Summit Midstream Corp (SMC) Form 8-K — Aug 10, 2026
Summit Midstream Corporation (NYSE: SMC) reported second quarter 2026 net income of $4.6 million ($0.11 diluted EPS), reversing a $4.2 million net loss in the year-ago quarter, on total revenues of $155.0 million. Adjusted EBITDA rose 12% sequentially to $60.7 million, with Distributable Cash Flow of $36.8 million and Free Cash Flow of $9.4 million. Operations accelerated across the footprint: 36 new well connections drove volume gains, Mid-Con throughput climbed 9.9% to 523 MMcf/d, and Double E Pipeline averaged 859 MMcf/d contributing $9.4 million of net Adjusted EBITDA.
Key figures
- Eps
- $0.11 diluted / $0.12 basic (vs. $(0.66) in Q2 2025)
- Revenue
- $155.0 million (Q2 2026) vs. $140.2 million (Q2 2025)
- Guidance
- Full-year 2026 Adjusted EBITDA tightened to $235-255 million; total capital expenditures (including Double E) increased to $100-120 million from $85-105 million previously
- Net Income
- $4.6 million (vs. net loss of $4.2 million in Q2 2025)
- Total Debt
- ~$1.24 billion (long-term debt, net of $1,237.9 million plus $1.7 million current portion; includes $350 million non-recourse Permian Transmission Term Loan)
- Total Assets
- $2.41 billion
- Cash Position
- $21.0 million unrestricted ($10.8 million restricted)
- Buyback
- $35 million program established; 34,624 shares repurchased for ~$1.0 million in Q2; ~$34.0 million remaining capacity
- Capex q2
- $25.0 million, including $4.1 million maintenance capex
- Rigs active
- 8 rigs (6 Williston, 2 DJ Basin) with ~75 DUCs
- Abl revolver
- $500 million facility, $79 million drawn, $418 million available; borrowing base of $798 million
- Mvc shortfall
- $4.2 million billed/recognized in Q2
- Free cash flow
- $9.4 million
- Adjusted ebitda
- $60.7 million, +12% QoQ (vs. $61.1 million in Q2 2025)
- Common dividend
- Suspended for the period ended June 30, 2026; Series A Preferred dividend continues
- Interest coverage
- 2.7x vs. 2.0x covenant minimum
- Midcon throughput
- 523 MMcf/d, +9.9% QoQ
- Liquids throughput
- 68 Mbbl/d (+6.3% QoQ)
- Double e throughput
- 859 MMcf/d, contributing $9.4 million net Adjusted EBITDA
- First lien leverage
- 0.3x vs. 2.5x covenant maximum
- Interest expense q2
- $27.4 million
- Total leverage ratio
- 4.1x
- Natural gas throughput
- 899 MMcf/d (+3.3% QoQ; 912 MMcf/d in Q2 2025)
- Distributable cash flow
- $36.8 million
Price after filing
Close on the filing date to close N calendar days later (from $30.35). Historical, not a forecast.
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