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- **Q3 EBITDA Growth**: $65.5 million, 7% quarter-over-quarter increase. 
- **Pipeline Volume Record**: Double E Pipeline hit 745 Mcf/d in September. 
- **2025 Well Connects**: Expected to meet midpoint of 125-185 wells guidance. 
- **2026 Expansion**: Over 120 new wells in H1, with potential H2 expansion. 
- **Cost Savings**: $4 million annual savings from compressor relocations starting 2026. 
- **Financial Strength**: $950 million net debt, $349 million available borrowing.

**CEO Summary Section**
- **Q3 Financial Highlights**: Adjusted EBITDA of $65.5 million, a 7% increase from Q2, with $36.7 million in distributable cash flow (DCF) and $16.7 million in free cash flow (FCF). 
- **Operational Momentum**: Connected 21 new wells, with 50 expected in Q4, and Double E Pipeline volumes hitting 712 million cubic feet per day (Mcf/d) average in Q3 (745 Mcf/d in September). 
- **2025 Guidance**: On track to end the year near the midpoint of 125-185 wells guidance. 
- **2026 Outlook**: Over 120 new wells in H1, with potential expansion in H2 based on customer development plans.

**CFO Financial Commentary**
- **Segment Performance**: 
  - **Rockies**: $29 million EBITDA (up $3.8 million QoQ) driven by fixed fee revenue and product margin. 
  - **Permian**: $8.7 million EBITDA (up $0.4 million) from higher throughput. 
  - **Piceance**: $12.5 million EBITDA (up $2 million) from deferred revenue and lower expenses. 
  - **Mid-Con**: $23.6 million EBITDA (down $1.3 million) due to lower product margin. 
- **Capital Allocation**: $22.9 million in Q3 capex, with $14 million in non-recurring projects year-to-date. 
- **Balance Sheet**: $950 million net debt and $349 million available borrowing. 
- **Cost Efficiency**: $4 million annual savings from compressor relocations starting 2026.

**Closing Remarks**
- **Strategic Position**: Strong Q3 performance, active customer base, and balance sheet. 
- **Growth Catalysts**: 2026 guidance release planned for Q4, with excitement over customer programs and volumetric growth.

Summit Midstream Corp.(SMC)-20251111-2025 Q3 Earnings call transcript

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