Summit Midstream Corporation reported its financial and operating results for the second quarter ended June 30, 2025, on August 12, 2025. The company generated $61.094 million in Adjusted EBITDA for the quarter, an increase from $43.148 million in Q2 2024. This figure was slightly below internal expectations at the midpoint of the guidance range.
The primary reasons for the underperformance relative to internal expectations were the timing and performance of certain wells in the DJ and Arkoma Basins, along with lower than expected realized commodity prices in the DJ Basin. Average daily natural gas throughput on wholly owned operated systems increased by 3.3% to 912 MMcf/d compared to Q1 2025, while liquids volumes increased by 5.4% to 78 Mbbl/d.
The company connected 47 wells to its systems during the quarter. Capital expenditures totaled $26.4 million in Q2 2025, including $5.5 million for maintenance capital. As of June 30, 2025, Summit had $20.9 million in unrestricted cash and $359 million of borrowing availability under its $500 million ABL Revolver.
Summit updated its full-year 2025 Adjusted EBITDA guidance, now expecting to be near the low end of its previously stated range of $245 million to $280 million. This adjustment is due to customers not reverting development timing back to original plans, despite crude oil prices recovering and natural gas prices remaining supportive. The total leverage ratio stood at approximately 4.1x as of June 30, 2025.
The company announced a 10-year extension of certain gathering agreements with a key customer in the Williston Basin, extending the weighted average contract life from four years to eight years. Additionally, a new precedent agreement for 100 MMcf/d of firm capacity behind the Double E Pipeline was executed, contingent on a customer's final investment decision for a new plant connection with an expected Q4 2026 in-service date.
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