0002024218-26-000069 | 10-Q | XBRL Viewer

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DEBT - Schedule of Redemption Price (Details) - Senior Secured Second Lien Notes, 2029 - Summit Holdings	Jan. 10, 2025	Jul. 26, 2024
Line of Credit Facility [Line Items]
Redemption price, expressed as percentage of principal amount (as a percent)	103.375%	108.625%
July 31, 2026 to July 30, 2027
Line of Credit Facility [Line Items]
Redemption price, expressed as percentage of principal amount (as a percent)		104.313%
July 31, 2027 to July 30, 2028
Line of Credit Facility [Line Items]
Redemption price, expressed as percentage of principal amount (as a percent)		102.156%
July 31, 2028 and thereafter
Line of Credit Facility [Line Items]
Redemption price, expressed as percentage of principal amount (as a percent)		100.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED ACCOUNTING STANDARDS APPLICABLE TO THE COMPANY	3 Months Ended
	Mar. 31, 2026
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, 2025. New accounting standards not yet implemented. 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 its disclosures. ASU 2025-11, Interim Reporting (“ASU 2025-11”) which is intended to improve the navigability of the guidance in ASC 270, Interim Reporting, and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides interim financial statements and notes in accordance with GAAP. ASU 2025-11 also addresses the form and content of such financial statements, interim disclosures requirements, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, and early adoption is permitted. The Company is currently assessing the impact this standard will have on its consolidated financial statements and disclosures.

ORGANIZATION, BUSINESS OPERATIONS, AND PRESENTATION AND CONSOLIDATION	3 Months Ended
	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION, BUSINESS OPERATIONS, AND PRESENTATION AND CONSOLIDATION	1. ORGANIZATION, BUSINESS OPERATIONS, AND PRESENTATION AND CONSOLIDATION Organization. Summit Midstream Corporation (including its subsidiaries, collectively the “Company”) was incorporated under the laws of the State of Delaware on May 14, 2024, for the purpose of effecting the reorganization (the “Corporate Reorganization”) of Summit Midstream Partners, LP, a Delaware master limited partnership (“SMLP”), in which the Company was incorporated to serve as the new parent holding company of SMLP. The Company’s common stock, par value $0.01 per share (“common stock”), is listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “SMC.” For all periods presented, the Company has operated in 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 U.S. 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. 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, 2025 (the “2025 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 management’s 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.

SEGMENT INFORMATION - Schedule of Assets by Reportable Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Segment Reporting Information [Line Items]
Total assets	$ 2,406,393	$ 2,387,609
Total reportable segment assets
Segment Reporting Information [Line Items]
Total assets	2,358,445	2,361,638
Total reportable segment assets \| Rockies
Segment Reporting Information [Line Items]
Total assets	997,759	983,074
Total reportable segment assets \| Permian
Segment Reporting Information [Line Items]
Total assets	269,766	283,090
Total reportable segment assets \| Mid-Con
Segment Reporting Information [Line Items]
Total assets	754,738	753,517
Total reportable segment assets \| Piceance
Segment Reporting Information [Line Items]
Total assets	336,182	341,957
Corporate and Other
Segment Reporting Information [Line Items]
Total assets	$ 47,948	$ 25,971

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

COMMITMENTS AND CONTINGENCIES - Schedule of Accrued Environmental Remediation (Details) - Meadowlark Midstream Gathering System $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Accrual for Environmental Loss Contingencies [Roll Forward]
Accrued environmental remediation, beginning balance	$ 1,762
Payments made	(127)
Changes in estimates	(10)
Accrued environmental remediation, ending balance	$ 1,625

DEBT

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

DEBT

7. DEBT

Debt for the Company as of March 31, 2026, and December 31, 2025, follow:


	March 31, 2026		December 31, 2025
	(In thousands)
Amended and Restated ABL Facility: Summit Holdings’ asset based credit facility due July 2029	$	116,000	$	113,000
New Permian Transmission Facility: Summit Permian Transmission’s variable rate senior secured term loan due March 2031	340,000		—
Legacy Permian Transmission Term Loan: Summit Permian Transmission’s variable rate senior secured term loan due January 2028	—		116,998
2029 Secured Notes: 8.625% senior secured second lien notes due October 2029	825,000		825,000
Less: unamortized debt discount, premium and debt issuance costs	(15,236)		(9,428)
Total debt, net of unamortized debt discount, premium and debt issuance costs	1,265,764		1,045,570
Less: current portion of long-term debt	(850)		(21,223)
Total long-term debt	$	1,264,914	$	1,024,347

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, 2026, the most recent borrowing base determination of eligible assets totaled $802.3 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, 2026, 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, 2026, the First Lien Net Leverage Ratio (as defined in the Amended and Restated ABL Agreement) was 0.35:1.00 and the Interest Coverage Ratio was 2.74:1.00. As of March 31, 2026, 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 the Company, (iii) Closing Date Material Gathering Station Real Property and Closing Date Pipeline Material Gathering Station Real Property (each, as defined in the Amended and Restated ABL Agreement) and certain other material real property interests (including improvements thereon) of Summit Holdings and the Amended and Restated ABL Facility Subsidiary Guarantors as provided in the Amended and Restated ABL Agreement and (iv) all proceeds of the foregoing collateral.

As of March 31, 2026, the applicable margin under the adjusted SOFR borrowings was 2.750%, the interest rate was 6.52%, and the total available borrowing capacity totaled $381.3 million, after giving effect to the issuance of $2.7 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.

New Permian Transmission Facility. On March 16, 2026, SMC’s unrestricted subsidiary, Summit Permian Transmission, entered into a $440.0 million refinancing of the Legacy Permian Transmission Credit Facilities in the form of the New Permian Transmission Facility bearing interest at SOFR plus 4.00% per annum and with a maturity in March 2031(the “New Permian Transmission Facility”). The New Permian Transmission Facility consists of $340.0 million in initial term loan commitments, $50.0 million in delayed draw commitments (with a commitment fee of 1.00% per annum) and a $50.0 million uncommitted

incremental facility. In accordance with the terms of the New Permian Transmission Facility, Summit Permian Transmission is required to make mandatory quarterly principal repayments in the amount of 0.25% of the principal amount outstanding on each quarterly payment date beginning March 31, 2027.

The New Permian Transmission Facility is used to finance Summit Permian Transmission’s capital calls associated with its investment in Double E, debt service and for other general corporate purposes. Generally, unexpended proceeds from draws on the New Permian Transmission Facility are classified as restricted cash on the accompanying unaudited condensed consolidated balance sheets until such time Summit Permian Transmission’s total debt to EBITDA ratio, as defined, ratio is less than 6.00:1.00.

As of March 31, 2026, the applicable margin under the adjusted term SOFR borrowings was 4.000% and the average interest rate was 7.67%. The available committed portion of the New Permian Transmission Facility totaled $50.0 million and is subject to a commitment fee of 1.0%. As of March 31, 2026, the Company was in compliance with the financial covenants of the New Permian Transmission Facility.

Concurrent with establishing the New Permian Transmission Facility, Summit Permian Transmission entered into a $7.0 million letter of credit arrangement.

Summit Permian Transmission entered into interest rate hedges with notional amounts representing approximately 30% of the New Permian Transmission Facility at a fixed SOFR-based rate of 3.65%.

Legacy Permian Transmission Credit Facilities. On March 8, 2021, SMLP’s unrestricted subsidiary, Summit Permian Transmission, entered into a Credit Agreement which allowed for $175.0 million of senior secured credit facilities (the “Legacy Permian Transmission Credit Facilities”), including a $160.0 million Term Loan Facility and a $15.0 million working capital facility. On March 16, 2026, Summit Permian Transmission refinanced the Legacy Permian Transmission Credit Facilities and all amounts previously outstanding were paid in full.

Legacy Permian Transmission Term Loan. In accordance with the terms of the Legacy Permian Transmission Credit Facilities, in January 2022, the Permian Term Loan Facility was converted into a Term Loan (the “Legacy Permian Transmission Term Loan”). The Legacy Permian Transmission Term Loan was due January 2028. On March 16, 2026, Summit Permian Transmission refinanced the Legacy Permian Transmission Credit Facilities and all amounts previously outstanding, including the Legacy Permian Transmission Term Loan, were paid in full.

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, 2026, $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, 2026, the Company was in compliance with the financial covenants of the indenture governing the 2029 Secured Notes.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 6
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

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

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

ACQUISITION (Tables)

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Fair Value of the Assets and Liabilities Acquired

The following table sets forth the fair value of the assets acquired and liabilities assumed as of the acquisition date.


Moonrise 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

Property, plant and equipment, net	74,328
Intangibles	13,114
Other assets	758
Trade accounts payable, accrued expenses and other	(3,790)
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

Pro Forma Information (Unaudited). The following table summarizes the unaudited pro forma condensed financial information of the Company as if the Moonrise Acquisition had occurred on January 1, 2025:


	Three Months Ended March 31, 2025
Revenues	$	136,676
Net income	$	3,836

COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Accrued Environmental Remediation

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, 2025	$	1,762
Payments made	(127)
Changes in estimates	(10)
Accrued environmental remediation, March 31, 2026	$	1,625

PROPERTY, PLANT AND EQUIPMENT - Schedule Of Depreciation Expense And Capitalized Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 23,218	$ 24,696
Capitalized interest	$ 420	$ 396

SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

The following tables provide information about the Company’s reportable segments (in thousands):


















	Rockies		Permian		Piceance		Mid-Con
Three Months Ended March 31, 2026
Revenues: (1)
Gathering services and related fees	$	14,718	$	—	$	13,267	$	31,585
Natural gas, NGL’s and condensate sales	69,781		—		575		3,295
Other revenues	1,604		947		1,140		2,230
Total revenues	$	86,103	$	947	$	14,982	$	37,110
Less:
Cost of natural gas and NGLs (excludes deductions for gathering, processing, and other fees)	$	54,851	$	—	$	—	$	—
Cost of natural gas and NGLs (amounts withheld from customers for the Company’s gathering, processing and other fees)	(15,479)		—		—		—
Employee costs	5,472		—		1,582		2,747
Materials, parts, and other operating expenses	5,483		—		1,077		4,156
Indirect and passthrough (3)	5,908		—		2,181		10,139
Other segment items (2)	3,493		(7,783)		572		741
Segment Adjusted EBITDA	$	26,375	$	8,730	$	9,570	$	19,327


















	Rockies		Permian		Piceance		Mid-Con
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

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

(2) For the three months ended March 31, 2026 and 2025, 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.

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

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,
		2026		2025
		(In thousands)
Depreciation and amortization:
Rockies		$	10,757	$	9,753
Permian		—		—
Mid-Con (1)		8,982		8,058
Piceance		6,876		10,550
Total reportable segment depreciation and amortization		26,615		28,361
Corporate and Other		328		391
Total depreciation and amortization		$	26,943	$	28,752

(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,
		2026		2025
		(In thousands)
Cash paid for capital expenditures:
Rockies		$	10,976	$	11,473

Mid-Con		7,320		7,222
Piceance		239		1,090
Total reportable segment capital expenditures		18,535		19,785
Corporate and Other		742		821
Total cash paid for capital expenditures		$	19,277	$	20,606

Schedule of Assets by Reportable Segment

Assets by reportable segment follow:


	March 31, 2026		December 31, 2025
	(In thousands)
Assets (1):
Rockies	$	997,759	$	983,074
Permian	269,766		283,090
Mid-Con	754,738		753,517
Piceance	336,182		341,957
Total reportable segment assets	2,358,445		2,361,638
Corporate and Other	47,948		25,971
Total assets	$	2,406,393	$	2,387,609

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

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 follow:


	Three Months Ended March 31,
		2026		2025
		(In thousands)
Reconciliation of segment adjusted EBITDA to income (loss) before income taxes:
Total segment adjusted EBITDA		$	64,002	$	67,382
Less:
Corporate and Other expense (1)		10,955		3,197
Income from equity method investees		(5,237)		(4,840)
Interest expense		25,013		22,537
Depreciation and amortization (2)		26,943		28,752
Proportional adjusted EBITDA for equity method investees		7,871		7,404
Adjustments related to capital reimbursement activity (3)		(2,825)		(1,946)
Equity compensation		3,036		2,375
Loss on asset sales, net		29		—
Loss on sale of business		—		43


Transaction costs and other		2,385		4,930

Income (loss) before income taxes		$	(4,168)	$	4,930

(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, including certain general and administrative expense items, transaction costs, acquisition integration costs, and interest expense. For the three months ended March 31, 2026, other expense consisted primarily of loss on the fair value remeasurement of the Tall Oak earn-out. 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.

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

(3)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.

REVENUE - Schedule of Estimated Revenue Expected to be Recognized and MVC Shortfall Payments (Details) - Gathering services and related fees $ in Thousands	Mar. 31, 2026 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 18,589
Revenue, remaining performance obligation, expected timing of satisfaction	9 months
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	$ 8,076
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	$ 5,399
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
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2031-01-01
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

ACQUISITION - Narrative (Details) - Moonrise Acquisition $ in Millions	Mar. 10, 2025 USD ($) shares
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total consideration paid for Moonrise	$ 90.0
Cash paid to acquire investment	$ 70.0
Moonrise acquisition (in shares) \| shares	462,265
Weighted average amortization period (in years)	30 years

ORGANIZATION, BUSINESS OPERATIONS, AND PRESENTATION AND CONSOLIDATION (Details) - $ / shares	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
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	$ 0.01

ACQUISITION

3 Months Ended

Mar. 31, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

ACQUISITION

3. ACQUISITION

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 fair values of certain assets and liabilities, including property, plant and equipment and other intangible assets required the use of significant judgments and estimates.

The following table sets forth the fair value of the assets acquired and liabilities assumed as of the acquisition date.


Moonrise 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

Property, plant and equipment, net	74,328
Intangibles	13,114
Other assets	758
Trade accounts payable, accrued expenses and other	(3,790)
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 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 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.

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


	Three Months Ended March 31, 2025
Revenues	$	136,676
Net income	$	3,836

The unaudited pro forma information is for informational purposes only and is not necessarily indicative of the operating results that would have occurred had the Moonrise Acquisition been completed at January 1, 2025, nor is it necessarily indicative of future operating results. Subsequent to the Moonrise Acquisition, during the second quarter of 2025, the Company integrated the Moonrise assets within its Niobrara G&P system. As a result of the integration, it is impracticable to disclose the amounts of revenues and earnings that the Moonrise Acquisition contributed to the Company’s condensed consolidated statements of operations during subsequent reporting periods.

EQUITY AND MEZZANINE EQUITY (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Partner Units Activity

An update on the number of shares of common stock follows for the period from December 31, 2025 to March 31, 2026:


						Shares of Common Stock
Shares, December 31, 2025						12,262,320
Shares issued for SMC LTIP, net						200,615
Related party shares issued for cash						1,351,351
Shares, March 31, 2026						13,814,286

An update on the number of Partnership Common Units for the period from December 31, 2025 to March 31, 2026 follow:


	Partnership Common Units owned by Tall Oak Parent	Partnership Common Units Owned by the Company	Total Partnership Common Units
Units, December 31, 2025	6,524,467	12,262,320	18,786,787
Units issued for SMC LTIP, net	—	200,615	200,615
Related party units issued for cash	—	1,351,351	1,351,351
Units, March 31, 2026	6,524,467	13,814,286	20,338,753

Schedule of Stock by Class

An update on the number of shares of Class B Common Stock follows for the period from December 31, 2025 to March 31, 2026.


			Shares of Class B Common Stock
Shares, December 31, 2025			6,524,467
2026 activity			—
Shares, March 31, 2026			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, 2025 to March 31, 2026, net of $0.6 million of unamortized issuance costs as of December 31, 2025:


	(In thousands)
Balance, December 31, 2025	$	141,296
Redemption accretion, net of issuance cost amortization	1,930
Cash distribution and redemption	(143,226)
Balance, March 31, 2026	$	—

Schedule of Noncontrolling Interest

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


	Noncontrolling Interest
	(In thousands)
Balance, December 31, 2025	$	400,376
Net loss	(2,914)
Equity shift	(78,286)
Balance as of March 31, 2026	$	319,176

- Definition

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

+ References

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+ Details

REVENUE - Schedule of Disaggregated Revenue by Geographic Area and Major Products and Services Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Total revenues	$ 139,142	$ 132,697
Corporate and other
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Gathering services and related fees
Disaggregation of Revenue [Line Items]
Total revenues	59,570	64,165
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	73,651	59,327
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	5,921	9,205
Other revenues \| Corporate and other
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Reportable Segments
Disaggregation of Revenue [Line Items]
Total revenues	139,142	132,697
Reportable Segments \| Rockies
Disaggregation of Revenue [Line Items]
Total revenues	86,103	75,787
Reportable Segments \| Permian
Disaggregation of Revenue [Line Items]
Total revenues	947	910
Reportable Segments \| Mid-Con
Disaggregation of Revenue [Line Items]
Total revenues	37,110	38,167
Reportable Segments \| Piceance
Disaggregation of Revenue [Line Items]
Total revenues	14,982	17,833
Reportable Segments \| Gathering services and related fees
Disaggregation of Revenue [Line Items]
Total revenues	59,570	64,165
Reportable Segments \| Gathering services and related fees \| Rockies
Disaggregation of Revenue [Line Items]
Total revenues	14,718	16,045
Reportable Segments \| Gathering services and related fees \| Permian
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Reportable Segments \| Gathering services and related fees \| Mid-Con
Disaggregation of Revenue [Line Items]
Total revenues	31,585	32,377
Reportable Segments \| Gathering services and related fees \| Piceance
Disaggregation of Revenue [Line Items]
Total revenues	13,267	15,743
Reportable Segments \| Natural gas, NGLs and condensate sales
Disaggregation of Revenue [Line Items]
Total revenues	73,651	59,327
Reportable Segments \| Natural gas, NGLs and condensate sales \| Rockies
Disaggregation of Revenue [Line Items]
Total revenues	69,781	54,824
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 \| Mid-Con
Disaggregation of Revenue [Line Items]
Total revenues	3,295	3,597
Reportable Segments \| Natural gas, NGLs and condensate sales \| Piceance
Disaggregation of Revenue [Line Items]
Total revenues	575	906
Reportable Segments \| Other revenues
Disaggregation of Revenue [Line Items]
Total revenues	5,921	9,205
Reportable Segments \| Other revenues \| Rockies
Disaggregation of Revenue [Line Items]
Total revenues	1,604	4,918
Reportable Segments \| Other revenues \| Permian
Disaggregation of Revenue [Line Items]
Total revenues	947	910
Reportable Segments \| Other revenues \| Mid-Con
Disaggregation of Revenue [Line Items]
Total revenues	2,230	2,193
Reportable Segments \| Other revenues \| Piceance
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,140	$ 1,184

DEBT - Narrative (Details)				3 Months Ended
DEBT - Narrative (Details)	Mar. 16, 2026 USD ($)	Jan. 10, 2025 USD ($)	Jul. 26, 2024 USD ($)	Mar. 31, 2026 USD ($)	Mar. 08, 2021 USD ($)
Secured Debt \| Line of Credit
Line of Credit Facility [Line Items]
Debt offering	$ 440,000,000.0
Debt Instrument, Covenant, EBITDA ratio, Minimum	6.00
Secured Overnight Financing Rate (SOFR) \| Secured Debt \| Line of Credit
Line of Credit Facility [Line Items]
Applicable margin (as a percent)	4.00%
ABL Facility
Line of Credit Facility [Line Items]
Borrowing capacity			$ 500,000,000.0	$ 500,000,000.0
Borrowing base capacity				$ 802,300,000
Applicable margin (as a percent)				2.75%
Interest rate during period (as a percent)				6.52%
Unused portion under the facility				$ 381,300,000
ABL Facility \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Amended and Restated ABL Facility: Summit Holdings’ asset based credit facility due July 2029				$ 2,700,000
ABL Facility \| Maximum \| Summit Permian Transmission, LLC
Line of Credit Facility [Line Items]
First lien net leverage ratio			2.50	0.35
Interest coverage ratio			2.00	2.74
ABL Facility \| Summit Holdings
Line of Credit Facility [Line Items]
Proceeds from sale of other assets			$ 50,000,000.0
Aggregate commitments (as a percent)			10.00%
ABL Facility \| Summit Holdings \| Minimum \| Base Rate
Line of Credit Facility [Line Items]
Applicable margin (as a percent)			1.50%
ABL Facility \| Summit Holdings \| Minimum \| SOFR
Line of Credit Facility [Line Items]
Applicable margin (as a percent)			2.50%
ABL Facility \| Summit Holdings \| Maximum \| Base Rate
Line of Credit Facility [Line Items]
Applicable margin (as a percent)			2.25%
ABL Facility \| Summit Holdings \| Maximum \| SOFR
Line of Credit Facility [Line Items]
Applicable margin (as a percent)			3.25%
New Permian Transmission Facility, Initial Term Loan \| Secured Debt \| Line of Credit
Line of Credit Facility [Line Items]
Debt offering	$ 340,000,000.0
New Permian Transmission Facility, Delayed Draw Commitments \| Secured Debt \| Line of Credit
Line of Credit Facility [Line Items]
Debt offering	$ 50,000,000.0
Commitment fee (as a percent)	1.00%
Unused portion of the Permian transmission credit facility				$ 50,000,000.0
New Permian Transmission Facility, Uncommitted Incremental Facility \| Secured Debt \| Line of Credit
Line of Credit Facility [Line Items]
Debt offering	$ 50,000,000.0
New Permian Transmission Facility \| Secured Debt \| Line of Credit
Line of Credit Facility [Line Items]
Applicable margin (as a percent)				0.25%
Debt offering				$ 7,000,000.0
Credit Agreement
Line of Credit Facility [Line Items]
Borrowing capacity					$ 175,000,000.0
Interest rate during period (as a percent)				7.67%
Commitment fee (as a percent)				1.00%
Credit Agreement \| Term Loan Credit Facility
Line of Credit Facility [Line Items]
Borrowing capacity					160,000,000.0
Credit Agreement \| Working Capital Credit Facility
Line of Credit Facility [Line Items]
Borrowing capacity					$ 15,000,000.0
Credit Agreement \| Summit Permian Transmission, LLC
Line of Credit Facility [Line Items]
Debt hedged by interest rate derivatives (as a percent)				30.00%
Credit Agreement \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Applicable margin (as a percent)				4.00%
Credit Agreement \| Secured Overnight Financing Rate (SOFR) \| Summit Permian Transmission, LLC \| Interest Rate Contract
Line of Credit Facility [Line Items]
Applicable margin (as a percent)				3.65%
Senior Secured Second Lien Notes, 2029
Line of Credit Facility [Line Items]
Debt offering		$ 250,000,000.0
Senior Secured Second Lien Notes, 2029 \| Summit Holdings
Line of Credit Facility [Line Items]
Debt offering			$ 575,000,000.0
Stated interest rate (as a percent)			8.625%
Redemption price, expressed as percentage of principal amount (as a percent)		103.375%	108.625%
Senior Secured Second Lien Notes, 2029 \| Summit Holdings \| Redemption Option One
Line of Credit Facility [Line Items]
Redemption percentage (as a percent)			40.00%
Senior Secured Second Lien Notes, 2029 \| Summit Holdings \| Redemption Option Two
Line of Credit Facility [Line Items]
Redemption percentage (as a percent)			100.00%

DEBT (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Debt

Debt for the Company as of March 31, 2026, and December 31, 2025, follow:


	March 31, 2026		December 31, 2025
	(In thousands)
Amended and Restated ABL Facility: Summit Holdings’ asset based credit facility due July 2029	$	116,000	$	113,000
New Permian Transmission Facility: Summit Permian Transmission’s variable rate senior secured term loan due March 2031	340,000		—
Legacy Permian Transmission Term Loan: Summit Permian Transmission’s variable rate senior secured term loan due January 2028	—		116,998
2029 Secured Notes: 8.625% senior secured second lien notes due October 2029	825,000		825,000
Less: unamortized debt discount, premium and debt issuance costs	(15,236)		(9,428)
Total debt, net of unamortized debt discount, premium and debt issuance costs	1,265,764		1,045,570
Less: current portion of long-term debt	(850)		(21,223)
Total long-term debt	$	1,264,914	$	1,024,347

Schedule of Debt Instrument Redemption

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


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

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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+ Details

SEGMENT INFORMATION - Schedule of Information About Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Total revenues	$ 139,142	$ 132,697
Cost of natural gas and NGLs (excludes deductions for gathering, processing, and other fees)	39,372	35,434
Indirect and passthrough	17,873	16,600
Segment Adjusted EBITDA	64,002	67,382
Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	139,142	132,697
Gathering services and related fees
Segment Reporting Information [Line Items]
Total revenues	59,570	64,165
Natural gas, NGLs and condensate sales
Segment Reporting Information [Line Items]
Total revenues	73,651	59,327
Other revenues
Segment Reporting Information [Line Items]
Total revenues	5,921	9,205
Other revenues \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	5,921	9,205
Rockies \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	86,103	75,787
Cost of natural gas and NGLs (excludes deductions for gathering, processing, and other fees)	54,851	48,422
Cost of natural gas and NGLs (amounts withheld from customers for the Company’s gathering, processing and other fees)	(15,479)	(13,280)
Employee costs	5,472	4,209
Materials, parts, and other operating expenses	5,483	4,486
Indirect and passthrough	5,908	4,215
Other segment items	3,493	2,866
Segment Adjusted EBITDA	26,375	24,869
Rockies \| Gathering services and related fees \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	14,718	16,045
Rockies \| Natural gas, NGLs and condensate sales \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	69,781	54,824
Rockies \| Other revenues \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	1,604	4,918
Permian \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	947	910
Cost of natural gas and NGLs (excludes deductions for gathering, processing, and other fees)	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
Indirect and passthrough	0	0
Other segment items	(7,783)	(7,360)
Segment Adjusted EBITDA	8,730	8,270
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
Permian \| Other revenues \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	947	910
Piceance \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	14,982	17,833
Cost of natural gas and NGLs (excludes deductions for gathering, processing, and other fees)	0	292
Cost of natural gas and NGLs (amounts withheld from customers for the Company’s gathering, processing and other fees)	0	0
Employee costs	1,582	1,580
Materials, parts, and other operating expenses	1,077	1,805
Indirect and passthrough	2,181	2,296
Other segment items	572	74
Segment Adjusted EBITDA	9,570	11,786
Piceance \| Gathering services and related fees \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	13,267	15,743
Piceance \| Natural gas, NGLs and condensate sales \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	575	906
Piceance \| Other revenues \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	1,140	1,184
Mid-Con \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	37,110	38,167
Cost of natural gas and NGLs (excludes deductions for gathering, processing, and other fees)	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	2,747	2,505
Materials, parts, and other operating expenses	4,156	2,904
Indirect and passthrough	10,139	9,865
Other segment items	741	436
Segment Adjusted EBITDA	19,327	22,457
Mid-Con \| Gathering services and related fees \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	31,585	32,377
Mid-Con \| Natural gas, NGLs and condensate sales \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	3,295	3,597
Mid-Con \| Other revenues \| Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	$ 2,230	$ 2,193

SEGMENT INFORMATION - Schedule of Reconciliation of Net Income to Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting [Abstract]
Total segment adjusted EBITDA	$ 64,002	$ 67,382
Less:
Corporate and Other expense	10,955	3,197
Income from equity method investees	(5,237)	(4,840)
Interest expense	25,013	22,537
Depreciation and amortization	26,943	28,752
Proportional adjusted EBITDA for equity method investees	7,871	7,404
Adjustments related to capital reimbursement activity	(2,825)	(1,946)
Equity compensation	3,036	2,375
Loss on asset sales, net	29	0
Loss on sale of business	0	43
Transaction costs and other	2,385	4,930
Income (loss) before income taxes	$ (4,168)	$ 4,930

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED ACCOUNTING STANDARDS APPLICABLE TO THE COMPANY (Policies)	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Presentation	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 management’s 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.
New accounting standards not yet implemented	New accounting standards not yet implemented. 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 its disclosures. ASU 2025-11, Interim Reporting (“ASU 2025-11”) which is intended to improve the navigability of the guidance in ASC 270, Interim Reporting, and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides interim financial statements and notes in accordance with GAAP. ASU 2025-11 also addresses the form and content of such financial statements, interim disclosures requirements, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, and early adoption is permitted. The Company is currently assessing the impact this standard will have on its consolidated financial statements and disclosures.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
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+ Details

ACQUISITION - Schedule of Pro Forma Information (Details) - Tall Oak $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Business Combination, Pro Forma Information, Pro Forma Revenue	$ 136,676
Business Combination, Pro Forma Information, Pro Forma Income (Loss), after Tax	$ 3,836

SEGMENT INFORMATION - Schedule of Depreciation and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Total depreciation and amortization	$ 26,943	$ 28,752
Reportable Segments
Segment Reporting Information [Line Items]
Total depreciation and amortization	26,615	28,361
Reportable Segments \| Rockies
Segment Reporting Information [Line Items]
Total depreciation and amortization	10,757	9,753
Reportable Segments \| Permian
Segment Reporting Information [Line Items]
Total depreciation and amortization	0	0
Reportable Segments \| Mid-Con
Segment Reporting Information [Line Items]
Total depreciation and amortization	8,982	8,058
Reportable Segments \| Piceance
Segment Reporting Information [Line Items]
Total depreciation and amortization	6,876	10,550
Corporate and Other
Segment Reporting Information [Line Items]
Total depreciation and amortization	$ 328	$ 391

FINANCIAL INSTRUMENTS - Schedule of Estimated Fair Value of Debt Instruments (Details) - 2029 Secured Notes - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	$ 825,000	$ 825,000
Estimated Fair Value \| Estimated fair value (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	$ 849,063	$ 851,125

- Definition

Fair value portion of notes payable.

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+ Details

EQUITY AND MEZZANINE EQUITY

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

EQUITY AND MEZZANINE EQUITY

10. EQUITY AND MEZZANINE EQUITY

Common Stock. An update on the number of shares of common stock follows for the period from December 31, 2025 to March 31, 2026:


						Shares of Common Stock
Shares, December 31, 2025						12,262,320
Shares issued for SMC LTIP, net						200,615
Related party shares issued for cash						1,351,351
Shares, March 31, 2026						13,814,286

Related Party Shares Issued for Cash. On March 31, 2026, pursuant to a Securities Purchase Agreement (the “Purchase Agreement”), by and among the Company, SMLP, and Tall Oak Parent, and solely for purposes of modifying certain existing registration rights as detailed in the Purchase Agreement, Connect Midstream, LLC, a Delaware limited liability company, the Company issued and sold to Tall Oak Parent 1,351,351 shares of common stock of the Company in exchange for $41.5 million of cash proceeds, net of $0.5 million of issuance costs. The shares were issued at a price of $31.08 per share, which represented the “Minimum Price” in accordance with NYSE regulations. The shares are subject to a 6-month lock up period and other terms and conditions.

Class B Common Stock. In the Tall Oak Acquisition, the Company issued shares of non-economic Class B Common Stock to Tall Oak Parent. 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, 2025 to March 31, 2026.


			Shares of Class B Common Stock
Shares, December 31, 2025			6,524,467
2026 activity			—
Shares, March 31, 2026			6,524,467

Series A Preferred Stock. 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 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, 2026 for the period ended June 30, 2026 was 11.4%.

The board of directors of Summit Midstream Corporation reinstated cash dividends on its Series A Preferred Stock beginning on March 14, 2025. During the three month periods ended March 31, 2026 and 2025, cash dividend payments totaling $49.4 million and $3.4 million were paid, respectively. The cash dividend payment for the quarterly period ended March 31, 2026 includes a payment of $46.3 million for accrued and unpaid dividends owed from March 15, 2020 to December 14, 2024.

As of March 31, 2026 and December 31, 2025, the Company had 65,508 shares of Series A Preferred Stock outstanding.

Partnership Common Units. In the Tall Oak Acquisition, SMLP issued 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 SMC common stock at the election of the holder for no additional consideration.

An update on the number of Partnership Common Units for the period from December 31, 2025 to March 31, 2026 follow:


	Partnership Common Units owned by Tall Oak Parent	Partnership Common Units Owned by the Company	Total Partnership Common Units
Units, December 31, 2025	6,524,467	12,262,320	18,786,787
Units issued for SMC LTIP, net	—	200,615	200,615
Related party units issued for cash	—	1,351,351	1,351,351
Units, March 31, 2026	6,524,467	13,814,286	20,338,753

Subsidiary Series A Preferred Units. Until March 2026, Summit Permian Transmission Holdco, LLC (“Permian Holdco”) had Series A Fixed Rate Cumulative Redeemable Preferred Units (“Subsidiary Series A Preferred Units”) that ranked 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 ranked 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 ranked 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.

In March 2026, the Company redeemed in full, all outstanding Subsidiary Series A Preferred Units. The following table shows the change in the Company’s Subsidiary Series A Preferred Unit balance from December 31, 2025 to March 31, 2026, net of $0.6 million of unamortized issuance costs as of December 31, 2025:


	(In thousands)
Balance, December 31, 2025	$	141,296
Redemption accretion, net of issuance cost amortization	1,930
Cash distribution and redemption	(143,226)
Balance, March 31, 2026	$	—

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 condensed consolidated balance sheet. As of March 31, 2026, the Company’s noncontrolling interest is approximately 32.1% 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
	(In thousands)
Balance, December 31, 2025	$	400,376
Net loss	(2,914)
Equity shift	(78,286)
Balance as of March 31, 2026	$	319,176

Equity shift - Change in Ownership of Consolidated Subsidiary. During the three months ended March 31, 2026, the Company had an equity shift and its noncontrolling interest was reduced by $78.3 million. During the three months ended March 31, 2026, the Company increased its ownership of SMLP as a result of certain Partnership Common Unit issuances resulting from SMC LTIP vesting events and the Company’s related party share issuance. These equity issuances increased the Company’s ownership percentage of SMLP and decreased the ownership percentage of SMLP held by the noncontrolling interest owner.

Dividend 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 mentioned above, during the quarter ended March 31, 2025, the Company resumed distributions on its Series A Preferred Stock. Further, in March 2026, the Company repaid all accrued and unpaid dividends on its Series A Preferred Stock, including the $46.3 million for accrued and unpaid dividends owed from March 15, 2020 to December 14, 2024.

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 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 Stock and the indenture governing the 2029 Senior Notes.

- Definition

The entire disclosure for equity.

+ References

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+ Details

DEFERRED REVENUE (Details) $ in Thousands	3 Months Ended
DEFERRED REVENUE (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Current Deferred Revenue
Beginning balance	$ 10,122
Add: additions	1,838
Less: reclassifications to current deferred revenue, revenue recognized and other	(2,825)
Ending balance	9,135
Noncurrent Deferred Revenue
Beginning balance	18,398
Add: additions	1,017
Less: reclassifications to current deferred revenue, revenue recognized and other	(1,838)
Ending balance	$ 17,577

EQUITY COMPENSATION (Details) $ in Millions	3 Months Ended
EQUITY COMPENSATION (Details) $ in Millions	Mar. 31, 2026 USD ($) director shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, target payout (as a percent)	1
SMC Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units remaining available (in shares)	300,000
Phantom Share Units And Associated Distribution Equivalent Rights \| SMLP LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)	177,854
Grant date fair value \| $	$ 5.4
Vesting period (in years)	3 years
Performance Units \| SMLP LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)	120,283
Grant date fair value \| $	$ 4.6
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
Common units issued (in shares)	22,398
Number of directors \| director	6
Restricted Stock \| SMC Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested shares (in shares)	700,000

EQUITY AND MEZZANINE EQUITY - Schedule of Stock by Class (Details) - Common Class B	3 Months Ended
	Mar. 31, 2026 shares
Class of Stock [Line Items]
Beginning of common stock, issued (in shares)	6,524,467
Ending of common stock, issued (in shares)	6,524,467
Tall Oak
Class of Stock [Line Items]
Conversion of Class B Common Stock (in shares)	0

- Definition

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

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+ Details

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator for basic and diluted EPS:
Net income (loss)	$ (3,166)	$ 4,634
Less: Net income attributable to Subsidiary Series A Preferred Units	(1,930)	(3,592)
Less: Net income attributable to Series A Preferred Stock	(3,113)	(3,918)
Add: Net loss attributable to noncontrolling interest	2,914	989
Net loss attributable to Summit Midstream Corporation	$ (5,295)	$ (1,887)
Denominator for basic and diluted EPS:
Weighted-average number of shares outstanding – basic (in shares)	12,329	11,767
Effect of assumed conversion and elimination of noncontrolling interest and net income (in shares)	0	0
Weighted-average number of shares outstanding – diluted (in shares)	12,329	11,767
Net loss per share:
Common stock – basic (in dollars per share)	$ (0.43)	$ (0.16)
Common stock – diluted (in dollars per share)	(0.43)	(0.16)
Common Class B
Net loss per share:
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 and Class B Common Stock (in shares)	6,524	6,535
Restricted Stock
Net loss per share:
Nonvested anti-dilutive restricted shares excluded from the calculation of diluted EPS and Class B Common Stock (in shares)	236	462
Common Units
Denominator for basic and diluted EPS:
Effect of nonvested restricted stock units (in shares)	0	0

EQUITY AND MEZZANINE EQUITY - Schedule of Partner Units Activity (Details)	3 Months Ended
	Mar. 31, 2026 shares
Class of Stock [Line Items]
Shares issued for SMC LTIP, net (in shares)	200,615
Related party units issued for cash (in shares)	1,351,351
Common Stock
Class of Stock [Line Items]
Beginning balance (in shares)	12,262,320
Shares issued for SMC LTIP, net (in shares)	200,615
Related party units issued for cash (in shares)	1,351,351
Ending balance (in shares)	13,814,286

- Definition

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

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+ Details

FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

FINANCIAL INSTRUMENTS

9. FINANCIAL INSTRUMENTS

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


	March 31, 2026				December 31, 2025
	Carrying Value (1)		Estimated fair value (Level 2)		Carrying Value (1)		Estimated fair value (Level 2)
	(In thousands)




2029 Secured Notes	$	825,000	$	849,063	$	825,000	$	851,125

(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, the New Permian Transmission Facility, and the Legacy 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, 2026 and December 31, 2025. The use of different market assumptions or valuation methodologies may have a material effect on their estimated fair value.

Related Party - Tall Oak Deferred Earn-Out. In connection with the Tall Oak Acquisition in 2024, the Company recognized a deferred earn-out liability to Tall Oak Parent, a related party controlling approximately 39% of the voting power in the Company as of March 31, 2026. On March 31, 2026, the deferred earn-out was settled with Tall Oak Parent in full, with Tall Oak Parent receiving a cash payment of $22.0 million. As of December 31, 2025, the estimated fair value of the deferred earn-out was $21.5 million and was reflected within other current liabilities. During the three months ended March 31, 2026 and 2025, the Company recorded a $0.5 million loss and a $9.0 million gain on the fair value remeasurement of the Tall Oak deferred earn-out, respectively. (See Note 9 - Financial Instruments for additional information.)

The estimated fair value of the Company’s deferred earn-out was remeasured at each reporting period and estimated using discounted cash flow techniques with appropriate discount rates. Given the unobservable nature of the inputs, the fair value measurement of the deferred earn-out was deemed to use Level 3 inputs.

Interest Rate Swaps. For both the New Permian Transmission Facility and the Legacy Permian Transmission Term Loan, the Company entered into amortizing interest rate swap agreements. 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, and the Company chooses counterparties for its derivative instruments that it believes are creditworthy at the time the transactions are entered into. 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, 2026 and December 31, 2025, the outstanding notional amounts of interest rate swaps was $100.0 million and $101.5 million, respectively. As of March 31, 2026, the Company’s interest rate swap agreement is in a liability position and had a fair value of $0.3 million and is recorded within other noncurrent liabilities within the unaudited condensed consolidated balance sheet. As of December 31, 2025, the Company’s interest rate swap agreements had a fair value of $6.6 million and is recorded within other noncurrent assets within the unaudited condensed consolidated balance sheet. The derivative instruments’ fair value are determined using level 2 inputs from the fair value hierarchy.

For the three month period ended March 31, 2026, the Company recorded a loss on interest rate swaps of $0.2 million. In connection with the 2026 refinancing of the Legacy Permian Transmission Term Loan, the Company settled its then outstanding amortizing interest rate swap agreements for $6.7 million in cash.

For the three month period ended March 31, 2025, the Company recorded a loss on interest rate swaps of $1.0 million.

- 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.

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+ Details

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	May 08, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
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	2026
Document Fiscal Period Focus	Q1
Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		13,814,286
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,524,467

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) claim	Dec. 31, 2025 USD ($)
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	$ 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	$ 8,300
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

SUPPLEMENTAL CASH FLOW INFORMATION

3 Months Ended

Mar. 31, 2026

Supplemental Cash Flow Elements [Abstract]

SUPPLEMENTAL CASH FLOW INFORMATION

12. SUPPLEMENTAL CASH FLOW INFORMATION


	Three Months Ended March 31,
	2026		2025
	(In thousands)
Supplemental cash flow information:
Cash interest paid	$	41,328	$	34,199
Cash paid for taxes	$	—	$	85

Noncash investing and financing activities:
Capital expenditures in trade accounts payable (period-end accruals)	$	7,807	$	7,128
Accretion of Subsidiary Series A Preferred Units, net of issuance cost amortization	$	1,930	$	3,592
Equity consideration for Moonrise Acquisition	$	—	$	17,895

FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($)	3 Months Ended
FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
(Gain) loss on earn-out remeasurement	$ 503,000	$ (9,023,000)
Loss on interest rate swaps	(150,000)	(966,000)
Tall Oak
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Cash paid to acquire investment	22,000,000.0
Deferred earn-out liability, current			$ 21,500,000
(Gain) loss on earn-out remeasurement	$ 500,000	(9,000,000.0)
Tall Oak \| Tall Oak Parent
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Percentage of noncontrolling interest on net assets (as a percent)	39.00%
Interest Rate Swap
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Derivative liability, notional amount	$ 100,000,000.0		101,500,000
Fair value of interest rate swap	300,000		$ 6,600,000
Loss on interest rate swaps	$ 6,700,000	$ (1,000,000.0)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
James D. Johnston [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	James D. Johnston, the Company’s Executive Vice President, General Counsel and Chief Compliance Officer, entered into a Rule 10b5-1 trading arrangement adopted March 23, 2026 (the “Adoption Date”) providing for the sale from time to time of an aggregate of up to 10,400 shares of our common stock subject to limit price, no-sale periods, monthly quantity limits, and a selling start date the later of (i) July 2, 2026, (ii) the 91st day after the Adoption Date, or the earlier of (iii) the third business day following issuance of the financial results in this Form 10-Q or the 121st day after the Adoption Date. No transactions have occurred under the trading arrangement. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until April 5, 2027, or earlier expiration if all transactions under the trading arrangement are completed.
Name	James D. Johnston
Title	Executive Vice President, General Counsel and Chief Compliance Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 23, 2026
Expiration Date	April 5, 2027,
Arrangement Duration	378 days
Aggregate Available	10,400

PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant, and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Total	$ 2,608,059	$ 2,593,254
Less: accumulated depreciation	(771,701)	(749,108)
Property, plant and equipment, net	1,836,358	1,844,146
Gathering and processing systems and related equipment
Property, Plant and Equipment [Line Items]
Total	2,472,385	2,451,820
Construction in progress
Property, Plant and Equipment [Line Items]
Total	47,175	54,367
Land and line fill
Property, Plant and Equipment [Line Items]
Total	16,311	16,311
Other
Property, Plant and Equipment [Line Items]
Total	$ 72,188	$ 70,756

DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Line of Credit Facility [Line Items]
Less: unamortized debt discount, premium and debt issuance costs	$ (15,236)	$ (9,428)
Total debt, net of unamortized debt discount, premium and debt issuance costs	1,265,764	1,045,570
Less: current portion of long-term debt	(850)	(21,223)
Total long-term debt	1,264,914	1,024,347
Asset Backed Lending Facility \| Line of Credit
Line of Credit Facility [Line Items]
Amended and Restated ABL Facility: Summit Holdings’ asset based credit facility due July 2029	116,000	113,000
New Permian Transmission Facility
Line of Credit Facility [Line Items]
Legacy Permian Transmission Term Loan: Summit Permian Transmission’s variable rate senior secured term loan due January 2028	340,000	0
Permian Transmission Term Loan \| Line of Credit
Line of Credit Facility [Line Items]
Legacy Permian Transmission Term Loan: Summit Permian Transmission’s variable rate senior secured term loan due January 2028	0	116,998
2029 Secured Notes \| Secured Debt
Line of Credit Facility [Line Items]
2029 Secured Notes: 8.625% senior secured second lien notes due October 2029	$ 825,000	$ 825,000
Stated interest rate (as a percent)	8.625%

EQUITY COMPENSATION	3 Months Ended
EQUITY COMPENSATION	Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]
EQUITY COMPENSATION	13. 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, 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, 2026, the Company granted 177,854 shares of time-based restricted stock 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 $5.4 million and the awards generally vest ratably over a three-year period. •For the three-month period ended March 31, 2026, the Company granted 120,283 shares of performance-based restricted stock 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 $4.6 million and the awards vest at the end of three years. •For the three-month period ended March 31, 2026, the Company issued 22,398 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, 2026, approximately 0.3 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.

FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Estimated Fair Value of Debt Instruments

A summary of the estimated fair value of our debt financial instruments follow:


	March 31, 2026				December 31, 2025
	Carrying Value (1)		Estimated fair value (Level 2)		Carrying Value (1)		Estimated fair value (Level 2)
	(In thousands)




2029 Secured Notes	$	825,000	$	849,063	$	825,000	$	851,125

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

PROPERTY, PLANT AND EQUIPMENT

3 Months Ended

Mar. 31, 2026

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, 2026		December 31, 2025
	(In thousands)
Gathering and processing systems and related equipment	$	2,472,385	$	2,451,820
Construction in progress	47,175		54,367
Land and line fill	16,311		16,311
Other	72,188		70,756
Total	2,608,059		2,593,254
Less: accumulated depreciation	(771,701)		(749,108)
Property, plant and equipment, net	$	1,836,358	$	1,844,146

Depreciation expense and capitalized interest for the Company follow:


	Three Months Ended March 31,
		2026		2025
		(In thousands)
Depreciation expense		$	23,218	$	24,696
Capitalized interest		420		396

SEGMENT INFORMATION - Schedule of Cash Paid for Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Total cash paid for capital expenditures	$ 19,277	$ 20,606
Reportable Segments
Segment Reporting Information [Line Items]
Total cash paid for capital expenditures	18,535	19,785
Corporate and Other
Segment Reporting Information [Line Items]
Total cash paid for capital expenditures	742	821
Rockies \| Reportable Segments
Segment Reporting Information [Line Items]
Total cash paid for capital expenditures	10,976	11,473
Mid-Con \| Reportable Segments
Segment Reporting Information [Line Items]
Total cash paid for capital expenditures	7,320	7,222
Piceance \| Reportable Segments
Segment Reporting Information [Line Items]
Total cash paid for capital expenditures	$ 239	$ 1,090

EQUITY AND MEZZANINE EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 14, 2024
Partners Capital [Line Items]
Exchange of stock			$ 0
Cash dividend payments		$ 49,416	3,359
Subsidiary series A preferred unitholders, outstanding (in shares)		65,508			65,508
Noncontrolling interest, increase (reduction)		$ 0	0
Summit Midstream Partners, LP
Partners Capital [Line Items]
Percentage of noncontrolling interest on net assets (as a percent)		32.10%
Series A Preferred Stock
Partners Capital [Line Items]
Distribution rate (as a percent)				7.69%
Accrued and unpaid distributions						$ 46,300
Subsidiary series A preferred unitholders, outstanding (in shares)		65,508			65,508
Series A Preferred Stock \| Forecast
Partners Capital [Line Items]
Distribution rate (as a percent)	11.40%
Non-controlling interest
Partners Capital [Line Items]
Noncontrolling interest, increase (reduction)		$ (78,286)	$ (86,526)
Tall Oak \| Common Stock
Partners Capital [Line Items]
Outstanding common stock unit, converted into right to receive (in shares)		1,351,351
Exchange of stock		$ 41,500
Related party shares issued for cash, net		$ 500
Sale of stock (in dollars per shares)		$ 31.08

EQUITY AND MEZZANINE EQUITY - Schedule of Number of Partnership Common Units Not Owned (Details)	3 Months Ended
	Mar. 31, 2026 shares
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance (in shares)	18,786,787
Shares issued for SMC LTIP, net (in shares)	200,615
Related party units issued for cash (in shares)	1,351,351
Ending balance (in shares)	20,338,753
Common Stock
Increase (Decrease) in Partners' Capital [Roll Forward]
Shares issued for SMC LTIP, net (in shares)	200,615
Related party units issued for cash (in shares)	1,351,351
Common Stock \| Common Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance (in shares)	12,262,320
Shares issued for SMC LTIP, net (in shares)	200,615
Related party units issued for cash (in shares)	1,351,351
Ending balance (in shares)	13,814,286
Tall Oak \| Common Stock \| Common Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance (in shares)	6,524,467
Shares issued for SMC LTIP, net (in shares)	0
Related party units issued for cash (in shares)	0
Ending balance (in shares)	6,524,467

EQUITY AND MEZZANINE EQUITY - Schedule of Change in Subsidiary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Series A Preferred Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Redemption accretion, net of issuance cost amortization	$ 1,930	$ 3,592
Series A Preferred Stock
Partners Capital [Line Items]
Issuance costs	600
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	141,296
Cash distribution and redemption	(143,226)
Ending balance	$ 0

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 43,390	$ 9,274
Restricted cash	6,132	10,405
Accounts receivable	74,189	69,752
Other current assets	6,257	7,490
Total current assets	129,968	96,921
Property, plant and equipment, net	1,836,358	1,844,146
Intangible assets, net	150,892	153,564
Investment in Double E	263,226	265,583
Other noncurrent assets	25,949	27,395
TOTAL ASSETS	2,406,393	2,387,609
LIABILITIES AND EQUITY
Trade accounts payable	27,585	31,652
Accrued expenses	36,116	24,270
Deferred revenue	9,135	10,122
Ad valorem taxes payable	4,975	10,190
Accrued compensation and employee benefits	4,223	12,063
Accrued interest	9,891	30,045
Accrued environmental remediation	1,573	1,710
Accrued settlement payable	8,333	8,333
Current portion of long-term debt	850	21,223
Other current liabilities	5,522	27,185
Total current liabilities	108,203	176,793
Deferred tax liabilities, net	91,389	73,635
Long-term debt, net	1,264,914	1,024,347
Noncurrent deferred revenue	17,577	18,398
Noncurrent accrued environmental remediation	52	52
Other noncurrent liabilities	9,266	6,532
TOTAL LIABILITIES	1,491,401	1,299,757
Commitments and contingencies (See Note 8)
Mezzanine Equity
Subsidiary Series A Preferred Units (nil and 93,039 units issued and outstanding as of March 31, 2026 and December 31, 2025, respectively)	0	141,296
Equity
Additional paid-in capital	739,647	638,427
Accumulated deficit	(208,197)	(202,902)
Total Company stockholders’ equity	595,816	546,180
Noncontrolling interest	319,176	400,376
Total Equity	914,992	946,556
TOTAL LIABILITIES AND EQUITY	2,406,393	2,387,609
Series A Preferred Stock
Equity
Series A Preferred Stock (65,508 shares authorized, issued and outstanding as of March 31, 2026 and December 31, 2025)	64,165	110,468
Common Stock
Equity
Common stock, value issued	136	122
Class B Common Stock
Equity
Common stock, value issued	$ 65	$ 65

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands		3 Months Ended
	Mar. 10, 2025	Mar. 31, 2026	Mar. 31, 2025
Supplemental cash flow information:
Cash interest paid		$ 41,328	$ 34,199
Cash paid for taxes		0	85
Noncash investing and financing activities:
Capital expenditures in trade accounts payable (period-end accruals)		7,807	7,128
Moonrise Acquisition
Noncash investing and financing activities:
Equity consideration for Moonrise Acquisition	$ 17,900	0	17,895
Series A Preferred Units
Noncash investing and financing activities:
Accretion of Subsidiary Series A Preferred Units, net of issuance cost amortization		$ 1,930	$ 3,592

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenues:
Total revenues	$ 139,142	$ 132,697
Costs and expenses:
Cost of natural gas and NGLs	$ 39,372	$ 35,434
Type of cost, good or service [extensible list]	Natural Gas Liquids (NGL) [Member]	Natural Gas Liquids (NGL) [Member]
Operation and maintenance	$ 38,217	$ 33,530
General and administrative	17,873	16,600
Depreciation and amortization	26,708	28,517
Transaction costs	222	2,793
Acquisition integration costs	373	1,244
Loss on asset sales, net	29	0
Total costs and expenses	122,794	118,118
Other income (expense), net	(590)	9,057
Loss on interest rate swaps	(150)	(966)
Loss on sale of business	0	(43)
Interest expense	25,013	22,537
Income from equity method investees	5,237	4,840
Income (loss) before income taxes	(4,168)	4,930
Income tax benefit (expense)	1,002	(296)
Net income (loss)	(3,166)	4,634
Less: Net income attributable to Subsidiary Series A Preferred Units	(1,930)	(3,592)
Less: Net income attributable to Series A Preferred Stock	(3,113)	(3,918)
Add: Net loss attributable to noncontrolling interest in SMLP	2,914	989
Net loss attributable to Summit Midstream Corporation	$ (5,295)	$ (1,887)
Net loss per share:
Common stock – basic (in dollars per share)	$ (0.43)	$ (0.16)
Common stock – diluted (in dollars per share)	$ (0.43)	$ (0.16)
Weighted-average number of shares outstanding:
Common stock – basic (in shares)	12,329	11,767
Common stock – diluted (in shares)	12,329	11,767
Gathering services and related fees
Revenues:
Total revenues	$ 59,570	$ 64,165
Natural gas, NGLs and condensate sales
Revenues:
Total revenues	73,651	59,327
Other revenues
Revenues:
Total revenues	$ 5,921	$ 9,205

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

8. 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, 2026, 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, 2027. 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.


	(In thousands)
Accrued environmental remediation, December 31, 2025	$	1,762
Payments made	(127)
Changes in estimates	(10)
Accrued environmental remediation, March 31, 2026	$	1,625

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, 2026 and December 31, 2025, the accrued loss liability for the 2015 Blacktail Release was $8.3 million and is recorded within accrued settlement payable on the 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 $8.3 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.

DEFERRED REVENUE

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

DEFERRED REVENUE

6. DEFERRED REVENUE

The balances in deferred revenue as of March 31, 2026 and December 31, 2025 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 and noncurrent deferred revenue follow:


	Current		Noncurrent
	(In thousands)
Deferred revenue, December 31, 2025	$	10,122	$	18,398
Add: additions	1,838		1,017
Less: reclassifications to current deferred revenue, revenue recognized and other	(2,825)		(1,838)
Deferred revenue, March 31, 2026	$	9,135	$	17,577

SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

SEGMENT INFORMATION

15. 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.

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

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

The following tables provide information about the Company’s reportable segments (in thousands):


















	Rockies		Permian		Piceance		Mid-Con
Three Months Ended March 31, 2026
Revenues: (1)
Gathering services and related fees	$	14,718	$	—	$	13,267	$	31,585
Natural gas, NGL’s and condensate sales	69,781		—		575		3,295
Other revenues	1,604		947		1,140		2,230
Total revenues	$	86,103	$	947	$	14,982	$	37,110
Less:
Cost of natural gas and NGLs (excludes deductions for gathering, processing, and other fees)	$	54,851	$	—	$	—	$	—
Cost of natural gas and NGLs (amounts withheld from customers for the Company’s gathering, processing and other fees)	(15,479)		—		—		—
Employee costs	5,472		—		1,582		2,747
Materials, parts, and other operating expenses	5,483		—		1,077		4,156
Indirect and passthrough (3)	5,908		—		2,181		10,139
Other segment items (2)	3,493		(7,783)		572		741
Segment Adjusted EBITDA	$	26,375	$	8,730	$	9,570	$	19,327


















	Rockies		Permian		Piceance		Mid-Con
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

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

(2) For the three months ended March 31, 2026 and 2025, 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;

(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, 2026		December 31, 2025
	(In thousands)
Assets (1):
Rockies	$	997,759	$	983,074
Permian	269,766		283,090
Mid-Con	754,738		753,517
Piceance	336,182		341,957
Total reportable segment assets	2,358,445		2,361,638
Corporate and Other	47,948		25,971
Total assets	$	2,406,393	$	2,387,609

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


	Three Months Ended March 31,
		2026		2025
		(In thousands)
Depreciation and amortization:
Rockies		$	10,757	$	9,753
Permian		—		—
Mid-Con (1)		8,982		8,058
Piceance		6,876		10,550
Total reportable segment depreciation and amortization		26,615		28,361
Corporate and Other		328		391
Total depreciation and amortization		$	26,943	$	28,752

(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,
		2026		2025
		(In thousands)
Cash paid for capital expenditures:
Rockies		$	10,976	$	11,473

Mid-Con		7,320		7,222
Piceance		239		1,090
Total reportable segment capital expenditures		18,535		19,785
Corporate and Other		742		821
Total cash paid for capital expenditures		$	19,277	$	20,606

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 follow:


	Three Months Ended March 31,
		2026		2025
		(In thousands)
Reconciliation of segment adjusted EBITDA to income (loss) before income taxes:
Total segment adjusted EBITDA		$	64,002	$	67,382
Less:
Corporate and Other expense (1)		10,955		3,197
Income from equity method investees		(5,237)		(4,840)
Interest expense		25,013		22,537
Depreciation and amortization (2)		26,943		28,752
Proportional adjusted EBITDA for equity method investees		7,871		7,404
Adjustments related to capital reimbursement activity (3)		(2,825)		(1,946)
Equity compensation		3,036		2,375
Loss on asset sales, net		29		—
Loss on sale of business		—		43


Transaction costs and other		2,385		4,930

Income (loss) before income taxes		$	(4,168)	$	4,930

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

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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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 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/exampleRef
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+ Details

SEGMENT INFORMATION - Narrative (Details)	3 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Mar. 31, 2026
Segment Reporting [Abstract]
Number Of Reportable Segments Not Disclosed Flag	segments

ACQUISITION - Schedule of Fair Value of the Assets and Liabilities Acquired (Details) - Moonrise Acquisition - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Mar. 10, 2025	Mar. 31, 2026	Mar. 31, 2025
Business Combination [Line Items]
Total consideration paid for Moonrise	$ 89,771
Cash	1,879
Accounts receivable	3,482
Property, plant and equipment, net	74,328
Intangibles	13,114
Other assets	758
Trade accounts payable, accrued expenses and other	(3,790)
Net assets acquired and liabilities assumed	89,771
Equity consideration for Moonrise Acquisition	$ 17,900	$ 0	$ 17,895
Equity consideration issued (in shares)	462,265
Equity consideration issued (in dollar per share)	$ 38.71
Cash acquired from acquisition	$ 1,900

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)

3 Months Ended

Mar. 31, 2026

Supplemental Cash Flow Elements [Abstract]

Schedule of Supplemental Cash Flow Information


	Three Months Ended March 31,
	2026		2025
	(In thousands)
Supplemental cash flow information:
Cash interest paid	$	41,328	$	34,199
Cash paid for taxes	$	—	$	85

Noncash investing and financing activities:
Capital expenditures in trade accounts payable (period-end accruals)	$	7,807	$	7,128
Accretion of Subsidiary Series A Preferred Units, net of issuance cost amortization	$	1,930	$	3,592
Equity consideration for Moonrise Acquisition	$	—	$	17,895

INCOME TAXES (Details)	3 Months Ended
INCOME TAXES (Details)	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	24.04%	6.00%

REVENUE

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

REVENUE

4. REVENUE

The following table presents estimated revenue, as of March 31, 2026, expected to be recognized during the remainder of 2026 and over the remaining contract period related to performance obligations that are unsatisfied and are comprised of estimated MVC shortfall payments.


(In thousands)	2026		2027		2028		2029		2030		Thereafter

Gathering services and related fees	$	18,589	$	8,076	$	5,399	$	—	$	—	$	—

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 15 - Segment Information for additional information.)


	Three Months Ended March 31, 2026
	Gathering services and related fees		Natural gas, NGLs and condensate sales		Other revenues		Total
	(In thousands)
Reportable Segments:
Rockies	$	14,718	$	69,781	$	1,604	$	86,103
Permian	—		—		947		947
Mid-Con	31,585		3,295		2,230		37,110
Piceance	13,267		575		1,140		14,982
Total reportable segments	59,570		73,651		5,921		139,142
Corporate and other	—		—		—		—
Total	$	59,570	$	73,651	$	5,921	$	139,142


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

- 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 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

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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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

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

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities:
Net income (loss)	$ (3,166)	$ 4,634
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Deferred income taxes	(996)	233
Depreciation and amortization	26,943	28,752
Noncash lease expense	681	2,349
Amortization of debt issuance costs and other	2,571	968
Equity compensation	3,036	2,375
Income from equity method investee - Double E	(5,237)	(4,840)
Distributions from equity method investee - Double E	7,595	6,694
Loss on asset sales, net	29	0
(Gain) loss on earn-out remeasurement	503	(9,023)
Loss on sale of business	0	43
Unrealized loss on interest rate swaps	529	1,870
Changes in operating assets and liabilities:
Accounts receivable	(4,437)	(3,378)
Trade accounts payable	(1,014)	7,870
Accrued expenses	11,711	7,114
Deferred revenue, net	(1,808)	(1,879)
Ad valorem taxes payable	(5,214)	(4,449)
Accrued interest	(20,154)	(12,730)
Accrued environmental remediation, net	(137)	(35)
Other, net	(4,565)	(10,538)
Net cash provided by operating activities	6,870	16,030
Investing activities:
Capital expenditures	(19,277)	(20,606)
Investment in equity method investee - Double E	0	(2,488)
Other, net	(86)	0
Net cash used in investing activities	(19,363)	(93,091)
Financing activities:
Borrowings on Amended and Restated ABL Facility	78,000	90,000
Debt repayments - Amended and Restated ABL Facility	(75,000)	(250,000)
Distributions and redemption of Subsidiary Series A Preferred Units	(143,226)	(1,628)
Distributions on Series A Preferred Stock	(49,416)	(3,359)
Related party shares issued for cash, net	41,459	0
Related party settlement of Tall Oak earn-out	(21,304)	0
Debt issuance costs	(8,052)	(4,832)
Other, net	(3,127)	(3,155)
Net cash provided by financing activities	42,336	81,466
Net change in cash, cash equivalents and restricted cash	29,843	4,405
Cash, cash equivalents and restricted cash, beginning of period	19,679	25,199
Cash, cash equivalents and restricted cash, end of period	49,522	29,604
Moonrise Acquisition
Investing activities:
Cash consideration paid for the acquisition of Moonrise, net of cash acquired	0	(69,997)
New Permian Transmission Credit Facility
Financing activities:
Borrowings under New Permian Transmission Facility	340,000	0
Permian Transmission Term Loan
Financing activities:
Debt repayments - Legacy Permian Transmission Term Loan	(116,998)	(3,998)
Additional 2029 Secured Notes
Financing activities:
Issuance of Additional 2029 Secured Notes	$ 0	$ 258,438

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Common Stock
Common stock, par value (in dollars per shares)	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Common Class B
Common stock, par value (in dollars per shares)	$ 0.01	$ 0.01	$ 0.01	$ 0.01

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Preferred stock, shares outstanding (in shares)	65,508	65,508
Series A Preferred Stock
Preferred shares authorized (in shares)	65,508	65,508
Preferred shares issued (in shares)	65,508	65,508
Preferred stock, shares 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, issued (in shares)	13,814,286	12,262,320
Common stock, shares outstanding (in shares)	13,814,286	12,262,320
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, issued (in shares)	6,524,467	6,524,467
Common stock, shares outstanding (in shares)	6,524,467	6,524,467
Subsidiary Series A Preferred Units
Subsidiary series A preferred units issued (in shares)	0	93,039,000
Subsidiary series A preferred units outstanding (in shares)	0	93,039,000

DEFERRED REVENUE (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Rollforward Deferred Revenue

An update of current and noncurrent deferred revenue follow:


	Current		Noncurrent
	(In thousands)
Deferred revenue, December 31, 2025	$	10,122	$	18,398
Add: additions	1,838		1,017
Less: reclassifications to current deferred revenue, revenue recognized and other	(2,825)		(1,838)
Deferred revenue, March 31, 2026	$	9,135	$	17,577

REVENUE (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

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


(In thousands)	2026		2027		2028		2029		2030		Thereafter

Gathering services and related fees	$	18,589	$	8,076	$	5,399	$	—	$	—	$	—

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


	Three Months Ended March 31, 2026
	Gathering services and related fees		Natural gas, NGLs and condensate sales		Other revenues		Total
	(In thousands)
Reportable Segments:
Rockies	$	14,718	$	69,781	$	1,604	$	86,103
Permian	—		—		947		947
Mid-Con	31,585		3,295		2,230		37,110
Piceance	13,267		575		1,140		14,982
Total reportable segments	59,570		73,651		5,921		139,142
Corporate and other	—		—		—		—
Total	$	59,570	$	73,651	$	5,921	$	139,142


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

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

EARNINGS PER SHARE

11. EARNINGS PER SHARE

The following table details the components of EPS.


	Three Months Ended March 31,
		2026		2025
	(In thousands, except per-share amounts)
Numerator for basic and diluted EPS:
Net income (loss)		$	(3,166)	$	4,634
Less: Net income attributable to Subsidiary Series A Preferred Units		(1,930)		(3,592)
Less: Net income attributable to Series A Preferred Stock		(3,113)		(3,918)
Add: Net loss attributable to noncontrolling interest		2,914		989
Net loss attributable to Summit Midstream Corporation		$	(5,295)	$	(1,887)

Denominator for basic and diluted EPS:
Weighted-average number of shares outstanding – basic		12,329		11,767
Effect of nonvested restricted stock units		—		—
Effect of assumed conversion and elimination of noncontrolling interest and net income		—		—
Weighted-average number of shares outstanding – diluted		12,329		11,767

Net loss per share:
Common Stock – basic		$	(0.43)	$	(0.16)
Common Stock – diluted		$	(0.43)	$	(0.16)
Class B Common Stock - basic and diluted		$	—	$	—

Nonvested anti-dilutive restricted shares excluded from the calculation of diluted EPS		236		462
Class B Common Stock		6,524		6,535

PROPERTY, PLANT AND EQUIPMENT (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

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


	March 31, 2026		December 31, 2025
	(In thousands)
Gathering and processing systems and related equipment	$	2,472,385	$	2,451,820
Construction in progress	47,175		54,367
Land and line fill	16,311		16,311
Other	72,188		70,756
Total	2,608,059		2,593,254
Less: accumulated depreciation	(771,701)		(749,108)
Property, plant and equipment, net	$	1,836,358	$	1,844,146

Schedule Of Depreciation Expense And Capitalized Interest

Depreciation expense and capitalized interest for the Company follow:


	Three Months Ended March 31,
		2026		2025
		(In thousands)
Depreciation expense		$	23,218	$	24,696
Capitalized interest		420		396

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Moonrise Acquisition	Additional Paid in Capital	Additional Paid in Capital Moonrise Acquisition	Retained Earnings (Deficit)	Non-controlling interest	Series A Preferred Units and Stock	Series A Preferred Units and Stock Series A Preferred Stock	Common Class A Common Stock	Common Class A Common Stock Moonrise Acquisition	Common Class B Common Stock
Beginning balance at Dec. 31, 2024	$ 965,125		$ 540,714		$ (183,333)	$ 497,333		$ 110,230	$ 106		$ 75
Equity
Net income (loss)	1,042				(1,887)	(989)		3,918
Dividend paid on Series A Preferred Stock	(3,359)						$ (3,359)
Equity compensation	2,375		2,375
Tax withholdings and associated payments on vested SMC LTIP awards	(2,837)		(2,838)						1
Moonrise Acquisition		$ 17,895		$ 17,890						$ 5
Conversion of Class B Common Stock and Partnership Common Units	0								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		110,789	122		65
Beginning balance at Dec. 31, 2025	946,556		638,427		(202,902)	400,376		110,468	122		65
Equity
Net income (loss)	(5,096)				(5,295)	(2,914)		3,113
Dividend paid on Series A Preferred Stock	(49,416)						$ (49,416)
Equity compensation	3,036		3,036
Tax withholdings and associated payments on vested SMC LTIP awards	(2,796)		(2,796)
Moonrise Acquisition		$ 0
Share issuance	41,459		41,445						14
Tax impact of Up-C Structure	(18,751)		(18,751)
Equity shift	0		78,286			(78,286)
Ending balance at Mar. 31, 2026	$ 914,992		$ 739,647		$ (208,197)	$ 319,176		$ 64,165	$ 136		$ 65

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Components of Earnings Per Share

The following table details the components of EPS.


	Three Months Ended March 31,
		2026		2025
	(In thousands, except per-share amounts)
Numerator for basic and diluted EPS:
Net income (loss)		$	(3,166)	$	4,634
Less: Net income attributable to Subsidiary Series A Preferred Units		(1,930)		(3,592)
Less: Net income attributable to Series A Preferred Stock		(3,113)		(3,918)
Add: Net loss attributable to noncontrolling interest		2,914		989
Net loss attributable to Summit Midstream Corporation		$	(5,295)	$	(1,887)

Denominator for basic and diluted EPS:
Weighted-average number of shares outstanding – basic		12,329		11,767
Effect of nonvested restricted stock units		—		—
Effect of assumed conversion and elimination of noncontrolling interest and net income		—		—
Weighted-average number of shares outstanding – diluted		12,329		11,767

Net loss per share:
Common Stock – basic		$	(0.43)	$	(0.16)
Common Stock – diluted		$	(0.43)	$	(0.16)
Class B Common Stock - basic and diluted		$	—	$	—

Nonvested anti-dilutive restricted shares excluded from the calculation of diluted EPS		236		462
Class B Common Stock		6,524		6,535

EQUITY AND MEZZANINE EQUITY - Schedule of Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Partners Capital [Line Items]
Beginning balance	$ 946,556	$ 965,125
Net income (loss)	(5,096)	1,042
Equity shift	0	0
Ending balance	914,992	967,961
Non-controlling interest
Partners Capital [Line Items]
Beginning balance	400,376	497,333
Net income (loss)	(2,914)	(989)
Equity shift	(78,286)	(86,526)
Ending balance	$ 319,176	$ 409,818

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2026
Income Tax Disclosure [Abstract]
INCOME TAXES	14. INCOME TAXES Summit Midstream Corporation’s effective income tax rate for the three months ended March 31, 2026 and 2025 was 24.04% and 6.00%, respectively. Summit Midstream Corporation’s effective income tax rate for the three months ended March 31, 2026 and 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. 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, 2026.

- Definition

The entire disclosure for income tax.

+ References

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