Summit Midstream Q1 Adjusted EBITDA $54.2M, Connects 37 Wells and Secures 100 MMcf/d Pipeline
Summit Midstream posted a Q1 net loss of $3.2M with Adjusted EBITDA of $54.2M, DCF of $26.9M and FCF of $11.4M while reaffirming full-year EBITDA guidance of $225M-$265M. The company connected 37 wells, executed a 100 MMcf/d 10-year Double E pipeline agreement for Q1 2027 in-service, and repaid $45M preferred dividends.
1. Q1 Financial Results
Summit Midstream recorded a $3.2 million net loss in Q1, with Adjusted EBITDA of $54.2 million, Distributable Cash Flow of $26.9 million and Free Cash Flow of $11.4 million. The company reaffirmed 2026 full-year Adjusted EBITDA guidance of $225 million to $265 million.
2. Operational Performance
During the quarter the company connected 37 wells—including four in the Williston Basin under its new 10-year crude gathering agreement—while five rigs remain active with approximately 80 drilled but uncompleted wells. Average daily natural gas throughput declined by 2.7% to 870 MMcf/d and liquids volumes fell 3.0% to 64 Mbbl/d.
3. Pipeline Agreements
Summit executed a precedent agreement for 100 MMcf/d of firm capacity on the Double E Pipeline, expected in service in Q1 2027 under a 10-year term. This brings contracted volume on Double E to 1.755 Bcf/d, with management evaluating additional capacity backed by strong shipper interest.
4. Financial Milestones
The company cleared $45 million of accrued Series A preferred dividends, paving the way to reinstate a common dividend, and completed a $42 million private placement of common stock to its largest shareholder. Proceeds are earmarked to fund high-return growth projects and reduce borrowings under the ABL facility.