Summit Midstream Corporation

Good day and thank you for standing by. Welcome to the third quarter of 2025 Summit Midstream Corporation Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Randall Burton, Vice President, Finance, and Treasurer. Please go ahead.

Thanks, Operator, and good morning, everyone. If you don't already have a copy of our earnings release, please visit our website at summitmidstream.com. We will find it on the homepage, events and presentation section, or quarterly results section. With me today to discuss our third quarter of 2025 financial and operating results is Heath Deneke, our president, chief executive officer and chairman, Bill Malt, our chief financial officer, along with other members of our senior management team. Before we start, I'd like to remind you that our discussion today may contain forward-looking statements. These statements may include but are not limited to our estimates of future volumes, operating expenses, and capital expenditures. They may also include statements concerning anticipated cash flow, liquidity, business strategy, and other plans and objectives for future operations. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can provide no assurance that such expectations will prove to be correct. Please see SMC's annual report on Form 10-K for the fiscal year ended December 31, 2024, which the company filed with the SEC on March 11, 2025, as well as our other SEC filings for a listing of factors that could cause actual results to differ materially from expected results. Please also note that on this call, we use the terms EBITDA, adjusted EBITDA, distributable cash flow, and free cash flow. These are non-GAAP financial measures, and we have provided reconciliations to most directly comparable GAAP measures in our most recent earnings release. And with that, I'll turn the call over to Heath.

Great. All right. Thanks, Randall, and good morning, everyone. We had a strong third quarter with continued growth across our operating footprint. Adjusted EBITDA was 65.5 million, which is more than a 7% increase from the second quarter and representing roughly 260 million of run rate EBITDA. We also generated 36.7 million of distributable cash flow and 16.7 million of free cash flow during the quarter. Operationally, we connected 21 new wells during the third quarter, and our customer base remains very active with five drilling rigs and more than 90 drilled but incomplete wells behind our systems. Additionally, volumes on the double-E pipeline continue to grow throughout the quarter, hitting new record averages of $712 million a day for the quarter and $745 million a day for the month of September. As we've disclosed in previous quarters, we continue to expect financial results to trend towards the low end of our guidance, our original 2025 adjusted EBIDA guidance range, primarily as a result of certain well connects being delayed. However, those timing delays have been short-lived as we expect to connect an additional 50 wells to the system during the fourth quarter and end the year around the midpoint of our original WellConnect guidance range of 125 to 185 wells. We expect the makeup and customer activity during the fourth quarter to drive a significant volumetric and EBITDA growth as we look ahead into 2026. And finally, we remain encouraged by the level of customer engagement and visibility in the next year's programs We're currently working with several customers on the 2026 development plans, which include more than 120 new WellConnects in the first half of 2026. As customers continue to develop their budget and development schedules for the full year, that number could increase significantly as customers begin to fill in the back half of 2026 with additional development. And with that, I'd like to turn the call over to Bill to walk through the financial and segment level details.