Summit Midstream's Q2 adjusted EBITDA rises 12% from Q1 on Rockies segment growth

Summit Midstream

10/08/2026 21:26

Overview
U.S. midstream energy operator's Q2 revenue rose to $155 mln, net income was $4.6 mln
Adjusted EBITDA for Q2 increased 12% from Q1, driven by higher customer activity
Company established $35 mln share repurchase program, repurchased $1 mln in shares in Q2

Outlook
Summit tightens 2026 Adjusted EBITDA guidance to $235 mln-$255 mln
Company raises 2026 capital expenditure forecast to $100 mln-$120 mln for additional growth projects
Summit expects minimal impact from new Williston wells in 2026, positioning for a strong 2027

Result Drivers
ROCKIES SEGMENT GROWTH - Majority of Adjusted EBITDA increase attributed to higher activity and new well connections in the Rockies segment
MID-CON VOLUME INCREASE - 9.9% rise in Mid-Con natural gas throughput driven by new well connections in Barnett and Arkoma
COMMERCIAL AGREEMENTS - New firm transportation and crude gathering agreements in Permian and Williston Basins supported long-term outlook

Company press release: ID:nPnlf0R5a

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
 
$155.01 mln
 
Q2 EPS
 
$0.11
 
Q2 Net Income
 
$4.60 mln
$169 mln (2 Analysts)
Q2 Adjusted EBITDA
 
$60.70 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the oil & gas transportation services peer group is "buy"
Wall Street's median 12-month price target for Summit Midstream Corp is $44.00, about 45% above its August 7 closing price of $30.35

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Aug 10 - National Energy Services Q2 revenue beats estimates on higher activity levels

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)