Headquartered in Houston, TX Fiscal year ends December NYSE: SMC summitmidstream.com
Summit Midstream Corporation develops, owns and operates midstream energy infrastructure in core producing areas of U.S. unconventional resource basins, mainly shale formations. It provides natural gas, crude oil and produced water gathering, processing and transportation services. Most of these services are provided under long-term, fee-based agreements, supplemented by natural gas, NGL and condensate sales.
The company operates in five basins, organized into four reportable segments:
- **Rockies:** the Williston Basin (Bakken and Three Forks shale, North Dakota) and the Denver-Julesburg Basin (Niobrara and Codell shale, Colorado and Wyoming).
- **Mid-Con:** the Fort Worth Basin (Barnett Shale, Texas) and the Arkoma Basin (Woodford and Caney shale, Oklahoma).
- **Piceance:** the Piceance Basin (Mesaverde, Mancos and Niobrara formations, Colorado).
- **Permian:** an equity method investment in Double E Pipeline, LLC, an interstate natural gas pipeline running from Delaware Basin receipt points to the Waha Hub in Texas.
Summit is pursuing growth through new well connections in the Rockies and the Double E Mainline Compression Expansion. It has suspended common dividends while paying dividends on its Series A Preferred Stock. Updated
Analysts modeled a loss and got a profit instead, and management responded by lifting full-year adjusted EBITDA guidance to $250 million to $260 million from $235 million to $255 million. Liquids throughput rose 39.7% to 95 Mbbl/d on 51 new Rockies well connections. On a $387 million market cap, that raise is hard to ignore.
Summit Midstream Corporation develops, owns and operates midstream energy infrastructure in core producing areas of U.S. unconventional resource basins, mainly shale formations. It provides natural gas, crude oil and produced water gathering, processing and transportation services.
The Wall Street consensus 12-month price target for SMC is $46.50.