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• Summit Midstream is like the "toll road" operator for natural gas and oil, providing the essential pipelines and processing facilities.
• Summit Midstream is like a regional Kinder Morgan or Enterprise Products Partners, owning the infrastructure that gathers and transports energy.

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• Natural Gas Gathering and Processing: Services for collecting raw natural gas from wells and preparing it for pipeline transportation.
• Crude Oil Gathering and Transportation: Services for collecting crude oil from production sites and moving it via pipelines to market centers.
• Natural Gas Liquids (NGL) Gathering and Transportation: Services for collecting and transporting NGLs, which are hydrocarbon byproducts separated during natural gas processing.
• Water Gathering and Disposal: Services for collecting and disposing of produced water and flowback water generated from oil and gas production activities.

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Summit Midstream (SMC) primarily sells its services to **other companies**, specifically producers of natural gas, crude oil, and produced water, as well as companies involved in the marketing and trading of natural gas and natural gas liquids (NGLs).

Based on their latest public filings (Form 10-K), major customer companies include:

• XTO Energy Inc. (an affiliate of Exxon Mobil Corporation, NYSE: XOM)
• EQT Corporation (NYSE: EQT)
• Chevron U.S.A. Inc. (an affiliate of Chevron Corporation, NYSE: CVX)
• Continental Resources, Inc. (private company)
• Occidental Petroleum Corporation (NYSE: OXY)

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J. Heath Deneke, Chairman, President & Chief Executive Officer

J. Heath Deneke joined Summit Midstream in September 2019 as President and Chief Executive Officer and was appointed Chairman of the Board in May 2020. Before joining Summit Midstream, he served as Executive Vice President, Chief Operating Officer, and a member of the Office of the Chairman at Crestwood Equity Partners, where he oversaw commercial development and operations for their midstream businesses. His prior roles at Crestwood also included Chief Operating Officer and President of the Pipeline Services Group, and President of the Natural Gas Business Unit. Earlier in his career, starting in 1996, Mr. Deneke held various positions at El Paso Corporation and its affiliates, including Vice President of Project Development and Engineering for the Pipeline Group, where he was responsible for planning and executing over $8 billion in expansion projects. He also served as Director of Marketing and Asset Optimization for Tennessee Gas Pipeline Company, LLC and Manager of Business Development and Strategy for Southern Natural Gas Company, LLC.

William J. Mault, Executive Vice President & Chief Financial Officer

William J. Mault was promoted to Executive Vice President and Chief Financial Officer, effective February 8, 2022. He initially joined Summit Midstream in 2016 and has held several senior management positions within the company, including Vice President of Corporate Development, Finance, and Treasurer. Prior to his tenure at Summit Midstream, Mr. Mault accumulated nearly a decade of experience in mergers & acquisitions and investment research roles, most recently with SunTrust Robinson Humphrey (now Truist Securities). He possesses over 10 years of experience in the oil and gas industry.

James David Johnston, Executive Vice President, General Counsel and Chief Compliance Officer

James David Johnston serves as the Executive Vice President, General Counsel, and Chief Compliance Officer for Summit Midstream Partners. His previous experience includes serving as Senior Vice President and General Counsel at Crestwood Equity Partners L.P.

Matthew B. Sicinski, Senior Vice President and Chief Accounting Officer

Matthew B. Sicinski was promoted to Senior Vice President and Chief Accounting Officer, effective February 8, 2022. He joined Summit Midstream in February 2020 as Vice President and Chief Accounting Officer. Prior to Summit Midstream, Mr. Sicinski was the Vice President and Controller at Venari Resources and spent over eight years at Southwestern Energy in various accounting, finance, and commercial development roles. He also gained experience working at Arthur Andersen and Ernst & Young. Mr. Sicinski has over 20 years of experience in the oil and gas industry.

Hugo Guerrero, Senior Vice President, Engineering & Operations

Hugo Guerrero holds the position of Senior Vice President, Engineering & Operations at Summit Midstream Partners.

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The key risks to Summit Midstream (SMC) primarily revolve around its financial structure and market dependencies:

1. High Debt Load and Interest Expenses: Summit Midstream carries a substantial debt load, which results in significant interest expenses and can hinder the company's ability to generate strong shareholder returns. The company is focused on reducing this debt.
2. Weak Oil and Gas Prices: The company's revenues and operational results are materially affected by fluctuations and prolonged weakness in natural gas, natural gas liquids (NGL), and crude oil prices, which can lead to reduced throughput on its systems.
3. Low Asset Utilization and Customer Dependence: Summit Midstream faces risks associated with low asset utilization, particularly in some of its operating segments. The company's performance is also dependent on the production levels of its customers, and a decline in these levels could adversely impact throughput volumes.

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The accelerating global energy transition, driven by increased adoption of renewable energy and electrification, represents a clear emerging threat by potentially reducing long-term demand for the fossil fuels transported and processed by Summit Midstream. This trend is amplified by increasing regulatory scrutiny and permitting challenges for new fossil fuel infrastructure, coupled with growing pressure from investors and lenders to de-emphasize fossil fuel assets.

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Summit Midstream (SMC) operates in the midstream energy sector, primarily focusing on natural gas, crude oil, and produced water services within the continental United States. The addressable markets for their main products and services are sized as follows:

• Natural Gas Gathering, Processing, and Transportation: The U.S. gas pipeline infrastructure market, which includes gathering pipelines, was valued at approximately USD 1,058.73 billion in 2024. This market is projected to reach around USD 2,431.55 billion by 2034, exhibiting a Compound Annual Growth Rate (CAGR) of 8.67% between 2025 and 2034. The gathering pipelines segment specifically is expected to experience the fastest growth due to increasing shale gas production.
• Crude Oil Gathering: The broader U.S. oil and gas infrastructure market, which encompasses gathering activities, was valued at USD 78.9 billion in 2024. It is projected to grow at a CAGR of 6.4% from 2025 to 2034.
• Produced Water Gathering and Treatment: The U.S. water and wastewater treatment market, which includes the treatment of produced water from oil and gas operations, was valued at USD 121.85 billion in 2024. This market is expected to reach approximately USD 238.36 billion by 2034, growing at a CAGR of 6.94% over the forecast period from 2025 to 2034.

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Summit Midstream (SMC) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:

1. Strategic Acquisitions and Integration: Summit Midstream has recently completed significant acquisitions, including the Tall Oak transaction in December 2024 and the Moonrise acquisition in March 2025. These acquisitions are anticipated to expand the company's operational capacity and flexibility, contributing to increased throughput volumes. The ongoing integration of these acquired assets is expected to continue supporting operating cash flow and overall revenue.

2. Increased Well Connections and Producer Activity: The company has a strong focus on connecting new wells and benefiting from ongoing producer development programs. Summit Midstream completed 47 new well connections in the first half of 2025 and 109 year-to-date as of the third quarter of 2025. Projections indicate approximately 50 additional wells are expected to be connected in the fourth quarter of 2025, with more than 120 new well connections anticipated in the first half of 2026. This sustained customer activity, particularly in the Rockies and Mid-Con segments, is a direct driver of increased volume throughput.

3. Long-Term Contract Extensions and New Commercial Agreements: Summit Midstream has secured key commercial agreements that are set to drive stable revenue. Notably, the company executed a new 10-year extension of certain gathering agreements with a major customer in the Williston Basin, which significantly increases its weighted average contract life. Additionally, a new 10-year precedent agreement for 100 million cubic feet per day of firm capacity on the Double E pipeline in the Permian region, with an in-service date targeted for Q4 2026, is expected to provide substantial new revenue.

4. Volumetric Growth in Core Operating Basins: The company anticipates volumetric increases across its key operating regions. In the Arkoma Basin, a primary customer commenced a 20-well drilling program that is projected to drive 5% to 10% volumetric growth in 2026. The Rockies segment, encompassing the DJ and Williston Basins, experienced a 7.5% quarter-over-quarter increase in natural gas volumes in Q3 2025 due to ongoing development. Similarly, the Mid-Con segment saw a 2.9% rise in volume throughput and higher natural gas sales in Q2 2025, largely attributed to new well connections and the Tall Oak acquisition.

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Share Repurchases

No information available regarding direct share repurchase programs by Summit Midstream (SMC) over the last 3-5 years.

Share Issuance

• In January 2022, Summit Midstream exchanged $94.6 million of Series A Preferred Units, including $16.6 million of accrued and unpaid distributions, for approximately 2.9 million common units.
• Summit Midstream issued $85 million of Senior Secured Second Lien Notes due in 2026 to fund the DJ Basin acquisitions in December 2022.
• In December 2024, Summit Midstream issued 7,471,008 Partnership Common Units in Summit Midstream Partners, LP, related to the Tall Oak acquisition.
• In Q1 2025, the company raised $250 million of additional senior secured second lien notes.

Inbound Investments

• In December 2019, TPG, a global alternative asset firm, purchased up to $80 million of redeemable, preferred interests in Summit Permian Transmission Holdco LLC, a newly created subsidiary of SMLP that indirectly owns SMLP's 70% interest in Double E Pipeline LLC.

Outbound Investments

• In December 2022, Summit Midstream acquired Outrigger DJ Midstream LLC and Sterling Energy Investments LLC, Grasslands Energy Marketing LLC, and Centennial Water Pipelines LLC (collectively, "Sterling DJ") for approximately $305 million in cash, expanding its footprint in the DJ Basin.
• In December 2024, Summit Midstream completed the $425 million Tall Oak transaction, which extended its Class B share structure.
• In March 2025, Summit Midstream successfully integrated the Moonrise Midstream acquisition, valued at approximately $90 million, into its Niobrara gathering and processing system.

Capital Expenditures

• For the full year 2021, capital expenditures were $25 million, excluding Double E.
• Summit Midstream's capital expenditure plan for the end of 2022 (applying to 2023) was approximately $50 million, focused on maintenance and expansion of existing infrastructure. For the fiscal year 2023, approximately $30 million was allocated for infrastructure improvements.
• Total capital expenditures for 2025 are expected to be between $65 million and $75 million, with Q1 2025 reporting $20.6 million and Q2 2025 reporting $26.4 million (including $5.5 million in maintenance spending).