Summit Midstream Corporation announced its financial and operating results for the first quarter ended March 31, 2025, on May 7, 2025. The company generated $57.506 million in Adjusted EBITDA for the quarter, a decrease from $70.059 million in Q1 2024. This result was in line with management expectations.
Operationally, average daily natural gas throughput on wholly owned operated systems increased by 19.8% to 883 MMcf/d compared to the fourth quarter of 2024. Liquids volumes also increased by 8.8% to 74 Mbbl/d. The Double E pipeline transported an average of 664 MMcf/d and contributed $8.3 million in adjusted EBITDA to SMC.
The company connected 41 new wells during the quarter, with six rigs currently operating behind its footprint. Capital expenditures totaled $20.6 million in Q1 2025, including $2.5 million for maintenance capital. As of March 31, 2025, Summit had $26.2 million in unrestricted cash and $354 million of borrowing availability under its $500 million ABL Revolver.
Summit reaffirmed its full-year 2025 guidance. Management noted that the low end of the Rockies segment Adjusted EBITDA guidance range ($100 million to $125 million) already reflects a potential two to three-month delay in second-half 2025 well connections if crude prices weaken significantly. The Mid-Con segment shows a favorable natural gas outlook and potential for incremental activity later in the year.
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