olivLaw · US equity research
Summit Midstream Corporation SMC
Natural Gas Transmission · SIC 4922 · Vertical: Natural Gas Transmission (SIC 4922)
Summit Midstream Corporation (SMC) develops, owns and operates midstream infrastructure for natural gas and crude oil in unconventional U.S. basins, with revenue largely from fee-based contracts. In 2026 the company tightened its Adjusted EBITDA guidance upward as customer activity accelerated, and natural gas throughput averaged 904 MMcf/d in fiscal 2025.
At the close of 04 Nov 2026, Summit Midstream Corporation (SMC) stock was 28.92 USD (−3.28% on the day), with market capitalisation 308.0 m USD, P/E 9,397.5 on diluted EPS of 0.00 USD over the last 12 months, beta 0.82, 52-week range 21.20–34.96 USD. Latest reported quarter (Q2 2026): revenue of 155.0 m USD (+10.6% YoY), net income of 1.6 m USD, diluted EPS 0.11 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 34.8
- weak (30–45)
- Bollinger (20, 2)
- 28.96 – 32.73
- below the lower band · %B -0.01 · band width 12.2%
- SMA 50 / 200
- 32.03 / 30.70
- mixed trend
- MACD (12, 26, 9)
- -0.52 / -0.41
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −9.8% | −1.1% | −8.7 pp | — |
| 3 months | −4.2% | −0.5% | −3.8 pp | — |
| 6 months | −7.4% | +4.4% | −11.8 pp | — |
| Year to date | +8.4% | +12.3% | −3.9 pp | — |
| 1 year | +32.7% | +13.5% | +19.2 pp | +12.1% |
| 3 years | +45.3% | +76.4% | −31.1 pp | +66.7% |
| 5 years | −3.5% | +63.7% | −67.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 102.4 m | 107.0 m | 132.7 m | 140.2 m | 146.9 m | 142.3 m | 139.1 m | 155.0 m |
| Cost of revenue | 28.2 m | 26.9 m | 35.4 m | 35.9 m | 38.1 m | 39.7 m | 39.4 m | 49.1 m |
| Depreciation & amortisation | 23.5 m | 25.3 m | 28.5 m | 30.1 m | 28.9 m | 26.7 m | 26.7 m | 26.9 m |
| Interest expense | 25.7 m | 20.4 m | 22.5 m | 23.9 m | 24.2 m | 24.1 m | 25.0 m | 27.4 m |
| Pre-tax income | -55.0 m | -20.2 m | 4.9 m | -5.0 m | 5.5 m | -7.9 m | -4.2 m | 5.6 m |
| Income tax | 142.6 m | 4.5 m | 296.0 k | -752.0 k | 537.0 k | -582.0 k | -1.0 m | 1.1 m |
| Net income | -204.9 m | -12.2 m | -1.9 m | -8.0 m | -1.6 m | 5.6 m | -5.3 m | 1.6 m |
| Diluted EPS | -19.25 | -1.15 ≈ | -0.16 | -0.66 | -0.13 | 0.45 ≈ | -0.43 | 0.11 |
| Operating cash flow | 9.2 m ≈ | 21.6 m | 16.0 m | 37.2 m ≈ | 26.7 m ≈ | 53.7 m | 6.9 m | 43.9 m ≈ |
| Capex | 10.9 m ≈ | 15.8 m | 20.6 m | 26.4 m ≈ | 22.9 m ≈ | 19.1 m | 19.3 m | 25.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 2-quarter history (min 5.5, median 4,630.0, max 9,254.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 458.9 m | 429.6 m | 562.1 m |
| Revenue YoY | unavailable | −6.4% | +30.8% |
| Net income | -51.5 m | -122.2 m | -5.9 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -6.11 | -12.78 | -1.61 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -11.2% | -28.4% | -1.1% |
| Free cash flow | 58.0 m | 8.2 m | 44.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 9.3 m USD
- Financial debt
- 1.0 bn USD
- Net debt
- 1.0 bn USD
- Equity
- 946.6 m USD
- Total assets
- 2.4 bn USD
- Debt / equity
- 1.10x
- Current ratio
- 0.55x
- ROE
- -0.6%
- ROA
- -0.3%
- FCF margin
- 7.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 458.9 m | 429.6 m | 562.1 m | SEC (XBRL)· 16 Mar 2026verified |
| Cost of revenue | 112.5 m | 115.0 m | 149.1 m | SEC (XBRL)· 16 Mar 2026verified |
| Gross profit | 346.4 m ≈ | 314.6 m ≈ | 413.0 m ≈ | SEC (XBRL)· 16 Mar 2026derived |
| Depreciation & amortisation | 122.8 m | 100.6 m | 114.2 m | SEC (XBRL)· 16 Mar 2026verified |
| Interest expense | 140.8 m | 115.4 m | 94.7 m | SEC (XBRL)· 16 Mar 2026verified |
| Pre-tax income | -38.6 m | 33.5 m | -2.4 m | SEC (XBRL)· 16 Mar 2026verified |
| Income tax | 322.0 k | 146.7 m | -501.0 k | SEC (XBRL)· 16 Mar 2026verified |
| Net income | -51.5 m | -122.2 m | -5.9 m | SEC (XBRL)· 16 Mar 2026verified |
| Diluted EPS | -6.11 | -12.78 | -1.61 | SEC (XBRL)· 16 Mar 2026verified |
| Weighted average diluted shares | 10.3 m | 10.6 m | 12.1 m | SEC (XBRL)· 16 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 14.0 m | 22.8 m | 9.3 m | SEC (XBRL)· 16 Mar 2026verified |
| Receivables | 76.3 m | 77.1 m | 69.8 m | SEC (XBRL)· 16 Mar 2026verified |
| Current assets | 98.4 m | 118.3 m | 96.9 m | SEC (XBRL)· 16 Mar 2026verified |
| Property, plant & equipment, net | 1.7 bn | 1.8 bn | 1.8 bn | SEC (XBRL)· 16 Mar 2026verified |
| Intangibles (excl. goodwill) | 175.6 m | 154.3 m | 153.6 m | SEC (XBRL)· 16 Mar 2026verified |
| Total assets | 2.5 bn | 2.4 bn | 2.4 bn | SEC (XBRL)· 16 Mar 2026verified |
| Accounts payable | 22.7 m | 25.2 m | 31.7 m | SEC (XBRL)· 16 Mar 2026verified |
| Short-term debt | 15.5 m | 16.6 m | 21.2 m | SEC (XBRL)· 16 Mar 2026verified |
| Long-term debt | 1.5 bn | 977.0 m | 1.0 bn | SEC (XBRL)· 16 Mar 2026verified |
| Current liabilities | 134.0 m | 174.8 m | 176.8 m | SEC (XBRL)· 16 Mar 2026verified |
| Total liabilities | 1.7 bn | 1.3 bn | 1.3 bn | SEC (XBRL)· 16 Mar 2026verified |
| Equity | 718.6 m | 965.1 m | 946.6 m | SEC (XBRL)· 16 Mar 2026verified |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 126.9 m | 61.8 m | 133.6 m | SEC (XBRL)· 16 Mar 2026verified |
| Capex | 68.9 m | 53.6 m | 89.0 m | SEC (XBRL)· 16 Mar 2026verified |
| Free cash flow | 58.0 m ≈ | 8.2 m ≈ | 44.6 m ≈ | SEC (XBRL)· 16 Mar 2026derived |
| Investing cash flow | -74.8 m | 487.1 m | -163.2 m | SEC (XBRL)· 16 Mar 2026verified |
| Financing cash flow | -49.0 m | -540.3 m | 24.0 m | SEC (XBRL)· 16 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 308.0 m USD
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.04 – 748.80 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)228.70 – 748.80 (Mid 373.78)WACC 5.9% · starting FCFF 129.5 m USD · terminal value share of EV 86%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E0.04 – 0.07 (Mid 0.06)11 companies used · median multiple 18.1x · quartiles 13.8x – 23.9xAM, AROC, DTM, EPD, ET, KMI, KNTK, TRGP, USAC, WES, WMB
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 0.0% | 6 (vs peers) | 18% |
| FCF conversion · Quality | 15,514.9% | 100 (on a fixed band) | 18% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.9x | 12 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | 9,397.5x | 0 (vs peers) | 29% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 14.6% | 100 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial12/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality53/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation44/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Summit Midstream Corporation (SMC). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 562.1 m USD in 2025; YoY growth 30.8%; net margin 0.0%; ROE 0.1%.
The estimated value range is 114.37–374.44 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 186.92 USD, the price of 28.92 USD leaves a potential of 546.3% (value / price − 1) and a margin of safety of 84.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 15,514.9%
- FCF yield: 14.6%
- The price is below the estimated value range
What contradicts it
- Net margin: 0.0%
- Current ratio: 0.9x
- P/E (TTM): 9,397.5x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Natural Gas Transmission (SIC 4922) · same industry (4-digit SIC) · compared with 17 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WMBWilliams Companies, Inc. | 83.0 bn | 27.1 | 24.0% | 25.2% | +13.8% | +11% / +84% |
| EPDEnterprise Products Partners L.P. | 79.2 bn | 12.0 | — | 10.2% | −6.4% | +12% / +37% |
| KMIKinder Morgan, Inc. | 70.2 bn | 19.5 | 11.6% | 19.6% | +12.2% | +15% / +79% |
| ETEnergy Transfer LP | 67.0 bn | 12.7 | — | 4.9% | +3.5% | +16% / +40% |
| TRGPTarga Resources Corp. | 61.1 bn | 27.2 | 72.6% | 13.5% | +3.9% | +63% / +215% |
| WESWestern Midstream Partners, LP | 17.6 bn | 13.6 | — | 28.2% | +6.6% | +8% / +43% |
| DTMDT Midstream, Inc. | 12.0 bn | 25.5 | 9.9% | 35.4% | +26.7% | −3% / +105% |
| AMAntero Midstream Corporation | 9.4 bn | 14.0 | 31.6% | 53.4% | +7.4% | +10% / +49% |
| AROCArchrock, Inc. | 5.0 bn | 14.8 | 22.6% | 22.9% | +28.7% | +17% / +97% |
| KGSKodiak Gas Services, Inc. | 4.2 bn | 48.6 | 4.6% | 5.8% | +12.8% | +17% / +134% |
| USACUSA Compression Partners, LP | 3.5 bn | 22.3 | — | 12.4% | +5.0% | −3% / +3% |
| KNTKKinetik Holdings Inc. | 3.4 bn | 18.1 | — | 10.4% | +19.0% | +48% / +41% |
| NGLNGL Energy Partners LP | 1.9 bn | — | — | -3.8% | −9.0% | +58% / +258% |
| SMCSummit Midstream Corporation | 308.0 m | 9,397.5 | 0.1% | 0.0% | +30.8% | +33% / +45% |
| TRPTc Energy Corporation | — | — | 12.8% | 23.1% | +10.7% | +14% / +67% |
| NGGNational Grid PLC | — | — | 8.6% | 15.8% | −7.4% | +12% / +29% |
| TGSGas Transporter Of The South Inc. | — | — | 18.1% | 30.3% | +23.7% | −26% / +67% |
| TCPATranscanada Pipelines Ltd | — | — | 14.0% | 23.1% | +7.2% | −13% / unavailable |
1- and 3-year price returns: for SMC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 166.66 Total return 476% · Per year 476% | 293.30 Total return 914% · Per year 914% | 439.95 Total return 1,421% · Per year 1,421% |
| 3 years | 197.69 Total return 584% · Per year 90% | 387.89 Total return 1,241% · Per year 138% | 633.53 Total return 2,091% · Per year 180% |
| 5 years | 234.49 Total return 711% · Per year 52% | 512.98 Total return 1,674% · Per year 78% | 912.28 Total return 3,054% · Per year 99% |
- Exit P/E± 96.97
- Net margin± 67.88
- Annual revenue growth± 50.63
- Annual dilution± 5.70
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Summit Midstream Corporation (SMC) develops, owns and operates midstream infrastructure for natural gas and crude oil in unconventional U.S. basins, with revenue largely from fee-based contracts. In 2026 the company tightened its Adjusted EBITDA guidance upward as customer activity accelerated, and natural gas throughput averaged 904 MMcf/d in fiscal 2025 123.
SWOT
Strengths
- Fixed-fee contracts and minimum volume commitments give a relatively stable revenue base that is not directly exposed to commodity prices 1.
- The Double E stake brings long-term transmission revenue, with firm contracts expanded during 2026 23.
- Areas of mutual interest cover significant acreage, which supports future volumes in the core basins 1.
Weaknesses
- A relatively small number of customers provides a large share of revenue, which magnifies the impact of nonpayment or production cuts 1.
- High debt and preferred dividend payments limit cash available for investment and common dividends 12.
- Many costs are fixed and do not fall in line with throughput, so revenue is sensitive to volume declines 1.
Opportunities
- Faster customer activity in Williston and additional planned well connections could support volume growth in the second half of the year 3.
- If the final investment decision on the Double E expansion is taken, pipeline capacity could rise considerably 2.
- Consolidation in the DJ Basin, as with the Moonrise acquisition, could yield further operating synergies 1.
Threats
- Falling gas or oil prices could slow customers' drilling and reduce transported volumes 1.
- Regulation of hydrocarbon production and societal opposition could restrict development in the company's basins 1.
- Geopolitical volatility, including Middle East tensions, could affect prices and the cost of capital 12.
Risks
- Dependence on major customershigh
A small number of customers generates a large share of revenue; nonpayment or production cuts by one of them could materially affect results 1.
- Volume decline from low priceshigh
If gas or oil prices fall, producers could reduce drilling, which would lower volumes on the company's systems 1.
- Indebtedness and preferred dividendsmedium
Debt obligations and preferred stock payments limit the ability to pay common dividends and may restrict financial flexibility 12.
- Delay of the Double E expansionmedium
The final investment decision and regulatory approvals could be delayed, postponing the capacity increase 2.
- Hydrocarbon regulationmedium
Restrictive legislation or regulation on fossil fuel production could reduce activity in the basins the company operates 1.
Investment thesis
What would need to be true (bull case)
- Drilling activity in Williston has accelerated, and the rise in Adjusted EBITDA in the second quarter of 2026 suggests volumes could keep growing if the trend holds 3.
- Fixed-fee contracts and minimum volume commitments provide a more predictable revenue base, less directly exposed to commodity prices 1.
- If the Double E expansion is approved, pipeline capacity could rise substantially, adding long-term revenue 2.
What would break the thesis
- Concentration of revenue in a few customers could expose the company to large losses if one of them cuts activity 1.
- High leverage and preferred payments could limit cash available for investment and dividends 12.
- If commodity prices fall again, customer drilling could slow and volumes could drop below current plans 1.
What to watch
- Final investment decision on the Double E expansion and conclusion of the open seasonlate summer 2026
- Delivery of Adjusted EBITDA guidance of $235-255 million and capital expenditures of $100-120 million2026
- Volume trends in Williston after the planned well connections in the fourth quarterQ4 2026
- Expiry of minimum volume commitments in the Piceance segment and effect on shortfall paymentsend of Q3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company, a Delaware corporation listed on the NYSE as SMC, conducts its business through operating subsidiaries and focuses on gathering, compression, treating and processing natural gas and liquids from shale formations in the Williston, DJ, Barnett, Piceance, Permian and Arkoma basins 1. Its revenue model relies mainly on long-term fixed-fee contracts, and about 48% of revenue in 2025 came from activities directly exposed to commodity prices 1. Through its 70% stake in Double E, a FERC-regulated interstate pipeline with 1.6 Bcf/d of capacity, the company also has transmission exposure 1.
In 2025 the company completed the Moonrise Midstream acquisition for approximately $90.0 million, strengthening its DJ Basin position, and resumed its Series A preferred dividend, with $46.6 million of accrued unpaid dividends later paid in 2026 12. Commercial activity expanded through new long-term agreements in the Williston Basin and firm agreements on Double E 12.
Guidance for 2026 was narrowed to Adjusted EBITDA of $235-255 million, and capital expenditures were raised to $100-120 million to fund growth projects in the Rockies and Permian 3. These figures reflect faster drilling by customers in the Williston Basin and the planned expansion of Double E, but remain subject to market conditions and future investment decisions 23.
Segments
Mid-Con
The Mid-Con segment, active in the Barnett and Arkoma basins, reported Adjusted EBITDA of $21.4 million in the second quarter of 2026, supported by higher gas throughput 3. The segment is sensitive to natural gas prices, since customer drilling decisions depend on gas-linked well economics 1.
Market context
Natural gas prices rose in 2025, with the average spot price about 61% higher than in 2024, and the number of active gas drilling rigs in the U.S. increased 1. WTI crude fell 15% over the same year, which weighs on the Rockies and Permian segments 1. The company views long-term gas demand as favorable, but it remains sensitive to geopolitical developments and rules on hydrocarbon production 1.
Shale midstream is shaped by producers' decisions to invest in new basins and by the cost of capital, factors that can change volumes quickly 1. In the short term, tensions in the Middle East and disruption near the Strait of Hormuz increased oil price volatility, according to the quarterly report 2.
Trends
- Faster drilling in Willistontailwind
A rise in active rigs and new well connections in Williston could support Rockies volumes in the second half of the year 3.
- Oil and gas price volatilitymixed
Commodity prices affect customers' drilling decisions and therefore volumes, although part of revenue stays protected by fixed-fee contracts 1.
- Double E expansiontailwind
New firm commitments in the Permian could justify a larger pipeline, but this depends on the final investment decision and regulatory approvals 2.
- Societal opposition to hydrocarbonsheadwind
The company notes that legislation, executive orders or regulations could restrict fossil fuel production, which could reduce long-term volumes 1.
Competitive position
The company competes with other midstream companies, producers and intrastate and interstate pipelines, mainly on reputation, commercial terms, acreage dedications and available capacity 1. Competition for volumes could increase if new operators expand infrastructure in its areas of mutual interest.
Its competitive position rests on areas of mutual interest that cover much of its customers' acreage and on long-term contracts that limit pricing pressure 1. However, dependence on a small number of major customers exposes it to nonpayment or production cuts 1.
- Other U.S. midstream companies
Midstream peers compete for volumes in the same basins, especially on reputation, contract terms and available capacity 1.
- Producers building their own infrastructure
Producers can build gathering infrastructure within areas of mutual interest and sell it to the company, creating competition for acreage 1.
- Intrastate and interstate pipelines
Pipelines compete to move gas out of basins such as the Permian and Rockies, mainly on proximity to end-use markets 1.
- ExxonMobil, Double E partnerXOM
A joint venture partner owns 30% of Double E, making the competitive and cooperative relationship relevant in the Permian 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Zelensky invites Ibero-American Summit countries to join Drone Deal cooperation formatUkrinform (UA, EN) · 05 Nov 2026 · EN
- V4 summit: Leaders all back EU enlargement but remain divided over UkraineDaily News Hungary (HU, EN) · 05 Nov 2026 · EN
- Armenian PM Pashinyan plans Türkiye visit for COP31 summitDaily Sabah — Economy (TR, EN) · 05 Nov 2026 · EN
- Putin nu se duce în Marea Britanie la Summit-ul liderilor G20. Îl împiedică sancțiunile Londrei. Ce spune premierul BurnhamAntena 3 CNN · 05 Nov 2026 · RO
- COP31 summit offers opportunity to link climate intelligence with preparedness: Head of meteorological groupAnadolu Agency (TR, EN) · 05 Nov 2026 · EN
- Interactive: Tracking negotiating texts at the COP31 climate summitCarbon Brief · 05 Nov 2026 · EN
- COP31 Briefing: What to expect from the Antalya climate summit?Climate Home News · 05 Nov 2026 · EN
- British prime minister says Russia to not be invited to 2027 G20 summitTASS (RU, EN) · 05 Nov 2026 · EN
- Milei and Sánchez exchange a cold greeting at Ibero-American SummitEuronews — News (EN) · 05 Nov 2026 · EN
- Istanbul summit aims to boost co-op in Turkic cinemaDaily Sabah — Economy (TR, EN) · 05 Nov 2026 · EN
- Takaichi to skip U.N. climate summit in TurkeyThe Japan Times · 05 Nov 2026 · EN
- Armenian prime minister plans to attend UN climate summit in TürkiyeAnadolu Agency (TR, EN) · 05 Nov 2026 · EN
- US lawmakers to attend climate summit in southern TürkiyeHürriyet Daily News — Türkiye (TR, EN) · 05 Nov 2026 · EN
- Germany’s chancellor admits occasional resupply snags in Ukraine aid—he’ll try to clear them at the 19 November summitEuromaidan Press (UA, EN) · 05 Nov 2026 · EN
- Zelenskyy talks with US envoys ahead of trilateral summit on Ukraine war in Abu DhabiAnadolu Agency (TR, EN) · 05 Nov 2026 · EN
- Russian diplomat assesses potential Russia-US-China summit as positive impetusTASS (RU, EN) · 05 Nov 2026 · EN
- Lee welcomes East Timor President Horta's visit to S. Korea ahead of summitYonhap News (KR, EN) · 05 Nov 2026 · EN
- Spain: Madrid hosts 30th Ibero-American Summit with 22-nation blocEuronews — News (EN) · 04 Nov 2026 · EN
- (News Focus) Democratic control of Congress could complicate S. Korea's nuclear submarines, Trump-Kim summit prospects: expertsYonhap News (KR, EN) · 04 Nov 2026 · EN
- China's open-source AI push gains momentum at WIC Wuzhen SummitCGTN — World · 04 Nov 2026 · EN
SEC filings
- Current report10 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report10 Aug 2026
- Current report10 Jun 2026Regulation FD disclosure
- Current report01 Jun 2026Regulation FD disclosure · Financial statements and exhibits
- Current report12 May 2026Shareholder vote
- Current report11 May 2026Results of operations · Financial statements and exhibits
- Quarterly report11 May 2026
- Proxy statement10 Apr 2026
- Current report02 Apr 2026Material agreement · Item 3.02 · Regulation FD disclosure · Financial statements and exhibits
- Annual report16 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Summit Midstream Corporation · 16 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Summit Midstream Corporation · 10 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Summit Midstream Corporation · 10 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.