The following is a summary of the Summit Midstream Corporation (SMC) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Summit reported adjusted EBITDA of $45.2 million for Q3 2024, marking a 9% increase from the previous quarter.

• The financial results were impacted by a net loss of $197 million, primarily due to a $142 million non-cash income tax expense from the conversion to a C-Corp.

• Expected Q4 adjusted EBITDA is projected to be between $45 million to $50 million, representing approximately 5% growth quarter-over-quarter.

Business Progress:

• Summit completed a transformation from an MLP to a C-Corp, enhancing stock liquidity and appeal.

• Executed refinancing transactions which improved financial structure by reducing debt and extending maturities to 2029.

• Announced acquisition of Tall Oak Midstream, expected to diversify and scale operations.

• Initiated a $10 million optimization project in the Rockies, expected to enhance EBITDA margins from Q2 2025.

Opportunities:

• Expansion through the acquisition of Tall Oak Midstream and ongoing capital projects like the optimization in the Rockies represent significant growth and efficiency opportunities.

Risks:

• Operational disruptions, particularly noted with previous downtime at a major compressor station, which impacted margins although it has been resolved.

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