Summit Midstream Partners ( (SMC) ) has released its Q3 earnings. Here is a breakdown of the information Summit Midstream Partners presented to its investors.
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Summit Midstream Corporation is a Houston-based company specializing in midstream energy infrastructure, focusing on gathering, processing, and transportation services for natural gas, crude oil, and produced water in key U.S. shale formations.
In the third quarter of 2024, Summit Midstream reported a net loss of $197.5 million, influenced by a significant non-cash income tax expense. However, they achieved a 9% growth in adjusted EBITDA, reaching $45.2 million. The company also connected 38 wells and maintained an active operational footprint.
Key financial highlights include a free cash flow of $9.9 million, and the execution of a transformative acquisition of Tall Oak Midstream III. Operationally, the company experienced a decline in natural gas throughput but saw a 20.4% increase in volumes transported by the Double E Pipeline.
Summit Midstream has simplified its corporate structure and extended debt maturities through refinancing. Looking forward, the company anticipates generating $45 million to $50 million in adjusted EBITDA in the fourth quarter, continuing its growth trajectory and strategic expansions.