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Here are 1-3 brief analogies for Summit Midstream (SMC):

• Crown Castle for energy. (Summit Midstream provides the essential pipeline infrastructure for energy producers, much like Crown Castle provides cell tower infrastructure for telecommunication companies.)

• Comcast for oil and gas wells. (Summit Midstream provides the critical "pipes" and gathering systems that connect individual oil and gas wells to larger transportation networks, similar to how Comcast connects homes and businesses to the internet and cable networks.)

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• Natural Gas Gathering Systems: Summit Midstream provides infrastructure and services for collecting natural gas from production wells.
• Crude Oil Gathering Systems: Summit Midstream provides infrastructure and services for collecting crude oil from production wells.
• Produced Water Gathering Systems: Summit Midstream provides infrastructure and services for collecting and transporting produced water, a byproduct of oil and gas extraction, from production wells.

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Summit Midstream Corporation (SMC) primarily sells its services to other companies, specifically natural gas and crude oil producers. Based on recent financial filings, its major customers include:

• XTO Energy Inc. (a subsidiary of Exxon Mobil Corporation - NYSE: XOM)
• Continental Resources, Inc.
• Hess Corporation (NYSE: HES)

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Management Team

J. Heath Deneke, Chairman of the Board, President and 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. Prior to Summit Midstream, Mr. Deneke 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 midstream businesses across various basins. He also held roles as Chief Operating Officer and President of Crestwood's Pipeline Services Group, and President of the Natural Gas Business Unit for Crestwood's general partner. Earlier in his career, from 1996, Mr. Deneke held various management positions at El Paso Corporation and its affiliates, including Vice President of Project Development and Engineering for the Pipeline Group and Director of Marketing and Asset Optimization for Tennessee Gas Pipeline Company, LLC. He holds a bachelor's degree in Mechanical Engineering from Auburn University. Under his leadership, Summit underwent a transformative year in 2024, involving asset divestitures, debt refinancing, and the acquisition of Tall Oak Midstream. Summit Midstream was initially backed by private equity firm Energy Capital Partners at its IPO in 2012.

William J. Mault, Executive Vice President and Chief Financial Officer
William J. Mault serves as the Executive Vice President and Chief Financial Officer of Summit Midstream. He has also held the title of Vice President of Finance and Treasurer.

James D. Johnston, Executive Vice President, General Counsel, Chief Compliance Officer and Secretary
James D. Johnston joined Summit Midstream in September 2020. Before joining Summit Midstream, he was Senior Vice President and General Counsel at Crestwood Equity Partners. From 1997 to 2013, Mr. Johnston served as Assistant General Counsel for Kinder Morgan and held various legal and commercial roles of increasing responsibility at Kinder Morgan, El Paso Corporation, and Sonat, Inc. He earned a bachelor's degree from Western University in Ontario, Canada, and a Doctor of Jurisprudence from Samford University's Cumberland School of Law.

Chris Tennant, Senior Vice President and Chief Commercial Officer
Chris Tennant joined Summit Midstream as Senior Vice President and Chief Commercial Officer in February 2026, where he is responsible for the company's commercial strategy, customer relationships, and long-term growth initiatives. He brings over three decades of experience in the U.S. energy value chain, specializing in midstream strategy and commercial optimization, with expertise in NGL, crude oil, and natural gas markets. Previously, Mr. Tennant served as Senior Vice President and Chief Commercial Officer Midstream at Matador Resources. He also had a 14-year tenure at EnLink Midstream, holding several senior commercial leadership roles.

Matthew Sicinski, Senior Vice President & Chief Accounting Officer
Matthew Sicinski serves as the Senior Vice President & Chief Accounting Officer at Summit Midstream.

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The key risks for Summit Midstream Corporation (SMC) primarily stem from its exposure to commodity price fluctuations, its substantial debt burden, and its reliance on a concentrated customer base.

The most significant risk is the prolonged weakness in natural gas, natural gas liquids (NGL), and crude oil prices, which could lead to reduced throughput on the company's gathering and processing systems, directly and materially affecting its revenues and operating results. The company's success is directly tied to its customers replacing naturally declining production from existing wells and Summit Midstream's ability to maintain overall throughput levels.

A second major risk is Summit Midstream's significant indebtedness and the associated debt service obligations. A high debt load and weak interest coverage are noted as substantial concerns, potentially limiting the company's financial flexibility to pursue growth opportunities or meet future capital requirements.

Finally, the company faces risks due to its dependence on a relatively small number of customers for a substantial portion of its revenues. The loss of, material nonpayment or nonperformance by, or the curtailment of production by any of these key customers could materially and adversely impact Summit Midstream's revenues, cash flows, and overall results of operations.

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The global energy transition away from fossil fuels poses a clear emerging threat. As renewable energy sources and electrification gain traction, the long-term demand for natural gas and crude oil, which Summit Midstream Corporation's infrastructure is designed to gather and transport, is expected to decrease. This shift could lead to reduced volumes flowing through SMC's systems and a decline in the need for new midstream infrastructure development.

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The addressable markets for Summit Midstream Corporation's (SMC) main products and services, which include natural gas, crude oil, and produced water gathering systems, are primarily within the United States.

Natural Gas and Crude Oil Gathering Systems

The U.S. Oil and Gas Midstream Market, which encompasses services such as gathering, transportation, storage, and processing of crude oil and natural gas, provides an indication of the addressable market for Summit Midstream's natural gas and crude oil gathering operations. This market was valued at approximately USD 17.10 billion in 2025 and is projected to grow to about USD 21.08 billion by 2031, at a compound annual growth rate (CAGR) of 3.55% during the forecast period from 2026 to 2031. Within this market, pipelines, which are central to gathering systems, accounted for 44.25% of the U.S. oil and gas midstream market share in 2025, and crude oil transport represented 37.35% of the market share in the same year.

Produced Water Gathering Systems

For produced water gathering, the U.S. midstream water market for oil and gas is a relevant addressable market. This market is projected to reach a total of approximately USD 156 billion between 2025 and 2030, with an average annual value exceeding USD 26 billion. The market is expected to grow at a CAGR of 2.1%. This market includes the supply, transport, storage, treatment, and disposal of water, with transportation accounting for 43% of total water-related costs for operators.

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Summit Midstream Corporation (SMC) anticipates several key drivers for revenue growth over the next two to three years:

1. Increased Well Connections and Associated Volume Growth: Summit Midstream expects continued growth in throughput volumes driven by new well connections across its operating footprint. The company connected 156 new wells in 2024 and projected between 125 and 185 well connections in 2025, with approximately 75% being crude oil-oriented and 25% natural gas-oriented. In the third quarter of 2025, 21 new wells were connected, and the company anticipates approximately 50 more in the fourth quarter, with over 120 new well connections expected in the first half of 2026. Specifically, the Mid-Con segment saw significant volumetric growth in the Barnett Shale, and a key customer in the Arkoma Basin has a 20-well program projected to drive 5% to 10% volumetric growth from 2025 to 2026. The Rockies segment also experienced increased natural gas volumes in Q3 2025 due to new well connections reaching peak production and higher third-party onloads.

2. Strategic Acquisitions and Integration: Recent acquisitions are expected to contribute to revenue growth. Summit Midstream closed the acquisition of Tall Oak Midstream III in December 2024, which has already positively impacted the Mid-Con segment's adjusted EBITDA and volume throughput. Additionally, the acquisition of Moonrise Midstream in the DJ Basin was finalized on March 10, 2025, expanding Summit's footprint in the region and offering new operating synergies. Capital expenditures in 2025 include integration capital related to these acquisitions.

3. Double E Pipeline Volume Ramp and New Contracts: The Double E pipeline is a significant growth driver, with existing take-or-pay contracts continually ramping up. Contracted volumes are expected to increase from an average of approximately 1.069 BCF per day in 2025 to 1.115 BCF per day in 2026. Furthermore, an additional 100 million cubic feet per day contract is anticipated to come online in the fourth quarter of 2026, leading to expected contracted volumes of 1.215 BCF per day in 2027, representing over 13% growth relative to 2025 and corresponding to over $40 million of EBITDA net to Summit.

4. System Optimization and Efficiency Improvements: Summit Midstream has undertaken optimization projects designed to enhance operational efficiency and improve financial performance. An optimization project in the Rockies, finalized in Q1 2025, is expected to improve Adjusted EBITDA margins starting in the second quarter of 2025. The company has also strategically redeployed latent compressors from the Piceance and DJ Basins to the Arkoma, supporting volumetric growth in that region.

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Share Repurchases

• In March 2024, Summit Midstream announced a $19.3 million offer to repurchase senior secured notes, which was triggered by excess cash flow from fiscal year 2023.
• Following the acquisition of Tall Oak Midstream III in October 2024, Summit anticipated having the financial flexibility to potentially launch a share buyback program in 2025.

Share Issuance

• In December 2024, Summit issued 7.5 million common units of its partnership and associated 7.5 million shares of SMC Class B Common Stock as part of the consideration for the Tall Oak Midstream III acquisition.
• In March 2025, the company issued approximately 0.5 million shares of SMC Class A common stock, contributing to the $20 million equity portion of the Moonrise Midstream acquisition.

Inbound Investments

• The acquisition of Tall Oak Midstream III in December 2024 from an affiliate of Tailwater Capital LLC resulted in Tailwater Capital becoming a significant shareholder, holding approximately 40% ownership in the pro forma company.

Outbound Investments

• In December 2024, Summit Midstream acquired Tall Oak Midstream Operating, LLC and its subsidiaries for $155 million in cash, 7.5 million common units of its partnership and associated Class B shares, and up to $25 million in contingent consideration.
• In March 2025, Summit acquired Moonrise Midstream, LLC for a total consideration of $90 million, comprising $70 million in cash and $20 million in SMC equity.

Capital Expenditures

• For the full year 2025, Summit Midstream projected total capital expenditures between $65 million and $75 million, with an estimated $15 million to $20 million allocated for maintenance capital.
• In the third quarter of 2025, capital expenditures totaled $22.9 million, primarily directed towards pad connections in the Rockies and Mid-Con segments and compressor relocations.
• For the six months ended June 30, 2025, capital expenditures amounted to $47.0 million.