Summit Midstream
Moves gas, oil, and produced water through U.S. shale-basin systems.
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Profile
Operates midstream systems in U.S. shale basins, earning fees for gathering, processing, and transportation while also selling natural gas, NGLs, and condensate. The portfolio is concentrated in Rockies, Mid-Con, Piceance, and Permian assets after its 2024 C-corp conversion.
Runs natural gas gathering, compression, treating, processing, and transportation assets, plus crude-oil and produced-water gathering. The business is organized around Rockies, Mid-Con, Piceance, and Permian segments, with systems tied to Williston, DJ, Fort Worth, Arkoma, Piceance, and Delaware Basin-to-Waha flows.
Most gathered and processed volumes use fixed-fee structures, while sales of natural gas, NGLs, and condensate leave part of revenue exposed to commodity prices. Recent portfolio work exited the Northeast and added Arkoma and DJ Basin assets through acquisitions.
Execution depends on keeping throughput on basin systems, managing operating costs, and using the C-corp structure to support capital access and trading liquidity.
Company facts
Key statistics
Year to date +27.3% · Average volume (30d) 51.4K
Analysts
No analyst consensus on record.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 10, 2026Q2 FY26 | −$0.36 | $0.11 | +131.0% | $169.0M | $155.0M | −8.3% | +8.92% |
| May 11, 2026Q1 FY26 | −$0.49 | −$0.43 | +12.2% | $139.9M | $139.1M | −0.5% | −0.57% |
| Mar 16, 2026Q4 FY25 | $0.30 | −$0.66 | −320.0% | $146.7M | $142.3M | −3.0% | +2.13% |
| Nov 10, 2025Q3 FY25 | — | −$0.13 | — | $146.7M | $146.9M | +0.1% | −0.09% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $132.7M | $140.2M | $146.9M | $142.3M | $139.1M | $155.0M | |
| Gross profit | $35.2M | $35.0M | $107.1M | $37.9M | $34.8M | $66.1M | |
| Operating income | $18.6M | $19.5M | $25.2M | $22.2M | $17.0M | $25.0M | |
| Net income | $5.6M | −$1.2M | $5.6M | −$11.8M | −$252.0K | $3.5M | |
| Diluted EPS | −$0.16 | −$0.66 | −$0.13 | −$0.66 | −$0.43 | $0.11 | |
| Gross margin | 26.5% | 25.0% | 72.9% | 26.6% | 25.0% | 42.6% | |
| Operating margin | 14.0% | 13.9% | 17.1% | 15.6% | 12.2% | 16.1% |
Fiscal years (4-quarter sums)FY23 $458.9M · FY24 $429.6M · FY25 $562.1M
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $21.0M · Total debt $1.24B · Total assets $2.41B · Shareholders' equity $598.4M
Dividends
No dividends on record.
Ownership
Shares outstanding 13.81M · Float 9.70M · 70.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Tailwater Capital LLC | 7.89M | 39.10% | 13D | Apr 9, 2026 |
| Connect Midstream, LLC · 10 percent owner | 1.37M | 9.90% | Form 4 | Apr 13, 2026 |
| Invesco Ltd. | 969.4K | 7.02% | 13F | May 12, 2026 |
| He Zhengxu | 936.0K | 5.20% | 13G | Feb 19, 2025 |
| Deltroit Asset Management (UK) LLP | 707.1K | 5.12% | 13F | May 15, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jul 2, 2026 | James David Johnston | officer: Executive VP, GC, CCO and Secy | −2,600 | $29.72 |
| May 19, 2026 | Jerry L. Peters | director | −10,000 | $32.00 |
| Mar 31, 2026 | Connect Midstream, LLC | 10 percent owner | +1,220,918 | $31.08 |
| Aug 28, 2025 | Connect Midstream, LLC | 10 percent owner | +26,319 | $20.89 |
Peers
- ONEOK
Large-scale gas, NGL, crude, and processing rival
- Energy Transfer
Diversified U.S. midstream scale across SMC basins
- Targa Resources
Gas processing and NGL rival in Permian and Mid-Con
- Western Midstream Partners
DJ, Delaware, and produced-water midstream peer
- Hess Midstream
Williston-focused oil, gas, and water competitor
- MPLX
Permian and Bakken midstream alternative with scale
- Kinetik
Delaware Basin gas and Waha-focused competitor
- Kinder Morgan
Gas transport and Williston infrastructure competitor
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Summit Midstream | $34.08 | 0.00% | $470.8M | — | — | 0.8 | +10.6% |
| ONEOK | $94.50 | −0.26% | $59.71B | 16.3 | 15.6 | 1.5 | +52.8% |
| Energy Transfer | $21.34 | +0.12% | $73.33B | 13.2 | 12.9 | 0.7 | +78.4% |
| Targa Resources | $287.82 | +0.01% | $61.78B | 27.4 | 25.7 | 3.7 | +10.3% |
| Western Midstream Partners | $48.33 | +0.13% | $19.96B | 15.1 | 12.5 | 4.6 | +30.0% |
| Hess Midstream | $39.56 | −0.07% | $8.17B | 13.6 | 13.5 | 5.1 | −3.5% |
| MPLX | $59.28 | −0.05% | $60.12B | 12.7 | 12.8 | 4.7 | +10.6% |
| Kinetik | $53.81 | −0.02% | $3.96B | 19.5 | 33.5 | 2.1 | +36.3% |
| Kinder Morgan | $31.50 | −0.16% | $70.28B | 20.2 | 21.2 | 3.9 | +10.8% |
| Median | 15.7 | 14.5 | 3.8 | +20.4% |