Summit Midstream reported a Q4 2025 net loss of $7.3 million alongside Adjusted EBITDA of $58.5 million, distributable cash flow of $33.7 million and free cash flow of $17.0 million. For full-year 2026, the company forecast Adjusted EBITDA of $225 million to $265 million on total capital expenditures of $85 million to $105 million, including $35 million earmarked for Double E projects.

Summit executed three 10+-year firm take-or-pay agreements on the Double E Pipeline, which are projected to lift Permian Segment Adjusted EBITDA from $34 million in 2025 to approximately $60 million by 2029. The company also launched a binding open season to secure commitments for a mainline compression project that would boost capacity from 1.6 Bcf/d to 2.4 Bcf/d by the end of 2028.

A new term loan was arranged to fund Double E capital projects and deliver an $85 million one-time distribution to Summit, enabling repayment of $45 million in Series A Preferred Stock arrears and debt reduction. This refinancing enhances financial flexibility, supports execution of growth initiatives and moves Summit closer to its leverage targets while preparing for a sustainable return of capital program.

Summit secured a new 10-year crude oil gathering agreement covering over 200,000 acres in the Williston Basin, where it maintains an active customer base with seven rigs, approximately 90 DUCs and an expected 116 to 126 well tie-ins in 2026. This agreement underscores the company’s expanding footprint and operational momentum in its Rockies segment.