Quarterly ResultMay 11, 2026, 04:27 PM
Summit Midstream Q1 Net Loss $3.2M; Repays $45M Preferred Dividends
AI Summary
Summit Midstream Corporation reported a net loss of $3.2 million and Adjusted EBITDA of $54.2 million for the first quarter of 2026. The company made significant financial moves by repaying all $45 million of accrued Series A Preferred Stock dividends and completing a $42 million private placement of common stock. Operationally, Summit connected 37 wells and secured a new 10-year agreement for 100 MMcf/d firm capacity on the Double E Pipeline, while reiterating its full-year 2026 Adjusted EBITDA guidance.
Key Highlights
- Q1 2026 net loss of $3.2 million, compared to a net income of $4.6 million in Q1 2025.
- Q1 2026 Adjusted EBITDA was $54.2 million, down from $57.5 million in Q1 2025.
- Repaid all $45 million of accrued Series A Preferred Stock dividends.
- Completed a $42 million private placement of common stock to an affiliate of Tailwater Capital LLC.
- Executed a new 10-year precedent agreement for 100 MMcf/d of firm capacity on the Double E Pipeline.
- Connected 37 wells during Q1 2026, including four Williston wells from a new 10-year crude gathering agreement.
- Reiterated 2026 full-year Adjusted EBITDA guidance of $225 million to $265 million.
- Aggregate average daily natural gas throughput decreased 2.7% to 870 MMcf/d in Q1 2026.