Summit Midstream Corp Q3 FY2024 earnings call

• Corporate strategy: Reorganized from an MLP to a C-Corp, executed refinancing transactions reducing debt and pushing nearest debt maturity to 2029, and acquired Tall Oak Midstream in the Arkoma Basin. - Operations: Generated $45.2 million in adjusted EBITDA (9% quarter-over-quarter growth), connected 38 wells, had 6 rigs running. Barnett YTD well connects 27 (exceeds high end of 2024 guidance). Rockies connected 29 wells YTD, 5 rigs running, 90 DUCs. DJ compressor station back to full operating capacity, and began construction on a $10 million optimization project in the Rockies with approximate one-year payback starting in Q2 2025.

Rockies segment generated adjusted EBITDA of $24.9 million, a 9% increase relative to the second quarter. Crude volumes averaged 70,000 barrels a day, a decrease of 5,000 barrels a day relative to the second quarter, and natural gas volumes averaged 128 million cubic feet a day, a decrease of 2 million cubic feet per day relative to the second quarter. Connected 28 wells in the DJ during the quarter. The Rockies segment currently has 5 rigs running behind the systems and approximately 90 DUCs. Permian Basin segment reported adjusted EBITDA of $8.4 million, an increase of $0.8 million relative to the second quarter, due primarily to higher volume throughput on the Double E Pipeline. Volume throughput on Double E averaged 661 million cubic feet per day, representing an increase of 20% relative to the second quarter and an increase of approximately 100% from the third quarter of last year. Piceance segment reported adjusted EBITDA of $12.8 million consistent with the second quarter. Volume throughput averaged 284 million cubic feet per day during the quarter, a decrease of approximately 2%. Barnett segment reported adjusted EBITDA of $7.3 million, an increase of $1.9 million relative to the second quarter, primarily due to a 26% increase in volume throughput from the second quarter. There is still currently 1 rig running and 14 DUCs behind the system today.

• Expect to generate $45 million to $50 million of adjusted EBITDA during the fourth quarter, representing about 5% growth at the mid-point from year - quarter-over-quarter. - While it’s too early to provide formal guidance for 2025, wouldn’t be surprised if 2025 ends up fairly similar to 2024 from a total well connect perspective in the Barnett.

Q: A: Q: A: Operator mentioned no questions in the queue at the end of the call