Summit Midstream's Business Segments

Summit Midstream Corporation (SMC), based in Delaware, develops, owns, and operates midstream energy infrastructure assets primarily located in unconventional resource basins across the continental United States. Operating through subsidiaries controlled by Summit Holdings, SMC's assets are positioned in basins including the Williston Basin, DJ Basin, Barnett Shale, Piceance Basin, Permian Basin, and Arkoma Basin. The company’s midstream infrastructure gathers natural gas, crude oil, and produced water from wells and delivers these to downstream pipelines or third-party facilities. SMC also provides natural gas transmission services through the Double E Pipeline, in which it holds a 70% equity interest and serves as operator. Recent activities include the $90 million Moonrise Acquisition expanding capacity in the DJ Basin, resumption of Series A Preferred Stock dividends, integration of acquisitions, new long-term commercial agreements, and a $440 million refinancing of Permian Transmission Credit Facilities. The company focuses on capital structure optimization, portfolio management, maintaining fee-based revenue with minimal commodity price exposure, strong producer relationships, and safe, reliable operations.

As of December 31, 2025, the company's reportable segments are organized based on the primary commodity influencing customer drilling and completion decisions. The oil price-driven segments include Rockies, which consists of midstream assets in the Williston Basin and the DJ Basin, and Permian, which includes an equity method investment in Double E. The natural gas price-driven segments include Mid-Con, covering midstream assets in the Barnett Shale and the Arkoma Basin, and Piceance, comprising midstream assets in the Piceance Basin. The company generates revenue through gathering, compression, treating, and processing services under primarily long-term, fee-based agreements with major producers, as well as transportation services via the Double E Pipeline in the Permian Basin. These fee-based agreements help stabilize cash flows by limiting direct commodity price exposure. Most gathering and processing agreements include Areas of Mutual Interest (AMIs), some extending through 2040, which generally require production within these areas to be gathered or processed by the company's assets.