Summit Midstream Corporation · NYSE:SMC
Summit Midstream — Investor Presentation (August 2026)
44 slides from Summit Midstream's investor presentation, August 2026
Slide 1: Summit Midstream Corporation Investor Presentation
Summit Midstream Corporation Investor Presentation August 2026
Slide 2: Forward-Looking Statements, Legal Disclaimers & Use of Non-GAAP
Forward-Looking Statements, Legal Disclaimers & Use of Non-GAAP Investors are cautioned that certain statements contained in this presentation are “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act
Slide 3: Introducing Summit
Introducing Summit Summit Midstream Corporation (NYSE: SMC) is a value-driven independent natural gas, crude oil and produced water gathering, processing and transmission company with diversified operations across six resource plays in the U.S. Key Asset Stats Franchise positions in crude oil- and n
Slide 4: Why Summit, Why Now?
Why Summit, Why Now? Scalable Diversified Strong Growth Oil & Gas Exposure Infrastructure Footprint Outlook Strong Balance High-Quality High Free Cash Attractive Sheet Earnings Flow Yield Valuation (1) Based on ~$100 million of expected organic Adjusted EBITDA growth from 2026 to 2030. 4
Slide 5: Permian & Mid-Con Segments Supporting Natural Gas Demand
Permian & Mid-Con Segments Supporting Natural Gas Demand Summit’s natural gas assets in the Permian and Mid-Con segments are well positioned to support growing natural gas demand from gulf-coast LNG, data center expansion, exports to Mexico and other localized natural gas consumption Mid-Con Segment
Slide 6: Double E Pipeline: Critical Permian Natural Gas Infrastructure
Double E Pipeline: Critical Permian Natural Gas Infrastructure Double E provides a critical takeaway outlet for growing natural gas production in the Northern Delaware Basin, where limited existing infrastructure has created persistent egress constraints Key Asset Stats Providing Access to Diversifi
Slide 7: Permian Growth Driving Double E Expansion Project
Permian Growth Driving Double E Expansion Project Commercial Overview Double E Area Map ➢ Reached FID on the Mainline Compression Expansion, adding ~900 MMcf/d of capacity, with an expected in- Rigs service date in the fourth quarter of 2028 New Delivery Point ➢ Open season resulted in 550 MMcf/d of
Slide 8: Double E Compression Expansion Generates Attractive Project Returns
Double E Compression Expansion Generates Attractive Project Returns with Future Growth Potential Ahead DBLE Facilities ➢ Double E has signed ~1.1 Bcf/d of commercial contracts over the last 12 months with an Pipeline Proposed Lateral estimated $215 million of 8/8ths project capex and an overall run-
Slide 9: Rockies Activity Shifting Toward Summit Infrastructure
Rockies Activity Shifting Toward Summit Infrastructure Permitted acreage and active rigs concentrated along Summit’s infrastructure, as legacy “core” areas of the DJ and Williston Basins are largely developed with limited remaining inventory DJ Basin Williston Basin Gathering Pipeline Gathering Pipe
Slide 10: Summit Capitalizes on Williston Development Migration to Williams & Divide Counties
Summit Capitalizes on Williston Development Migration to Williams & Divide Counties Summit’s Williston Basin infrastructure spans Williams and Divide Counties, areas that are seeing a significant increase in development activity as producers migrate away from highly developed areas of McKenzie Count
Slide 11: Active Permitting in DJ Basin Positioning for Long-Term Growth
Active Permitting in DJ Basin Positioning for Long-Term Growth Summit’s expansive gathering footprint and natural gas processing capacity in the DJ Basin is well positioned to support long-term volumetric growth as existing customers secure over 240 new well permits >39,000 >240 5 162 235 ~69% Acres
Slide 12: Strong Free Cash Flow Generation with an Attractive Yield
Strong Free Cash Flow Generation with an Attractive Yield Summit benefits from significant operating leverage which results in strong free cash flow (“FCF”) generation and an attractive FCF yield Free Cash Flow Generation ➢ Summit has made significant investment over the past decade building out a s
Slide 13: Summit's Highly Visible Growth Outlook
Summit’s Highly Visible Growth Outlook (1) Summit’s existing portfolio is well positioned to add over $100MM(1) of organic EBITDA growth by 2030 Segment Adjusted EBITDA Contribution Permian - Double E Growth Outlook Segment Adjusted EBITDA contribution shifts toward Permian and Rockies Contracted Ad
Slide 14: Opportunistic M&A Building Scale
Opportunistic M&A Building Scale DJ Basin Bolt-on Acquisition Case Study End of 2019 End of 2022 Current Gathering Pipeline Gathering Pipeline Gathering Pipeline Processing Plant Processing Plant Processing Plant Laramie Kimball Cheyenne Laramie Kimball Cheyenne Laramie Kimball Cheyenne Wyoming Nebr
Slide 15: Attractive Relative Trading Multiple & Growing Earnings Profile
Attractive Relative Trading Multiple & Growing Earnings Profile Summit represents an attractive relative value compared to “Independent” G&P Universe Summit Enterprise Value(1) EVEV / 2026E / 2026E EBITDA EBITDA (2) (2) ($ in millions unless otherwise noted) 30-Jun-26 16.0x Share Price in dollars (a
Slide 16: Key Investment Takeaways
Key Investment Takeaways Summit Midstream Corporation (NYSE: SMC) is a fee-based, multi-basin platform with visible growth, strong cash conversion and trades at a 30% discount to its peers Diversified • Permian, Williston, DJ, Barnett, Arkoma, Piceance: six resource plays with independent growth dri
Slide 17: Diversified Asset Portfolio
Diversified Asset Portfolio
Slide 18: Diversified G&P Operating Footprint
Diversified G&P Operating Footprint Summit's diversified operations, services and customers provide cash flow stability. Summit intends to continue to allocate growth capital in a prudent fashion and subject to high return thresholds Crude Oriented Rockies Gas Oriented Permian(1) Mid-Con Piceance Wi
Slide 19: Active Development Across Summit's Footprint
Active Development Across Summit's Footprint Customer rig activity and DUC inventory provides line of sight toward 2026 estimated well connections that we expect to drive significant free cash flow 2026E Guidance Well Connections Volume Throughput Segment Adjusted Capex Capacity & Customer Active EB
Slide 20: Ample System Capacity Limits Capex Requirements
Ample System Capacity Limits Capex Requirements Area Strategy & Key Themes Significant Operating Leverage ➢ In several areas, Summit benefits from (i) customer reimbursements for capex, (ii) systems Incremental Pad Statistics (MMcf/d, except Williston-Liquids) being fully built-out and customer “inf
Slide 21: Permian Segment
Permian Segment Double E represents a significant value catalyst, connecting New Mexico natural gas to Waha Hub Area Strategy & Key Themes Double E Map ➢ Double E provides a critical outlet for growing natural gas production in the infrastructure- constrained northern Delaware ▪ 70% / 30% joint vent
Slide 22: Rockies Segment: Williston Basin
Rockies Segment: Williston Basin Geographically expansive platform providing multiple service offerings to top producers in the play Area Strategy & Key Themes Williston Basin Map ➢ Expansive footprint with 550+ miles of crude oil and produced water pipelines with AMIs totaling ~0.7 million acres Di
Slide 23: Rockies Segment: DJ Basin
Rockies Segment: DJ Basin Sizable and integrated footprint with top-tier customers in rural DJ Basin Area Strategy & Key Themes DJ Basin Map ➢ Integrated G&P platform provides a scalable, reliable and sustainable solution to producers in the area Gas Gathering Crude Gathering Fresh Water Gathering ▪
Slide 24: Mid-Con Segment: Barnett Shale
Mid-Con Segment: Barnett Shale System fully developed with minimal capex requirements Area Strategy & Key Themes Barnett Shale Map ➢ Continuous improvement in the reservoir, with EURs increasing from 2.8 Bcf in 2019 to over 4.5 Bcf today ➢ Most recent customer well results have exceeded expectations
Slide 25: Mid-Con Segment: Arkoma Basin
Mid-Con Segment: Arkoma Basin Expansive gathering, compression and processing system that can accommodate significant growth Area Strategy & Key Themes Arkoma Basin Map ➢ Key customers have 10+ years of economic inventory across Tall Oak’s dedicated acreage ▪ Contracts are long-term, primarily fixed
Slide 26: Piceance Segment
Piceance Segment Gathering system scale provides significant operating leverage Area Strategy & Key Themes Piceance Basin Map ➢ Key customers, QB Energy and Flywheel Energy, have consolidated several A smaller producers in the basin driving cost and efficiency gains Rio Blanco Operator: Flywheel # o
Slide 27: Appendix
Appendix
Slide 28: Substantial Progress Executing Corporate Strategy
Substantial Progress Executing Corporate Strategy Summit continues to be focused on executing its corporate strategy, with several successes to date $850M+ ~$20M ~$700M >15x 1.2 Bcf/d >$75M Fixed obligations Annual run-rate Northeast divestiture Non-core divestiture New firm contracts Double E Adj.
Slide 29: Majority Independent Board of Directors
Majority Independent Board of Directors Summit adopted an independent governance structure when the MLP acquired its General Partner in 2020 Board Requirements Board of Directors Overview ➢ All directors are subject to public election, including beginning Board Member Summary Background in 2023 our
Slide 30: Balance Sheet Details
Balance Sheet Details Overview Pro Forma Capitalization ➢ Refinanced debt in July 2024, creating multi-year runway to facilitate ($ in millions) 6/30/2026 further harvesting of free cash flow and de-levering As Reported Unrestricted Cash $21 • $500 million ABL Revolver provides ample liquidity and f
Slide 31: Driving Efficiencies Through AI
Driving Efficiencies Through AI Areas under evaluation for AI implementation across Summit's operating footprint to address over $100 million of addressable spend OPERATIONS COMMERCIAL FINANCE & REPORTING Predictive Equipment Scheduling Optimization Automated Financial Reporting Maintenance Monitori
Slide 32: Rockies Segment: Liquids Connections & Volume Sensitivity
Rockies Segment: Liquids Connections & Volume Sensitivity Overview Historical Pro Forma Well Connections ➢ For comparative purposes well connections and volume throughput have been As-Reported adjusted for the pro forma impact of the Sterling and Outrigger DJ acquisitions Pro Forma Adjustment for Ac
Slide 33: Rockies Segment: Natural Gas Connections & Volume Sensitivity
Rockies Segment: Natural Gas Connections & Volume Sensitivity Overview Historical Pro Forma Well Connections ➢ For comparative purposes well connections and volume throughput have been As-Reported adjusted for the pro forma impact of the Sterling and Outrigger DJ acquisitions Pro Forma Adjustment fo
Slide 34: Mid-Con Segment: Natural Gas Connections & Volume Sensitivity
Mid-Con Segment: Natural Gas Connections & Volume Sensitivity Overview Historical Pro Forma Well Connections ➢ For comparative purposes well connections and volume throughput have been As-Reported adjusted for the pro forma impact of the Tall Oak acquisition in December 2024 Pro Forma Adjustment for
Slide 35: Piceance Segment: Natural Gas Connections & Volume Sensitivity
Piceance Segment: Natural Gas Connections & Volume Sensitivity Overview Historical Pro Forma Well Connections ➢ Historical well connections from 2022 through 2025 have averaged 14 wells per As-Reported year, with a high of 56 and a low of 0 ➢ Throughput volume has decreased from 306 MMcf/d in 2022 t
Slide 36: Reportable Segment Adjusted EBITDA
Reportable Segment Adjusted EBITDA Three Months Ended June 30, Six Months Ended June 30, ($s in 000s) 2026 2025 2026 2025 Reportable segment adjusted EBITDA (1): Rockies 30,359 25,235 $ 56,734 $ 50,104 Permian (2) 9,364 8,300 18,094 16,570 Piceance 8,662 10,474 18,232 22,260 Mid-Con 21,361 24,900 40
Slide 37: Reconciliation of Net Income or Loss to adj. EBITDA, DCF and FCF
Reconciliation of Net Income or Loss to adj. EBITDA, DCF and FCF Six Months Ended June 30 Year ended December 31, 2026 2025 2025 2024 2023 2022 2021 Net income / (loss) $ 1,399 $ 406 $ (1,906) $ (113,175) $ (38,947) $ (123,461) $ (19,949) Add: Interest expense 52,416 46,401 94,737 115,446 140,784 10
Slide 38: Reconciliation of Net Cash Provided by Operating Activities to Adj. EBITDA and DCF
Reconciliation of Net Cash Provided by Operating Activities to Adj. EBITDA and DCF Six Months Ended June 30, ($s in 000s) 2026 2025 Cash flow available for distributions: Net Cash provided by operating activities $ 50,802 $ 53,243 Add: Interest expense, excluding amortization of debt issuance costs
Slide 39: Rockies Segment Quarterly Detail
Rockies Segment Quarterly Detail 2024 2025 2026 ($s in 000s, unless otherwise noted) Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Revenues: Gathering services and related fees $ 15,302 $ 15,078 $ 16,045 $ 16,303 $ 16,394 $ 14,018 $ 14,718 $ 15,583 Natural gas, NGLs and condensate sales 47,733 47,618 54,824 58,774 66,234
Slide 40: Rockies Segment Quarterly Detail (cont'd)
Rockies Segment Quarterly Detail (cont’d) 2024 2025 2026 ($s in 000s, unless otherwise noted) Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Operating statistics: Average daily throughput (MMcf/d) 128 131 129 147 158 160 167 162 Average daily throughput (Mbbl/d) 70 68 74 78 72 66 64 68 DJ Well Connects 29 6 22 32 4 33 18
Slide 41: Mid-Con Segment Quarterly Detail
Mid-Con Segment Quarterly Detail 2024 2025 2026 ($s in 000s, unless otherwise noted) Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Revenues: Gathering services and related fees $ 11,107 $ 17,494 $ 32,377 $ 32,245 $ 33,548 $ 33,368 $ 31,585 $ 34,057 Natural gas, NGLs and condensate sales — 1,464 3,597 6,939 4,526 3,492 3,
Slide 42: Mid-Con Segment Quarterly Detail (cont'd)
Mid-Con Segment Quarterly Detail (cont’d) 2024 2025 2026 ($s in 000s, unless otherwise noted) Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Operating statistics: Average daily throughput (MMcf/d) 255 329 488 502 508 489 476 523 Barnett Well Connects 9 — 5 6 6 — — 17 Arkoma Well Connects — — 6 3 6 6 6 3 Well Connects 9 —
Slide 43: Permian Segment Quarterly Detail
Permian Segment Quarterly Detail 2024 2025 2026 ($s in 000s, unless otherwise noted) Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Revenues: Gathering services and related fees $ — $ — $ — $ — $ — $ — $ — $ — Natural gas, NGLs and condensate sales — — — — — — — — Other revenues 910 910 910 911 910 910 947 947 Total reven
Slide 44: Piceance Segment Quarterly Detail
Piceance Segment Quarterly Detail 2024 2025 2026 ($s in 000s, unless otherwise noted) Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Revenues: Gathering services and related fees $ 17,604 $ 17,061 $ 15,743 $ 15,634 $ 15,417 $ 14,585 $ 13,267 $ 13,060 Natural gas, NGLs and condensate sales 510 651 906 632 319 170 575 450 O
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