0002024218-25-000050 | 10-Q | XBRL Viewer

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ACQUISTION AND DIVESTITURES - Schedule of Pro Forma Information (Details) - Tall Oak - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	$ 136,676	$ 151,523
Net income	$ 3,836	$ 142,907

SUPPLEMENTAL CASH FLOW INFORMATION

3 Months Ended

Mar. 31, 2025

Supplemental Cash Flow Elements [Abstract]

SUPPLEMENTAL CASH FLOW INFORMATION

13. SUPPLEMENTAL CASH FLOW INFORMATION


	Three Months Ended March 31,
	2025		2024
	(In thousands)
Supplemental cash flow information:
Cash interest paid	$	34,199	$	9,210
Cash paid for taxes	$	85	$	—

Noncash investing and financing activities:
Capital expenditures in trade accounts payable (period-end accruals)	$	7,128	$	6,183
Accretion of Subsidiary Series A Preferred Units, net of issuance cost amortization	$	3,592	$	3,770
Equity consideration for Moonrise Acquisition	$	17,895	$	—

SEGMENT INFORMATION - Cash Paid for Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting Information [Line Items]
Total cash paid for capital expenditures	$ 20,606	$ 16,398
Reportable Segments
Segment Reporting Information [Line Items]
Total cash paid for capital expenditures	19,785	15,184
Corporate and Other
Segment Reporting Information [Line Items]
Total cash paid for capital expenditures	821	1,214
Rockies \| Reportable Segments
Segment Reporting Information [Line Items]
Total cash paid for capital expenditures	11,473	12,558
Permian \| Reportable Segments
Segment Reporting Information [Line Items]
Total cash paid for capital expenditures	0	0
Piceance \| Reportable Segments
Segment Reporting Information [Line Items]
Total cash paid for capital expenditures	1,090	685
Mid-Con \| Reportable Segments
Segment Reporting Information [Line Items]
Total cash paid for capital expenditures	7,222	406
Northeast \| Reportable Segments
Segment Reporting Information [Line Items]
Total cash paid for capital expenditures	$ 0	$ 1,535

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

9. 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 March 31, 2025, 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 March 31, 2026. 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, 2024	$	2,198
Payments made	(36)
Changes in estimates	—
Accrued environmental remediation, March 31, 2025	$	2,162

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 (“DOJ”), 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 March 31, 2025 and December 31, 2024, the accrued loss liability for the 2015 Blacktail Release was $15.0 million of which $6.7 million is recorded within Accrued settlement payable and $8.3 million within Other noncurrent liabilities on the Company’s unaudited condensed 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 5 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 Defendant subsidiary’s guilty plea to one count of negligent discharge of produced water in violation of the Clean Water Act, Defendant subsidiary 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 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 our operations. 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 Defendant subsidiary’s change of corporate attitude, policies, practices, and procedures. SMLP and certain subsidiaries of the Company 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 subsidiary and certain affiliates under 2 C.F.R. § 180.800(d), to which SMLP has 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.

EQUITY COMPENSATION	3 Months Ended
EQUITY COMPENSATION	Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]
EQUITY COMPENSATION	14. EQUITY COMPENSATION SMC Long-Term Incentive Plan. In connection with the consummation of the Corporate Reorganization, the Company assumed SMLP’s 2022 Long-Term Incentive Plan, as amended by the First Amendment, effective as of March 16, 2022 (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. Significant items to note: •For the three-month period ended March 31, 2025, the Company granted 117,651 time-based restricted stock units and associated dividend equivalent rights to employees in connection with the Company’s annual incentive compensation award cycle. The grant date fair value of these awards totaled $4.4 million and the awards vest ratably over a three-year period. •For the three-month period ended March 31, 2025, the Company granted 90,081 performance-based restricted stock units and associated dividend equivalent rights to certain members of management in connection with the Company’s annual incentive compensation award cycle. The grant date fair value of these awards totaled $4.4 million and the awards vest at the end of three years. •For the three-month period ended March 31, 2025, the Company issued 18,372 shares of common stock to six independent directors in connection with their annual compensation plan. The grant date fair value of these awards totaled $0.7 million and became fully vested at the grant date. As of March 31, 2025, approximately 0.6 million shares of common stock remained available for future issuance under the SMC LTIP, which includes the impact of 0.7 million granted but unvested restricted stock and performance-based awards, assuming the performance-based awards are settled with a 100% target payout.

COMMITMENTS AND CONTINGENCIES - Schedule of Accrued Environmental Remediation (Details) - Meadowlark Midstream Gathering System $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Accrual for Environmental Loss Contingencies [Roll Forward]
Accrued environmental remediation, beginning balance	$ 2,198
Payments made	(36)
Changes in estimates	0
Accrued environmental remediation, ending balance	$ 2,162

SEGMENT INFORMATION - Total Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Total assets	$ 2,434,175	$ 2,359,484
Reportable Segments
Segment Reporting Information [Line Items]
Total assets	2,422,409	2,338,790
Reportable Segments \| Rockies
Segment Reporting Information [Line Items]
Total assets	1,013,891	917,293
Reportable Segments \| Permian
Segment Reporting Information [Line Items]
Total assets	282,927	285,280
Reportable Segments \| Piceance
Segment Reporting Information [Line Items]
Total assets	380,114	389,668
Reportable Segments \| Mid-Con
Segment Reporting Information [Line Items]
Total assets	745,477	746,549
Reportable Segments \| Northeast
Segment Reporting Information [Line Items]
Total assets	0	0
Corporate and Other
Segment Reporting Information [Line Items]
Total assets	$ 11,766	$ 20,694

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Estimated Fair Values of Debt Instruments

A summary of the estimated fair value of our debt financial instruments follows.


	March 31, 2025				December 31, 2024
	Carrying Value (1)		Estimated fair value (Level 2)		Carrying Value (1)		Estimated fair value (Level 2)
	(In thousands)




2029 Secured Notes	$	825,000	$	841,514	$	575,000	$	595,125

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

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands		3 Months Ended
	Mar. 10, 2025	Mar. 31, 2025	Mar. 31, 2024
Supplemental cash flow information:
Cash interest paid		$ 34,199	$ 9,210
Cash paid for taxes		85	0
Noncash investing and financing activities:
Capital expenditures in trade accounts payable (period-end accruals)		7,128	6,183
Moonrise Midstream, LLC
Noncash investing and financing activities:
Equity consideration for Moonrise Acquisition	$ 17,900	17,895	0
Series A Preferred Units
Noncash investing and financing activities:
Accretion of Subsidiary Series A Preferred Units, net of issuance cost amortization		$ 3,592	$ 3,770

REVENUE - Schedule of Estimated Revenue Expected to be Recognized and MVC Shortfall Payments (Details) - Gathering services and related fees $ in Thousands	Mar. 31, 2025 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 27,734
Revenue, remaining performance obligation, expected timing of satisfaction	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 26,568
Revenue, remaining performance obligation, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 7,965
Revenue, remaining performance obligation, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 5,325
Revenue, remaining performance obligation, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 0
Revenue, remaining performance obligation, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 0
Revenue, remaining performance obligation, expected timing of satisfaction	1 year

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED ACCOUNTING STANDARDS APPLICABLE TO THE COMPANY (Policies)	3 Months Ended
	Mar. 31, 2025
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 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 Preferred Unit automatically converting into the right to receive one share of Series A Preferred Stock. 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 bases of 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. The primary financial impacts of the Corporate Reorganization to the consolidated financial statements were (i) reclassification of the partnership capital accounts to equity accounts reflective of a corporation and (ii) income tax effects.
Presentation and Consolidation	The Company prepares its condensed consolidated financial statements in accordance with GAAP as established by the FASB and pursuant to the rules and regulations of the SEC pertaining to interim financial information. The unaudited condensed consolidated financial statements contained in this report include all normal and recurring material adjustments that, in the opinion of management, are necessary for a fair statement of the financial position, results of operations and cash flows for the interim periods presented herein.
Use of Estimates	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.
Consolidation	The unaudited condensed consolidated financial statements include the assets, liabilities and results of operations of the Company. 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.
Income Taxes	There have been no changes to the Company’s significant accounting policies since December 31, 2024.
New accounting standards not yet implemented	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 within our consolidated statements of operations.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

PROPERTY, PLANT AND EQUIPMENT

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

5. PROPERTY, PLANT AND EQUIPMENT

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


	March 31, 2025		December 31, 2024
	(In thousands)
Gathering and processing systems and related equipment	$	2,459,170	$	2,372,881
Construction in progress	61,834		57,611
Land and line fill	12,843		12,816
Other	68,127		66,303
Total	2,601,974		2,509,611
Less: accumulated depreciation	(749,516)		(724,582)
Property, plant and equipment, net	$	1,852,458	$	1,785,029

Depreciation expense and capitalized interest for the Company follow.


	Three Months Ended March 31,
	2025		2024
	(In thousands)
Depreciation expense	$	24,969	$	23,571
Capitalized interest	396		472

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income	$ 4,634	$ 132,927
Add: Net loss attributable to noncontrolling interest	989	0
Net income attributable to Summit Midstream Corporation	$ 2,031	$ 129,157
Weighted-average number of shares outstanding – basic (in shares)	11,767	10,449
Effect of assumed conversion and elimination of noncontrolling interest net income (in shares)
Weighted-average number of shares outstanding – diluted (in shares)	11,767	10,980
Common stock – basic (in dollars per share)	$ (0.16)	$ 12.05
Common stock – diluted (in dollars per share)	(0.16)	11.47
Common Class B
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 shares excluded from the calculation of diluted EPS (in shares)	6,535	0
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Nonvested anti-dilutive restricted shares excluded from the calculation of diluted EPS (in shares)	462	38
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	$ (3,592)	$ (3,770)
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	(3,918)	(3,220)
Common Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) attributable to common equity holders	$ (1,887)	$ 125,937
Effect of nonvested restricted stock units (in shares)	0	531

REVENUE - Schedule of Disaggregated Revenue by Geographic Area and Major Products and Services Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Disaggregation of Revenue [Line Items]
Total revenues	$ 132,697	$ 118,871
Corporate and other
Disaggregation of Revenue [Line Items]
Total revenues	0	74
Gathering services and related fees
Disaggregation of Revenue [Line Items]
Total revenues	64,165	61,985
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	59,327	49,092
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	9,205	7,794
Other revenues \| Corporate and other
Disaggregation of Revenue [Line Items]
Total revenues	0	74
Reportable Segments
Disaggregation of Revenue [Line Items]
Total revenues	132,697	118,797
Reportable Segments \| Northeast
Disaggregation of Revenue [Line Items]
Total revenues	0	16,853
Reportable Segments \| Rockies
Disaggregation of Revenue [Line Items]
Total revenues	75,787	68,594
Reportable Segments \| Permian
Disaggregation of Revenue [Line Items]
Total revenues	910	910
Reportable Segments \| Piceance
Disaggregation of Revenue [Line Items]
Total revenues	17,833	22,580
Reportable Segments \| Mid-Con
Disaggregation of Revenue [Line Items]
Total revenues	38,167	9,860
Reportable Segments \| Gathering services and related fees
Disaggregation of Revenue [Line Items]
Total revenues	64,165	61,985
Reportable Segments \| Gathering services and related fees \| Northeast
Disaggregation of Revenue [Line Items]
Total revenues	0	16,853
Reportable Segments \| Gathering services and related fees \| Rockies
Disaggregation of Revenue [Line Items]
Total revenues	16,045	16,516
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	15,743	20,387
Reportable Segments \| Gathering services and related fees \| Mid-Con
Disaggregation of Revenue [Line Items]
Total revenues	32,377	8,229
Reportable Segments \| Natural gas, NGLs and condensate sales
Disaggregation of Revenue [Line Items]
Total revenues	59,327	49,092
Reportable Segments \| Natural gas, NGLs and condensate sales \| Northeast
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Reportable Segments \| Natural gas, NGLs and condensate sales \| Rockies
Disaggregation of Revenue [Line Items]
Total revenues	54,824	47,970
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	906	948
Reportable Segments \| Natural gas, NGLs and condensate sales \| Mid-Con
Disaggregation of Revenue [Line Items]
Total revenues	3,597	174
Reportable Segments \| Other revenues
Disaggregation of Revenue [Line Items]
Total revenues	9,205	7,720
Reportable Segments \| Other revenues \| Northeast
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Reportable Segments \| Other revenues \| Rockies
Disaggregation of Revenue [Line Items]
Total revenues	4,918	4,108
Reportable Segments \| Other revenues \| Permian
Disaggregation of Revenue [Line Items]
Total revenues	910	910
Reportable Segments \| Other revenues \| Piceance
Disaggregation of Revenue [Line Items]
Total revenues	1,184	1,245
Reportable Segments \| Other revenues \| Mid-Con
Disaggregation of Revenue [Line Items]
Total revenues	$ 2,193	$ 1,457

EQUITY AND MEZZANINE EQUITY (Tables)

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Schedule of Common Units/Shares Activity

An update on the number of shares of common stock follows for the period from December 31, 2024 to March 31, 2025:


						Shares of Common Stock
Shares, December 31, 2024						10,659,220
Conversion of Class B Common Stock and Partnership Common Units						946,541
Shares issued for SMLP LTIP, net						173,072
Moonrise Acquisition						462,265
Shares, March 31, 2025						12,241,098

An update on the number of Partnership Common Units not owned by the Company follows for the period from December 31, 2024 to March 31, 2025.


			Partnership Common Units
Units, December 31, 2024			7,471,008
Conversion of Class B Common Stock and Partnership Common Units			(946,541)
Units, March 31, 2025			6,524,467

Schedule of Stock by Class

An update on the number of shares of Class B Common Stock follows for the period from December 31, 2024 to March 31, 2025.


			Shares of Class B Common Stock
Shares, December 31, 2024			7,471,008
Conversion of Class B Common Stock and Partnership Common Units			(946,541)
Shares, March 31, 2025			6,524,467

Schedule of Change in Subsidiary

The following table shows the change in the Company’s Subsidiary Series A Preferred Unit balance from December 31, 2024 to March 31, 2025, net of $1.0 million and $1.1 million of unamortized issuance costs at March 31, 2025 and December 31, 2024, respectively:


	(In thousands)
Balance at, December 31, 2024	$	132,946
Redemption accretion, net of issuance cost amortization	3,592
Cash distribution (includes a $1.6 million distribution payable as of March 31, 2025)	(1,629)
Balance at, March 31, 2025	$	134,909

Schedule of Noncontrolling Interest

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


	Noncontrolling Interest
Balance, December 31, 2024	$	497,333
Net loss	(989)
Equity shift - Change in Ownership of Consolidated Subsidiary	(86,526)
Balance as of March 31, 2025	$	409,818

Equity shift -

- 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.

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+ Details

EQUITY AND MEZZANINE EQUITY - Schedule of Changes in Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Equity, Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	$ 965,125	$ 718,563
Net loss	1,042	129,157
Ending balance	967,961	848,614
Noncontrolling Interest
Equity, Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	497,333	0
Net loss	(989)
Ending balance	$ 409,818	$ 0

DEBT (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt

Debt for the Company at March 31, 2025 and December 31, 2024, follows:


	March 31, 2025		December 31, 2024
	(In thousands)
Amended and Restated ABL Facility: Summit Holdings’ asset based credit facility due July 2029	$	145,000	$	305,000

Permian Transmission Term Loan: Summit Permian Transmission’s variable rate senior secured term loan due January 2028	125,323		129,321
2029 Secured Notes: 8.625% senior secured second lien notes due October 2029	825,000		575,000



Less: unamortized debt discount, premium and debt issuance costs	(11,480)		(15,746)
Total debt, net of unamortized debt discount, premium and debt issuance costs	1,083,843		993,575
Less: current portion of Permian Transmission Term Loan	(16,671)		(16,580)
Total long-term debt	$	1,067,172	$	976,995

Schedule of Maturities of Long-term Debt

Below is a summary of the remaining mandatory principal repayments as of March 31, 2025:


(In thousands)	Total		2025		2026		2027		2028		2029
Amortizing principal repayments	$	125,323	$	12,582	$	16,967	$	17,769	$	78,005	$	—

Schedule of Redemption Price

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.

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+ Details

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2025	May 01, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0002024218
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		12,241,098
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,524,467

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)

3 Months Ended

Mar. 31, 2025

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flow, Supplemental Disclosures


	Three Months Ended March 31,
	2025		2024
	(In thousands)
Supplemental cash flow information:
Cash interest paid	$	34,199	$	9,210
Cash paid for taxes	$	85	$	—

Noncash investing and financing activities:
Capital expenditures in trade accounts payable (period-end accruals)	$	7,128	$	6,183
Accretion of Subsidiary Series A Preferred Units, net of issuance cost amortization	$	3,592	$	3,770
Equity consideration for Moonrise Acquisition	$	17,895	$	—

ACQUISITIONS AND DIVESTITURES

3 Months Ended

Mar. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

ACQUISITIONS AND DIVESTITURES

3. ACQUISITIONS AND DIVESTITURES

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 (“Moonrise”), to Summit Holdings in exchange for total consideration equal to approximately $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.

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.


Moonrise Preliminary Purchase Price Allocation (in thousands):
Total consideration paid for Moonrise (1)	$	89,771
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash	1,879
Accounts receivable	3,482
Other current assets	204
Property, plant and equipment, net	72,520
Intangibles	12,798
Other assets	750
Trade accounts payable, accrued expenses and other	(1,862)
Net assets acquired and liabilities assumed	$	89,771

(1) Purchase price consideration includes $17.9 million of equity consideration (462,265 shares valued at $38.71 per share on March 10, 2025) as well as $1.9 million of cash acquired.

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 approximately 30 years.

From the date of the Moonrise Acquisition through March 31, 2025, revenues and operating income associated with the operations acquired through the acquisition totaled $6.1 million and $0.9 million, respectively.

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.

No material changes were made during the three months ended March 31, 2025 to the provisional purchase accounting measurements initially recorded in December 2024 for the Tall Oak Acquisition. The provisional measurements are 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. 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.

Pro Forma Information (Unaudited). The following table summarizes the unaudited pro forma condensed financial information of the Company as if the Moonrise Acquisition and Tall Oak Acquisition had occurred on January 1, 2024:


	Three Months Ended March 31,
	2025		2024
Revenues	$	136,676	$	151,523
Net income	$	3,836	$	142,907

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 Moonrise Acquisition and Tall Oak Acquisition been completed at January 1, 2024, nor is it necessarily indicative of future operating results.

Summit Utica Sale. On March 22, 2024, SMLP completed the disposition of 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 OGC, (ii) approximately 38% of the issued and outstanding equity interests in OCC 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, SMLP 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 ABL Facility and pay the costs and expenses in connection with the Asset Sale Offer (as defined below; see Note 8 - Debt, for additional information) and are subject to final working capital adjustments.

The $625.0 million sale price 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, SMLP derived a preliminary 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 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, SMLP recognized a gain on the disposition of the Utica midstream business of $86.2 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 system, to Antero Midstream LLC for a cash sale price of $70.0 million, (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 three months ended March 31, 2024, SMLP 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.

PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant, and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total	$ 2,601,974	$ 2,509,611
Less: accumulated depreciation	(749,516)	(724,582)
Property, plant and equipment, net	1,852,458	1,785,029
Gathering and processing systems and related equipment
Property, Plant and Equipment [Line Items]
Total	2,459,170	2,372,881
Construction in progress
Property, Plant and Equipment [Line Items]
Total	61,834	57,611
Land and line fill
Property, Plant and Equipment [Line Items]
Total	12,843	12,816
Other
Property, Plant and Equipment [Line Items]
Total	$ 68,127	$ 66,303

EQUITY AND MEZZANINE EQUITY - Schedule Of Number of Common Stock (Details) - shares		3 Months Ended
	Mar. 10, 2025	Mar. 31, 2025
Common Class B
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		7,471,008
Ending balance (in shares)		6,524,467
Tall Oak \| Common Class B
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Class B Common Stock and Partnership Common Units		946,541
Moonrise Midstream, LLC
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Moonrise Acquisition (in shares)	462,265
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		10,659,220
Common shares issued for SMLP LTIP, net (in shares)		173,072
Ending balance (in shares)		12,241,098
Common Stock \| Tall Oak \| Common Class B
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Class B Common Stock and Partnership Common Units		946,541
Common Stock \| Moonrise Midstream, LLC
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Moonrise Acquisition (in shares)		462,265

EQUITY AND MEZZANINE EQUITY - Schedule of Change in the Company’s Subsidiary (Details) - Series A Preferred Stock $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	$ 132,946
Cash distribution (includes a $1.6 million distribution payable as of March 31, 2025)	(1,629)
Ending balance	134,909
Distribution payable	$ 1,600

PROPERTY, PLANT AND EQUIPMENT (Tables)

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

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


	March 31, 2025		December 31, 2024
	(In thousands)
Gathering and processing systems and related equipment	$	2,459,170	$	2,372,881
Construction in progress	61,834		57,611
Land and line fill	12,843		12,816
Other	68,127		66,303
Total	2,601,974		2,509,611
Less: accumulated depreciation	(749,516)		(724,582)
Property, plant and equipment, net	$	1,852,458	$	1,785,029

Schedule Of Depreciation Expense And Capitalized Interest Costs

Depreciation expense and capitalized interest for the Company follow.


	Three Months Ended March 31,
	2025		2024
	(In thousands)
Depreciation expense	$	24,969	$	23,571
Capitalized interest	396		472

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table details the components of EPS.


	Three Months Ended March 31,
	2025		2024
	(In thousands, except per-share amounts)
Numerator for basic and diluted EPS:
Net income	$	4,634	$	132,927
Less: Net income attributable to Subsidiary Series A Preferred Units	(3,592)		(3,770)
Add: Net loss attributable to noncontrolling interest	989		—
Net income attributable to Summit Midstream Corporation	$	2,031	$	129,157

Less: Net income attributable to Series A Preferred Stock	$	(3,918)	$	(3,220)
Net income (loss) attributable to common equity holders	$	(1,887)	$	125,937

Denominator for basic and diluted EPS:
Weighted-average number of shares outstanding – basic	11,767		10,449
Effect of nonvested restricted stock units	—		531
Effect of assumed conversion and elimination of noncontrolling interest and net income
Weighted-average number of shares outstanding – diluted	11,767		10,980

Net income (loss) per share:
Common Stock – basic	$	(0.16)	$	12.05
Common Stock – diluted	$	(0.16)	$	11.47
Class B Common Stock - basic and diluted	$	—	$	—

Nonvested anti-dilutive restricted shares excluded from the calculation of diluted EPS	462		38
Class B Common Stock	6,535		—

ORGANIZATION, BUSINESS OPERATIONS, CORPORATE REORGANIZATION AND PRESENTATION AND CONSOLIDATION - Narrative (Details) - $ / shares		3 Months Ended
	Aug. 01, 2024	Mar. 31, 2025	Dec. 31, 2024
Series A Preferred Units
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Outstanding common stock unit ,converted into right to receive (in shares)	1
Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, par value (in dollars per shares)	$ 0.01	$ 0.01	$ 0.01
Outstanding common stock unit ,converted into right to receive (in shares)	1	1.000

DEFERRED REVENUE (Tables)

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Current Deferred Revenue

An update of current deferred revenue follows.


	Total
	(In thousands)
Current deferred revenue, December 31, 2024	$	9,595
Add: additions	2,167
Less: revenue recognized and other	(1,946)
Current deferred revenue, March 31, 2025	$	9,816

An update of noncurrent deferred revenue follows.


	Total
	(In thousands)
Noncurrent deferred revenue, December 31, 2024	$	25,373
Add: additions	—
Less: reclassification to current deferred revenue and other	(2,100)
Noncurrent deferred revenue, March 31, 2025	$	23,273

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2025	Dec. 31, 2024
Preferred units, outstanding (in shares)	65,508	65,508
Series A Preferred Stock
Preferred stock authorized (in shares)	65,508	65,508
Preferred units, issued (in shares)	65,508	65,508
Preferred units, outstanding (in shares)	65,508	65,508
Common Stock
Common stock, par value (in dollars per shares)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	42,000,000	42,000,000
Common stock, outstanding (in shares)	12,241,098	10,659,220
Common stock, issued (in shares)	12,241,098	10,659,220
Common Class B
Common stock, par value (in dollars per shares)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	7,471,008	7,471,008
Common stock, outstanding (in shares)	6,524,467	7,471,008
Common stock, issued (in shares)	6,524,467	7,471,008
Series A Preferred Units
Series A preferred units, issued (in shares)	93,039,000	93,039,000
Series A preferred units, outstanding (in shares)	93,039,000	93,039,000

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($) claim	Dec. 31, 2024 USD ($)
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	$ 15,000
Loss contingency accrual, current	6,700	6,700
Loss contingency accrual, noncurrent	$ 8,300	$ 8,300
Penalties and fines, payment period (in years)	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 (in years)	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 (in years)	6 years
2015 Blacktail Release \| Damages Payable To Federal Criminal Over Five Years
Loss Contingencies [Line Items]
Penalties and fines, payment period (in years)	5 years

EQUITY METHOD INVESTMENTS	3 Months Ended
EQUITY METHOD INVESTMENTS	Mar. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]
EQUITY METHOD INVESTMENTS	6. EQUITY METHOD INVESTMENTS As of March 31, 2025, 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 unaudited condensed consolidated balance sheets. On March 22, 2024, in connection with the Utica Sale, the Company sold its investment in Ohio Gathering and recognized $126.3 million gain, which is recorded within Gain on sale of equity method investment within the unaudited condensed consolidated statements of operations. See Note 3 - Acquisitions and Divestitures for additional information.

PROPERTY, PLANT AND EQUIPMENT - Schedule Of Depreciation Expense And Capitalized Interest Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 24,969	$ 23,571
Capitalized interest	$ 396	$ 472

DEBT - Schedule of Redemption Price (Details) - Senior Secured Second Lien Notes, 2029 - Summit Holdings And Finance Corporation	Jan. 10, 2025	Jul. 26, 2024
Subsequent Event [Line Items]
Redemption price (as percent)	103.375%
Debt Instrument, Redemption, Period One
Subsequent Event [Line Items]
Redemption price (as percent)		104.313%
Debt Instrument, Redemption, Period Two
Subsequent Event [Line Items]
Redemption price (as percent)		102.156%
Debt Instrument, Redemption, Period After Two
Subsequent Event [Line Items]
Redemption price (as percent)		100.00%

SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

SEGMENT INFORMATION

16. 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.

•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 - Acquisitions and Divestitures for additional information.

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


	Rockies		Permian		Piceance		Mid-Con		Northeast
Three Months Ended March 31, 2025
Revenues: (1)
Gathering services and related fees	$	16,045	$	—	$	15,743	$	32,377	$	—
Natural gas, NGL’s and condensate sales	54,824		—		906		3,597		—
Other revenues	4,918		910		1,184		2,193		—
Total revenues	$	75,787	$	910	$	17,833	$	38,167	$	—
Less:
Cost of natural gas and NGLs (excludes deductions for gathering, processing and other fees)	$	48,422	$	—	$	292	$	—	$	—
Cost of natural gas and NGLs (amounts withheld from customers for the Company’s gathering, processing and other fees)	(13,280)		—		—		—		—
Employee costs	4,209		—		1,580		2,505		—
Materials, parts and other operating expenses	4,486		—		1,805		2,904		—
Indirect and passthrough (3)	4,215		—		2,296		9,865		—
Other segment items (2)	2,866		(7,360)		74		436		—
Segment Adjusted EBITDA	$	24,869	$	8,270	$	11,786	$	22,457	$	—


	Rockies		Permian		Piceance		Mid-Con		Northeast
Three Months Ended March 31, 2024
Revenues: (1)
Gathering services and related fees	$	16,516	$	—	$	20,387	$	8,229	$	16,853
Natural gas, NGL’s and condensate sales	47,970		—		948		174		—
Other revenues	4,108		910		1,245		1,457		—
Total revenues	$	68,594	$	910	$	22,580	$	9,860	$	16,853
Less:
Cost of natural gas and NGLs (excludes deductions for gathering, processing and other fees)	$	40,982	$	—	$	374	$	—	$	—
Cost of natural gas and NGLs (amounts withheld from customers for the Company’s gathering, processing and other fees)	(11,174)		—		—		—		—
Employee costs	3,723		—		1,465		729		555
Materials, parts and other operating expenses	5,388		—		1,857		685		703
Indirect and passthrough (3)	4,292		—		2,412		3,010		657
Other segment items (2)	2,509		(6,355)		1,239		336		(14,083)
Segment Adjusted EBITDA	$	22,874	$	7,265	$	15,233	$	5,100	$	29,021

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

(2) For the three months ended March 31, 2025 and 2024, 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;

•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.


	March 31, 2025		December 31, 2024
	(In thousands)
Assets(1):
Rockies	$	1,013,891	$	917,293
Permian	282,927		285,280
Piceance	380,114		389,668
Mid-Con	745,477		746,549
Northeast	—		—
Total reportable segment assets	2,422,409		2,338,790
Corporate and Other	11,766		20,694
Total assets	$	2,434,175	$	2,359,484

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

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.


	Three Months Ended March 31,
	2025		2024
	(In thousands)
Depreciation and amortization:
Rockies	$	9,753	$	8,945
Permian	—		—
Piceance	10,550		10,468
Mid-Con(1)	8,058		4,055
Northeast	—		4,248
Total reportable segment depreciation and amortization	28,361		27,716
Corporate and Other	391		386
Total depreciation and amortization	$	28,752	$	28,102

(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.


	Three Months Ended March 31,
	2025		2024
	(In thousands)
Cash paid for capital expenditures:
Rockies	$	11,473	$	12,558
Permian	—		—
Piceance	1,090		685
Mid-Con	7,222		406
Northeast	—		1,535
Total reportable segment capital expenditures	19,785		15,184
Corporate and Other	821		1,214
Total cash paid for capital expenditures	$	20,606	$	16,398

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.


	Three Months Ended March 31,
		2025		2024
		(In thousands)
Reconciliation of segment adjusted EBITDA to income before income taxes:
Total segment adjusted EBITDA		$	67,382	$	79,493
Less:
Corporate and Other expense (1)		8,127		15,096
Income from equity method investees		(4,840)		(10,638)
Interest expense		22,537		37,846
Depreciation and amortization (2)		28,752		28,102
Proportional adjusted EBITDA for equity method investees (3)		7,404		20,675
Adjustments related to capital reimbursement activity (4)		(1,946)		(2,923)
Equity compensation		2,375		2,772
Gain on asset sales, net		—		(27)
Gain (loss) on sale of business		43		(86,202)
Gain on sale of equity method investment		—		(126,261)
Long-lived asset impairment		—		67,916

Income before income taxes		$	4,930	$	133,137

(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 three months ended March 31, 2025 other expense consisted primarily of a gain on the fair value remeasurement of the Tall Oak earn-out offset by transaction and other expenses. For the three months ended March 31, 2024, other expense consisted primarily of gains on interest rate swaps offset by transaction and other expenses.

(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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Reference 10: http://www.xbrl.org/2003/role/exampleRef
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+ Details

EQUITY COMPENSATION (Details) $ in Millions	3 Months Ended
EQUITY COMPENSATION (Details) $ in Millions	Mar. 31, 2025 USD ($) director shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, target payout (in percent)	1
SMC Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units remaining available (in shares)	600,000
Time Based Restricted Stock Units \| SMLP LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted units (in shares)	117,651
Grant date fair value \| $	$ 4.4
Vesting period (in years)	3 years
Performance Units \| SMLP LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted units (in shares)	90,081
Grant date fair value \| $	$ 4.4
Vesting period (in years)	3 years
Common Stock \| SMLP LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value \| $	$ 0.7
Issued units (in shares)	18,372
Number of directors \| director	6
Restricted Stock \| SMC Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted units granted (in shares)	700,000

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Moonrise Midstream, LLC	Additional Paid in Capital	Additional Paid in Capital Moonrise Midstream, LLC	Retained Earning (Deficit)	Noncontrolling Interest	Common Limited Partners’ Capital	Series A Preferred Units	Series A Preferred Units Preferred Stock	Series A Preferred Units Common Limited Partners’ Capital	Common Class A Common Stock	Common Class A Common Stock Moonrise Midstream, LLC	Common Class B Common Stock
Beginning balance at Dec. 31, 2023	$ 718,563		$ 0		$ 0	$ 0	$ 621,670		$ 0	$ 96,893	$ 0		$ 0
Increase (Decrease) in PartnersCapital [Roll Forward]
Net income	129,157						125,937			3,220
Tax withholdings and associated payments on vested Summit LTIP awards	(1,878)						(1,878)
Ending balance at Mar. 31, 2024	848,614		0		0	0	748,501		0	100,113	0		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity compensation	2,772						2,772
Tax withholdings and associated payments on vested Summit LTIP awards	(1,878)						(1,878)
Moonrise Acquisition		$ 0
Ending balance at Mar. 31, 2024	848,614		0		0	0	748,501		0	100,113	0		0
Beginning balance at Dec. 31, 2024	965,125		540,714		(183,333)	497,333	0		110,230	0	106		75
Increase (Decrease) in PartnersCapital [Roll Forward]
Net income	1,042				(1,887)	(989)			3,918
Equity compensation	2,375		2,375
Tax withholdings and associated payments on vested Summit LTIP awards	(2,837)		(2,838)								1
Ending balance at Mar. 31, 2025	967,961		632,387		(185,220)	409,818	0		110,789	0	122		65
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividend paid on Series A Preferred Stock	(3,359)							$ (3,359)
Tax withholdings and associated payments on vested Summit LTIP awards	(2,837)		(2,838)								1
Moonrise Acquisition		$ 17,895		$ 17,890								$ 5
Conversion of Class B Common Stock and Partnership Common Units	(86,500)										10		(10)
Tax impact of Up-C Structure	(12,280)		(12,280)
Equity shift	0		86,526			(86,526)
Ending balance at Mar. 31, 2025	$ 967,961		$ 632,387		$ (185,220)	$ 409,818	$ 0		$ 110,789	$ 0	$ 122		$ 65

ACQUISTION AND DIVESTITURES - Schedule of Fair Value of the Assets and Liabilities Acquired (Details) - Moonrise Midstream, LLC - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Mar. 10, 2025	Mar. 31, 2025	Mar. 31, 2024
Business Acquisition [Line Items]
Total consideration paid for Moonrise	$ 89,771
Cash	1,879
Accounts receivable	3,482
Other current assets	204
Property, plant and equipment, net	72,520
Intangibles	12,798
Other assets	750
Trade accounts payable, accrued expenses and other	(1,862)
Net assets acquired and liabilities assumed	89,771
Equity consideration issued	$ 17,900	$ 17,895	$ 0
Equity consideration issued (in shares)	462,265
Equity consideration issued (in dollar per share)	$ 38.71
Cash acquired from acquisition	$ 1,900

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net income attributable to Summit Midstream Corporation	$ 2,031	$ 129,157

- Definition

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

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+ Details

EQUITY AND MEZZANINE EQUITY - Schedule of Common Stock Issued (Details) - Common Class B	3 Months Ended
	Mar. 31, 2025 shares
Class of Stock [Line Items]
Beginning of common stock, issued (in shares)	7,471,008
Ending of common stock, issued (in shares)	6,524,467
Tall Oak
Class of Stock [Line Items]
Conversion of Class B Common Stock and Partnership Common Units (in shares)	(946,541)
Ending of common stock, issued (in shares)	7,471,008

- Definition

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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
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-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
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-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

FINANCIAL INSTRUMENTS - Schedule of Estimated Fair Values of Debt Instruments (Details) - 2029 Secured Notes - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	$ 825,000	$ 575,000
Estimated Fair Value \| Estimated Fair Value (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	$ 841,514	$ 595,125

REVENUE

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

REVENUE

4. REVENUE

The following table presents estimated revenue, as of March 31, 2025, expected to be recognized during the remainder of 2025 and over the remaining contract period related to performance obligations that are unsatisfied and are comprised of estimated MVC shortfall payments.


(In thousands)	2025		2026		2027		2028		2029		Thereafter

Gathering services and related fees	$	27,734	$	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 16 – Segment Information.


	Three Months Ended March 31, 2025
	Gathering services and related fees		Natural gas, NGLs and condensate sales		Other revenues		Total
	(In thousands)
Reportable Segments:
Northeast	$	—	$	—	$	—	$	—
Rockies	16,045		54,824		4,918		75,787
Permian	—		—		910		910
Piceance	15,743		906		1,184		17,833
Mid-Con	32,377		3,597		2,193		38,167
Total reportable segments	64,165		59,327		9,205		132,697
Corporate and other	—		—		—		—
Total	$	64,165	$	59,327	$	9,205	$	132,697


	Three Months Ended March 31, 2024
	Gathering services and related fees		Natural gas, NGLs and condensate sales		Other revenues		Total
	(In thousands)
Reportable Segments:
Northeast	$	16,853	$	—	$	—	$	16,853
Rockies	16,516		47,970		4,108		68,594
Permian	—		—		910		910
Piceance	20,387		948		1,245		22,580
Mid-Con	8,229		174		1,457		9,860
Total reportable segments	61,985		49,092		7,720		118,797
Corporate and other	—		—		74		74
Total	$	61,985	$	49,092	$	7,794	$	118,871

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

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

+ Details

SEGMENT INFORMATION - Reconciliation of Segment Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting Information [Line Items]
Total revenues	$ 132,697	$ 118,871
Cost of natural gas and NGLs	35,434	30,182
General and administrative	16,600	14,785
Segment Adjusted EBITDA	67,382	79,493
Depreciation and amortization	28,752	28,102
Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	132,697	118,797
Depreciation and amortization	28,361	27,716
Corporate and Other
Segment Reporting Information [Line Items]
Depreciation and amortization	391	386
Gathering services and related fees
Segment Reporting Information [Line Items]
Total revenues	64,165	61,985
Natural gas, NGLs and condensate sales
Segment Reporting Information [Line Items]
Total revenues	59,327	49,092
Other revenues
Segment Reporting Information [Line Items]
Total revenues	9,205	7,794
Other revenues \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	9,205	7,720
Rockies \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	75,787	68,594
Cost of natural gas and NGLs	48,422	40,982
Cost of natural gas and NGLs (amounts withheld from customers for the Company’s gathering, processing and other fees)	(13,280)	(11,174)
Employee costs	4,209	3,723
Materials, parts and other operating expenses	4,486	5,388
General and administrative	4,215	4,292
Other segment items	2,866	2,509
Segment Adjusted EBITDA	24,869	22,874
Depreciation and amortization	9,753	8,945
Rockies \| Gathering services and related fees \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	16,045	16,516
Rockies \| Natural gas, NGLs and condensate sales \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	54,824	47,970
Rockies \| Other revenues \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	4,918	4,108
Permian \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	910	910
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	(7,360)	(6,355)
Segment Adjusted EBITDA	8,270	7,265
Depreciation and amortization	0	0
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	910	910
Piceance \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	17,833	22,580
Cost of natural gas and NGLs	292	374
Cost of natural gas and NGLs (amounts withheld from customers for the Company’s gathering, processing and other fees)	0	0
Employee costs	1,580	1,465
Materials, parts and other operating expenses	1,805	1,857
General and administrative	2,296	2,412
Other segment items	74	1,239
Segment Adjusted EBITDA	11,786	15,233
Depreciation and amortization	10,550	10,468
Piceance \| Gathering services and related fees \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	15,743	20,387
Piceance \| Natural gas, NGLs and condensate sales \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	906	948
Piceance \| Other revenues \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	1,184	1,245
Mid-Con \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	38,167	9,860
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	2,505	729
Materials, parts and other operating expenses	2,904	685
General and administrative	9,865	3,010
Other segment items	436	336
Segment Adjusted EBITDA	22,457	5,100
Depreciation and amortization	8,058	4,055
Mid-Con \| Gathering services and related fees \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	32,377	8,229
Mid-Con \| Natural gas, NGLs and condensate sales \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	3,597	174
Mid-Con \| Other revenues \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	2,193	1,457
Northeast \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	0	16,853
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	555
Materials, parts and other operating expenses	0	703
General and administrative	0	657
Other segment items	0	(14,083)
Segment Adjusted EBITDA	0	29,021
Depreciation and amortization	0	4,248
Northeast \| Gathering services and related fees \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	0	16,853
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

ACQUISTION AND DIVESTITURES (Tables)

3 Months Ended

Mar. 31, 2025

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

Schedule of Fair Value of the Assets and Liabilities Acquired


Moonrise Preliminary Purchase Price Allocation (in thousands):
Total consideration paid for Moonrise (1)	$	89,771
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash	1,879
Accounts receivable	3,482
Other current assets	204
Property, plant and equipment, net	72,520
Intangibles	12,798
Other assets	750
Trade accounts payable, accrued expenses and other	(1,862)
Net assets acquired and liabilities assumed	$	89,771

(1) Purchase price consideration includes $17.9 million of equity consideration (462,265 shares valued at $38.71 per share on March 10, 2025) as well as $1.9 million of cash acquired.

Schedule of Pro Forma Information


	Three Months Ended March 31,
	2025		2024
Revenues	$	136,676	$	151,523
Net income	$	3,836	$	142,907

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
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

SEGMENT INFORMATION - Depreciation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 28,752	$ 28,102
Reportable Segments
Segment Reporting Information [Line Items]
Depreciation and amortization	28,361	27,716
Reportable Segments \| Rockies
Segment Reporting Information [Line Items]
Depreciation and amortization	9,753	8,945
Reportable Segments \| Permian
Segment Reporting Information [Line Items]
Depreciation and amortization	0	0
Reportable Segments \| Piceance
Segment Reporting Information [Line Items]
Depreciation and amortization	10,550	10,468
Reportable Segments \| Mid-Con
Segment Reporting Information [Line Items]
Depreciation and amortization	8,058	4,055
Reportable Segments \| Northeast
Segment Reporting Information [Line Items]
Depreciation and amortization	0	4,248
Corporate and Other
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 391	$ 386

DEFERRED REVENUE

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

DEFERRED REVENUE

7. DEFERRED REVENUE

The balances in deferred revenue as of March 31, 2025 and December 31, 2024 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.


	Total
	(In thousands)
Current deferred revenue, December 31, 2024	$	9,595
Add: additions	2,167
Less: revenue recognized and other	(1,946)
Current deferred revenue, March 31, 2025	$	9,816

An update of noncurrent deferred revenue follows.


	Total
	(In thousands)
Noncurrent deferred revenue, December 31, 2024	$	25,373
Add: additions	—
Less: reclassification to current deferred revenue and other	(2,100)
Noncurrent deferred revenue, March 31, 2025	$	23,273

ACQUISTION AND DIVESTITURES - Narrative (Details) - USD ($) $ in Thousands			1 Months Ended		3 Months Ended		12 Months Ended
	Mar. 10, 2025	Dec. 02, 2024	Mar. 31, 2025	Apr. 30, 2024	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	May 01, 2024	Mar. 22, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of business					$ (43)	$ 86,202
Gain on sale of equity method investment					0	126,261
Proceeds from asset sale					0	27
Long-lived asset impairments					0	67,916
OGC \| Summit Utica
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of ownership interest									36.00%
OCC \| Summit Utica
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of ownership interest									38.00%
Disposal, not discontinued operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net book value of assets and liabilities divested						143,000
Long-lived asset impairments						68,000
Disposal, not discontinued operations \| Summit Utica
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration									$ 625,000
Gain (loss) on sale of business					86,200	212,500
Proceeds from divestiture of businesses						625,000
Net book value of assets and liabilities divested						$ 412,500
Gain on sale of equity method investment					$ 126,300
Disposal, not discontinued operations \| Mountaineer Midstream Company, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration								$ 70,000
Proceeds from asset sale				$ 5,000
Moonrise Midstream, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total consideration paid for Moonrise	$ 90,000
Cash paid to acquire investment	$ 70,000
Moonrise Acquisition (in shares)	462,265
Weighted average amortization period	30 years
Business acquisition, revenue			$ 6,100
Business acquisition, operating income			$ 900
Tall Oak
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash paid to acquire investment							$ 800
Tall Oak \| Business Contribution Agreement \| Tall Oak Parent
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total consideration paid for Moonrise		$ 25,000
Tall Oak \| Partnership Interest \| Business Contribution Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total consideration paid for Moonrise		425,000
Cash paid to acquire investment		$ 155,000
Moonrise Acquisition (in shares)		7,471,008
Tall Oak \| Common Class B \| Business Contribution Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Moonrise Acquisition (in shares)		7,471,008

DEBT - Schedule of Maturities of Long-term Debt (Details) - Amortizing principal repayments $ in Thousands	Mar. 31, 2025 USD ($)
Debt
Amortizing principal repayments	$ 125,323
2025	12,582
2026	16,967
2027	17,769
2028	78,005
2029	$ 0

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net income	$ 4,634	$ 132,927
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Deferred income taxes	233	0
Depreciation and amortization	28,752	28,102
Noncash lease expense	2,349	1,009
Amortization of debt issuance costs and other	968	3,505
Equity compensation	2,375	2,772
Income from equity method investees	(4,840)	(10,638)
Distributions from equity method investees	6,694	17,082
Gain on asset sales, net	0	(27)
Foreign currency gain and other	0	19
Gain on fair value of earn-out	(9,023)	0
Gain (loss) on sale of business	43	(86,202)
Gain on sale of equity method investment	0	(126,261)
Unrealized (gain) loss on interest rate swaps	1,870	(1,244)
Long-lived asset impairment	0	67,916
Changes in operating assets and liabilities:
Accounts receivable	(3,378)	2,961
Trade accounts payable	7,870	(3,497)
Accrued expenses	7,114	3,833
Deferred revenue, net	(1,879)	(2,293)
Ad valorem taxes payable	(4,449)	(5,261)
Accrued interest	(12,730)	25,528
Accrued environmental remediation, net	(35)	195
Other, net	(10,538)	(6,810)
Net cash provided by operating activities	16,030	43,616
Cash flows from investing activities:
Capital expenditures	(20,606)	(16,398)
Proceeds from Utica Sale (excluding Ohio Gathering)	0	292,266
Proceeds from sale of Ohio Gathering	0	332,734
Cash consideration paid for the acquisition of Moonrise, net of cash acquired	(69,997)	0
Proceeds from asset sale	0	27
Investment in Double E equity method investee	(2,488)	0
Net cash provided by (used in) investing activities	(93,091)	608,629
Cash flows from financing activities:
Debt repayments - ABL Facility	(250,000)	(313,000)
Borrowings on Amended and Restated ABL Facility	90,000	0
Issuance of Additional 2029 Secured Notes	258,438	0
Distributions on Subsidiary Series A Preferred Units	(1,628)	(1,628)
Debt issuance costs	(4,832)	0
Distributions on Series A Preferred Shareholders	(3,359)	0
Other, net	(3,155)	(2,424)
Net cash provided by (used in) financing activities	81,466	(320,846)
Net change in cash, cash equivalents and restricted cash	4,405	331,399
Cash, cash equivalents and restricted cash, beginning of period	25,199	16,645
Cash, cash equivalents and restricted cash, end of period	29,604	348,044
Permian Transmission Term Loan: Summit Permian Transmission’s variable rate senior secured term loan due January 2028
Cash flows from financing activities:
Debt repayments - Permian Transmission Term Loan	$ (3,998)	$ (3,794)

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

EARNINGS PER SHARE

12. EARNINGS PER SHARE

The following table details the components of EPS.


	Three Months Ended March 31,
	2025		2024
	(In thousands, except per-share amounts)
Numerator for basic and diluted EPS:
Net income	$	4,634	$	132,927
Less: Net income attributable to Subsidiary Series A Preferred Units	(3,592)		(3,770)
Add: Net loss attributable to noncontrolling interest	989		—
Net income attributable to Summit Midstream Corporation	$	2,031	$	129,157

Less: Net income attributable to Series A Preferred Stock	$	(3,918)	$	(3,220)
Net income (loss) attributable to common equity holders	$	(1,887)	$	125,937

Denominator for basic and diluted EPS:
Weighted-average number of shares outstanding – basic	11,767		10,449
Effect of nonvested restricted stock units	—		531
Effect of assumed conversion and elimination of noncontrolling interest and net income
Weighted-average number of shares outstanding – diluted	11,767		10,980

Net income (loss) per share:
Common Stock – basic	$	(0.16)	$	12.05
Common Stock – diluted	$	(0.16)	$	11.47
Class B Common Stock - basic and diluted	$	—	$	—

Nonvested anti-dilutive restricted shares excluded from the calculation of diluted EPS	462		38
Class B Common Stock	6,535		—

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
ASSETS
Cash and cash equivalents	$ 26,228	$ 22,822
Restricted cash	3,376	2,377
Accounts receivable	83,918	77,058
Other current assets	6,241	16,014
Total current assets	119,763	118,271
Property, plant and equipment, net	1,852,458	1,785,029
Intangible assets, net	163,182	154,279
Investment in equity method investee	270,196	269,561
Other noncurrent assets	28,576	32,344
TOTAL ASSETS	2,434,175	2,359,484
LIABILITIES AND EQUITY
Trade accounts payable	31,932	25,162
Accrued expenses	46,397	38,176
Deferred revenue	9,816	9,595
Ad valorem taxes payable	5,095	9,544
Accrued compensation and employee benefits	3,339	11,222
Accrued interest	8,981	21,711
Accrued environmental remediation	1,585	1,430
Accrued settlement payable	6,667	6,667
Current portion of long-term debt	16,671	16,580
Other current liabilities	20,124	34,714
Total current liabilities	150,607	174,801
Deferred tax liabilities	75,840	63,326
Long-term debt, net	1,067,172	976,995
Noncurrent deferred revenue	23,273	25,373
Noncurrent accrued environmental remediation	577	768
Other noncurrent liabilities	13,836	20,150
TOTAL LIABILITIES	1,331,305	1,261,413
Commitments and contingencies (Note 9)
Mezzanine Equity
Subsidiary Series A Preferred Units (93,039 issued and outstanding as of March 31, 2025 and December 31, 2024)	134,909	132,946
Equity
Additional paid-in capital	632,387	540,714
Accumulated deficit	(185,220)	(183,333)
Total Company Stockholders’ equity	558,143	467,792
Noncontrolling interest	409,818	497,333
Total Equity	967,961	965,125
TOTAL LIABILITIES AND EQUITY	2,434,175	2,359,484
Series A Preferred Stock
Equity
Series A Preferred Stock (65,508 authorized as of March 31, 2025 and December 31, 2024; 65,508 issued and outstanding as of March 31, 2025 and December 31, 2024)	110,789	110,230
Common Stock
Equity
Common stock, value issued	122	106
Common Class B
Equity
Common stock, value issued	$ 65	$ 75

COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Accrued Environmental Remediation


	(In thousands)
Accrued environmental remediation, December 31, 2024	$	2,198
Payments made	(36)
Changes in estimates	—
Accrued environmental remediation, March 31, 2025	$	2,162

DEFERRED REVENUE (Details) $ in Thousands	3 Months Ended
DEFERRED REVENUE (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Change in Contract with Customer, Liability, Current [Roll Forward]
Beginning balance	$ 9,595
Add: additions	2,167
Less: revenue recognized and other	(1,946)
Current deferred revenue, ending balance	9,816
Change in Contract with Customer, Liability, Noncurrent [Roll Forward]
Beginning balance	25,373
Add: additions	0
Less: reclassification to current deferred revenue and other	(2,100)
Ending balance	$ 23,273

ORGANIZATION, BUSINESS OPERATIONS, CORPORATE REORGANIZATION AND PRESENTATION AND CONSOLIDATION	3 Months Ended
	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION, BUSINESS OPERATIONS, CORPORATE REORGANIZATION AND PRESENTATION AND CONSOLIDATION	1. ORGANIZATION, BUSINESS OPERATIONS, CORPORATE REORGANIZATION 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”). 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. 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 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 Preferred Unit automatically converting into the right to receive one share of Series A Preferred Stock. 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 bases of 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. The primary financial impacts of the Corporate Reorganization to the consolidated financial statements were (i) reclassification of the partnership capital accounts to equity accounts reflective of a corporation and (ii) income tax effects. Presentation and Consolidation. The Company prepares its condensed consolidated financial statements in accordance with GAAP as established by the FASB and pursuant to the rules and regulations of the SEC pertaining to interim financial information. The unaudited condensed consolidated financial statements contained in this report include all normal and recurring material adjustments that, in the opinion of management, are necessary for a fair statement of the financial position, results of operations and cash flows for the interim periods presented herein. These unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements and related notes that are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report”). 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 unaudited condensed consolidated financial statements include the assets, liabilities and results of operations of the Company. 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.

DEBT - Narrative (Details) - USD ($)					1 Months Ended	3 Months Ended
DEBT - Narrative (Details) - USD ($)	Jul. 30, 2026	Jan. 10, 2025	Jul. 26, 2024	Jul. 17, 2024	Feb. 28, 2017	Mar. 31, 2025	Dec. 31, 2024	Jun. 07, 2024	Jun. 05, 2024	May 07, 2024	Apr. 24, 2024	Mar. 27, 2024	Nov. 30, 2023	Nov. 30, 2022	Dec. 31, 2021	Mar. 08, 2021
ABL Facility
Debt Instrument [Line Items]
Borrowing capacity			$ 500,000,000			$ 500,000,000.0
Borrowing base capacity						$ 525,200,000
Basis spread on variable rate (as a percent)						2.50%
Interest rate during period (as a percent)						6.92%
Unused portion under the facility						$ 354,200,000
ABL Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Amended and Restated ABL Facility: Summit Holdings’ asset based credit facility due July 2029						$ 800,000
ABL Facility \| Maximum \| Summit Permian Transmission, LLC
Debt Instrument [Line Items]
First lien net leverage ratio (as a percent)			2.50			0.52
Interest coverage ratio			2.00			2.80
ABL Facility \| Summit Holdings And Finance Corporation
Debt Instrument [Line Items]
Proceeds from sale of other assets			$ 50,000,000
Aggregate commitments (as percent)			10.00%
ABL Facility \| Summit Holdings And Finance Corporation \| Minimum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			1.50%
ABL Facility \| Summit Holdings And Finance Corporation \| Minimum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			2.50%
ABL Facility \| Summit Holdings And Finance Corporation \| Maximum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			2.25%
ABL Facility \| Summit Holdings And Finance Corporation \| Maximum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			3.25%
Credit Agreement
Debt Instrument [Line Items]
Borrowing capacity																$ 175,000,000
Basis spread on variable rate (as a percent)						2.475%
Interest rate during period (as a percent)						6.81%
Unused portion of the Permian transmission credit facility						$ 4,500,000
Commitment fee (as a percent)						0.70%
Credit Agreement \| Standby Letters of Credit
Debt Instrument [Line Items]
Unused portion of the Permian transmission credit facility						$ 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]
Debt hedged by interest rate derivatives (as percent)						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: Summit Permian Transmission’s variable rate senior secured term loan due January 2028
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)						2.475%
Interest rate during period (as a percent)						6.81%
Senior Secured Second Lien Notes, 2029
Debt Instrument [Line Items]
Debt offering		$ 250,000,000	$ 50,600,000
Senior Secured Second Lien Notes, 2029 \| Summit Holdings And Finance Corporation
Debt Instrument [Line Items]
Debt offering			$ 575,000,000
Stated interest rate (as a percent)			8.625%
Redemption price, expressed as percentage of principal amount		103.375%
Senior Secured Second Lien Notes, 2029 \| Summit Holdings And Finance Corporation \| Subsequent Event
Debt Instrument [Line Items]
Redemption percentage (as a percent)	40.00%
Redemption price, expressed as percentage of principal amount	108.625%
Senior Secured Second Lien Notes, 2029 \| Summit Holdings And Finance Corporation \| Subsequent Event \| Forecast
Debt Instrument [Line Items]
Redemption percentage (as a percent)	100.00%
2029 Secured Notes: 8.625% senior secured second lien notes due October 2029 \| Secured Debt
Debt Instrument [Line Items]
Stated interest rate (as a percent)						8.625%
Unsecured notes						$ 825,000,000	$ 575,000,000
2026 Notes
Debt Instrument [Line Items]
Debt offering														$ 85,000,000	$ 700,000,000
Stated interest rate (as a percent)															8.50%
Debt issued as a percent of face value														99.26%	98.50%
Secured Notes Indenture, 2026
Debt Instrument [Line Items]
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 And Finance Corporation
Debt Instrument [Line Items]
Redemption price, expressed as percentage of principal amount			102.125%
Repayments of debt			$ 649,800,000
Debt instrument, notice of redemption on tender offer			114,700,000
Debt instrument redemption irrevocable deposit			$ 121,200,000
2026 Unsecured Notes
Debt Instrument [Line Items]
Debt offering													$ 209,500,000
Debt instrument, repurchase amount													29,500,000
2026 Unsecured Notes \| Summit Holdings And Finance Corporation
Debt Instrument [Line Items]
Debt instrument redemption notice amount								$ 209,500,000
2025 Senior Notes
Debt Instrument [Line Items]
Debt offering													180,000,000
Debt instrument, repurchased face amount													$ 29,700,000
2025 Senior Notes \| Summit Holdings And Finance Corporation \| Beginning October 15, 2025
Debt Instrument [Line Items]
Redemption price, expressed as percentage of principal amount					100.00%
2025 Senior Notes \| Summit Holdings And Finance Corporation \| Beginning October 15, 2025
Debt Instrument [Line Items]
Redemption price, expressed as percentage of principal amount				100.00%
Secured Notes Indenture, 2025 \| Summit Holdings And Finance Corporation
Debt Instrument [Line Items]
Debt instrument, cash tender offer				$ 49,800,000

SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2025

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
Three Months Ended March 31, 2025
Revenues: (1)
Gathering services and related fees	$	16,045	$	—	$	15,743	$	32,377	$	—
Natural gas, NGL’s and condensate sales	54,824		—		906		3,597		—
Other revenues	4,918		910		1,184		2,193		—
Total revenues	$	75,787	$	910	$	17,833	$	38,167	$	—
Less:
Cost of natural gas and NGLs (excludes deductions for gathering, processing and other fees)	$	48,422	$	—	$	292	$	—	$	—
Cost of natural gas and NGLs (amounts withheld from customers for the Company’s gathering, processing and other fees)	(13,280)		—		—		—		—
Employee costs	4,209		—		1,580		2,505		—
Materials, parts and other operating expenses	4,486		—		1,805		2,904		—
Indirect and passthrough (3)	4,215		—		2,296		9,865		—
Other segment items (2)	2,866		(7,360)		74		436		—
Segment Adjusted EBITDA	$	24,869	$	8,270	$	11,786	$	22,457	$	—


	Rockies		Permian		Piceance		Mid-Con		Northeast
Three Months Ended March 31, 2024
Revenues: (1)
Gathering services and related fees	$	16,516	$	—	$	20,387	$	8,229	$	16,853
Natural gas, NGL’s and condensate sales	47,970		—		948		174		—
Other revenues	4,108		910		1,245		1,457		—
Total revenues	$	68,594	$	910	$	22,580	$	9,860	$	16,853
Less:
Cost of natural gas and NGLs (excludes deductions for gathering, processing and other fees)	$	40,982	$	—	$	374	$	—	$	—
Cost of natural gas and NGLs (amounts withheld from customers for the Company’s gathering, processing and other fees)	(11,174)		—		—		—		—
Employee costs	3,723		—		1,465		729		555
Materials, parts and other operating expenses	5,388		—		1,857		685		703
Indirect and passthrough (3)	4,292		—		2,412		3,010		657
Other segment items (2)	2,509		(6,355)		1,239		336		(14,083)
Segment Adjusted EBITDA	$	22,874	$	7,265	$	15,233	$	5,100	$	29,021

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

(2) For the three months ended March 31, 2025 and 2024, 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.


	Three Months Ended March 31,
	2025		2024
	(In thousands)
Depreciation and amortization:
Rockies	$	9,753	$	8,945
Permian	—		—
Piceance	10,550		10,468
Mid-Con(1)	8,058		4,055
Northeast	—		4,248
Total reportable segment depreciation and amortization	28,361		27,716
Corporate and Other	391		386
Total depreciation and amortization	$	28,752	$	28,102

(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.


	Three Months Ended March 31,
	2025		2024
	(In thousands)
Cash paid for capital expenditures:
Rockies	$	11,473	$	12,558
Permian	—		—
Piceance	1,090		685
Mid-Con	7,222		406
Northeast	—		1,535
Total reportable segment capital expenditures	19,785		15,184
Corporate and Other	821		1,214
Total cash paid for capital expenditures	$	20,606	$	16,398

Schedule of Assets by Reportable Segment

Assets by reportable segment follow.


	March 31, 2025		December 31, 2024
	(In thousands)
Assets(1):
Rockies	$	1,013,891	$	917,293
Permian	282,927		285,280
Piceance	380,114		389,668
Mid-Con	745,477		746,549
Northeast	—		—
Total reportable segment assets	2,422,409		2,338,790
Corporate and Other	11,766		20,694
Total assets	$	2,434,175	$	2,359,484

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

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.


	Three Months Ended March 31,
		2025		2024
		(In thousands)
Reconciliation of segment adjusted EBITDA to income before income taxes:
Total segment adjusted EBITDA		$	67,382	$	79,493
Less:
Corporate and Other expense (1)		8,127		15,096
Income from equity method investees		(4,840)		(10,638)
Interest expense		22,537		37,846
Depreciation and amortization (2)		28,752		28,102
Proportional adjusted EBITDA for equity method investees (3)		7,404		20,675
Adjustments related to capital reimbursement activity (4)		(1,946)		(2,923)
Equity compensation		2,375		2,772
Gain on asset sales, net		—		(27)
Gain (loss) on sale of business		43		(86,202)
Gain on sale of equity method investment		—		(126,261)
Long-lived asset impairment		—		67,916

Income before income taxes		$	4,930	$	133,137

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

REVENUE (Tables)

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

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


(In thousands)	2025		2026		2027		2028		2029		Thereafter

Gathering services and related fees	$	27,734	$	26,568	$	7,965	$	5,325	$	—	$	—

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


	Three Months Ended March 31, 2025
	Gathering services and related fees		Natural gas, NGLs and condensate sales		Other revenues		Total
	(In thousands)
Reportable Segments:
Northeast	$	—	$	—	$	—	$	—
Rockies	16,045		54,824		4,918		75,787
Permian	—		—		910		910
Piceance	15,743		906		1,184		17,833
Mid-Con	32,377		3,597		2,193		38,167
Total reportable segments	64,165		59,327		9,205		132,697
Corporate and other	—		—		—		—
Total	$	64,165	$	59,327	$	9,205	$	132,697


	Three Months Ended March 31, 2024
	Gathering services and related fees		Natural gas, NGLs and condensate sales		Other revenues		Total
	(In thousands)
Reportable Segments:
Northeast	$	16,853	$	—	$	—	$	16,853
Rockies	16,516		47,970		4,108		68,594
Permian	—		—		910		910
Piceance	20,387		948		1,245		22,580
Mid-Con	8,229		174		1,457		9,860
Total reportable segments	61,985		49,092		7,720		118,797
Corporate and other	—		—		74		74
Total	$	61,985	$	49,092	$	7,794	$	118,871

EQUITY AND MEZZANINE EQUITY

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

EQUITY AND MEZZANINE EQUITY

11. 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, 2024 to March 31, 2025:


						Shares of Common Stock
Shares, December 31, 2024						10,659,220
Conversion of Class B Common Stock and Partnership Common Units						946,541
Shares issued for SMLP LTIP, net						173,072
Moonrise Acquisition						462,265
Shares, March 31, 2025						12,241,098

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, 2024 to March 31, 2025.


			Shares of Class B Common Stock
Shares, December 31, 2024			7,471,008
Conversion of Class B Common Stock and Partnership Common Units			(946,541)
Shares, March 31, 2025			6,524,467

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 March 15, 2025 for the period ending June 30, 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 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 was 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.

As of March 31, 2025 and December 31, 2024, the Company had 65,508 shares of Series A Preferred Stock outstanding and $46.9 million of accrued and unpaid distributions on its Series A Preferred Stock.

Partnership Common Units. In the Tall Oak Acquisition, SMLP 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, 2024 to March 31, 2025.


			Partnership Common Units
Units, December 31, 2024			7,471,008
Conversion of Class B Common Stock and Partnership Common Units			(946,541)
Units, March 31, 2025			6,524,467

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. Net income (loss) attributable to common stockholders includes adjustments for payment-in-kind distributions and redemption accretion.

As of March 31, 2025, the Company had 93,039 Subsidiary Series A Preferred Units issued and outstanding.

If the Subsidiary Series A Preferred Units were redeemed on March 31, 2025, the redemption amount would be $135.9 million when considering the applicable multiple on invested capital metric and make-whole amount provisions contained in the Amended and Restated Limited Liability Company Agreement of Permian Holdco.


	(In thousands)
Balance at, December 31, 2024	$	132,946
Redemption accretion, net of issuance cost amortization	3,592
Cash distribution (includes a $1.6 million distribution payable as of March 31, 2025)	(1,629)
Balance at, March 31, 2025	$	134,909

Noncontrolling interest. Noncontrolling interest represents 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. As of March 31, 2025, the Company’s noncontrolling interest is approximately 35% of the net assets of SMLP. The noncontrolling interest will be adjusted in the future for (i) any net income or loss generated by SMLP, and (ii) any equity shifts resulting from the issuance of common stock in connection with the SMC LTIP, or certain changes to SMLP’s capital accounts.

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


	Noncontrolling Interest
Balance, December 31, 2024	$	497,333
Net loss	(989)
Equity shift - Change in Ownership of Consolidated Subsidiary	(86,526)
Balance as of March 31, 2025	$	409,818

Equity shift - 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.

During the three months ended March 31, 2025, the Company had an equity shift and its noncontrolling interest was reduced by $86.5 million primarily due to an increase in the number of SMC shares outstanding and a corresponding increase in SMC’s ownership of SMLP’s net assets. The increase in SMC’s outstanding share count, which also resulted in an equivalent increase of SMLP’s issued units, was a result of (a) the issuance of 0.9 million SMC shares to Tall Oak Midstream Investments, LLC (“TOMI”) for the exchange and conversion of TOMI’s ownership of 0.9 million SMC’s Class B Common Stock and associated 0.9 million Partnership Common Units, (b) the issuance of 0.5 million SMC shares for the Moonrise Acquisition (See Note 3 - Acquisitions and Divestitures) and (c) employee share-based compensation vesting events.

Cash Distribution Policy. In March 2020, SMLP suspended cash distributions to holders of its common units and Series A Preferred Units, commencing with respect to the quarter ended 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 March 31, 2025, the amount of accrued and unpaid dividends on the Series A Preferred Stock totaled $46.9 million.

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, Series A Preferred Shares and the indenture governing the 2029 Senior Notes.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

FINANCIAL INSTRUMENTS

10. FINANCIAL INSTRUMENTS

Fair Value. A summary of the estimated fair value of our debt financial instruments follows.


	March 31, 2025				December 31, 2024
	Carrying Value (1)		Estimated fair value (Level 2)		Carrying Value (1)		Estimated fair value (Level 2)
	(In thousands)




2029 Secured Notes	$	825,000	$	841,514	$	575,000	$	595,125

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

The carrying values on the balance sheets of the Amended and Restated ABL Facility and the Permian Transmission Term Loan represent their fair value due to their floating interest rates. The fair value of the 2029 Secured Notes is based on an average of nonbinding broker quotes as of March 31, 2025 and December 31, 2024. The use of different market assumptions or valuation methodologies may have a material effect on their 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 March 31, 2025, the estimated fair value of the deferred earn-out liability recorded on the Company’s consolidated balance sheet was $12.3 million and is reflected within other current liabilities. As of December 31, 2024, the estimated fair value of the deferred earn-out 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. During the three months ended March 31, 2025, the Company recorded a $9.0 million gain on the fair value remeasurement of the Tall Oak earn-out. As of March 31, 2025 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.

Interest Rate Swaps. In connection with the Permian Transmission Term Loan, SMLP entered into amortizing interest rate swap agreements. As of March 31, 2025 and December 31, 2024, the outstanding notional amounts of interest rate swaps were $112.8 million and $116.4 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 March 31, 2025 and December 31, 2024, the Company’s interest rate swap agreements had a fair value of $9.1 million and $11.0 million, respectively, and are recorded within other noncurrent assets within the unaudited condensed consolidated balance sheets. The derivative instruments’ fair value are determined using level 2 inputs from the fair value hierarchy.

For the three months ended March 31, 2025 and 2024, the Company recorded a loss on interest rate swaps of $1.0 million and a gain on interest rate swaps of $2.6 million, respectively.

- 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
-Topic 820
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-Section 55
-Paragraph 107
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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 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenues:
Total revenues	$ 132,697	$ 118,871
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	$ 35,434	$ 30,182
Operation and maintenance	33,530	25,012
General and administrative	16,600	14,785
Depreciation and amortization	28,517	27,867
Transaction costs	2,793	7,791
Acquisition integration costs	1,244	40
Gain on asset sales, net	0	(27)
Long-lived asset impairments	0	67,916
Total costs and expenses	118,118	173,566
Other income (expense), net	9,057	(13)
Gain (loss) on interest rate swaps	(966)	2,590
Gain (loss) on sale of business	(43)	86,202
Gain on sale of equity method investment	0	126,261
Interest expense	(22,537)	(37,846)
Income from equity method investees	4,840	10,638
Income before income taxes	4,930	133,137
Income tax expense	(296)	(210)
Net income	4,634	132,927
Less: Net income attributable to Subsidiary Series A Preferred Units	(3,592)	(3,770)
Less: Net income attributable to Series A Preferred Stock	(3,918)	(3,220)
Add: Net loss attributable to noncontrolling interest in SMLP	989	0
Net income (loss) attributable to Summit Midstream Corporation	$ (1,887)	$ 125,937
Net income (loss) per share:
Common stock – basic (in dollars per share)	$ (0.16)	$ 12.05
Common stock – diluted (in dollars per share)	$ (0.16)	$ 11.47
Weighted-average number of shares outstanding:
Common stock – basic (in shares)	11,767	10,449
Common stock – diluted (in shares)	11,767	10,980
Gathering services and related fees
Revenues:
Total revenues	$ 64,165	$ 61,985
Natural gas, NGLs and condensate sales
Revenues:
Total revenues	59,327	49,092
Other revenues
Revenues:
Total revenues	$ 9,205	$ 7,794

EQUITY METHOD INVESTMENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Gain on sale of equity method investment	$ 0	$ 126,261

SEGMENT INFORMATION - Reconciliation of Net Loss to Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting Information [Line Items]
Total segment adjusted EBITDA	$ 67,382	$ 79,493
Less:
Corporate and Other expense	8,127	15,096
Income from equity method investees	(4,840)	(10,638)
Interest expense	22,537	37,846
Depreciation and amortization	28,752	28,102
Proportional adjusted EBITDA for equity method investees	7,404	20,675
Adjustments related to capital reimbursement activity	(1,946)	(2,923)
Equity compensation	2,375	2,772
(Gain) loss on asset sales, net	0	(27)
Gain (loss) on sale of business	43	(86,202)
Gain on sale of equity method investment	0	(126,261)
Long-lived asset impairments	0	67,916
Income before income taxes	4,930	133,137
Reportable Segments
Less:
Depreciation and amortization	$ 28,361	$ 27,716

FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Concentration Risk [Line Items]
Gain (loss) on interest rate swaps	$ (966)	$ 2,590
Interest Rate Swap
Concentration Risk [Line Items]
Derivative liability, notional amount	112,800		$ 116,400
Fair value of interest rate swap	9,100		11,000
Gain (loss) on interest rate swaps	(1,000)	$ 2,600
Fair Value, Inputs, Level 3
Concentration Risk [Line Items]
Deferred earn-out liability	12,300		21,300
Deferred earn-out liability, current			14,500
Deferred earn-out liability, noncurrent			$ 6,800
Gain on the fair value remeasurement	$ 9,000

EQUITY AND MEZZANINE EQUITY - Schedule of Partners' Capital Account, Common Units (Details) - Common Units - Common Stock	3 Months Ended
	Mar. 31, 2025 shares
Partners Capital [Line Items]
Beginning balance (in shares)	6,524,467
Conversion of Class B Common Stock and Partnership Common Units (in shares)	(946,541)
Ending balance (in shares)	7,471,008

EQUITY AND MEZZANINE EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	4 Months Ended	12 Months Ended
	Aug. 01, 2024	Mar. 31, 2025	Jun. 30, 2025	Dec. 31, 2024	Feb. 28, 2025
Partners Capital [Line Items]
Subsidiary series A preferred unitholders, outstanding (in shares)		65,508		65,508
Conversion of Class B Common Stock and Partnership Common Units		$ 86,500
Summit Midstream Partners, LP
Partners Capital [Line Items]
Percentage of noncontrolling interest on net assets		35.00%
Common Stock \| Moonrise
Partners Capital [Line Items]
Conversion of class B common stock and partnership common units (in shares)		500,000
Common Stock \| Common Units
Partners Capital [Line Items]
Conversion of class B common stock and partnership common units (in shares)		946,541
Common Stock \| Common Units \| Tall Oak
Partners Capital [Line Items]
Conversion of class B common stock and partnership common units (in shares)		900,000
Noncontrolling Interest \| Tall Oak
Partners Capital [Line Items]
Conversion of class B common stock and partnership common units (in shares)		86,526,000
Series A Preferred Units
Partners Capital [Line Items]
Outstanding common stock unit ,converted into right to receive (in shares)	1
Series A preferred units, outstanding (in shares)		93,039,000		93,039,000
Series A preferred units, issued (in shares)		93,039,000		93,039,000
Common Stock
Partners Capital [Line Items]
Outstanding common stock unit ,converted into right to receive (in shares)	1	1.000
Common stock, issued (in shares)		12,241,098		10,659,220
Common Class B
Partners Capital [Line Items]
Common stock, issued (in shares)		6,524,467		7,471,008
Common Class B \| Tall Oak
Partners Capital [Line Items]
Common stock, issued (in shares)		7,471,008
Conversion of class B common stock and partnership common units (in shares)		900,000
Common Class B \| Common Stock
Partners Capital [Line Items]
Conversion of Class B Common Stock and Partnership Common Units		$ 10
Common Class B \| Common Stock \| Tall Oak
Partners Capital [Line Items]
Conversion of class B common stock and partnership common units (in shares)		900,000
Series A Preferred Stock
Partners Capital [Line Items]
Outstanding common stock unit ,converted into right to receive (in shares)	1.000
Preferred stock, liquidation preference (in dollar per shares)	$ 1,000
Distribution rate (as a percent)		7.69%
Preferred stock, dividends per share, declared (in dollars per share)		$ 51.27
Preferred stock, shares outstanding (in shares)					65,508
Subsidiary series A preferred unitholders, outstanding (in shares)		65,508		65,508
Accrued and unpaid distributions		$ 46,900		$ 46,900
Redemption amount		135,900
Issuance costs		$ 1,000		$ 1,100
Series A Preferred Stock \| Forecast
Partners Capital [Line Items]
Distribution rate (as a percent)			12.00%
Series A Preferred Units
Partners Capital [Line Items]
Preferred stock, liquidation preference (in dollar per shares)		$ 1,000
Distribution rate (as a percent)		7.00%

INCOME TAXES (Details)	3 Months Ended
INCOME TAXES (Details)	Mar. 31, 2025	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Effective income tax rate	6.00%	0.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED ACCOUNTING STANDARDS APPLICABLE TO THE COMPANY	3 Months Ended
	Mar. 31, 2025
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 There have been no changes to the Company’s significant accounting policies since December 31, 2024. New accounting standards not yet implemented. 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 within our consolidated statements of operations.

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	17. SUBSEQUENT EVENTS [OPEN]

DEBT

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

DEBT

8. DEBT

Debt for the Company at March 31, 2025 and December 31, 2024, follows:


	March 31, 2025		December 31, 2024
	(In thousands)
Amended and Restated ABL Facility: Summit Holdings’ asset based credit facility due July 2029	$	145,000	$	305,000

Permian Transmission Term Loan: Summit Permian Transmission’s variable rate senior secured term loan due January 2028	125,323		129,321
2029 Secured Notes: 8.625% senior secured second lien notes due October 2029	825,000		575,000



Less: unamortized debt discount, premium and debt issuance costs	(11,480)		(15,746)
Total debt, net of unamortized debt discount, premium and debt issuance costs	1,083,843		993,575
Less: current portion of Permian Transmission Term Loan	(16,671)		(16,580)
Total long-term debt	$	1,067,172	$	976,995

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 the Amended and Restated ABL Agreement, 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 March 31, 2025, the most recent borrowing base determination of eligible assets, which does not include any additions for the acquired Tall Oak and Moonrise assets, totaled $525.2 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”). As of March 31, 2025, the Amended and Restated ABL Facility will mature on July 26, 2029.

Borrowings under the Amended and Restated ABL Facility bear interest, 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 our 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 March 31, 2025, the First Lien Net Leverage Ratio (as defined in the Amended and Restated ABL Agreement) was 0.52:1.00 and the Interest Coverage Ratio was 2.80:1.00. As of March 31, 2025, the Company was in compliance with the financial covenants of the Amended and Restated ABL Facility.

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 SMLP, (iii) Closing Date Gathering Station Real Property and Closing Date Pipeline Systems 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 March 31, 2025, the applicable margin under the adjusted SOFR borrowings was 2.500%, the interest rate was 6.92%, and the total available borrowing capacity totaled $354.2 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, Summit Holdings and the other guarantors party thereto entered into an Intercreditor Agreement (as 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, and Regions Bank, as initial second lien representative for the initial second lien claimholders and collateral agent for the initial second lien claimholders, which was reaffirmed by Bank of America, N.A., in connection with its entry into the Amended and Restated ABL Facility, and which Regions Bank joined as an additional second lien representative for the additional second lien claimholders and additional second lien collateral agent for the additional second lien claimholders, in each case, pursuant to that certain Notice and Reaffirmation of Intercreditor Agreement (the “Notice of Reaffirmation”), dated as of July 26, 2024, substantially concurrently with the entry into the Amended and Restated ABL Facility. The Intercreditor Agreement establishes (i) a first-priority lien (subject to permitted liens) status for the liens on the collateral securing the ABL Facility (and will apply to 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.

Permian Transmission Credit Facilities. On March 8, 2021, SMLP’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 unaudited condensed consolidated balance sheets.

As of March 31, 2025, the applicable margin under adjusted term SOFR borrowings was 2.475%, the average interest rate was 6.81% 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 March 31, 2025, 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 March 31, 2025, the applicable margin under adjusted term SOFR borrowings was 2.475% and the average interest rate was 6.81%. As of March 31, 2025, the Company was in compliance with the financial covenants of 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 March 31, 2025:


(In thousands)	Total		2025		2026		2027		2028		2029
Amortizing principal repayments	$	125,323	$	12,582	$	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. On January 10, 2025, Summit Holdings issued an additional $250.0 million in aggregate principal amount of 2029 Secured Notes, at a price of 103.375% of their face value, 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. As of March 31, 2025, $825.0 million of the 2029 Secured Notes were outstanding. 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 March 31, 2025, 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 Finance Corp. issued $700.0 million of 8.500% Senior Secured Second Lien Notes due 2026 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 2022 DJ Acquisitions, 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 “Asset Sale Offer”). The 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.

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 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. SMLP 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.

2025 Senior Notes. In February 2017, Summit Holdings and Finance Corp. issued the 2025 Senior Notes. SMLP 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, SMLP 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.

- 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.

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+ Details

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2025
Income Tax Disclosure [Abstract]
INCOME TAXES	15. INCOME TAXES Prior to consummation of the Corporate Reorganization, SMLP was treated as a partnership for federal and state income tax purposes, in which the Partnership’s taxable income or loss was passed through to its unitholders. SMLP was subject to Texas margin tax. Therefore, with the exception 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. Summit Midstream Corporation’s effective income tax rate for the three months ended March 31, 2025 and March 31, 2024 was 6.00% and 0.00%, respectively. The effective tax rate for the three months ended March 31, 2025 was different from the U.S. federal statutory income tax rate of 21% primarily due to the net income allocated to the noncontrolling interest, tax benefits related to stock-based compensation and nondeductible executive compensation. The effective tax rate for the three months ended March 31, 2024 was different from the U.S. federal statutory income tax rate of 21% primarily due to SMLP’s pre-Corporate Reorganization income not being subject to U.S. federal or state income tax, other than the Texas margin tax. 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. SMC 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 March 31, 2025. SMC continues to monitor income tax developments in the United States. SMC will incorporate into its future financial statements the impacts, if any, of future regulations and additional authoritative guidance when finalized.

- Definition

The entire disclosure for income tax.

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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Line of Credit Facility [Line Items]
Less: unamortized debt discount, premium and debt issuance costs	$ (11,480)	$ (15,746)
Total debt, net of unamortized debt discount, premium and debt issuance costs	1,083,843	993,575
Less: current portion of Permian Transmission Term Loan	(16,671)	(16,580)
Total long-term debt	1,067,172	976,995
Asset Backed Lending Facility \| Line of Credit
Line of Credit Facility [Line Items]
Secured notes	145,000	305,000
Permian Transmission Term Loan
Line of Credit Facility [Line Items]
Total	125,323
Permian Transmission Term Loan \| Line of Credit
Line of Credit Facility [Line Items]
Total	125,323	129,321
2029 Secured Notes \| Secured Debt
Line of Credit Facility [Line Items]
Unsecured notes	$ 825,000	$ 575,000