Summit Midstream Corp Q4 FY2024 earnings call

• 2024 was transformational with divestment of Northeast segment for $700M, refinancing, corporate structure change to C corp. - Acquired Tolup Midstream in Arcoma Basin in Q4 2024 and Moonrise Midstream in DJ Basin in Feb 2025. - Fourth quarter and full year 2024 financial results in line with expectations. - Well connections: 156 total in 2024, 27 in Barnett (Mid Con) with 80% volumetric growth Q4 2024 vs Q4 2023, 129 in Rockies (37 in Williston, 92 in DJ) with 5% volume growth DJ Q4 2024 vs Q4 2023. - Double E volume throughput up ~60% Q4 2024 vs Q4 2023. - 2025 plan: adjusted EBITDA guidance $245-$280M, 125-185 well connections, capital guidance $65-$75M including $15-20M maintenance

Summit Midstream Corp. reported fourth quarter adjusted EBITDA of $46.2 million and full year 2024 adjusted EBITDA of $204.6 million. The Rockies segment (inclusive of DJ and Williston Basin systems) generated adjusted EBITDA of $23.2 million, a decrease from Q3 due to 3% liquids volume decline and lower water sales, partially offset by 2.3% natural gas volume increase. The Permian Basin segment (including 70% interest in EE pipeline) had adjusted EBITDA of $7.8 million, down $0.7 million from Q3 due to lower volume throughput on Double E. The Peon segment reported adjusted EBITDA of $11 million, down $1 million from Q3 due to 2.5% volume throughput decline and higher operating expenses. The Mid Con segment had adjusted EBITDA of $12.8 million, up $5.6 million from Q3 primarily due to one month contribution from Arcoma assets and 29% volume throughput increase. Revenue contributions: Rockies ~23.2/204.6 ≈ 11.3%, Permian ~7.8/204.6 ≈ 3.8%, Peon ~11/204.6 ≈ 5.4%, Mid Con ~12.8/204.6 ≈ 6.3%

• 2025 adjusted EBITDA guidance: $245 to $280 million, inclusive of Moonrise acquisition. - Expected well connections in 2025: 125 to 185. - Capital expenditures guidance: $65 million to $75 million, with $15 million to $20 million for maintenance capital. - Midpoint of guidance range expects over $100 million of free cash flow to pay down debt towards 3.5 times leverage target

• In DJ Basin, some customers moderated or deferred development activity in 2025 due to nearing full utilization of capacity, but acquisition of Moonrise expected to resolve capacity constraints. - Commodity price fluctuations and execution risks related to well connections and acquisitions could impact results

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