Summit Midstream Files Q3 2024 Proxy Materials

TL;DR

Summit Midstream dropped Q3 proxy docs. Shareholders, pay attention.

AI Summary

Summit Midstream Corp. filed a Definitive Additional Materials proxy statement on November 12, 2024, related to its Q3 2024 earnings. The filing is a proxy statement under Schedule 14A, indicating it contains information for shareholders regarding company matters, likely including voting items and financial performance updates.

Why It Matters

This filing provides shareholders with crucial information about Summit Midstream's financial performance and any upcoming corporate actions, enabling informed voting decisions.

Risk Assessment

Risk Level: low — This is a routine filing of additional proxy materials and does not inherently indicate new risks.

Key Players & Entities

• Summit Midstream Corp. (company) — Registrant
• 0002024218-24-000033.txt (document) — Filing document name
• 20241112 (date) — Filing date

FAQ

Key Financial Figures

• $197.5 m — ghlights Third quarter 2024 net loss of $197.5 million, including $142.6 million non-cas
• $142.6 million — 4 net loss of $197.5 million, including $142.6 million non-cash income tax expense to primaril
• $45.2 m — conversion Generated adjusted EBITDA of $45.2 million, representing approximately 9% qu
• $22.1 million — tributable Cash Flow" or "DCF") of $22.1 million and free cash flow ("FCF") of $9.9 mill
• $9.9 million — 1 million and free cash flow ("FCF") of $9.9 million Expect to generate approximately $45 mi
• $45 million — illion Expect to generate approximately $45 million to $50 million of adjusted EBITDA in th
• $50 million — o generate approximately $45 million to $50 million of adjusted EBITDA in the fourth quarte
• $10 million — and made final investment decision on a $10 million optimization project in the Rockies seg
• $8.5 million — ease quarter-over-quarter and generated $8.5 million of adjusted EBITDA, net to SMC, for the
• $1.6 million — f 2024. EXHIBIT 99.1 1 1 Normalized for $1.6 million of Northeast segment adjusted EBITDA ge
• $20.1 m — ed quarterly segment adjusted EBITDA of $20.1 million, representing a 1.1% increase rel
• $1.7 million — er and combined capital expenditures of $1.7 million in the third quarter of 2024. Piceance
• $12.8 m — iceance segment adjusted EBITDA totaled $12.8 million, consistent from the second quart
• $7.3 m — Barnett segment adjusted EBITDA totaled $7.3 million, an increase of $1.9 million rela
• $1.9 million — DA totaled $7.3 million, an increase of $1.9 million relative to the second quarter of 2024,

Filing Documents

• defa14a-q32024earningsre.htm (DEFA14A) — 48KB
• defa14a-q32024earningsre001.jpg (GRAPHIC) — 76KB
• defa14a-q32024earningsre002.jpg (GRAPHIC) — 149KB
• defa14a-q32024earningsre003.jpg (GRAPHIC) — 85KB
• defa14a-q32024earningsre004.jpg (GRAPHIC) — 45KB
• defa14a-q32024earningsre005.jpg (GRAPHIC) — 295KB
• defa14a-q32024earningsre006.jpg (GRAPHIC) — 229KB
• defa14a-q32024earningsre007.jpg (GRAPHIC) — 208KB
• defa14a-q32024earningsre008.jpg (GRAPHIC) — 178KB
• defa14a-q32024earningsre009.jpg (GRAPHIC) — 188KB
• defa14a-q32024earningsre010.jpg (GRAPHIC) — 265KB
• defa14a-q32024earningsre011.jpg (GRAPHIC) — 342KB
• defa14a-q32024earningsre012.jpg (GRAPHIC) — 140KB
• defa14a-q32024earningsre013.jpg (GRAPHIC) — 178KB
• defa14a-q32024earningsre014.jpg (GRAPHIC) — 181KB
• defa14a-q32024earningsre015.jpg (GRAPHIC) — 144KB
• defa14a-q32024earningsre016.jpg (GRAPHIC) — 229KB
• defa14a-q32024earningsre017.jpg (GRAPHIC) — 72KB
• defa14a-q32024earningsre018.jpg (GRAPHIC) — 230KB
• defa14a-q32024earningsre019.jpg (GRAPHIC) — 29KB
• 0002024218-24-000033.txt ( ) — 4548KB

From the Filing

defa14a-q32024earningsre UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________ SCHEDULE 14A __________________________________________ Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 Filed by the Registrant Filed by a Party other than the Registrant Check the appropriate box: Preliminary Proxy Statement Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) Definitive Proxy Statement Definitive Additional Materials Soliciting Material Pursuant to §240.14a-12 Summit Midstream Corporation (Name of Registrant as Specified in Its Charter) _________________________________________________________________ (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box): No fee required. Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): November 12, 2024 Summit Midstream Corporation (Exact name of registrant as specified in its charter) Delaware 001-42201 99-3056990 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 910 Louisiana Street, Suite 4200 Houston, TX 77002 (Address of principal executive office) (Zip Code) (Registrants' telephone number, including area code): (832) 413-4770 Not applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Securities Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock SMC New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company o If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o Item 2.02 Results of Operations and Financial Condition. On November 12, 2024, Summit Midstream Corporation (NYSE: SMC), a Delaware corporation issued a press release announcing its results of operations for the three months ended September 30, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The information furnished in this Item 2.02 shall not be deemed "filed" for purposes of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and shall not be deemed incorporated by reference in any filing with the Securities and Exchange Commission, whether or not filed under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such document. Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 99.1 Press Release, dated November 12, 2024. 104 Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document 1 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Summit Midstream Corporation (Registrant) Dated: November 12, 2024 /s/ Matthew B. Sicinski Matthew B. Sicinski, Senior Vice President and Chief Accounting Officer 2 Summit Midstream Corporation 910 Louisiana Street, Suite 4200 Houston, TX 77002 Summit Midstream Corporation Reports Third Quarter 2024 Financial and Operating Results Houston, Texas (November 12, 2024) – Summit Midstream Corporation (NYSE: SMC) ("Summit", "SMC" or the "Company") announced today its financial and operating results for the three months ended September 30, 2024. Highlights Third quarter 2024 net loss of $197.5 million, including $142.6 million non-cash income tax expense to primarily establish SMC's deferred tax liability associated with the C-Corp conversion Generated adjusted EBITDA of $45.2 million, representing approximately 9% quarter-over-