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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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

SMC

SMC fundamentals

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