Overview

• U.S. midstream operator's Q1 revenue rose yr/yr to $139 mln, net loss was $3.2 mln

• Adjusted EBITDA for Q1 was $54.2 mln, free cash flow totaled $11.4 mln

• Company repaid all $45 mln in accrued Series A Preferred Stock dividends, boosting financial flexibility

Outlook

• Summit Midstream reiterates 2026 full-year Adjusted EBITDA guidance of $225 mln to $265 mln

• Company expects business to trend toward midpoint of guidance range

• Company expects Piceance segment shut-in production to resume in Q3 2026

Result Drivers

• CRUDE OIL PRICES - Co said favorable crude oil prices benefited the Rockies segment, particularly beginning in March

• LOWER GAS THROUGHPUT - Mid-Con and Piceance segments saw lower adjusted EBITDA due to natural production declines and temporary shut-ins, per company

• LOWER RESIDUE GAS PRICES - Lower realized residue gas prices negatively impacted percent-of-proceeds contracts in the Rockies segment

Company press release: ID:nPnbShQM8a

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue		$139.1 mln
Q1 EPS		-$0.43
Q1 Net Income		-$3.20 mln
Q1 Adjusted EBITDA		$54.20 mln
Q1 Free Cash Flow		$11.40 mln

Analyst Coverage

• The one available analyst rating on the shares is "buy"

• The average consensus recommendation for the oil & gas transportation services peer group is "buy"

• Wall Street's median 12-month price target for Summit Midstream Corp is $46.00, about 54.5% above its May 8 closing price of $29.78

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