Summit Midstream Corporation Reports Q1 2025 Financial Results with Revenue Growth and Net Loss

Summit Midstream Corporation reported its financial results for the first quarter of 2025, revealing total revenues of $132.7 million, a 11.6% increase from $118.9 million in the same period of 2024. The growth was driven by a rise in gathering services and related fees, which increased to $64.2 million from $62.0 million, and natural gas, NGLs, and condensate sales, which rose to $59.3 million from $49.1 million. However, the company experienced a net loss attributable to common equity holders of $1.9 million, a significant decline from a net income of $125.9 million in the prior year, primarily due to a lack of asset sale gains that had previously bolstered earnings.

The company’s operational metrics showed a decrease in aggregate average daily throughput for natural gas, which fell to 883 MMcf/d from 1,327 MMcf/d year-over-year. This decline was attributed to reduced production in the Northeast segment, which saw a throughput decrease of 712 MMcf/d, partially offset by increases in the Mid-Con segment. The total costs and expenses for the quarter decreased significantly to $118.1 million from $173.6 million, largely due to the absence of long-lived asset impairments and lower interest expenses following the repayment of several senior notes.

Strategically, Summit Midstream completed the Moonrise Acquisition on March 10, 2025, acquiring all equity interests in Moonrise Midstream for approximately $90 million, which included a cash payment of $70 million and the issuance of 462,265 shares of common stock. This acquisition is expected to enhance the company’s operational capacity and revenue generation capabilities. Additionally, the company continues to manage its capital structure, with a focus on reducing debt and optimizing its asset portfolio.

As of March 31, 2025, Summit Midstream had total assets of $2.43 billion, up from $2.36 billion at the end of 2024. The company’s long-term debt stood at $1.07 billion, with a First Lien Net Leverage Ratio of 0.52:1.00, indicating a strong compliance with its financial covenants. Looking ahead, the company anticipates continued growth driven by favorable natural gas demand dynamics and strategic acquisitions, while remaining vigilant to market conditions and potential operational challenges.