Summit Midstream Corporation reported its financial and operating results for the third quarter ended September 30, 2024, on November 12, 2024. The company's Adjusted EBITDA for the quarter was $45.238 million, a decrease from $72.790 million in the third quarter of 2023. This reflects a period of active corporate and operational changes, including the C-Corp conversion and balance sheet refinancing.
Operationally, average daily natural gas throughput for wholly owned operated systems decreased by 6.8% to 667 MMcf/d compared to the second quarter of 2024. Liquids volumes also saw a 6.7% decrease, reaching 70 Mbbl/d. In contrast, the Double E Pipeline experienced a 20.4% increase in gross volumes transported quarter-over-quarter, reaching 661 MMcf/d, contributing $8.5 million in adjusted EBITDA to SMC.
The company connected 38 wells to its system during the quarter, with 9 in the Barnett system and 29 in the DJ Basin. Capital expenditures totaled $10.9 million for the third quarter of 2024, including $1.3 million for maintenance capital. Summit maintained $17.8 million in unrestricted cash and $349.2 million of borrowing availability under its $500 million ABL Revolver as of September 30, 2024.
As of September 30, 2024, Summit was in compliance with all financial covenants, reporting an interest coverage ratio of 2.4x and a first lien leverage ratio of 0.8x. The total leverage ratio stood at approximately 4.58x. The board of directors continued the suspension of cash dividends on both common shares and Series A preferred shares for the period ended September 30, 2024.
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