The Company leases office space for terms of between 3 and 10 years. Office space leases limit exposure to risks related to ownership, such as fluctuations in real estate prices. The Company leases equipment primarily to support its operations in response to the needs of its gathering systems for terms of between 3 and 4 years. The Company also leases vehicles under finance leases to support its operations in response to the needs of its gathering systems for a term of 3 years.

Some of the Company’s leases are subject to annual escalations relating to the Consumer Price Index (“CPI”). While lease liabilities are not remeasured as a result of changes to the CPI, changes to the CPI are treated as variable lease payments and recognized in the period in which the obligation for those payments was incurred.

Significant assumptions or judgments include the determination of whether a contract contains a lease and the discount rate used in the lease liabilities.

The rate implicit in the lease contracts are not readily determinable. In determining the discount rate used for lease liabilities, the Company analyzed certain factors in its incremental borrowing rate, including collateral assumptions and the term used. The Company’s incremental borrowing rate was 6.43% as of December 31, 2024, which reflects the rate at which the Company could borrow a similar amount, for a similar term and with similar collateral as in the lease contracts at the commencement date.


	December 31, 2024		December 31, 2023
	(In thousands)

ROU assets
Operating	$	8,513	$	10,352
Finance	3,861		2,400
	$	12,374	$	12,752
Lease liabilities, current
Operating	$	5,801	$	3,341
Finance	1,382		870
	$	7,183	$	4,211
Lease liabilities, noncurrent
Operating	$	3,390	$	7,360
Finance	1,560		1,197
	$	4,950	$	8,557

Lease cost and Other information follow:


	Year ended December 31,
	2024		2023
	(In thousands)
Lease cost
Finance lease cost:
Amortization of ROU assets (included in depreciation and amortization)	$	1,186	$	686
Interest on lease liabilities (included in interest expense)	156		62
Operating lease cost (included in general and administrative expense)	916		1,999
	$	2,258	$	2,747


	Year ended December 31,
	2024		2023
	(In thousands)
Other information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operating leases	$	3,328	$	3,975
Operating cash outflows from finance leases	156		62
Financing cash outflows from finance leases	1,148		610
ROU assets obtained in exchange for new operating lease liabilities	3,882		3,516
ROU assets obtained in exchange for new finance lease liabilities	1,781		1,238
Weighted-average remaining lease term (years) - operating leases	2.2		3.6
Weighted-average remaining lease term (years) - finance leases	2.3		2.5
Weighted-average discount rate - operating leases	7%		6%
Weighted-average discount rate - finance leases	6%		5%


	Year ended December 31,
	2024		2023
	(In thousands)
Lease expense	$	6,179	$	5,898

Future minimum lease payments due under noncancelable leases as of December 31, 2024, were as follows:


	December 31, 2024
	(In thousands)
	Operating		Finance
2025	$	6,402	$	1,416
2026	1,662		979
2027	1,543		523
2028	50		74
2029	105		—
2030	18		—
Thereafter	646		—
Total future minimum lease payments	$	10,426	$	2,992

LEASES - Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
LEASES - Lease Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Lease expense	$ 6,179	$ 5,898

EARNINGS PER UNIT (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Limited Partner Unit

The following table details the components of basic and diluted EPS.


	Year ended December 31,
	2024		2023
	(In thousands, except per-share amounts)
Numerator for basic and diluted EPS:

Net loss	$	(113,175)	$	(38,947)
Less: Net income attributable to Subsidiary Series A Preferred Units	(14,806)		(12,581)
Net loss attributable to noncontrolling interest	5,822		—
Net loss attributable Summit Midstream Corporation	(122,159)		(51,528)

Less: Net income attributable to Series A Preferred Stock	(13,337)		(11,566)

Net loss attributable to common equity holders	$	(135,496)	$	(63,094)

Denominator for basic and diluted EPS:
Weighted-average number of shares outstanding – basic	10,600		10,334
Effect of nonvested restricted stock units	—		—
Effect of assumed conversion and elimination of noncontrolling interest net income	—		—
Weighted-average number of shares outstanding – diluted	10,600		10,334

Net Loss per share:
Common Stock – basic	$	(12.78)	$	(6.11)
Common Stock – diluted	$	(12.78)	$	(6.11)
Class B Common Stock – basic and diluted	$	—	$	—

Nonvested anti-dilutive restricted shares excluded from the calculation of diluted EPS	546		245
Class B Common Stock	592		—

SEGMENT INFORMATION - Reconciliation of Net Loss to Adjusted EBITDA (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting [Abstract]
Total segment adjusted EBITDA	$ 239,037	$ 291,766
Less:
Corporate and Other expense	62,122	30,711
Income from equity method investees	(24,197)	(33,829)
Interest expense	115,446	140,784
Depreciation and amortization	101,585	123,702
Proportional adjusted EBITDA for equity method investees	42,038	61,070
Adjustments related to capital reimbursement activity	(9,909)	(9,874)
Equity compensation	8,561	6,566
(Gain) loss on asset sales, net	1	(260)
(Gain) loss on sale of business	(82,187)	47
Gain on sale of equity method investment	(126,261)	0
Long-lived asset impairment	68,260	540
Loss on early extinguishment of debt	50,075	10,934
Income (loss) before income taxes	$ 33,503	$ (38,625)

COMMITMENTS AND CONTINGENCIES - Rollforward of Environmental Matters (Details) - Meadowlark Midstream Gathering System - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Accrual for Environmental Loss Contingencies [Roll Forward]
Accrued environmental remediation, beginning balance	$ 2,937	$ 3,705
Payments made	(1,160)	(641)
Changes in estimates	421	(127)
Accrued environmental remediation, ending balance	$ 2,198	$ 2,937

COVER PAGE - USD ($)	12 Months Ended
COVER PAGE - USD ($)	Dec. 31, 2024	Mar. 10, 2025	Jun. 30, 2024
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-42201
Entity Registrant Name	Summit Midstream Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	99-3056990
Entity Address, Address Line One	910 Louisiana Street
Entity Address, Address Line Two	Suite 4200
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	832
Local Phone Number	413-4770
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	SMC
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 378,667,239
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement relating to its 2025 Annual Meeting of Stockholders, which will be filed with the Securities and Exchange Commission within 120 days of December 31, 2024, are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated.
Entity Central Index Key	0002024218
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		12,120,835
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,524,467

DEBT - Narrative (Details)			1 Months Ended	12 Months Ended
DEBT - Narrative (Details)	Jul. 30, 2026	Jul. 26, 2024 USD ($)	Feb. 28, 2017	Dec. 31, 2024 USD ($)	Mar. 07, 2025 USD ($)	Jan. 10, 2025 USD ($)	Jul. 17, 2024 USD ($)	Jun. 07, 2024 USD ($)	Jun. 05, 2024 USD ($)	May 07, 2024 USD ($)	Apr. 24, 2024 USD ($)	Mar. 27, 2024 USD ($)	Nov. 30, 2023 USD ($)	Nov. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 08, 2021 USD ($)
ABL Facility
Debt Instrument [Line Items]
Borrowing capacity		$ 500,000,000		$ 500,000,000
Borrowing base				$ 532,000,000.0
Basis spread on variable rate (as a percent)				2.75%
Interest rate during period (as a percent)				7.21%
Unused portion under the facility				$ 194,200,000
ABL Facility \| Revolving credit facility
Debt Instrument [Line Items]
Secured notes				$ 800,000
ABL Facility \| Maximum \| Summit Permian Transmission, LLC
Debt Instrument [Line Items]
Covenant, first lien net leverage ratio		2.50		0.41
Covenant, interest coverage ratio		2.00		2.84
ABL Facility \| Summit Holdings
Debt Instrument [Line Items]
Proceeds from sale of other assets		$ 50,000,000
Aggregate commitments (as percent)		10.00%
ABL Facility \| Summit Holdings \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		2.50%
ABL Facility \| Summit Holdings \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		3.25%
ABL Facility \| Summit Holdings \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		1.50%
ABL Facility \| Summit Holdings \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		2.25%
Credit Agreement
Debt Instrument [Line Items]
Borrowing capacity																$ 175,000,000
Basis spread on variable rate (as a percent)				2.475%
Interest rate (as a percent)				7.19%
Unused borrowing capacity amount				$ 4,500,000
Commitment fee (as a percent)				0.70%
Credit Agreement \| Standby Letters of Credit
Debt Instrument [Line Items]
Unused borrowing capacity amount				$ 10,500,000
Credit Agreement \| Term Loan Credit Facility
Debt Instrument [Line Items]
Borrowing capacity																160,000,000
Credit Agreement \| Working Capital Credit Facility
Debt Instrument [Line Items]
Borrowing capacity																$ 15,000,000
Credit Agreement \| Summit Permian Transmission, LLC
Debt Instrument [Line Items]
Percentage of debt hedged by interest rate derivatives				90.00%
Credit Agreement \| Summit Permian Transmission, LLC \| Interest Rate Contract
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)				1.23%
Permian Transmission Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)				2.475%
Senior Secured Second Lien Notes, 2029
Debt Instrument [Line Items]
Debt instrument, amount		$ 50,600,000
Senior Secured Second Lien Notes, 2029 \| Subsequent Event
Debt Instrument [Line Items]
Debt instrument, amount					$ 825,000,000	$ 250,000,000
Stated interest rate (as a percent)						8.625%
Senior Secured Second Lien Notes, 2029 \| Summit Holdings
Debt Instrument [Line Items]
Debt instrument, amount		$ 575,000,000
Stated interest rate (as a percent)		8.625%
Senior Secured Second Lien Notes, 2029 \| Summit Holdings \| Subsequent Event
Debt Instrument [Line Items]
Redemption price, percentage of principal amount redeemed (as a percent)	40.00%
Redemption price, expressed as percentage of principal amount (as a percent)	108.625%
Senior Secured Second Lien Notes, 2029 \| Summit Holdings \| Subsequent Event \| Forecast
Debt Instrument [Line Items]
Redemption price, percentage of principal amount redeemed (as a percent)	100.00%
2026 Notes
Debt Instrument [Line Items]
Debt instrument, amount														$ 85,000,000	$ 700,000,000
Stated interest rate (as a percent)															8.50%
Debt instrument issued as a percentage of face value (as a percent)														99.26%	98.50%
Secured Notes Indenture, 2026
Debt Instrument [Line Items]
Debt instrument, amount		$ 121,200,000
Debt instrument, cash tender offer										$ 215,000,000		$ 19,300,000
Tendered and validly accepted and fully discharged amount											$ 13,600,000
Asset sale offer expired									$ 6,900,000
Secured Notes Indenture, 2026 \| Summit Holdings
Debt Instrument [Line Items]
Redemption price, expressed as percentage of principal amount (as a percent)		102.125%
Repayments of loans		$ 649,800,000
Debt instrument, notice of redemption on tender offer		$ 114,700,000
2026 Unsecured Notes
Debt Instrument [Line Items]
Debt instrument, amount													$ 209,500,000
Debt instrument, repurchased face amount													29,700,000
2026 Unsecured Notes \| Summit Holdings
Debt Instrument [Line Items]
Debt instrument redemption notice amount								$ 209,500,000
2025 Senior Notes
Debt Instrument [Line Items]
Debt instrument, amount													180,000,000
Cash to certain purchasers													$ 29,500,000
2025 Senior Notes \| Summit Holdings
Debt Instrument [Line Items]
Debt instrument, cash tender offer				$ 0			$ 49,800,000
2025 Senior Notes \| Summit Holdings and Finance Corporation \| Beginning October 15, 2025
Debt Instrument [Line Items]
Redemption price, expressed as percentage of principal amount (as a percent)			100.00%

PROPERTY, PLANT, AND EQUIPMENT

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT, AND EQUIPMENT

5. PROPERTY, PLANT AND EQUIPMENT

Details on the Company’s property, plant and equipment follow.


	December 31, 2024		December 31, 2023
	(In thousands)
Gathering and processing systems and related equipment	$	2,372,881	$	2,335,980
Construction in progress	57,611		56,064
Land and line fill	12,816		11,534
Other	66,303		65,029
Total	2,509,611		2,468,607
Less: accumulated depreciation	(724,582)		(770,022)
Property, plant and equipment, net	$	1,785,029	$	1,698,585

When the carrying amount of a long-lived asset is not recoverable, an impairment is recognized equal to the excess of the asset’s carrying value over its fair value, which is based on inputs that are not observable in the market, and thus represent Level 3 inputs under GAAP’s fair value hierarchy. The Company recognized $68.3 million and $0.5 million of impairments during the fiscal years ended December 31, 2024 and 2023, respectively. The Company cannot predict the likelihood of future impairments, if any.

Depreciation expense and capitalized interest for the Company follow.


	Year ended December 31,
	2024		2023
	(In thousands)
Depreciation expense	$	85,615	$	95,307
Capitalized interest	1,164		1,284

EQUITY AND MEZZANINE EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 02, 2024	Aug. 01, 2024	Dec. 15, 2023	Nov. 30, 2017	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2022
Common Stock
Partners Capital [Line Items]
Outstanding common stock unit ,converted into right to receive (in shares)						1.000
Common Units
Partners Capital [Line Items]
Partners' capital account, units (in shares)					10,376,189	0	10,182,763
Common Units \| Common Stock
Partners Capital [Line Items]
Partners' capital account, units (in shares)					0	7,471,008	0
Tall Oak \| Partnership Interest \| Business Contribution Agreement
Partners Capital [Line Items]
Number of common units purchased (in shares)	7,471,008
Tall Oak \| Common Units \| Common Stock
Partners Capital [Line Items]
Partners' capital account, units, acquisitions (in shares)						7,471,008
Subsidiary Series A Preferred Units
Partners Capital [Line Items]
Outstanding common stock unit ,converted into right to receive (in shares)		1
Subsidiary Series A preferred unitholders, outstanding (in shares)					93,039	93,039
Class B Common Stock
Partners Capital [Line Items]
Common stock, issued (in shares)					0	7,471,008	0
Series A Preferred Stock
Partners Capital [Line Items]
Outstanding common stock unit ,converted into right to receive (in shares)				1.000
Liquidation preference per unit (in dollars per share)				$ 1,000		$ 1,000
Partners' capital account, units (in shares)					0	65,508	0
Distribution rate (as a percent)						7.00%
Subsidiary Series A preferred unitholders, outstanding (in shares)					65,508
Redemption amount						$ 134,100
Dividends payable						$ 46,400
Series A Preferred Stock \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Partners Capital [Line Items]
Basis spread on variable rate (as a percent)					7.69%
Series A Preferred Stock \| London Interbank Offer Rate (LIBOR)
Partners Capital [Line Items]
Basis spread on variable rate (as a percent)			12.00%

ACQUISTION AND DIVESTITURES - Schedule of Fair Value of the Assets and Liabilities Acquired (Details) - Tall Oak - USD ($) $ in Thousands		12 Months Ended
	Dec. 02, 2024	Dec. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Total consideration paid for Tall Oak	$ 459,305
Cash	846
Accounts receivable	10,925
Other current assets	4,741
Property, plant and equipment, net	439,556
Intangibles	17,000
Trade accounts payable, accrued expenses and other	13,763
Net assets acquired and liabilities assumed	459,305
Equity consideration issued for Tall Oak Acquisition	$ 283,100	$ 283,077	$ 0

PROPERTY, PLANT, AND EQUIPMENT - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Long-lived asset impairment	$ 68,260	$ 540

SEGMENT INFORMATION - Total Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total assets	$ 2,359,484	$ 2,494,198
Reportable Segments
Segment Reporting Information [Line Items]
Total assets	2,338,790	2,483,258
Reportable Segments \| Rockies
Segment Reporting Information [Line Items]
Total assets	917,293	904,974
Reportable Segments \| Permian
Segment Reporting Information [Line Items]
Total assets	285,280	291,073
Reportable Segments \| Piceance
Segment Reporting Information [Line Items]
Total assets	389,668	431,687
Reportable Segments \| Mid-Con
Segment Reporting Information [Line Items]
Total assets	746,549	281,861
Reportable Segments \| Northeast
Segment Reporting Information [Line Items]
Total assets	0	573,663
Corporate and Other
Segment Reporting Information [Line Items]
Total assets	$ 20,694	$ 10,940

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

AUDIT INFORMATION	12 Months Ended
AUDIT INFORMATION	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	Houston, Texas
Auditor Firm ID	34

EQUITY AND MEZZANINE EQUITY - Change in Subsidiary Series A Preferred Unit Balance (Details) - Series A Preferred Stock - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Partners Capital [Line Items]
Issuance costs	$ 1,100	$ 1,700
Rollforwards of the number of partner units
Beginning Balance	124,652	118,584
Redemption accretion, net of issuance cost amortization	14,807	12,581
Cash distribution	(6,513)	(6,513)
Ending Balance	132,946	$ 124,652
Distribution payable	$ 1,600

LEASES - Schedule of Lease Cost and Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Lease cost
Amortization of ROU assets (included in depreciation and amortization)	$ 1,186	$ 686
Interest on lease liabilities (included in interest expense)	156	62
Operating lease cost (included in general and administrative expense)	916	1,999
Total lease cost	2,258	2,747
Other information
Operating cash outflows from operating leases	3,328	3,975
Operating cash outflows from finance leases	156	62
Financing cash outflows from finance leases	1,148	610
ROU assets obtained in exchange for new operating lease liabilities	3,882	3,516
ROU assets obtained in exchange for new finance lease liabilities	$ 1,781	$ 1,238
Weighted-average remaining lease term (years) - operating leases	2 years 2 months 12 days	3 years 7 months 6 days
Weighted-average remaining lease term (years) - finance leases	2 years 3 months 18 days	2 years 6 months
Weighted-average discount rate - operating leases (as a percent)	7.00%	6.00%
Weighted-average discount rate - finance leases (as a percent)	6.00%	5.00%

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION

18. SEGMENT INFORMATION

The Company’s operating segments, which are equivalent to our reportable segments, have been identified based on their geographic location and reflect how the Company’s Chief Operating Decision Maker (“CODM”) assesses performance and allocates resources. The Company’s CODM, which is its Chief Executive Officer, primarily utilizes segment adjusted EBITDA as the key indicator in assessing the segment’s performance and allocating resources. Segment adjusted EBITDA is primarily used in the budgeting and forecasting process and the CODM regularly considers budget-to-actual variances when evaluating the performance of each segment and making decisions on the allocation of operating and capital resources to each individual segment.

As of December 31, 2024, the Company’s reportable segments are:

•Rockies – Includes the Company’s midstream assets located in the Williston Basin and the DJ Basin.

•Permian – Includes the Company’s equity method investment in Double E.

•Piceance – Includes the Company’s midstream assets located in the Piceance Basin.

•Mid-Con – Includes the Company’s midstream assets located in the Barnett Shale and, following the Tall Oak Acquisition, the Arkoma Basin.

•Northeast – Includes the Company’s previously owned midstream assets located in the Utica and Marcellus shale plays and the previously owned equity method investment in Ohio Gathering that was focused on the Utica Shale. During the year ended December 31, 2024, the Company divested of its Northeast operations. See Note 3 - Acquisition and Divestitures for additional information.

The following table provides information about the Company’s reportable segments:


	Rockies		Permian		Piceance		Mid-Con		Northeast
Year Ended December 31, 2024
Revenues: (1)
Gathering services and related fees	$	63,219	$	—	$	73,115	$	45,659	$	18,851
Natural gas, NGL’s and condensate sales	190,535		—		2,775		1,717		—
Other revenues	14,757		3,641		5,109		9,515		—
Total revenues	$	268,511	$	3,641	$	80,999	$	56,891	$	18,851
Less:
Cost of natural gas and NGLs (excludes deductions for gathering, processing and other fees)	$	164,342	$	—	$	1,138	$	—	$	—
Cost of natural gas and NGLs (amounts withheld from customers for the Company’s gathering, processing and other fees)	(50,628)		—		—		129		—
Employee costs	16,379		—		6,480		3,822		661
Materials, parts and other operating expenses	17,936		—		7,769		4,960		868
Indirect and passthrough (3)	16,811		—		9,924		15,837		754
Other segment items (2)	9,844		(27,586)		2,984		1,498		(14,066)
Segment Adjusted EBITDA	$	93,827	$	31,227	$	52,704	$	30,645	$	30,634


	Rockies		Permian		Piceance		Mid-Con		Northeast




Year Ended December 31, 2023
Revenues: (1)
Gathering services and related fees	$	65,869	$	—	$	81,041	$	37,508	$	63,805
Natural gas, NGL’s and condensate sales	173,688		—		4,788		778		—
Other revenues	15,474		3,570		5,588		6,831		—
Total revenues	$	255,031	$	3,570	$	91,417	$	45,117	$	63,805
Less:
Cost of natural gas and NGLs (excludes deductions for gathering, processing and other fees)	$	149,655	$	—	$	2,357	$	—	$	—
Cost of natural gas and NGLs (amounts withheld from customers for the Company’s gathering, processing and other fees)	(39,550)		—		—		—		—

Employee costs	15,516		—		5,935		3,214		2,622
Materials, parts and other operating expenses	18,158		—		7,206		2,977		3,453
Indirect and passthrough (3)	17,244		—		10,439		12,234		2,869
Other segment items (2)	6,618		(20,637)		5,731		521		(39,388)
Segment Adjusted EBITDA	$	87,390	$	24,207	$	59,749	$	26,171	$	94,249

(1) The Company’s revenues are attributable solely to external customers located within the United States.

(2) For the year ended December 31, 2024 and 2023, other segment items consist primarily of the following:

•Rockies - includes general and administrative expenses, operations and maintenance expenses and adjustments related to capital reimbursement activity;

•Permian - includes general and administrative expenses and the Company’s proportional adjusted EBITDA from its equity method investment in Double E;

•Piceance - includes general and administrative expenses, operations and maintenance expenses and adjustments related to capital reimbursement activity;

•Mid-Con - includes general and administrative expenses, operations and maintenance expenses, adjustments related to capital reimbursement activity, the amortization expense associated with the Company’s favorable and unfavorable gas gathering contracts. In 2023 other segment items additionally includes other income;

•Northeast - includes general and administrative expenses, operations and maintenance expense, the Company’s proportional adjusted EBITDA from its equity method investment in Ohio Gathering.

(3) Indirect and passthrough consist primarily of electricity expense incurred by the Company of which a portion is passed through to its customers.

Assets by reportable segment follow.


	December 31,
	2024		2023
	(in thousands)
Assets (1):
Rockies	$	917,293	$	904,974
Permian	285,280		291,073
Piceance	389,668		431,687
Mid-Con	746,549		281,861
Northeast	—		573,663
Total reportable segment assets	2,338,790		2,483,258
Corporate and Other	20,694		10,940
Total assets	$	2,359,484	$	2,494,198

(1) The Company’s long-lived assets are located within the United States.

Counterparties accounting for a significant portion of total revenues were as follows:


	Year ended December 31,
	2024		2023
Percentage of total revenues:
Counterparty A - Piceance	*		10	%
Counterparty B - Rockies	17	%	13	%
Counterparty C - Rockies	13	%	*

________________________________________________________

* Less than 10% in the aggregate

Depreciation and amortization, including the amortization expense associated with the Company’s favorable and unfavorable gas gathering contracts as reported in other revenues, by reportable segment follow.


	Year ended December 31,
	2024		2023
	(In thousands)
Depreciation and amortization:
Rockies	$	36,319	$	36,148

Piceance	42,012		52,014
Mid-Con(1)	17,705		16,171
Northeast	4,248		17,856
Total reportable segment depreciation and amortization	100,284		122,189
Corporate and Other	1,301		1,513
Total depreciation and amortization	$	101,585	$	123,702

(1) Includes the amortization expense associated with the Company’s favorable and unfavorable gas gathering contracts as reported in Other revenues.

Cash paid for capital expenditures by reportable segment follow.


	Year ended December 31,
	2024		2023
	(In thousands)
Cash paid for capital expenditures:
Rockies	$	44,092	$	54,969

Piceance	2,361		4,544
Mid-Con	1,312		186
Northeast	2,980		4,695
Total reportable segment capital expenditures	50,745		64,394
Corporate and Other	2,866		4,511
Total cash paid for capital expenditures	$	53,611	$	68,905

For the purpose of evaluating segment performance, the Company excludes the effect of Corporate and Other revenues and expenses, such as certain general and administrative expenses (including compensation-related expenses and professional services fees), certain natural gas and crude oil marketing services, transaction costs, interest expense and income tax expense or benefit from segment adjusted EBITDA.

A reconciliation of total of reportable segments’ measure of profit to income or loss before income taxes and income from equity method investees follows.


	Year ended December 31,
	2024		2023
	(In thousands)
Reconciliation of segment adjusted EBITDA to income (loss) before income taxes:
Total segment adjusted EBITDA	$	239,037	$	291,766
Less:
Corporate and Other expense (1)	62,122		30,711
Income from equity method investee	(24,197)		(33,829)
Interest expense	115,446		140,784
Depreciation and amortization (2)	101,585		123,702
Proportional adjusted EBITDA for equity method investees (3)	42,038		61,070
Adjustments related to capital reimbursement activity (4)	(9,909)		(9,874)
Equity compensation	8,561		6,566
(Gain) loss on asset sales, net	1		(260)
(Gain) loss on sale of business	(82,187)		47
Gain on sale of equity method investment	(126,261)		—
Long-lived asset impairment	68,260		540
Loss on early extinguishment of debt	50,075		10,934
Income (loss) before income taxes	$	33,503	$	(38,625)

______________________________________

(1)Corporate includes results that are not specifically attributable to a reportable segment or that have not been allocated to the Company’s reportable segments, For the years ended December 31, 2024 and 2023, Other expense consists primarily of gain on interest rate swaps.

(2)Includes the amortization expense associated with the Company’s favorable gas gathering contracts as reported in other revenues.

(3)The Company recorded financial results of its investment in Ohio Gathering on a one-month lag and is based on the financial information available to the Company during the reporting period. With the divestiture of Ohio Gathering in March 2024, proportional adjusted EBITDA includes financial results from December 1, 2023 through March 22, 2024.

(4)Contributions in aid of construction are recognized over the remaining term of the respective contract. The Company includes adjustments related to capital reimbursement activity in its calculation of segment adjusted EBITDA to account for revenue recognized from contributions in aid of construction.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

DEBT

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

DEBT

9. DEBT

Debt for the Company as of December 31, 2024 and 2023 follows.


	December 31, 2024		December 31, 2023
	(In thousands)
Amended and Restated ABL Facility: Summit Holdings’ asset based credit facility due July 2029	$	305,000	$	313,000

Permian Transmission Term Loan: Summit Permian Transmission’s variable rate senior secured term loan due January 2028	129,321		144,846
2029 Secured Notes: 8.625% senior secured second lien notes due October 2029 (1)	575,000		—
2026 Unsecured Notes: 12.00% senior unsecured notes due October 2026	—		209,510
2025 Senior Notes: 5.75% senior unsecured notes due April 2025	—		49,783
2026 Secured Notes: 8.50% senior second lien notes due October 2026	—		785,000
Less: unamortized debt discount and debt issuance costs	(15,746)		(31,449)
Total debt, net of unamortized debt discount and debt issuance costs	993,575		1,470,690
Less: current portion of Permian Transmission Term Loan	(16,580)		(15,524)
Total long-term debt	$	976,995	$	1,455,166

(1) Excludes the additional $250.0 million of 2029 Secured Notes issued on January 10, 2025. See Note 19 – Subsequent Events, for additional information.

The aggregate amount of Company’s debt maturing during each of the years after December 31, 2024 are as follows (in thousands):


2025	$	16,580
2026	16,967
2027	17,769
2028	78,005
2029 (1)	880,000
Thereafter	—
Total debt	$	1,009,321

(1) Excludes the additional $250.0 million of 2029 Secured Notes issued on January 10, 2025. See Note 19 – Subsequent Events, for additional information.

Amended and Restated ABL Facility. Concurrently with the issuance of the 2029 Secured Notes, as discussed below, on July 26, 2024, Summit Holdings, as borrower, amended and restated its existing first-lien, senior secured credit agreement pursuant to that certain Amended and Restated Loan and Security Agreement (the “Amended and Restated ABL Agreement”), with SMLP, the subsidiaries party thereto, Bank of America, N.A., as agent, and the several lenders and other agents party thereto, consisting of a $500.0 million asset-based revolving credit facility (the “Amended and Restated ABL Facility”), subject to a borrowing base comprised of a percentage of eligible accounts receivable of Summit Holdings and certain of its subsidiaries that guarantee the Amended and Restated ABL Facility (collectively, the “Amended and Restated ABL Facility Subsidiary Guarantors”) and a percentage of eligible above-ground fixed assets including eligible compression units, processing plants, compression stations and related equipment of Summit Holdings and the Amended and Restated ABL Facility Subsidiary Guarantors. As of December 31, 2024, the most recent borrowing base determination of eligible assets, which does not include any additions for the acquired Tall Oak assets, totaled $532.0 million, an amount greater than the $500.0 million of aggregate lending commitments.

The Amended and Restated ABL Facility will mature on the earliest of (a) July 26, 2029, (b) July 31, 2029 if either (i) the outstanding amount of the 2029 Secured Notes (or any refinancing debt permitted under the Amended and Restated ABL Facility in respect thereof that has a final maturity date, scheduled amortization or any other scheduled repayment, mandatory prepayment, mandatory redemption or sinking fund obligation prior to the date that is 91 days after the Amended and Restated ABL Termination Date (as defined below) (provided, that the terms of such permitted refinancing debt may (x) require the payment of interest from time to time and (y) include customary mandatory redemptions, prepayments or offers to purchase with proceeds of asset sales or upon the occurrence of a change of control)) on such date equals or exceeds $50.0 million or (ii) the outstanding amount of such debt described in clause (i) above on such date is less than $50.0 million and Liquidity (as defined in the Amended and Restated ABL Agreement) at any time on or after such date is less than the sum of (A) such outstanding amount and (B) the greater of (x) 10% of the aggregate Commitments (as defined in the Amended and Restated

ABL Agreement) then in effect and (y) $50.0 million (and, for the avoidance of doubt, once the Amended and Restated ABL Termination Date occurs it may not be unwound as a result of Liquidity (as defined in the Amended and Restated ABL Agreement) increasing on a subsequent date), and (c) any date on which the aggregate Commitments terminate thereunder (such date, the “Amended and Restated ABL Termination Date”).

Borrowings under the Amended and Restated ABL Facility bear interest at rates equal to, at the election of Summit Holdings, at a SOFR-based rate or a base rate, in each case, plus an applicable borrowing margin based on our Total Net Leverage Ratio (as defined in the Amended and Restated ABL Agreement consistent with the Amended and Restated ABL Facility). The applicable margin for base rate loans varies from 1.50% to 2.25% and the applicable margin for SOFR-based loans varies from 2.50% to 3.25%, in each case, depending on the Company’s Total Net Leverage Ratio (as defined in the Amended and Restated ABL Agreement).

The Amended and Restated ABL Facility (together with certain Secured Bank Product Obligations (as defined in the Amended and Restated ABL Agreement)) is jointly and severally guaranteed, on a senior first-priority secured basis (subject to permitted liens), by SMLP, Summit Holdings and each of the Amended and Restated ABL Facility Subsidiary Guarantors.

The Amended and Restated ABL Facility restricts, among other things, Summit Holdings’ and its Restricted Subsidiaries’ (as defined in the Amended and Restated ABL Agreement) ability and the ability of certain of their subsidiaries to: (i) incur additional debt or issue preferred stock; (ii) make distributions or repurchase equity; (iii) make payments on or redeem junior lien, unsecured or subordinated indebtedness; (iv) create liens or other encumbrances; (v) make investments, loans or other guarantees; (vi) engage in transactions with affiliates; and (viii) make acquisitions or merge or consolidate with another entity. These covenants are subject both to a number of important exceptions and qualifications.

The Amended and Restated ABL Facility requires that Summit Holdings not permit (i) the First Lien Net Leverage Ratio (as defined in the Amended and Restated ABL Agreement) as of the last day of any fiscal quarter to be greater than 2.50:1.00, or (ii) the Interest Coverage Ratio (as defined in the Amended and Restated ABL Agreement) as of the last day of any fiscal quarter to be less than 2.00:1.00. As of December 31, 2024, the First Lien Net Leverage Ratio was 0.41:1.00 and the Interest Coverage Ratio was 2.84:1.00, in each case including the pro forma impacts of (i) the issuance of the Additional 2029 Secured Notes (as defined herein) and (ii) the Moonrise Acquisition (as defined herein), and the Company was in compliance with the financial covenants of the Amended and Restated ABL Facility. See Note 19 - Subsequent Events for additional information.

The Amended and Restated ABL Facility contains certain events of default customary for instruments of this type. In the case of an event of default arising from certain events of bankruptcy, insolvency or reorganization with respect to Summit Holdings, all outstanding Obligations (as defined in the Amended and Restated ABL Agreement) will become due and payable immediately without further action or notice and all Commitments (as defined in the Amended and Restated ABL Agreement) under the Amended and Restated ABL Facility will terminate.

Pursuant to the Amended and Restated ABL Agreement, the Obligations (as defined in the Amended and Restated ABL Agreement) are generally secured by a first priority lien on and security interest in (subject to permitted liens), subject to certain exclusions and limitations set forth in the Amended and Restated ABL Agreement, (i) substantially all of the personal property of Summit Holdings and the Amended and Restated ABL Facility Subsidiary Guarantors, (ii) all equity interests in Summit Holdings and certain other entities, all debt securities and certain rights related to the foregoing, in each case, owned by the Company, (iii) Closing Date Material Gathering Station Real Property and Closing Date Pipeline Material Gathering Station Real Property (each, as defined in the Amended and Restated ABL Agreement) and certain other material real property interests (including improvements thereon) of Summit Holdings and the Amended and Restated ABL Facility Subsidiary Guarantors as provided in the Amended and Restated ABL Agreement and (iv) all proceeds of the foregoing collateral.

As of December 31, 2024, the applicable margin under the adjusted SOFR borrowings was 2.75%, the interest rate was 7.21%, and the total available borrowing capacity totaled $194.2 million, after giving effect to the issuance of $0.8 million in outstanding but undrawn irrevocable standby letters of credit.

Intercreditor Agreement. On November 2, 2021, in connection with the entry into the ABL Facility and issuance of the 2026 Secured Notes, Summit Holdings and the other guarantors party thereto entered into an Intercreditor Agreement (as reaffirmed and modified by the Notice of Reaffirmation (as defined below), the “Intercreditor Agreement”) with Bank of America, N.A., as first lien representative and collateral agent for the initial first lien claimholders, Regions Bank, as second lien representative for the initial second lien claimholders and collateral agent for the initial second lien claimholders. On July 26, 2024, in connection with and substantially concurrently with the entry into the Amended and Restated ABL Agreement, Bank of America, N.A. reaffirmed the Intercreditor Agreement pursuant to that certain Notice and Reaffirmation of Intercreditor Agreement (the “Notice of Reaffirmation”), dated as of July 26, 2024, and Regions Bank joined the Intercreditor Agreement as an additional second lien representative for the additional second lien claimholders and additional second lien collateral agent for the additional second lien claimholders. The Intercreditor Agreement established (i) a first-priority lien (subject to permitted liens) status for the liens on the collateral securing the Amended and Restated ABL Facility and any additional first-lien

indebtedness and (ii) a junior priority lien (subject to permitted liens) status for the liens on the collateral securing the 2029 Secured Notes and any additional second-lien indebtedness.

Permian Transmission Credit Facilities. On March 8, 2021 (the “Permian Closing Date”), the Company’s unrestricted subsidiary, Summit Permian Transmission, entered into a Credit Agreement which allows for $175.0 million of senior secured credit facilities (the “Permian Transmission Credit Facilities”), including a $160.0 million Term Loan Facility and a $15.0 million Working Capital Facility. The Permian Transmission Credit Facilities can be used to finance Summit Permian Transmission’s capital calls associated with its investment in Double E, debt service and other general corporate purposes. Unexpended proceeds from draws on the Permian Transmission Credit Facilities are classified as restricted cash on the accompanying consolidated balance sheets.

As of December 31, 2024, the applicable margin under adjusted term SOFR borrowings was 2.475%, the interest rate was 7.19% and the unused portion of the Permian Transmission Credit Facilities totaled $4.5 million, subject to a commitment fee of 0.7% after giving effect to the issuance of $10.5 million in outstanding but undrawn irrevocable standby letters of credit. Summit Permian Transmission entered into interest rate hedges with notional amounts representing approximately 90% of the Permian Term Loan Facility at a fixed SOFR rate of 1.23%. As of December 31, 2024, the Company was in compliance with the financial covenants of the Permian Transmission Credit Facilities.

Permian Transmission Term Loan. In accordance with the terms of the Permian Transmission Credit Facilities, in January 2022, the Permian Term Loan Facility was converted into a Term Loan (the “Permian Transmission Term Loan”). The Permian Transmission Term Loan is due January 2028. As of December 31, 2024, the applicable margin under adjusted term SOFR borrowings was 2.475% and the interest rate was 7.19%. As of December 31, 2024, the Company was in compliance with the financial covenants governing the Permian Transmission Term Loan.

In accordance with the terms of the Permian Transmission Term Loan, Summit Permian Transmission is required to make mandatory principal repayments. Below is a summary of the remaining mandatory principal repayments as of December 31, 2024:


(In thousands)	Total		2025		2026		2027		2028		Thereafter
Amortizing principal repayments	$	129,321	$	16,580	$	16,967	$	17,769	$	78,005	$	—

2029 Secured Notes. On July 26, 2024, Summit Holdings issued $575.0 million aggregate principal amount of 8.625% Senior Secured Second Lien Notes due 2029 (the “2029 Secured Notes”). The 2029 Secured Notes are guaranteed on a senior second-priority basis by Summit Midstream Corporation and certain of Summit Midstream Corporation’s existing and future subsidiaries and are secured on a second-priority basis by substantially the same collateral that is pledged for the benefit of the lenders under the Amended and Restated ABL Facility. The 2029 Secured Notes mature on October 31, 2029 and have interest payable semi-annually in arrears on each February 15 and August 15.

At any time prior to July 31, 2026, Summit Holdings may on any one or more occasions redeem up to 40% of the aggregate principal amount of the 2029 Secured Notes at a redemption rate of 108.625% of the principal amount plus accrued and unpaid interest, if any, to, but not including, the redemption date, in an amount not greater than the net cash proceeds of one or more equity offerings. At any time before July 31, 2026, Summit Holdings may also redeem the 2029 Secured Notes, in whole or in part, at a price equal to 100% of their principal amount, plus a make-whole premium, together with accrued and unpaid interest to, but not including, the redemption date. Thereafter, Summit Holdings may redeem all or a portion of the 2029 Secured Notes in whole at any time or in part from time to time at the following redemption prices (expressed as percentages of the principal amount) plus accrued and unpaid interest if redeemed during the periods indicated below:


Period	Redemption Price
July 31, 2026 to July 30, 2027	104.313	%
July 31, 2027 to July 30, 2028	102.156	%
July 31, 2028 and thereafter	100.000	%

As of December 31, 2024, the Company was in compliance with the financial covenants of the indenture governing the 2029 Secured Notes.

2026 Secured Notes. In 2021, Summit Holdings and Summit Midstream Finance Corp. (“Finance Corp.”) issued $700.0 million of 8.500% Senior Secured Second Lien Notes due 2026 (the “2026 Secured Notes”) to eligible purchasers pursuant to Rule 144A and Regulation S of the Securities Act, at a price of 98.5% of their face value. Additionally, in November 2022, in connection with the acquisition of Outrigger DJ Midstream LLC from Outrigger Energy II LLC, and each of Sterling Energy Investments LLC, Grasslands Energy Marketing LLC and Centennial Water Pipelines LLC from Sterling Investment Holdings LLC, Summit Holdings and Finance Corp issued an additional $85.0 million of 2026 Secured Notes at a price of 99.26% of their face value. The Company paid interest on the 2026 Secured Notes semi-annually on April 15 and October 15 of each year.

2026 Secured Notes Tender Offers and Redemption. On March 27, 2024, Summit Holdings and Finance Corp. commenced a cash tender offer to purchase up to $19.3 million of the outstanding 2026 Secured Notes (the “Excess Cash Flow Offer”). The Excess Cash Flow Offer expired on April 24, 2024 with $13.6 million of the 2026 Secured Notes tendered and validly accepted and fully discharged.

On May 7, 2024, Summit Holdings and Finance Corp. commenced a cash tender offer to purchase up to $215.0 million of the outstanding 2026 Secured Notes (the “2026 Secured Notes Asset Sale Offer”). The 2026 Secured Notes Asset Sale Offer expired on June 5, 2024 with $6.9 million of the 2026 Secured Notes tendered and validly accepted and fully discharged.

On July 26, 2024, concurrently with closing the offering of 2029 Secured Notes, Summit Holdings and Finance Corp. consummated a cash tender offer to purchase any and all of the outstanding 2026 Secured Notes (the “2026 Secured Notes Tender Offer”). Summit Holdings and Finance Corp. accepted for payment and made payment for $649.8 million aggregate principal amount of the 2026 Secured Notes validly tendered in the 2026 Secured Notes Tender Offer.

On July 26, 2024, concurrently with consummation of the 2026 Secured Notes Tender Offer, Summit Holdings and Finance Corp. delivered a notice of redemption to holders of 2026 Secured Notes for the redemption of all $114.7 million aggregate principal amount of 2026 Secured Notes not purchased in the 2026 Secured Notes Tender Offer, at a price equal to 102.125% of the principal amount thereof, plus accrued and unpaid interest to the redemption date (which was October 15, 2024).

On July 26, 2024, concurrently with delivery of the notice of redemption, Summit Holdings and Finance Corp irrevocably deposited $121.2 million in aggregate principal amount of non-callable United States Treasury securities, which included amounts for principal, interest, and premium with the trustee to satisfy and discharge the 2026 Secured Notes until redeemed on October 15, 2024 with the funds deposited with the trustee. On October 15, 2024, the 2026 Secured Notes were fully repaid, and as of December 31, 2024, no amounts of the 2026 Secured Notes remained outstanding.

2026 Unsecured Notes. In November 2023, Summit Holdings and Finance Corp. issued a total of $209.5 million aggregate principal amount of 2026 Unsecured Notes (“2026 Unsecured Notes”) in exchange for $180.0 million aggregate principal amount of the 2025 Senior Notes and $29.5 million in cash. The cash raised was used to repurchase $29.7 million aggregate principal amount of the remaining 2025 Senior Notes that were not exchanged. The Company paid interest on the 2026 Unsecured Notes semi-annually in cash in arrears on April 15 and October 15 of each year.

On June 7, 2024, Summit Holdings and Finance Corp. delivered a redemption notice with respect to all $209.5 million of the outstanding 2026 Unsecured Notes. On June 24, 2024, the 2026 Unsecured Notes were fully repaid and discharged. As of December 31, 2024, no amounts of the 2026 Unsecured Notes remained outstanding.

2025 Senior Notes. In February 2017, Summit Holdings and Finance Corp. issued the 2025 Senior Notes. The Company paid interest on the 2025 Senior Notes semi-annually in cash in arrears on April 15 and October 15 of each year.

Summit Holdings and Finance Corp. had the right to redeem all or part of the 2025 Senior Notes at a redemption price of 100.00%, plus accrued and unpaid interest, if any, to, but not including, the redemption date.

In November 2023, the Company exchanged $180.0 million aggregate principal amount of the 2025 Senior Notes and repurchased $29.7 million aggregate principal amount of the remaining 2025 Senior Notes that were not exchanged.

On July 17, 2024, Summit Holdings and Finance Corp. delivered a conditional notice of redemption to holders of 2025 Senior Notes for the redemption of all $49.8 million aggregate principal amount of outstanding 2025 Senior Notes, at a price equal to 100.00% of the principal amount thereof, plus accrued and unpaid interest to the redemption date, which was conditioned on the closing of the offering of 2029 Secured Notes.

On July 26, 2024, concurrently with the closing of the offering of 2029 Secured Notes, Summit Holdings and Finance Corp. irrevocably deposited $50.6 million in aggregate principal amount of non-callable United States Treasury securities, which included amounts for principal and interest with the trustee to satisfy and discharge the 2025 Senior Notes until redeemed with the funds deposited with the trustee. On August 16, 2024, the 2025 Senior Notes were fully repaid, and as of December 31, 2024, no amounts of the 2025 Senior Notes remained outstanding.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Common limited partner capital, issued (in shares)		10,376,189
Common limited partner capital, outstanding (in shares)		10,376,189
Series A Preferred Stock
Preferred units issued (in shares)		65,508
Preferred units outstanding (in shares)		65,508
Class B Common Stock
Common stock, par value (in dollars per shares)	$ 0.01
Common stock, shares authorized (in shares)	7,471,008
Common stock, issued (in shares)	7,471,008	0
Common stock, shares outstanding (in shares)	7,471,008
Common Stock
Common limited partner capital, issued (in shares)	10,659,220
Common limited partner capital, outstanding (in shares)	10,659,220
Common stock, shares authorized (in shares)	42,000,000
Subsidiary Series A Preferred Units
Series A preferred units, issued (in shares)	93,039	93,039
Series A preferred units, outstanding (in shares)	93,039	93,039
Preferred units outstanding (in shares)	93,039	93,039
Series A Preferred Stock
Preferred units issued (in shares)	65,508
Preferred units outstanding (in shares)	65,508
Common stock, shares authorized (in shares)	65,508

EQUITY AND NONCASH COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Activity

The following table presents phantom award activity for the periods presented inclusive of activity before and after the Corporate Reorganization:


	Units	Weighted-average grant date fair value
Nonvested phantom awards, December 31, 2022	605,142	$	17.62
Phantom awards granted	323,371	17.29
Phantom awards vested	(236,154)	15.69
Phantom awards forfeited	(3,892)	20.50
Nonvested phantom awards, December 31, 2023	688,467	17.69
Phantom awards granted	377,036	18.52
Phantom awards vested	(349,064)	17.92
Phantom awards forfeited	(19,129)	15.92
Nonvested phantom awards, December 31, 2024	697,310	$	19.19

Schedule of Intrinsic Values

The intrinsic value of phantom units and restricted stock units that vested during the years ended December 31, 2023 and 2024 follows.


	Year ended December 31,
	2024		2023
	(In thousands)
Intrinsic value of vested LTIP awards	$	7,375	$	3,758

Schedule of Unit-Based Compensation Recognized in General and Administrative Expense

Share-based compensation recognized in general and administrative expense related to awards under the SMC LTIP follows.


	Year ended December 31,
	2024		2023
	(In thousands)
SMC LTIP share-based compensation	$	8,561	$	6,566

SEGMENT INFORMATION - Reconciliation of Segment Adjusted EBITDA (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 429,619	$ 458,903
Cost of natural gas and NGLs	114,996	112,462
General and administrative	55,562	42,135
Segment Adjusted EBITDA	239,037	291,766
Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	428,893	458,940
Gathering services and related fees
Segment Reporting Information [Line Items]
Total revenues	200,844	248,223
Natural gas, NGLs and condensate sales
Segment Reporting Information [Line Items]
Total revenues	195,027	179,254
Other revenues
Segment Reporting Information [Line Items]
Total revenues	33,748	31,426
Rockies \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	268,511	255,031
Cost of natural gas and NGLs	164,342	149,655
Cost of natural gas and NGLs (amounts withheld from customers for the Company’s gathering, processing and other fees)	(50,628)	(39,550)
Employee costs	16,379	15,516
Materials, parts and other operating expenses	17,936	18,158
General and administrative	16,811	17,244
Other segment items	9,844	6,618
Segment Adjusted EBITDA	93,827	87,390
Rockies \| Gathering services and related fees \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	63,219	65,869
Rockies \| Natural gas, NGLs and condensate sales \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	190,535	173,688
Rockies \| Other revenues \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	14,757	15,474
Permian \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	3,641	3,570
Cost of natural gas and NGLs	0	0
Cost of natural gas and NGLs (amounts withheld from customers for the Company’s gathering, processing and other fees)	0	0
Employee costs	0	0
Materials, parts and other operating expenses	0	0
General and administrative	0	0
Other segment items	(27,586)	(20,637)
Segment Adjusted EBITDA	31,227	24,207
Permian \| Gathering services and related fees \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	0	0
Permian \| Natural gas, NGLs and condensate sales \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	0	0
Permian \| Other revenues \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	3,641	3,570
Piceance \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	80,999	91,417
Cost of natural gas and NGLs	1,138	2,357
Cost of natural gas and NGLs (amounts withheld from customers for the Company’s gathering, processing and other fees)	0	0
Employee costs	6,480	5,935
Materials, parts and other operating expenses	7,769	7,206
General and administrative	9,924	10,439
Other segment items	2,984	5,731
Segment Adjusted EBITDA	52,704	59,749
Piceance \| Gathering services and related fees \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	73,115	81,041
Piceance \| Natural gas, NGLs and condensate sales \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	2,775	4,788
Piceance \| Other revenues \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	5,109	5,588
Mid-Con \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	56,891	45,117
Cost of natural gas and NGLs	0	0
Cost of natural gas and NGLs (amounts withheld from customers for the Company’s gathering, processing and other fees)	129	0
Employee costs	3,822	3,214
Materials, parts and other operating expenses	4,960	2,977
General and administrative	15,837	12,234
Other segment items	1,498	521
Segment Adjusted EBITDA	30,645	26,171
Mid-Con \| Gathering services and related fees \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	45,659	37,508
Mid-Con \| Natural gas, NGLs and condensate sales \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	1,717	778
Mid-Con \| Other revenues \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	9,515	6,831
Northeast \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	18,851	63,805
Cost of natural gas and NGLs	0	0
Cost of natural gas and NGLs (amounts withheld from customers for the Company’s gathering, processing and other fees)	0	0
Employee costs	661	2,622
Materials, parts and other operating expenses	868	3,453
General and administrative	754	2,869
Other segment items	(14,066)	(39,388)
Segment Adjusted EBITDA	30,634	94,249
Northeast \| Gathering services and related fees \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	18,851	63,805
Northeast \| Natural gas, NGLs and condensate sales \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	0	0
Northeast \| Other revenues \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	$ 0	$ 0

EQUITY AND NONCASH COMPENSATION - Narrative (Details) $ in Millions		12 Months Ended
	May 16, 2024 shares	Dec. 31, 2024 USD ($) director shares	Dec. 31, 2023 shares	Dec. 31, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average remaining vesting period (in years)		1 year 1 month 6 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Vested Award, Assumed Payout Percentage		1
SMLP LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reserved for issuance (in shares)		1,000,000.0
Unrecognized unit-based compensation \| $		$ 5.5
SMLP LTIP \| Phantom Share Units And Associated Distribution Equivalent Rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)		237,619
Vesting period (in years)		3 years
Grant date fair value \| $		$ 4.0
SMLP LTIP \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)		122,867
Vesting period (in years)		3 years
Grant date fair value \| $		$ 2.4
SMLP LTIP \| Common units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value \| $		$ 0.6
Common units issued (in shares)	750,000	39,486
Number of directors \| director		6
SMLP LTIP \| Phantom Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)		377,036	323,371
Unvested phantom units granted (in shares)		697,310	688,467	605,142
SMLP LTIP \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Canceled and converted (in shares)		1.000
SMC Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units were exchanged		1
Units remaining available (in shares)		800,000
SMC Long Term Incentive Plan \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested phantom units granted (in shares)		700,000
SMC Long Term Incentive Plan \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)		16,550
Vesting period (in years)		3 years
Intrinsic value \| $		$ 0.6

SEGMENT INFORMATION - Cash Paid for Capital Expenditures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total cash paid for capital expenditures	$ 53,611	$ 68,905
Reportable Segments
Segment Reporting Information [Line Items]
Total cash paid for capital expenditures	50,745	64,394
Corporate and Other
Segment Reporting Information [Line Items]
Total cash paid for capital expenditures	2,866	4,511
Rockies \| Reportable Segments
Segment Reporting Information [Line Items]
Total cash paid for capital expenditures	44,092	54,969
Piceance \| Reportable Segments
Segment Reporting Information [Line Items]
Total cash paid for capital expenditures	2,361	4,544
Mid-Con \| Reportable Segments
Segment Reporting Information [Line Items]
Total cash paid for capital expenditures	1,312	186
Northeast \| Reportable Segments
Segment Reporting Information [Line Items]
Total cash paid for capital expenditures	$ 2,980	$ 4,695

DEBT (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

Debt for the Company as of December 31, 2024 and 2023 follows.


	December 31, 2024		December 31, 2023
	(In thousands)
Amended and Restated ABL Facility: Summit Holdings’ asset based credit facility due July 2029	$	305,000	$	313,000

Permian Transmission Term Loan: Summit Permian Transmission’s variable rate senior secured term loan due January 2028	129,321		144,846
2029 Secured Notes: 8.625% senior secured second lien notes due October 2029 (1)	575,000		—
2026 Unsecured Notes: 12.00% senior unsecured notes due October 2026	—		209,510
2025 Senior Notes: 5.75% senior unsecured notes due April 2025	—		49,783
2026 Secured Notes: 8.50% senior second lien notes due October 2026	—		785,000
Less: unamortized debt discount and debt issuance costs	(15,746)		(31,449)
Total debt, net of unamortized debt discount and debt issuance costs	993,575		1,470,690
Less: current portion of Permian Transmission Term Loan	(16,580)		(15,524)
Total long-term debt	$	976,995	$	1,455,166

(1) Excludes the additional $250.0 million of 2029 Secured Notes issued on January 10, 2025. See Note 19 – Subsequent Events, for additional information.

Schedule of Maturities of Long-Term Debt

The aggregate amount of Company’s debt maturing during each of the years after December 31, 2024 are as follows (in thousands):


2025	$	16,580
2026	16,967
2027	17,769
2028	78,005
2029 (1)	880,000
Thereafter	—
Total debt	$	1,009,321

(1) Excludes the additional $250.0 million of 2029 Secured Notes issued on January 10, 2025. See Note 19 – Subsequent Events, for additional information.

Below is a summary of the remaining mandatory principal repayments as of December 31, 2024:


(In thousands)	Total		2025		2026		2027		2028		Thereafter
Amortizing principal repayments	$	129,321	$	16,580	$	16,967	$	17,769	$	78,005	$	—

Schedule of Debt Instrument Redemption

Thereafter, Summit Holdings may redeem all or a portion of the 2029 Secured Notes in whole at any time or in part from time to time at the following redemption prices (expressed as percentages of the principal amount) plus accrued and unpaid interest if redeemed during the periods indicated below:


Period	Redemption Price
July 31, 2026 to July 30, 2027	104.313	%
July 31, 2027 to July 30, 2028	102.156	%
July 31, 2028 and thereafter	100.000	%

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

+ Details

EQUITY METHOD INVESTMENTS - Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Current assets	$ 118,271	$ 98,422
Total assets	2,359,484	2,494,198
Current liabilities	174,801	134,012
Total liabilities	1,261,413	1,650,983
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Current assets	10,762	11,410
Noncurrent assets	385,837	391,777
Total assets	396,599	403,187
Current liabilities	10,987	6,373
Noncurrent liabilities	11,890	13,727
Total liabilities	$ 22,877	$ 20,100

- Definition

Amount of asset recognized for present right to economic benefit.

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Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.

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Amount of obligation due after one year or beyond the normal operating cycle, if longer.

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+ Details

INCOME TAXES - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Aug. 01, 2024	Dec. 31, 2023
Deferred tax liabilities:
Investment in Partnership	$ (86,227)		$ 0
Total deferred tax liabilities	0		1,425
Deferred tax liabilities	86,227		1,425
Deferred tax assets:
Interest expense	6,001		0
Net operating loss carryforward	15,683		0
Other	1,217		0
Subtotal	22,901		0
Valuation allowance	0		0
Total deferred tax assets	22,901		0
Net deferred tax liability	$ (63,326)	$ (120,600)	$ (1,425)

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 02, 2024	Dec. 31, 2024	Dec. 31, 2023
Supplemental cash flow information:
Cash interest paid		$ 101,779	$ 127,022
Cash paid for taxes		22	15
Noncash investing and financing activities:
Capital expenditures in trade accounts payable (period-end accruals)		10,684	11,612
Tall Oak
Noncash investing and financing activities:
Equity consideration issued for Tall Oak Acquisition	$ 283,100	283,077	0
2025 Senior Notes
Noncash investing and financing activities:
2025 Senior Notes Exchange		0	180,030
Series A Preferred Units
Noncash investing and financing activities:
Accretion of Subsidiary Series A Preferred Units, net of issuance cost amortization		$ 14,807	$ 12,581

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	19. SUBSEQUENT EVENTS Conversion of Class B Common Stock and Partnership Common Units. On January 1, 2025, Tall Oak Midstream Investments, LLC, exercised its exchange right in full and converted 946,541 shares of Class B Common Stock and associated Partnership Common Units for 946,541 shares of the Company’s common stock. Issuance of $250.0 million of additional 8.625% Senior Secured Second Lien Notes Due 2029. On January 10, 2025, Summit Holdings issued an additional $250.0 million in aggregate principal amount of 2029 Secured Notes (the “Additional 2029 Secured Notes”). The Additional 2029 Secured Notes were issued as additional notes under the same indenture pursuant to which, on July 26, 2024, Summit Holdings issued $575.0 million in aggregate principal amount of 2029 Secured Notes (the “Initial 2029 Secured Notes”). The Additional 2029 Secured Notes are treated as a single class with the Initial 2029 Secured Notes for all purposes, were issued under the same CUSIP numbers as, and are fully fungible with, the Initial 2029 Secured Notes (except that the Additional 2029 Secured Notes issued pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), traded separately under a different CUSIP number until February 19, 2025, but thereafter, any such holder may transfer its Additional 2029 Secured Notes issued pursuant to Regulation S under the Securities Act into the same CUSIP number as the Initial 2029 Secured Notes issued pursuant to Regulation S under the Securities Act), and rank equally with the Initial 2029 Secured Notes, and vote together with the holders of the Initial 2029 Secured Notes on any matter submitted to the holders of the 2029 Secured Notes. Upon issuance of the Additional 2029 Secured Notes, the aggregate principal amount outstanding of the 2029 Secured Notes became $825.0 million. Summit Holdings used the net proceeds from the offering of the Additional 2029 Secured Notes (i) to repay a portion of the outstanding borrowings under the Amended and Restated ABL Facility and (ii) for general corporate purposes, including to pay fees and expenses associated with the offering of the Additional 2029 Secured Notes. Resumption of Series A Preferred Dividend. On February 28, 2025, the Company announced that the Board of Directors declared a quarterly cash dividend on its Series A Preferred Stock for the period ended March 14, 2025. A cash dividend of $51.27 per share will be paid on the outstanding 65,508 shares of Series A Preferred Stock on March 15, 2025 to holders of record of shares of Series A Preferred Stock as of the close of business on March 3, 2025. Moonrise Acquisition. On March 10, 2025, the Company completed the transaction contemplated in the Membership Interest Purchase Agreement, dated as of March 10, 2025, by and among the Company, Summit Holdings, Fundare Resources Company HoldCo, LLC, a Delaware limited liability company (“Fundare”), and solely for purposes of Section 9.19 thereto, Fundare Resources Company, LLC, a Delaware limited liability company, pursuant to which Fundare contributed all of its equity interests in Moonrise Midstream, LLC, a Delaware limited liability company, to Summit Holdings in exchange for total consideration equal to $90.0 million (the “Moonrise Acquisition”). Total consideration consisted of (i) a $70.0 million cash payment and (ii) the issuance of 462,265 shares of common stock of the Company.

EQUITY AND MEZZANINE EQUITY - Common Stock Issued (Details) - Class B Common Stock	12 Months Ended
	Dec. 31, 2024 shares
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning of common stock, issued (in shares)	0
Ending of common stock, issued (in shares)	7,471,008
Tall Oak
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Tall Oak Acquisition (in shares)	7,471,008

DEFERRED REVENUE

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

DEFERRED REVENUE

8. DEFERRED REVENUE

The balances in deferred revenue as of December 31, 2024 and 2023 are primarily related to contributions in aid of construction which will be recognized as revenue over the life of the contract. An update of current deferred revenue follows.


	(In thousands)
Current deferred revenue, January 1, 2024	$	10,196
Additions	8,258
Less: revenue recognized and other	(8,859)
Current deferred revenue, December 31, 2024	$	9,595

An update of noncurrent deferred revenue follows.


	(In thousands)
Noncurrent deferred revenue, January 1, 2024	$	30,085
Additions	4,652
Less: reclassification to current deferred revenue and other	(9,364)
Noncurrent deferred revenue, December 31, 2024	$	25,373

CONSOLIDATED STATEMENTS OF PARTNERS CAPITAL - USD ($) $ in Thousands	Total	Noncontrolling Interest	Noncontrolling Interest Tall Oak	Preferred Stock	Retained Earnings	Additional Paid in Capital	Additional Paid in Capital Tall Oak	Series A Preferred Stock Preferred Stock	Common Class A Common Stock	Class B Common Stock Common Stock	Class B Common Stock Common Stock Tall Oak	Partners’ Capital (Before Corporate Reorganization)	Partners’ Capital (Before Corporate Reorganization) Series A Preferred Stock
Beginning balance at Dec. 31, 2022	$ 764,818	$ 0			$ 0	$ 0		$ 0	$ 0	$ 0		$ 679,491	$ 85,327
Partners' Capital [Roll Forward]
Net income (loss)	(51,528)											(63,094)	11,566
Equity compensation	6,566											6,566
Tax withholdings and associated payments on vested SMLP LTIP awards	(1,293)											(1,293)
Ending balance at Dec. 31, 2023	718,563	0			0	0		0	0	0		621,670	96,893
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Tax withholdings and associated payments on vested SMLP LTIP awards	(1,293)											(1,293)
Ending balance at Dec. 31, 2023	718,563
Partners' Capital [Roll Forward]
Net income (loss)	(127,981)	(5,822)		$ 5,669	(183,333)							47,837	7,668
Tax withholdings and associated payments on vested SMLP LTIP awards	(2,026)					(144)						(1,882)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity compensation	8,561					3,146						5,415
Tax withholdings and associated payments on vested SMLP LTIP awards	(2,026)					(144)						(1,882)
Corporate Reorganization	0			$ 104,561		672,934			106			(673,040)	(104,561)
Tax impact of Corporate Reorganization	32,349					32,349
Tax impact of Up-C Structure	52,582					52,582
Issuance of noncontrolling interest (Tall Oak Acquisition) (in shares)											$ 75
Issuance of noncontrolling interest (Tall Oak Acquisition)	283,077		$ 503,155				$ (220,153)
Ending balance at Dec. 31, 2024	$ 965,125	$ 497,333			$ (183,333)	$ 540,714		$ 110,230	$ 106	$ 75		$ 0	$ 0

SEGMENT INFORMATION - Concentration Risk (Details) - Sales Revenue, Net - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Piceance
Segment Reporting Information [Line Items]
Concentration risk (as a percent)		10.00%
Rockies B Segment
Segment Reporting Information [Line Items]
Concentration risk (as a percent)	17.00%	13.00%
Rockies C Segment
Segment Reporting Information [Line Items]
Concentration risk (as a percent)	13.00%

DEBT - Schedule of Maturities (Details) - USD ($)	Mar. 07, 2025	Jan. 10, 2025	Dec. 31, 2024	Jul. 26, 2024
Debt Disclosure [Abstract]
2025			$ 16,580,000
2026			16,967,000
2027			17,769,000
2028			78,005,000
2029			880,000,000
Thereafter			0
Total			$ 1,009,321,000
Senior Secured Second Lien Notes, 2029
Line of Credit Facility [Line Items]
Debt instrument, amount				$ 50,600,000
Senior Secured Second Lien Notes, 2029 \| Subsequent Event
Line of Credit Facility [Line Items]
Debt instrument, amount	$ 825,000,000	$ 250,000,000

SUPPLEMENTAL CASH FLOW INFORMATION

12 Months Ended

Dec. 31, 2024

Supplemental Cash Flow Elements [Abstract]

SUPPLEMENTAL CASH FLOW INFORMATION

14. SUPPLEMENTAL CASH FLOW INFORMATION


	Year ended December 31,
	2024		2023
	(In thousands)
Supplemental cash flow information:
Cash interest paid	$	101,779	$	127,022
Cash paid for taxes	$	22	$	15

Noncash investing and financing activities:
Capital expenditures in trade accounts payable (period-end accruals)	$	10,684	$	11,612
Equity consideration issued for Tall Oak Acquisition	$	283,077	$	—
2025 Senior Notes Exchange	$	—	$	180,030
Accretion of Subsidiary Series A Preferred Units, net of issuance cost amortization	$	14,807	$	12,581

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net loss attributable to Summit Midstream Corporation	$ (122,159)	$ (51,528)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

EQUITY METHOD INVESTMENTS - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Gain on sale of equity method investment	$ 126,261	$ 0
Payments to acquire equity method investments	(3,880)	(3,500)
Distributions from equity method investees	36,190	57,572
Proceeds from sale of Ohio Gathering	$ 332,734	0
Double E
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest (as a percent)	70.00%
Payments to acquire equity method investments	$ (3,900)	(3,500)
Distributions from equity method investees	36,400
Distribution made to partnership from total distributions	25,500
Ohio Gathering
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of Ohio Gathering	$ 7,000	$ 22,900
Ohio Gathering \| Principal Owner
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest (as a percent)	36.50%
OCC \| Principal Owner
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest (as a percent)	38.20%	38.20%

ACQUISTION AND DIVESTITURES - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended		3 Months Ended	12 Months Ended
	Dec. 02, 2024	Dec. 31, 2024	Apr. 30, 2024	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	May 01, 2024	Mar. 22, 2024
Business Acquisition [Line Items]
Gain (loss) on sale of business					$ 82,187	$ (47)
Gain on sale of equity method investment					126,261	0
Proceeds from asset sale					4,400	260
Long-lived asset impairment					68,260	$ 540
Summit Utica \| Ohio Gathering
Business Acquisition [Line Items]
Percentage of ownership interest (as a percent)								36.00%
Summit Utica \| OCC
Business Acquisition [Line Items]
Percentage of ownership interest (as a percent)								38.00%
Disposal, not discontinued operations
Business Acquisition [Line Items]
Gain (loss) on sale of business					85,600
Net book value of assets and liabilities divested		$ 143,000			143,000
Long-lived asset impairment					68,000
Disposal, not discontinued operations \| Summit Utica
Business Acquisition [Line Items]
Cash consideration								$ 625,000
Gain (loss) on sale of business				$ 212,500
Proceeds from sale of business, net of cash sold in transaction				625,000
Net book value of assets and liabilities divested				$ 412,500
Disposal, not discontinued operations \| Mountaineer Midstream Company, LLC
Business Acquisition [Line Items]
Cash consideration							$ 70,000
Proceeds from asset sale			$ 5,000
Tall Oak
Business Acquisition [Line Items]
Total consideration paid for Tall Oak	$ 459,305
Cash paid to acquire investment					$ 800
Weighted average amortization period	30 years
Business acquisition, revenue		6,800
Business acquisition, operating income		$ 3,300
Tall Oak \| Business Contribution Agreement \| Tall Oak Parent
Business Acquisition [Line Items]
Total consideration paid for Tall Oak	$ 25,000
Tall Oak \| Partnership Interest \| Business Contribution Agreement
Business Acquisition [Line Items]
Total consideration paid for Tall Oak	425,000
Cash paid to acquire investment	$ 155,000
Number of common units purchased (in shares)	7,471,008
Tall Oak \| Class B Common Stock \| Business Contribution Agreement
Business Acquisition [Line Items]
Number of common units purchased (in shares)	7,471,008

EQUITY METHOD INVESTMENTS - Schedule of Equity Method Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Investment in equity method investees	$ 269,561	$ 486,434
Double E
Schedule of Equity Method Investments [Line Items]
Investment in equity method investees	269,561	276,221
Ohio Gathering
Schedule of Equity Method Investments [Line Items]
Investment in equity method investees	$ 0	$ 210,213

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

INTANGIBLE ASSETS - Estimated Aggregate Annual Amortization Expected to be Recognized (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 15,603
2026	14,185
2027	8,724
2028	8,557
2029	8,007
Thereafter	90,767
Net	$ 145,843

ORGANIZATION, CORPORATE REORGANIZATION, BUSINESS OPERATIONS AND PRESENTATION AND CONSOLIDATION (Details)	Aug. 01, 2024 $ / shares shares
Subsidiary Series A Preferred Units
Organization And Business Operations [Line Items]
Outstanding common stock unit ,converted into right to receive (in shares)	1
Common Stock
Organization And Business Operations [Line Items]
Common stock, par value (in dollars per shares) \| $ / shares	$ 0.01
Outstanding common stock unit ,converted into right to receive (in shares)	1

EQUITY AND MEZZANINE EQUITY - Partners' Capital and Schedule of Units (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	0	0
Common units issued for SMLP LTIP, net (in shares)	10,535	0
Corporate Reorganization	10,648,685
Ending balance (in shares)	10,659,220	0
Common Units
Rollforwards of the number of partner units
Beginning balance (in shares)	10,376,189	10,182,763
Common units issued for SMLP LTIP, net (in shares)	272,496	193,426
Ending balance (in shares)	0	10,376,189
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Corporate Reorganization	(10,648,685)
Common Units \| Common Stock
Rollforwards of the number of partner units
Beginning balance (in shares)	0	0
Ending balance (in shares)	7,471,008	0

FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Estimated Fair Value of Debt Instruments

A summary of the estimated fair value of the Company’s debt financial instruments follows.


	December 31, 2024				December 31, 2023
	Carrying Value (1)		Estimated fair value (Level 2)		Carrying Value (1)		Estimated fair value (Level 2)
	(in thousands)

2025 Senior Notes	$	—	$	—	$	49,783	$	48,414
2026 Secured Notes	$	—	$	—	$	785,000	$	778,131
2026 Unsecured Notes	$	—	$	—	$	209,510	$	203,225
2029 Secured Notes (2)	$	575,000	$	595,125	$	—	$	—

(1) Excludes applicable unamortized debt issuance costs and debt discounts.

(2) Excludes the additional $250.0 million of 2029 Secured Notes issued on January 10, 2025. See Note 19 – Subsequent Events, for additional information.

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) claim	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Legal fines and other fees	$ 36,300
Claims settled \| claim	1
2015 Blacktail Release
Loss Contingencies [Line Items]
Loss contingency accrual	$ 15,000	$ 21,700
Penalties and fines, payment period	3 years
Unpaid penalties and fines, fixed rate (as a percent)	3.25%
Expected payment	$ 6,700
Claims settled \| claim	1
Pending claims \| claim	2
2015 Blacktail Release \| Natural Resource Damages To Federal and State Governments
Loss Contingencies [Line Items]
Legal fines and other fees	$ 1,250
Penalties and fines, payment period	5 years
2015 Blacktail Release \| Damages Payable To Federal Government over Five Years
Loss Contingencies [Line Items]
Legal fines and other fees	$ 25,000
2015 Blacktail Release \| Damages Payable To State Governments Over Six Years
Loss Contingencies [Line Items]
Legal fines and other fees	$ 10,000
Penalties and fines, payment period	6 years
2015 Blacktail Release \| Damages Payable To Federal Criminal Over Five Years
Loss Contingencies [Line Items]
Penalties and fines, payment period	5 years

INTANGIBLE ASSETS - Intangible Assets and Liabilities Subject to Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ (219,197)	$ (329,677)
Net	145,843
Indefinite-lived intangibles	8,436	8,436
Total intangibles, gross	373,476	505,269
Intangible Assets, Net (Excluding Goodwill), Total	154,279	175,592
Favorable gas gathering contracts
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	21,063	21,063
Accumulated amortization	(16,685)	(15,747)
Net	4,378	5,316
Contract intangibles
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	146,900	270,412
Accumulated amortization	(134,885)	(247,024)
Net	12,015	23,388
Rights-of-way
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	197,077	205,358
Accumulated amortization	(67,627)	(66,906)
Net	$ 129,450	$ 138,452

EQUITY AND MEZZANINE EQUITY - Changes in Noncontrolling Interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Equity, Attributable to Noncontrolling Interest [Roll Forward]
Issuance of noncontrolling interest (Tall Oak Acquisition)	$ 283,077
Net income (loss)	(127,981)	$ (51,528)
Noncontrolling Interest
Equity, Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	0
Net income (loss)	(5,822)
Ending balance	497,333	$ 0
Noncontrolling Interest \| Tall Oak
Equity, Attributable to Noncontrolling Interest [Roll Forward]
Issuance of noncontrolling interest (Tall Oak Acquisition)	$ 503,155

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net loss	$ (113,175)	$ (38,947)
Add: Net loss attributable to noncontrolling interest	5,822	0
Net loss attributable to Summit Midstream Corporation	$ (122,159)	$ (51,528)
Weighted-average number of shares outstanding – basic (in shares)	10,600	10,334
Effect of assumed conversion and elimination of noncontrolling interest net income (in shares)	0	0
Weighted-average number of shares outstanding – diluted (in shares)	10,600	10,334
Common stock - basic (in dollars per share)	$ (12.78)	$ (6.11)
Common stock - diluted (in dollars per share)	(12.78)	(6.11)
Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock - basic (in dollars per share)	0	0
Common stock - diluted (in dollars per share)	$ 0	$ 0
Nonvested anti-dilutive restricted stock shares excluded from the calculation of diluted EPS (in shares)	592	0
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Nonvested anti-dilutive restricted stock shares excluded from the calculation of diluted EPS (in shares)	546	245
Series A Preferred Units \| Subsidiaries
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Less: Net income attributable to Subsidiary Series A Preferred Units	$ (14,806)	$ (12,581)
Series A Preferred Units \| Parent Company
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Less: Net income attributable to Subsidiary Series A Preferred Units	(13,337)	(11,566)
Common units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net loss attributable to common equity holders	$ (135,496)	$ (63,094)
Effect of nonvested restricted stock units (in shares)	0	0

LEASES - Schedule of Right of Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
ROU assets
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other noncurrent assets	Other noncurrent assets
Operating	$ 8,513	$ 10,352
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other noncurrent assets	Other noncurrent assets
Finance	$ 3,861	$ 2,400
Total	$ 12,374	$ 12,752
Lease liabilities, current
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Operating	$ 5,801	$ 3,341
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Finance	$ 1,382	$ 870
Total	$ 7,183	$ 4,211
Lease liabilities, noncurrent
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other noncurrent liabilities	Other noncurrent liabilities
Operating	$ 3,390	$ 7,360
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other noncurrent liabilities	Other noncurrent liabilities
Finance	$ 1,560	$ 1,197
Total	$ 4,950	$ 8,557

EQUITY AND NONCASH COMPENSATION - Schedule of Intrinsic Values (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
SMLP LTIP \| Phantom Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of vested LTIP awards	$ 7,375	$ 3,758

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

ACQUISTION AND DIVESTITURES - Schedule of Pro Forma Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Revenues	$ 519,456	$ 575,348
Net loss	$ (94,020)	$ (6,387)

PROPERTY, PLANT, AND EQUIPMENT - Schedule of Property, Plant, and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 2,509,611	$ 2,468,607
Less: accumulated depreciation	(724,582)	(770,022)
Property, plant and equipment, net	1,785,029	1,698,585
Gathering and processing systems and related equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	2,372,881	2,335,980
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	57,611	56,064
Land and line fill
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	12,816	11,534
Other
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 66,303	$ 65,029

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

The following table provides information about the Company’s reportable segments:


	Rockies		Permian		Piceance		Mid-Con		Northeast
Year Ended December 31, 2024
Revenues: (1)
Gathering services and related fees	$	63,219	$	—	$	73,115	$	45,659	$	18,851
Natural gas, NGL’s and condensate sales	190,535		—		2,775		1,717		—
Other revenues	14,757		3,641		5,109		9,515		—
Total revenues	$	268,511	$	3,641	$	80,999	$	56,891	$	18,851
Less:
Cost of natural gas and NGLs (excludes deductions for gathering, processing and other fees)	$	164,342	$	—	$	1,138	$	—	$	—
Cost of natural gas and NGLs (amounts withheld from customers for the Company’s gathering, processing and other fees)	(50,628)		—		—		129		—
Employee costs	16,379		—		6,480		3,822		661
Materials, parts and other operating expenses	17,936		—		7,769		4,960		868
Indirect and passthrough (3)	16,811		—		9,924		15,837		754
Other segment items (2)	9,844		(27,586)		2,984		1,498		(14,066)
Segment Adjusted EBITDA	$	93,827	$	31,227	$	52,704	$	30,645	$	30,634


	Rockies		Permian		Piceance		Mid-Con		Northeast




Year Ended December 31, 2023
Revenues: (1)
Gathering services and related fees	$	65,869	$	—	$	81,041	$	37,508	$	63,805
Natural gas, NGL’s and condensate sales	173,688		—		4,788		778		—
Other revenues	15,474		3,570		5,588		6,831		—
Total revenues	$	255,031	$	3,570	$	91,417	$	45,117	$	63,805
Less:
Cost of natural gas and NGLs (excludes deductions for gathering, processing and other fees)	$	149,655	$	—	$	2,357	$	—	$	—
Cost of natural gas and NGLs (amounts withheld from customers for the Company’s gathering, processing and other fees)	(39,550)		—		—		—		—

Employee costs	15,516		—		5,935		3,214		2,622
Materials, parts and other operating expenses	18,158		—		7,206		2,977		3,453
Indirect and passthrough (3)	17,244		—		10,439		12,234		2,869
Other segment items (2)	6,618		(20,637)		5,731		521		(39,388)
Segment Adjusted EBITDA	$	87,390	$	24,207	$	59,749	$	26,171	$	94,249

(1) The Company’s revenues are attributable solely to external customers located within the United States.

(2) For the year ended December 31, 2024 and 2023, other segment items consist primarily of the following:

•Rockies - includes general and administrative expenses, operations and maintenance expenses and adjustments related to capital reimbursement activity;

•Permian - includes general and administrative expenses and the Company’s proportional adjusted EBITDA from its equity method investment in Double E;

•Piceance - includes general and administrative expenses, operations and maintenance expenses and adjustments related to capital reimbursement activity;

•Northeast - includes general and administrative expenses, operations and maintenance expense, the Company’s proportional adjusted EBITDA from its equity method investment in Ohio Gathering.

(3) Indirect and passthrough consist primarily of electricity expense incurred by the Company of which a portion is passed through to its customers.


	Year ended December 31,
	2024		2023
	(In thousands)
Depreciation and amortization:
Rockies	$	36,319	$	36,148

Piceance	42,012		52,014
Mid-Con(1)	17,705		16,171
Northeast	4,248		17,856
Total reportable segment depreciation and amortization	100,284		122,189
Corporate and Other	1,301		1,513
Total depreciation and amortization	$	101,585	$	123,702

(1) Includes the amortization expense associated with the Company’s favorable and unfavorable gas gathering contracts as reported in Other revenues.

Cash paid for capital expenditures by reportable segment follow.


	Year ended December 31,
	2024		2023
	(In thousands)
Cash paid for capital expenditures:
Rockies	$	44,092	$	54,969

Piceance	2,361		4,544
Mid-Con	1,312		186
Northeast	2,980		4,695
Total reportable segment capital expenditures	50,745		64,394
Corporate and Other	2,866		4,511
Total cash paid for capital expenditures	$	53,611	$	68,905

Schedule of Assets by Reportable Segment

Assets by reportable segment follow.


	December 31,
	2024		2023
	(in thousands)
Assets (1):
Rockies	$	917,293	$	904,974
Permian	285,280		291,073
Piceance	389,668		431,687
Mid-Con	746,549		281,861
Northeast	—		573,663
Total reportable segment assets	2,338,790		2,483,258
Corporate and Other	20,694		10,940
Total assets	$	2,359,484	$	2,494,198

(1) The Company’s long-lived assets are located within the United States.

Schedule of Counterparties Accounting for More than 10% of Total Revenues

Counterparties accounting for a significant portion of total revenues were as follows:


	Year ended December 31,
	2024		2023
Percentage of total revenues:
Counterparty A - Piceance	*		10	%
Counterparty B - Rockies	17	%	13	%
Counterparty C - Rockies	13	%	*

________________________________________________________

* Less than 10% in the aggregate

Schedule of Reconciliation of Net Income to Adjusted EBITDA

A reconciliation of total of reportable segments’ measure of profit to income or loss before income taxes and income from equity method investees follows.


	Year ended December 31,
	2024		2023
	(In thousands)
Reconciliation of segment adjusted EBITDA to income (loss) before income taxes:
Total segment adjusted EBITDA	$	239,037	$	291,766
Less:
Corporate and Other expense (1)	62,122		30,711
Income from equity method investee	(24,197)		(33,829)
Interest expense	115,446		140,784
Depreciation and amortization (2)	101,585		123,702
Proportional adjusted EBITDA for equity method investees (3)	42,038		61,070
Adjustments related to capital reimbursement activity (4)	(9,909)		(9,874)
Equity compensation	8,561		6,566
(Gain) loss on asset sales, net	1		(260)
(Gain) loss on sale of business	(82,187)		47
Gain on sale of equity method investment	(126,261)		—
Long-lived asset impairment	68,260		540
Loss on early extinguishment of debt	50,075		10,934
Income (loss) before income taxes	$	33,503	$	(38,625)

______________________________________

(2)Includes the amortization expense associated with the Company’s favorable gas gathering contracts as reported in other revenues.

FINANCIAL INSTRUMENTS - Fair value of Debt Instruments (Details) - USD ($)	Mar. 07, 2025	Jan. 10, 2025	Dec. 31, 2024	Jul. 26, 2024	Dec. 31, 2023
Senior Secured Second Lien Notes, 2029
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, amount				$ 50,600,000
Senior Secured Second Lien Notes, 2029 \| Subsequent Event
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, amount	$ 825,000,000	$ 250,000,000
Carrying Value \| 2025 Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes			$ 0		$ 49,783,000
Carrying Value \| 2026 Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes			0		785,000,000
Carrying Value \| 2026 Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes			0		209,510,000
Carrying Value \| 2029 Secured Notes (2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes			575,000,000		0
Fair Value \| 2025 Senior Notes \| Estimated fair value (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes			0		48,414,000
Fair Value \| 2026 Secured Notes \| Estimated fair value (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes			0		778,131,000
Fair Value \| 2026 Unsecured Notes \| Estimated fair value (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes			0		203,225,000
Fair Value \| 2029 Secured Notes (2) \| Estimated fair value (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes			$ 595,125,000		$ 0

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

PROPERTY, PLANT, AND EQUIPMENT - Schedule of Depreciation Expense and Capitalized Interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 85,615	$ 95,307
Capitalized interest	$ 1,164	$ 1,284

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (113,175)	$ (38,947)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Deferred income taxes	146,831	0
Depreciation and amortization	101,585	123,702
Noncash lease expense	1,658	3,773
Amortization of debt issuance costs	11,439	12,685
Equity compensation	8,561	6,566
Income from equity method investees	(24,197)	(33,829)
Distributions from equity method investees	36,190	57,572
(Gain) loss on asset sales, net	1	(260)
Foreign currency (gain) loss	42	(102)
(Gain) loss on earn-out	(6)	599
Loss on early extinguishment of debt	50,075	10,934
(Gain) loss on sale of business	(82,187)	47
Gain on sale of equity method investment	(126,261)	0
Unrealized loss on interest rate swaps	914	3,318
Long-lived asset impairment	68,260	540
Changes in operating assets and liabilities:
Accounts receivable	3,004	(3,352)
Trade accounts payable	1,119	4,483
Accrued expenses	(625)	5,586
Deferred revenue	(5,075)	(6,467)
Ad valorem taxes payable	1,001	(1,702)
Accrued interest	2,413	1,943
Accrued environmental remediation, net	(739)	(768)
Other, net	(19,057)	(19,415)
Net cash provided by operating activities	61,771	126,906
Cash flows from investing activities:
Capital expenditures	(53,611)	(68,905)
Cash consideration paid for Tall Oak Acquisition, net of cash acquired	(154,154)	0
Proceeds from Utica Sale (excluding Ohio Gathering)	292,266	0
Proceeds from sale of Ohio Gathering	332,734	0
Proceeds from Mountaineer Transaction	69,304	0
Proceeds from asset sale	4,400	260
Investment in Double E equity method investee	(3,880)	(3,500)
Other, net	0	(2,611)
Net cash provided by (used in) investing activities	487,059	(74,756)
Cash flows from financing activities:
Debt repayments - Amended and Restated ABL Facility	(313,000)	(87,000)
Debt repayments - Redemption of 2026 Unsecured Notes	(209,510)	0
Borrowings on Amended and Restated ABL Facility	305,000	70,000
Issuance of 2026 Unsecured Notes	0	29,480
Issuance of 2029 Secured Notes	565,800	0
Distributions on Subsidiary Series A Preferred Units	(6,513)	(6,512)
Debt extinguishment costs	(23,791)	(10,306)
Debt issuance costs	(4,675)	(2,968)
Other, net	(3,280)	(1,573)
Net cash used in financing activities	(540,276)	(49,036)
Net change in cash, cash equivalents and restricted cash	8,554	3,114
Cash, cash equivalents and restricted cash, beginning of period	16,645	13,531
Cash, cash equivalents and restricted cash, end of period	25,199	16,645
2026 Secured Notes Excess Cash Flow Offer
Cash flows from financing activities:
Debt repayments - Secured Notes	(13,626)	0
2026 Secured Notes Asset Sale Offer
Cash flows from financing activities:
Debt repayments - Secured Notes	(6,910)	0
Permian Transmission Term Loan
Cash flows from financing activities:
Debt repayments - Secured Notes	(15,524)	(10,507)
2025 Senior Notes Redemption
Cash flows from financing activities:
Debt repayments - Secured Notes	(49,783)	0
Repurchase of 2025 Senior Notes
Cash flows from financing activities:
Debt repayments - Secured Notes	0	(29,650)
2026 Secured Notes Redemption
Cash flows from financing activities:
Debt repayments - Secured Notes	$ (764,464)	$ 0

INCOME TAXES - Reconciliation of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands		12 Months Ended
	Aug. 01, 2024	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income (loss) before income taxes		$ 33,503	$ (38,625)
Pretax income at federal statutory rates		7,036	(8,111)
State income taxes, net of federal income tax effect		(804)	322
Corporate reorganization		152,992	0
Transaction costs		1,086	0
Minority interests in Summit Midstream Partners, LP		1,222	0
Removal of noncontrolling interests		(3,304)	0
Removal of nontaxable income		(11,550)	8,111
Other		0	0
Provision (benefit) for income taxes	$ 153,000	$ 146,678	$ 322
Effective Tax Rate		438.00%	(1.00%)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED ACCOUNTING STANDARDS APPLICABLE TO THE COMPANY - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Summary of Significant Accounting Policies [Line Items]
Restricted cash	$ 2,377	$ 2,601
Insurance receivable	$ 9,800
Common limited partner capital, outstanding (in shares)		10,376,189
Original terms (in years)	25 years
Tall Oak
Summary of Significant Accounting Policies [Line Items]
Noncontrolling interest (in percentage)	41.20%
Favorable gas gathering contracts \| Minimum
Summary of Significant Accounting Policies [Line Items]
Useful lives (In years)	10 years
Favorable gas gathering contracts \| Maximum
Summary of Significant Accounting Policies [Line Items]
Useful lives (In years)	20 years
Other Gas Gathering Contract \| Minimum
Summary of Significant Accounting Policies [Line Items]
Useful lives (In years)	3 years
Other Gas Gathering Contract \| Maximum
Summary of Significant Accounting Policies [Line Items]
Useful lives (In years)	25 years
Rights-of-way \| Minimum
Summary of Significant Accounting Policies [Line Items]
Useful lives (In years)	20 years
Rights-of-way \| Maximum
Summary of Significant Accounting Policies [Line Items]
Useful lives (In years)	30 years

SEGMENT INFORMATION - Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 101,585	$ 123,702
Reportable Segments
Segment Reporting Information [Line Items]
Depreciation and amortization	100,284	122,189
Reportable Segments \| Rockies
Segment Reporting Information [Line Items]
Depreciation and amortization	36,319	36,148
Reportable Segments \| Piceance
Segment Reporting Information [Line Items]
Depreciation and amortization	42,012	52,014
Reportable Segments \| Mid-Con
Segment Reporting Information [Line Items]
Depreciation and amortization	17,705	16,171
Reportable Segments \| Northeast
Segment Reporting Information [Line Items]
Depreciation and amortization	4,248	17,856
Corporate and Other
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 1,301	$ 1,513