Summit Midstream (SMC) 10-Q 12 Nov 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Nov. 08, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-42201
Entity Registrant Name	Summit Midstream Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	99-3056990
Entity Address, Address Line One	910 Louisiana Street
Entity Address, Address Line Two	Suite 4200
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	832
Local Phone Number	413-4770
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	SMC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		10,648,685
Entity Central Index Key	0002024218
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 17,842	$ 14,044
Restricted cash	126,524	2,601
Accounts receivable	60,567	76,275
Other current assets	9,080	5,502
Total current assets	214,013	98,422
Property, plant and equipment, net	1,350,758	1,698,585
Intangible assets, net	140,009	175,592
Investment in equity method investees	269,939	486,434
Other noncurrent assets	24,447	35,165
TOTAL ASSETS	1,999,166	2,494,198
LIABILITIES AND EQUITY
Trade accounts payable	12,932	22,714
Accrued expenses	29,645	32,377
Deferred revenue	9,470	10,196
Ad valorem taxes payable	7,229	8,543
Accrued compensation and employee benefits	7,173	6,815
Accrued interest	14,603	19,298
Accrued environmental remediation	1,409	1,483
Accrued settlement payable	6,715	6,667
Current portion of long-term debt	130,512	15,524
Other current liabilities	11,278	10,395
Total current liabilities	230,966	134,012
Deferred tax liabilities	115,552	1,425
Long-term debt, net	826,453	1,455,166
Noncurrent deferred revenue	26,176	30,085
Noncurrent accrued environmental remediation	989	1,454
Other noncurrent liabilities	16,136	28,841
TOTAL LIABILITIES	1,216,272	1,650,983
Commitments and contingencies (Note 14)
Equity
Common limited partner capital (10,376,189 issued and outstanding as of December 31, 2023)		621,670
Common stock, $0.01 par value (10,648,685 issued and outstanding as of September 30, 2024)	106
Additional paid-in capital	702,357
Accumulated deficit	(157,798)
Total Equity	651,484	718,563
TOTAL LIABILITIES AND EQUITY	1,999,166	2,494,198
Series A Preferred Stock
Equity
Series A Preferred Units (65,508 issued and outstanding as of December 31, 2023)		96,893
Series A Preferred Stock (65,508 issued and outstanding as of September 30, 2024)	106,819
Series A Preferred Units
Mezzanine Equity
Subsidiary Series A Preferred Units (93,039 issued and outstanding as of September 30, 2024 and December 31, 2023, respectively)	$ 131,410	$ 124,652

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Series A preferred units, outstanding (in shares)		65,508
Preferred units, outstanding (in shares)	65,508
Common limited partner capital, issued (in shares)		10,376,189
Common limited partner capital, outstanding (in shares)		10,376,189
Common stock, par value (in dollars per shares)	$ 0.01
Common stock, outstanding (in shares)	10,648,685
Common stock, issued (in shares)	10,648,685
Series A Preferred Stock
Series A preferred units, outstanding (in shares)	65,508
Preferred units, issued (in shares)	65,508	65,508
Preferred units, outstanding (in shares)	65,508
Series A Preferred Units
Series A preferred units, issued (in shares)	93,039,000	93,039,000
Series A preferred units, outstanding (in shares)	93,039,000	93,039,000

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Total revenues	$ 102,415	$ 121,193	$ 322,601	$ 331,585
Costs and expenses:
Type of cost, good or service [extensible list]	Natural Gas Liquids (NGL) [Member]	Natural Gas Liquids (NGL) [Member]	Natural Gas Liquids (NGL) [Member]	Natural Gas Liquids (NGL) [Member]
Cost of natural gas and NGLs	$ 28,246	$ 27,110	$ 88,047	$ 77,967
Operation and maintenance	24,473	26,161	72,925	75,291
General and administrative	12,419	11,098	41,368	31,897
Depreciation and amortization	23,540	30,778	75,324	90,734
Transaction costs	2,094	144	13,156	926
Acquisition integration costs	0	171	40	2,396
(Gain) loss on asset sales, net	(6)	(40)	1	(183)
Long-lived asset impairments	0	0	67,936	455
Total costs and expenses	90,766	95,422	358,797	279,483
Other income (expense), net	666	(315)	2,784	747
Gain (loss) on interest rate swaps	(2,574)	2,856	936	4,851
Gain (loss) on sale of business	(1,672)	(9)	82,338	(45)
Gain on sale of equity method investment	0	0	126,261	0
Interest expense	(25,712)	(34,568)	(95,015)	(103,966)
Loss on early extinguishment of debt	(42,235)	0	(47,199)	0
Equity method investees income	4,910	10,211	19,828	22,302
Income (loss) before income taxes	(54,968)	3,946	53,737	(24,009)
Income tax benefit (expense)	(142,573)	(72)	(142,129)	180
Net income (loss)	(197,541)	3,874	(88,392)	(23,829)
Less: Net income attributable to Subsidiary Series A Preferred Units	(4,007)	(3,623)	(11,643)	(8,865)
Net income (loss) attributable to Summit Midstream Corporation	(201,548)	251	(100,035)	(32,694)
Less: net income attributable to Series A Preferred Stock	(3,393)	(3,004)	(9,926)	(8,442)
Net income (loss) attributable to common equity holders	$ (204,941)	$ (2,753)	$ (109,961)	$ (41,136)
Net income (loss) per share:
Common stock – basic (in dollars per share)	$ (19.25)	$ (0.27)	$ (10.39)	$ (3.99)
Common stock – diluted (in dollars per share)	$ (19.25)	$ (0.27)	$ (10.39)	$ (3.99)
Weighted-average number of shares outstanding:
Common stock – basic (in shares)	10,649	10,376	10,583	10,320
Common stock – diluted (in shares)	10,649	10,376	10,583	10,320
Gathering services and related fees
Revenues:
Total revenues	$ 44,013	$ 66,035	$ 151,211	$ 180,492
Natural gas, NGLs and condensate sales
Revenues:
Total revenues	48,243	45,120	145,294	130,365
Other revenues
Revenues:
Total revenues	$ 10,159	$ 10,038	$ 26,096	$ 20,728

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($)	Total	Preferred Stock	Common Stock	Additional Paid in Capital	Retained Earning (Deficit)	Common Limited Partners’ Capital	Series A Preferred Units	Series A Preferred Units Preferred Stock	Series A Preferred Units Common Limited Partners’ Capital
Beginning balance at Dec. 31, 2022	$ 764,818,000		$ 0	$ 0	$ 0	$ 679,491,000	$ 0		$ 85,327,000
Increase (Decrease) in Partners​Capital​ [Roll Forward]
Profit Loss Excluding Subsidiary Income	(15,909,000)					(18,548,000)			2,639,000
Equity compensation	1,929,000					1,929,000
Tax withholdings and associated payments on vested SMLP LTIP awards	(1,136,000)					(1,136,000)
Ending balance at Mar. 31, 2023	749,702,000		0	0	0	661,736,000	0		87,966,000
Beginning balance at Dec. 31, 2022	764,818,000		0	0	0	679,491,000	0		85,327,000
Ending balance at Sep. 30, 2023	735,990,000		0	0	0	642,221,000	0		93,769,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(32,694,000)
Beginning balance at Mar. 31, 2023	749,702,000		0	0	0	661,736,000	0		87,966,000
Increase (Decrease) in Partners​Capital​ [Roll Forward]
Profit Loss Excluding Subsidiary Income	(17,036,000)					(19,835,000)			2,799,000
Equity compensation	1,833,000					1,833,000
Tax withholdings and associated payments on vested SMLP LTIP awards	(148,000)					(148,000)
Ending balance at Jun. 30, 2023	734,351,000		0	0	0	643,586,000	0		90,765,000
Increase (Decrease) in Partners​Capital​ [Roll Forward]
Profit Loss Excluding Subsidiary Income	251,000					(2,753,000)			3,004,000
Equity compensation	1,396,000					1,396,000
Tax withholdings and associated payments on vested SMLP LTIP awards	(8,000)					(8,000)
Ending balance at Sep. 30, 2023	735,990,000		0	0	0	642,221,000	$ 0		93,769,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	251,000
Beginning balance at Dec. 31, 2023	718,563,000					621,670,000			96,893,000
Increase (Decrease) in Partners​Capital​ [Roll Forward]
Profit Loss Excluding Subsidiary Income	129,157,000					125,937,000			3,220,000
Equity compensation	2,772,000					2,772,000
Tax withholdings and associated payments on vested SMLP LTIP awards	(1,878,000)					(1,878,000)
Ending balance at Mar. 31, 2024	848,614,000					748,501,000			100,113,000
Beginning balance at Dec. 31, 2023	718,563,000					621,670,000			96,893,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(100,035,000)
Corporate Reorganization			10,648,685
Ending balance at Sep. 30, 2024	651,484,000		106,000	702,357,000	(157,798,000)	0		$ 106,819,000	0
Beginning balance at Mar. 31, 2024	848,614,000					748,501,000			100,113,000
Increase (Decrease) in Partners​Capital​ [Roll Forward]
Profit Loss Excluding Subsidiary Income	(27,644,000)					(30,957,000)			3,313,000
Equity compensation	2,086,000					2,086,000
Tax withholdings and associated payments on vested SMLP LTIP awards	(4,000)					(4,000)
Ending balance at Jun. 30, 2024	823,052,000					719,626,000			103,426,000
Increase (Decrease) in Partners​Capital​ [Roll Forward]
Tax withholdings and associated payments on vested SMLP LTIP awards						0			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(201,548,000)	$ 2,258,000			(157,798,000)	(47,143,000)			1,135,000
Equity compensation	1,840,000			1,283,000		557,000
Corporate Reorganization		$ 104,561,000	106,000	672,934,000		(673,040,000)			(104,561,000)
Tax impact of Corporate Reorganization	28,140,000			28,140,000
Ending balance at Sep. 30, 2024	$ 651,484,000		$ 106,000	$ 702,357,000	$ (157,798,000)	$ 0		$ 106,819,000	$ 0

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ (88,392)	$ (23,829)
Adjustments to reconcile net loss to net cash provided by operating activities:
Deferred income taxes	142,267	0
Depreciation and amortization	76,028	91,438
Noncash lease expense	2,292	3,804
Amortization of debt issuance costs	10,326	9,493
Equity compensation	6,698	5,158
Income from equity method investees	(19,828)	(22,302)
Distributions from equity method investees	31,241	40,732
Gain on asset sales, net	1	(183)
Foreign currency gain and other	42	(83)
Loss on earn-out	(6)	420
Loss on early extinguishment of debt	47,199	0
(Gain) loss on sale of business	(82,338)	45
Gain on sale of equity method investment	(126,261)	0
Unrealized (gain) loss on interest rate swaps	3,038	(1,074)
Long-lived asset impairment	67,936	455
Changes in operating assets and liabilities:
Accounts receivable	6,325	(3,765)
Trade accounts payable	(7,108)	1,525
Accrued expenses	(3,917)	6,718
Deferred revenue, net	(4,308)	(4,206)
Ad valorem taxes payable	(1,314)	(2,277)
Accrued interest	(4,695)	22,113
Accrued environmental remediation, net	(539)	(639)
Other, net	(14,563)	(12,784)
Net cash provided by operating activities	40,124	110,759
Cash flows from investing activities:
Capital expenditures	(37,861)	(49,863)
Proceeds from Summit Utica Sale (excluding Ohio Gathering)	292,266	0
Proceeds from sale of Ohio Gathering	332,734	0
Proceeds from Mountaineer Transaction	69,304	0
Proceeds from asset sale	4,400	128
Investment in Double E equity method investee	(1,431)	(3,500)
Other, net	0	(2,611)
Net cash provided by (used in) investing activities	659,412	(55,846)
Cash flows from financing activities:
Debt repayments - ABL Facility	(313,000)	(70,000)
Debt repayments - Redemption of 2026 Unsecured Notes	(209,510)	0
Borrowings on Amended and Restated ABL Facility	150,000	35,000
Issuance of 2029 Secured Notes	565,800	0
Distributions on Subsidiary Series A Preferred Units	(4,885)	(4,884)
Debt extinguishment costs	(21,355)	0
Debt issuance costs	(4,368)	(247)
Other, net	(2,818)	(1,614)
Net cash used in financing activities	(571,815)	(49,549)
Net change in cash, cash equivalents and restricted cash	127,721	5,364
Cash, cash equivalents and restricted cash, beginning of period	16,645	13,531
Cash, cash equivalents and restricted cash, end of period	144,366	18,895
2026 Secured Notes Excess Cash Flow Offer
Cash flows from financing activities:
Debt repayments - Secured Notes	(13,626)	0
2026 Secured Notes Asset Sale Offer
Cash flows from financing activities:
Debt repayments - Secured Notes	(6,910)	0
Permian Transmission Term Loan
Cash flows from financing activities:
Debt repayments - Secured Notes	(11,555)	(7,804)
2025 Senior Notes Redemption
Cash flows from financing activities:
Debt repayments - Secured Notes	(49,783)	0
2026 Secured Notes Redemption
Cash flows from financing activities:
Debt repayments - Secured Notes	$ (649,805)	$ 0

ORGANIZATION, BUSINESS OPERATIO

ORGANIZATION, BUSINESS OPERATIONS, CORPORATE REORGANIZATION AND PRESENTATION AND CONSOLIDATION	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION, BUSINESS OPERATIONS, CORPORATE REORGANIZATION AND PRESENTATION AND CONSOLIDATION	1. ORGANIZATION, BUSINESS OPERATIONS, CORPORATE REORGANIZATION AND PRESENTATION AND CONSOLIDATION Organization. Summit Midstream Partners, LP (“SMLP” or the “Partnership”) was formed in May 2012 and prior to August 1, 2024, the Partnership’s common units were listed on NYSE under the ticker symbol “SMLP.” The Partnership reorganized from a Delaware limited partnership to a Delaware corporation (the “Corporate Reorganization”) named Summit Midstream Corporation (including its subsidiaries, collectively “SMC” or the “Company”) effective as of August 1, 2024. Summit Midstream Corporation is a Delaware corporation that was incorporated in May 2024 and as of August 1, 2024, the Company’s common stock, par value $0.01 per share (the “common stock”), is listed on NYSE under the ticker symbol “SMC.” SMC is a value-oriented company focused on developing, owning and operating midstream energy infrastructure assets that are strategically located in unconventional resource basins, primarily shale formations, in the continental United States. The Company’s business activities are primarily conducted through various operating subsidiaries, each of which is owned or controlled by its wholly owned subsidiary holding company, Summit Holdings, a Delaware limited liability company. Business Operations. The Company provides natural gas gathering, compression, treating and processing services as well as crude oil and produced water gathering services pursuant to primarily long-term, fee-based agreements with its customers. In addition to these services, the Company also provides freshwater delivery services pursuant to short-term agreements with customers. The Company’s results are primarily driven by the volumes of natural gas that it transports, gathers, compresses, treats and/or processes as well as by the volumes of crude oil and produced water that it gathers. As of September 30, 2024, other than the Company’s investment in Double E, all of its business activities are conducted through wholly owned operating subsidiaries. Corporate Reorganization . In connection with the Corporate Reorganization, the Partnership entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among the Partnership, the Company, Summit SMC NewCo, LLC (“Merger Sub”), a wholly owned subsidiary of the Company, and the General Partner. Pursuant to the Merger Agreement, Merger Sub merged with and into the Partnership (the “Merger”), with the Partnership continuing as the surviving entity and a wholly owned subsidiary of the Company, with (i) each then outstanding common unit representing limited partner interests in the Partnership automatically converting into the right to receive one share of the Company’s common stock and (ii) each then outstanding Series A Preferred Unit automatically converting into the right to receive one share of Series A Preferred Stock. The Merger was accounted for as a common-control transaction between the Partnership and Summit Midstream Corporation as a result of the Partnership’s unitholders controlling both the Partnership and Summit Midstream Corporation before and after the Merger. Upon consummation of the Corporate Reorganization, Summit Midstream Corporation recognized (i) income tax expense in its unaudited condensed consolidated statements of operations for temporary differences that existed as of the date of the Corporate Reorganization, (ii) a tax benefit to equity due to changes in tax bases and liabilities and (iii) a net deferred tax liability in its unaudited condensed consolidated balance sheets. Upon completion of the Merger, the Partnership’s common limited partner capital accounts were eliminated and replaced with shares of common stock, paid in capital, and retained deficit. Additionally, the Series A Preferred Units were exchanged for an equivalent number of shares of Series A Preferred Stock, with no substantive changes in contractual terms or investor cash flows. As a result of the Corporate Reorganization, periods prior to August 1, 2024 reflect Summit Midstream as a limited partnership, not a corporation. References to common units for periods prior to the Corporate Reorganization refer to common units of SMLP, and references to common stock for periods following the Corporate Reorganization refer to shares of common stock of SMC. The primary financial impacts of the Corporate Reorganization to the consolidated financial statements were (i) reclassification of the partnership capital accounts to equity accounts reflective of a corporation and (ii) income tax effects. Presentation and Consolidation. The Company prepares its condensed consolidated financial statements in accordance with GAAP as established by the FASB and pursuant to the rules and regulations of the SEC pertaining to interim financial information. The unaudited condensed consolidated financial statements contained in this report include all normal and recurring material adjustments that, in the opinion of management, are necessary for a fair statement of the financial position, results of operations and cash flows for the interim periods presented herein. These unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements and related notes that are included in the SMLP’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”). The Company makes estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet dates, including fair value measurements, the reported amounts of revenues and expenses and the disclosure of commitments and contingencies. Although management believes these estimates are reasonable, actual results could differ from its estimates. The unaudited condensed consolidated financial statements include the assets, liabilities and results of operations of SMC. All intercompany transactions among the consolidated entities have been eliminated in consolidation. Comprehensive income or loss is the same as net income or loss for all periods presented.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED ACCOUNTING STANDARDS APPLICABLE TO THE COMPANY	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED ACCOUNTING STANDARDS APPLICABLE TO THE COMPANY	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED ACCOUNTING STANDARDS APPLICABLE TO THE COMPANY Income Taxes. Prior to the consummation of the Corporate Reorganization on August 1, 2024, SMLP was treated as a partnership for federal and state income tax purposes, in which the taxable income or loss generally was passed through to its unitholders. SMLP was subject to Texas margin tax. Therefore, for periods prior to the Corporate Reorganization, with the exception of the state of Texas, SMLP did not directly pay federal and state income taxes and no entity-level income tax provision was recognized other than for the effects of the Texas margin tax. Effective upon the consummation of the Corporate Reorganization, SMC became subject to federal and state income taxes as a C-corporation. As such, it accounts for income taxes, as required, under ASC 740, Accounting for Income Taxes . Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and net operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates applied to taxable income in the relevant years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in net income or loss in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Our policy is to record interest and penalties relating to uncertain tax positions in income tax expense. At September 30, 2024, SMC did not have any uncertain tax positions and does not anticipate recognition of any significant liabilities for uncertain tax positions during the next 12 months. Accounting standards recently implemented. ASU No. 2020-06 Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815–40) (“ASU 2020-06”). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The ASU is part of the FASB’s simplification initiative, which aims to reduce unnecessary complexity in GAAP. The ASU’s amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The provisions of ASU 2020-06 did not have a material impact on the Company’s condensed consolidated financial statements and disclosures. New accounting standards not yet implemented. ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 enhances disclosures on reportable segments and provides additional detailed information about significant segment expenses. The guidance in ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company continues to assess the impact of the new guidance, but does not expect the provisions of ASU 2023-07 will have a material impact on its consolidated financial statements and disclosures.

DIVESTITURES

DIVESTITURES	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
DIVESTITURES	3. DIVESTITURES Summit Utica Sale. On March 22, 2024, the Partnership completed the disposition of Summit Utica, LLC (“Summit Utica”) to a subsidiary of MPLX LP for a cash sale price of $625.0 million, subject to customary post-closing adjustments (the “Utica Sale”). Summit Utica was the owner of (i) approximately 36% of the issued and outstanding equity interests in OGC, (ii) approximately 38% of the issued and outstanding equity interests in OCC, together with OGC, Ohio Gathering and (iii) midstream assets located in the Utica Shale. Ohio Gathering was the owner of a natural gas gathering system and condensate stabilization facility located in Belmont and Monroe counties in the Utica Shale in southeastern Ohio. During the quarterly period ended March 31, 2024, the Partnership recognized a total gain on the disposition of Summit Utica of $212.5 million based on total cash proceeds received of $625.0 million and net assets sold of $412.5 million. A portion of the cash proceeds was used to reduce amounts outstanding under the ABL Facility and pay the costs and expenses in connection with the Asset Sale Offer (as defined below; see Note 8 - Debt, for additional information) and are subject to final working capital adjustments. The $625.0 million sale price did not discretely list values for OGC, OCC or the Partnership’s midstream assets located in the Utica Shale. Using fair value methods allowed by GAAP, the Partnership derived a preliminary fair value estimate for the disposed assets and then determined the appropriate gain recognition amount for each disposal to include in its unaudited condensed consolidated financial statements. The estimated fair values were determined utilizing a discounted cash flow technique based on estimated revenues, costs, capital expenditures and an appropriate discount rate. Given the unobservable nature of the inputs, the fair value measurement is deemed to use Level 3 inputs. These fair value estimates are preliminary, and subject to change and such changes could be material. Based on these preliminary fair values, the Partnership recognized a gain on the disposition of the Utica midstream business of $85.6 million, which is recorded within gain on sale of business in the Company’s unaudited condensed consolidated statements of operations, and a gain of $126.3 million related to the disposition of Ohio Gathering, which is recorded within gain on sale of Ohio Gathering in the Company’s unaudited condensed consolidated statements of operations. Mountaineer Midstream System. On May 1, 2024, the Partnership completed the sale of its Mountaineer Midstream system, to Antero Midstream LLC for a cash sale price of $70.0 million, subject to customary post-closing adjustments (the “Mountaineer Transaction”). Mountaineer Midstream was the owner of midstream assets located in the Marcellus Shale. Prior to closing the Mountaineer Transaction, the Partnership sold related compression assets located in the Marcellus Shale to a compression service provider for cash consideration of approximately $5 million in April 2024. During the three months ended March 31, 2024, the Partnership recognized an impairment of $68.0 million in connection with the Mountaineer Transaction and the sale of compression assets based on their estimated fair value and net assets of approximately $143.0 million.

REVENUE

REVENUE	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
REVENUE	4. REVENUE The following table presents estimated revenue, as of September 30, 2024, expected to be recognized during the remainder of 2024 and over the remaining contract period related to performance obligations that are unsatisfied and are comprised of estimated MVC shortfall payments. (In thousands) 2024 2025 2026 2027 2028 Thereafter Gathering services and related fees $ 12,044 $ 37,249 $ 26,112 $ 7,685 $ 5,137 $ — Revenue by category. In the following tables, revenue is disaggregated by geographic area and major products and services. For more detailed information about reportable segments, see Note 16 – Segment Information. Three Months Ended September 30, 2024 Gathering services and related fees Natural gas, NGLs and condensate sales Other revenues Total (In thousands) Reportable Segments: Northeast $ — $ — $ — $ — Rockies 15,302 47,733 4,615 67,650 Permian — — 910 910 Piceance 17,604 510 1,492 19,606 Barnett 11,107 — 3,142 14,249 Total reportable segments 44,013 48,243 10,159 102,415 Corporate and other — — — — Total $ 44,013 $ 48,243 $ 10,159 $ 102,415 Nine Months Ended September 30, 2024 Gathering services and related fees Natural gas, NGLs and condensate sales Other revenues Total (In thousands) Reportable Segments: Northeast $ 18,851 $ — $ — $ 18,851 Rockies 48,141 142,917 12,044 203,102 Permian — — 2,731 2,731 Piceance 56,054 2,124 3,971 62,149 Barnett 28,165 253 6,625 35,043 Total reportable segments 151,211 145,294 25,371 321,876 Corporate and other — — 725 725 Total $ 151,211 $ 145,294 $ 26,096 $ 322,601 Three Months Ended September 30, 2023 Gathering services and related fees Natural gas, NGLs and condensate sales Other revenues Total (In thousands) Reportable Segments: Northeast $ 18,157 $ — $ — $ 18,157 Rockies 18,383 43,967 5,541 67,891 Permian — — 893 893 Piceance 20,658 937 1,569 23,164 Barnett 8,837 216 2,035 11,088 Total reportable segments 66,035 45,120 10,038 121,193 Corporate and other — — — — Total $ 66,035 $ 45,120 $ 10,038 $ 121,193 Nine Months Ended September 30, 2023 Gathering services and related fees Natural gas, NGLs and condensate sales Other revenues Total (In thousands) Reportable Segments: Northeast $ 43,717 $ — $ — $ 43,717 Rockies 48,595 125,871 8,885 183,351 Permian — — 2,678 2,678 Piceance 59,791 3,913 4,368 68,072 Barnett 28,389 581 4,835 33,805 Total reportable segments 180,492 130,365 20,766 331,623 Corporate and other — — (38) (38) Total $ 180,492 $ 130,365 $ 20,728 $ 331,585

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	5. PROPERTY, PLANT AND EQUIPMENT Details on the Company’s property, plant and equipment follow. September 30, 2024 December 31, 2023 (In thousands) Gathering and processing systems and related equipment $ 1,939,969 $ 2,335,980 Construction in progress 38,707 56,064 Land and line fill 11,534 11,534 Other 63,542 65,029 Total 2,053,752 2,468,607 Less: accumulated depreciation (702,994) (770,022) Property, plant and equipment, net $ 1,350,758 $ 1,698,585 Depreciation expense and capitalized interest for the Company follow. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) (In thousands) Depreciation expense $ 19,977 $ 23,926 $ 63,905 $ 70,130 Capitalized interest 257 351 904 790

EQUITY METHOD INVESTMENTS

EQUITY METHOD INVESTMENTS	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
EQUITY METHOD INVESTMENTS	6. EQUITY METHOD INVESTMENTS As of September 30, 2024, the Company has an equity method investment in Double E, the balance of which is included in the Investment in equity method investees caption on the unaudited condensed consolidated balance sheets. On March 22, 2024, in connection with the Utica Sale, the Company sold its investment in Ohio Gathering and recognized an estimated $126.3 million gain, which is recorded within Gain on sale of Ohio Gathering within the unaudited condensed consolidated statements of operations. See Note 3 - Divestitures for additional information. Details of the Company’s equity method investments follow. September 30, 2024 December 31, 2023 (In thousands) Double E $ 269,939 $ 276,221 Ohio Gathering — 210,213 Total $ 269,939 $ 486,434

DEFERRED REVENUE

DEFERRED REVENUE	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
DEFERRED REVENUE	7. DEFERRED REVENUE The balances in deferred revenue as of September 30, 2024 and December 31, 2023 are primarily related to contributions in aid of construction which will be recognized as revenue over the life of the contract. An update of current deferred revenue follows. Total (In thousands) Current deferred revenue, December 31, 2023 $ 10,196 Add: additions 6,159 Less: revenue recognized and other (6,885) Current deferred revenue, September 30, 2024 $ 9,470 An update of noncurrent deferred revenue follows. Total (In thousands) Noncurrent deferred revenue, December 31, 2023 $ 30,085 Add: additions 3,436 Less: reclassification to current deferred revenue and other (7,345) Noncurrent deferred revenue, September 30, 2024 $ 26,176

DEBT

DEBT	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
DEBT	8. DEBT Debt for the Company at September 30, 2024 and December 31, 2023, follows: September 30, 2024 December 31, 2023 (In thousands) Amended and Restated ABL Facility : Summit Holdings’ asset based credit facility due July 2029 $ 150,000 $ 313,000 Permian Transmission Term Loan : Summit Permian Transmission’s variable rate senior secured term loan due January 2028 133,291 144,846 2029 Secured Notes : 8.625% senior secured second lien notes due October 2029 575,000 — 2026 Unsecured Notes : 12.00% senior unsecured notes due October 2026 — 209,510 2025 Senior Notes : 5.75% senior unsecured notes due April 2025 — 49,783 2026 Secured Notes : 8.50% senior second lien notes due October 2026 114,659 785,000 Less: unamortized debt discount and debt issuance costs (15,985) (31,449) Total debt, net of unamortized debt discount and debt issuance costs 956,965 1,470,690 Less: current portion of Permian Transmission Term Loan and 2026 Secured Notes (130,512) (15,524) Total long-term debt $ 826,453 $ 1,455,166 ABL Facility. Concurrently with the issuance of the 2029 Secured Notes, as discussed below, on July 26, 2024, Summit Holdings, as borrower, amended and restated its existing first-lien, senior secured credit agreement, with the Partnership, the subsidiaries party thereto, Bank of America, N.A., as agent, and the several lenders and other agents party thereto, consisting of a $500.0 million asset-based revolving credit facility (the “Amended and Restated ABL Facility”), subject to a borrowing base comprised of a percentage of eligible accounts receivable of Summit Holdings and its subsidiaries that guarantee the Amended and Restated ABL Facility (collectively, the “Amended and Restated ABL Facility Subsidiary Guarantors”) and a percentage of eligible above-ground fixed assets including eligible compression units, processing plants, compression stations and related equipment of Summit Holdings and the Amended and Restated ABL Facility Subsidiary Guarantors. As of September 30, 2024, the most recent borrowing base determination of eligible assets totaled $538.8 million, an amount greater than the $500.0 million of aggregate lending commitments. Summit Holdings amended and restated its existing ABL Facility pursuant to that certain Amended and Restated Loan and Security Agreement (the “Amended and Restated ABL Agreement”), dated as of July 26, 2024. The Amended and Restated ABL Facility will mature on the earliest of (a) July 26, 2029, (b) July 31, 2029 if either (i) the outstanding amount of the 2029 Secured Notes (or any refinancing debt permitted under the Amended and Restated ABL Facility in respect thereof that has a final maturity date, scheduled amortization or any other scheduled repayment, mandatory prepayment, mandatory redemption or sinking fund obligation prior to the date that is 91 days after the Amended and Restated ABL Termination Date (as defined below) (provided, that the terms of such permitted refinancing debt may (x) require the payment of interest from time to time and (y) include customary mandatory redemptions, prepayments or offers to purchase with proceeds of asset sales or upon the occurrence of a change of control)) on such date equals or exceeds $50.0 million or (ii) the outstanding amount of such debt described in clause (i) above on such date is less than $50.0 million and Liquidity (as defined in the Amended and Restated ABL Agreement) at any time on or after such date is less than the sum of (A) such outstanding amount and (B) the greater of (x) 10% of the aggregate Commitments (as defined in the Amended and Restated ABL Agreement) then in effect and (y) $50.0 million, and (c) any date on which the aggregate Commitments terminate thereunder (such date, the “Amended and Restated ABL Termination Date”). As of September 30, 2024, the Amended and Restated ABL Facility will mature on July 26, 2029. Borrowings under the Amended and Restated ABL Facility will bear interest, at the election of Summit Holdings, at a SOFR-based rate or a base rate, in each case, plus an applicable borrowing margin based on our Total Net Leverage Ratio (as defined in the Amended and Restated ABL Agreement consistent with the Amended and Restated ABL Facility). The applicable margin for base rate loans will vary from 1.50% to 2.25% and the applicable margin for SOFR-based loans will vary from 2.50% to 3.25%, in each case, depending on our Total Net Leverage Ratio. The Amended and Restated ABL Facility (together with certain Secured Bank Product Obligations (as defined in the Amended and Restated ABL Agreement)) will be jointly and severally guaranteed, on a senior first-priority secured basis (subject to permitted liens), by the Partnership, Summit Holdings and each of the Amended and Restated ABL Facility Subsidiary Guarantors. The Amended and Restated ABL Facility restricts, among other things, Summit Holdings’ and its Restricted Subsidiaries’ (as defined in the Amended and Restated ABL Agreement) ability and the ability of certain of their subsidiaries to: (i) incur additional debt or issue preferred stock; (ii) make distributions or repurchase equity; (iii) make payments on or redeem junior lien, unsecured or subordinated indebtedness; (iv) create liens or other encumbrances; (v) make investments, loans or other guarantees; (vi) engage in transactions with affiliates; and (viii) make acquisitions or merge or consolidate with another entity. These covenants are subject both to a number of important exceptions and qualifications. The Amended and Restated ABL Facility requires that Summit Holdings not permit (i) the First Lien Net Leverage Ratio (as defined in the Amended and Restated ABL Agreement) as of the last day of any fiscal quarter to be greater than 2.50:1.00, or (ii) the Interest Coverage Ratio (as defined in the Amended and Restated ABL Agreement) as of the last day of any fiscal quarter to be less than 2.00:1.00. As of September 30, 2024, the First Lien Net Leverage Ratio was 0.84:1.00 and the Interest Coverage Ratio was 2.42:1.00. As of September 30, 2024, the Company was in compliance with the financial covenants of the Amended and Restated ABL Facility. The Amended and Restated ABL Facility contains certain events of default customary for instruments of this type. In the case of an event of default arising from certain events of bankruptcy, insolvency or reorganization with respect to Summit Holdings, all outstanding Obligations (as defined in the Amended and Restated ABL Agreement) will become due and payable immediately without further action or notice and all commitments under the Amended and Restated ABL Facility will terminate. Pursuant to the Amended and Restated ABL Agreement, the Obligations (as defined in the Amended and Restated ABL Agreement) are generally secured by a first priority lien on and security interest in (subject to permitted liens), subject to certain exclusions and limitations set forth in the Amended and Restated ABL Agreement, (i) substantially all of the personal property of Summit Holdings and the Amended and Restated ABL Facility Subsidiary Guarantors, (ii) all equity interests in Summit Holdings and certain other entities, all debt securities and certain rights related to the foregoing, in each case, owned by the Partnership, (iii) Closing Date Gathering Station Real Property and Closing Date Pipeline Systems Real Property (each, as defined in the Amended and Restated ABL Agreement) and certain other material real property interests (including improvements thereon) of Summit Holdings and the Amended and Restated ABL Facility Subsidiary Guarantors as provided in the Amended and Restated ABL Agreement and (iv) all proceeds of the foregoing collateral. As of September 30, 2024, the applicable margin under the adjusted SOFR borrowings was 2.750%, the interest rate was 7.70%, and the total available borrowing capacity totaled $349.2 million, after giving effect to the issuance of $0.8 million in outstanding but undrawn irrevocable standby letters of credit. Intercreditor Agreement. On November 2, 2021, Summit Holdings and the other guarantors party thereto entered into an Intercreditor Agreement (as amended, restated, supplemented or otherwise modified, the “Intercreditor Agreement”) with Bank of America, N.A., as first lien representative and collateral agent for the initial first lien claimholders, and Regions Bank, as initial second lien representative for the initial second lien claimholders and collateral agent for the initial second lien claimholders, which was reaffirmed by Bank of America, N.A., in connection with its entry into the Amended and Restated ABL Facility, and which Regions Bank joined as an additional second lien representative for the additional second lien claimholders and additional second lien collateral agent for the additional second lien claimholders, in each case, substantially concurrently with the entry into the Amended and Restated ABL Facility. The Intercreditor Agreement establishes (i) a first-priority lien (subject to permitted liens) status for the liens on the collateral securing the ABL Facility (and will apply to the Amended and Restated ABL Facility) and any additional first-lien indebtedness and (ii) a junior priority lien (subject to permitted liens) status for the liens on the collateral securing the 2029 Secured Notes. Permian Transmission Credit Facilities. On March 8, 2021, the Partnership’s unrestricted subsidiary, Summit Permian Transmission, entered into a Credit Agreement which allows for $175.0 million of senior secured credit facilities (the “Permian Transmission Credit Facilities”), including a $160.0 million Term Loan Facility and a $15.0 million working capital facility. The Permian Transmission Credit Facilities can be used to finance Summit Permian Transmission’s capital calls associated with its investment in Double E, debt service and other general corporate purposes. Unexpended proceeds from draws on the Permian Transmission Credit Facilities are classified as restricted cash on the accompanying unaudited condensed consolidated balance sheets. As of September 30, 2024, the applicable margin under adjusted term SOFR borrowings was 2.475%, the average interest rate was 7.79% and the unused portion of the Permian Transmission Credit Facilities totaled $4.5 million, subject to a commitment fee of 0.7% after giving effect to the issuance of $10.5 million in outstanding but undrawn irrevocable standby letters of credit. Summit Permian Transmission entered into interest rate hedges with notional amounts representing approximately 90% of the Permian Term Loan Facility at a fixed SOFR rate of 1.23%. As of September 30, 2024, the Company was in compliance with the financial covenants of the Permian Transmission Credit Facilities. Permian Transmission Term Loan. In accordance with the terms of the Permian Transmission Credit Facilities, in January 2022, the Permian Term Loan Facility was converted into a Term Loan (the “Permian Transmission Term Loan”). The Permian Transmission Term Loan is due January 2028. As of September 30, 2024, the applicable margin under adjusted term SOFR borrowings was 2.475% and the average interest rate was 7.79%. As of September 30, 2024, the Company was in compliance with the financial covenants of the Permian Transmission Term Loan. In accordance with the terms of the Permian Transmission Term Loan, Summit Permian Transmission is required to make mandatory principal repayments. Below is a summary of the remaining mandatory principal repayments as of September 30, 2024: (In thousands) Total 2024 2025 2026 2027 2028 Amortizing principal repayments $ 133,291 $ 3,969 $ 16,580 $ 16,967 $ 17,769 $ 78,006 2029 Secured Notes. On July 26, 2024, Summit Holdings issued $575.0 million aggregate principal amount of 8.625% Senior Secured Second Lien Notes due 2029 (the “2029 Secured Notes”). The 2029 Secured Notes are guaranteed on a senior second-priority basis by Summit Midstream Corporation and certain of Summit Midstream Corporation’s existing and future subsidiaries and are secured on a second-priority basis by substantially the same collateral that is pledged for the benefit of the lenders under the Amended and Restated ABL Facility. The 2029 Secured Notes mature on October 31, 2029 and have interest payable semi-annually in arrears on each February 15 and August 15, commencing on February 15, 2025. At any time prior to July 31, 2026, Summit Holdings may on any one or more occasions redeem up to 40% of the aggregate principal amount of the 2029 Secured Notes at a redemption rate of 108.625% of the principal amount plus accrued and unpaid interest, if any, to, but not including, the redemption date, in an amount not greater than the net cash proceeds of one or more equity offerings. At any time before July 31, 2026, Summit Holdings may also redeem the 2029 Secured Notes, in whole or in part, at a price equal to 100% of their principal amount, plus a make-whole premium, together with accrued and unpaid interest to, but not including, the redemption date. Thereafter, Summit Holdings may redeem all or a portion of the 2029 Secured Notes in whole at any time or in part from time to time at the following redemption prices (expressed as percentages of the principal amount) plus accrued and unpaid interest if redeemed during the periods indicated below: Period Redemption Price July 31, 2026 to July 30, 2027 104.313 % July 31, 2027 to July 30, 2028 102.156 % July 31, 2028 and thereafter 100.000 % As of September 30, 2024, the Company was in compliance with the financial covenants of the 2029 Secured Notes. 2026 Secured Notes. In 2021, the Co-Issuers issued $700.0 million of 8.500% Senior Secured Second Lien Notes due 2026 to eligible purchasers pursuant to Rule 144A and Regulation S of the Securities Act, at a price of 98.5% of their face value. Additionally, in November 2022, in connection with the 2022 DJ Acquisitions, the Co-Issuers issued an additional $85.0 million of 2026 Secured Notes at a price of 99.26% of their face value. The Company paid interest on the 2026 Secured Notes semi-annually on April 15 and October 15 of each year. 2026 Secured Notes Tender Offers and Redemption. On March 27, 2024, the Co-Issuers commenced a cash tender offer to purchase up to $19.3 million of the outstanding 2026 Secured Notes (the “Excess Cash Flow Offer”). The Excess Cash Flow Offer expired on April 24, 2024 with $13.6 million of the 2026 Secured Notes tendered and validly accepted and fully discharged. On May 7, 2024, the Co-Issuers commenced a cash tender offer to purchase up to $215.0 million of the outstanding 2026 Secured Notes (the “Asset Sale Offer”). The Asset Sale Offer expired on June 5, 2024 with $6.9 million of the 2026 Secured Notes tendered and validly accepted and fully discharged. On July 26, 2024, concurrently with closing the offering of 2029 Secured Notes, the Co-Issuers consummated a cash tender offer to purchase any and all of the outstanding 2026 Secured Notes (the “2026 Secured Notes Tender Offer”). The Co-Issuers accepted for payment and made payment for $649.8 million aggregate principal amount of the 2026 Secured Notes validly tendered in the 2026 Secured Notes Tender Offer. On July 26, 2024, concurrently with consummation of the 2026 Secured Notes Tender Offer, the Co-Issuers delivered a notice of redemption to holders of 2026 Secured Notes for the redemption of all $114.7 million aggregate principal amount of 2026 Secured Notes not purchased in the 2026 Secured Notes Tender Offer, at a price equal to 102.125% of the principal amount thereof, plus accrued and unpaid interest to the redemption date (which was October 15, 2024). On July 26, 2024, concurrently with delivery of the notice of redemption, the Co-Issuers irrevocably deposited $121.2 million in aggregate principal amount of non-callable United States Treasury securities, which included amounts for principal, interest, and premium with the trustee to satisfy and discharge the 2026 Secured Notes until redeemed on October 15, 2024 with the funds deposited with the trustee. On October 15, 2024, the 2026 Secured Notes were fully repaid, however as of September 30, 2024, $114.7 million aggregate principal amount of 2026 Secured Notes remained outstanding and classified under current portion of long term debt on the unaudited condensed consolidated balance sheet. 2026 Unsecured Notes. In November 2023, the Co-Issuers issued a total of $209.5 million aggregate principal amount of 2026 Unsecured Notes in exchange for $180.0 million aggregate principal amount of the 2025 Senior Notes and $29.5 million in cash. The cash raised was used to repurchase $29.7 million aggregate principal amount of the remaining 2025 Senior Notes that were not exchanged. The Partnership paid interest on the 2026 Unsecured Notes semi-annually in cash in arrears on April 15 and October 15 of each year. On June 7, 2024, the Co-Issuers delivered a redemption notice with respect to all $209.5 million of the outstanding 2026 Unsecured Notes. On June 24, 2024, the 2026 Unsecured Notes were fully repaid and discharged. As of September 30, 2024, no amounts of the 2026 Unsecured Notes remained outstanding. 2025 Senior Notes. In February 2017, the Co-Issuers issued the 2025 Senior Notes. The Partnership paid interest on the 2025 Senior Notes semi-annually in cash in arrears on April 15 and October 15 of each year. The 2025 Senior Notes were senior, unsecured obligations and ranked equally in right of payment with all of the Partnership’s existing and future senior obligations. The 2025 Senior Notes were effectively subordinated to all of the Partnership’s secured indebtedness, to the extent of the collateral securing such indebtedness including indebtedness incurred under the ABL Facility and the 2026 Secured Notes. The Co-Issuers had the right to redeem all or part of the 2025 Senior Notes at a redemption price of 100.00%, plus accrued and unpaid interest, if any, to, but not including the redemption date. In November, 2023, the Partnership exchanged $180.0 million aggregate principal amount of the 2025 Senior Notes and repurchased $29.7 million aggregate principal amount of the remaining 2025 Senior Notes that were not exchanged. On July 17, 2024, the Co-Issuers delivered a conditional notice of redemption to holders of 2025 Senior Notes for the redemption of all $49.8 million aggregate principal amount of outstanding 2025 Senior Notes, at a price equal to 100.000% of the principal amount thereof, plus accrued and unpaid interest to the redemption date, which was conditioned on the closing of the offering of 2029 Secured Notes. On July 26, 2024, concurrently with the closing of the offering of 2029 Secured Notes, the Co-Issuers irrevocably deposited $50.6 million in aggregate principal amount of non-callable United States Treasury securities, which included amounts for principal and interest with the trustee to satisfy and discharge the 2025 Senior Notes until redeemed with the funds deposited with the trustee. On August 16, 2024, the 2025 Senior Notes were fully repaid, and as of September 30, 2024, no amounts of the 2025 Senior Notes remained outstanding.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
FINANCIAL INSTRUMENTS	9. FINANCIAL INSTRUMENTS Fair Value. A summary of the estimated fair value of our debt financial instruments follows. September 30, 2024 December 31, 2023 Carrying Value (1) Estimated Carrying Value (1) Estimated (In thousands) 2025 Senior Notes $ — $ — $ 49,783 $ 48,414 2026 Secured Notes (2) $ 114,659 $ 114,659 $ 785,000 $ 778,131 2026 Unsecured Notes $ — $ — $ 209,510 $ 203,225 2029 Secured Notes $ 575,000 $ 596,323 $ — $ — (1) Excludes applicable unamortized debt issuance costs and debt discounts. (2) Estimated fair value of the 2026 Secured Notes equaled carrying value as of September, 30, 2024, as notes were satisfied and discharged on July 26, 2024. The carrying values on the balance sheets of the Amended and Restated ABL Facility and the Permian Transmission Term Loan represent their fair value due to their floating interest rates. The fair values of the 2029 Secured Notes, 2026 Unsecured Notes, 2026 Secured Notes and 2025 Senior Notes are based on an average of nonbinding broker quotes as of September 30, 2024 and December 31, 2023. The use of different market assumptions or valuation methodologies may have a material effect on their estimated fair value. Deferred earn-out. The Company’s deferred earn-out liability was settled in full during the quarterly period ended June 30, 2024. As of December 31, 2023, the estimated fair value of the deferred earn-out liability was $5.1 million, and was estimated using a discounted cash flow technique based on estimated future freshwater deliveries and appropriate discount rates. Given the unobservable nature of the inputs, the fair value measurement of the deferred earn-out is deemed to use Level 3 inputs. Interest Rate Swaps. In connection with the Permian Transmission Term Loan, the Partnership entered into amortizing interest rate swap agreements. As of September 30, 2024 and December 31, 2023, the outstanding notional amounts of interest rate swaps were $120.0 million and $130.4 million, respectively. These interest rate swaps manage exposure to variability in expected cash flows attributable to interest rate risk. Interest rate swaps convert a portion of the Company’s variable rate debt to fixed rate debt. The Company chooses counterparties for its derivative instruments that it believes are creditworthy at the time the transactions are entered into, and the Company actively monitors the creditworthiness where applicable. However, there can be no assurance that a counterparty will be able to meet its obligations to the Company. The Company presents its derivative positions on a gross basis and does not net the asset and liability positions. As of September 30, 2024 and December 31, 2023, the Company’s interest rate swap agreements had a fair value of $8.9 million and $11.9 million, respectively, and are recorded within other noncurrent assets within the unaudited condensed consolidated balance sheets. The derivative instruments’ fair value are determined using level 2 inputs from the fair value hierarchy. For the three months ended September 30, 2024 and September 30, 2023, the Company recorded a loss on interest rate swaps of $2.6 million and a gain on interest rate swaps of $2.9 million, respectively.

EQUITY AND MEZZANINE EQUITY

EQUITY AND MEZZANINE EQUITY	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
EQUITY AND MEZZANINE EQUITY	10. EQUITY AND MEZZANINE EQUITY Common Stock. Upon the consummation of the Corporate Reorganization, each outstanding common unit of the Partnership was converted into the right to receive 1.000 shares of common stock of Summit Midstream Corporation. An update on the number of shares of common stock is as follows for the period from December 31, 2023 to September 30, 2024: Common Units Shares of Common Stock Units, December 31, 2023 10,376,189 — Common units issued for SMLP LTIP, net 272,496 — Corporate Reorganization (10,648,685) 10,648,685 Shares, September 30, 2024 — 10,648,685 Series A Preferred Stock. Upon the consummation of the Corporate Reorganization, each outstanding Series A Preferred Unit was converted into the right to receive 1.000 shares of Series A Preferred Stock of Summit Midstream Corporation, with the liquidation preference of each share of Series A Preferred Stock initially equal to $1,000 and the Certificate of Designation of Series A Floating Rate Cumulative Redeemable Perpetual Preferred Stock of Summit Midstream Corporation (the “Series A Certificate of Designation”) deeming all accumulated and unpaid distributions on the Series A Preferred Units to be Series A Unpaid Cash Dividends (as defined in the Series A Certificate of Designation) per share of Series A Preferred Stock, which constituted all consideration to be paid in respect to such Series A Preferred Units, and any rights to accumulated and unpaid distributions on such Series A Preferred Units were discharged. As of September 30, 2024, the Company had 65,508 shares of Series A Preferred Stock outstanding and $43.0 million of accrued and unpaid distributions on its Series A Preferred Stock. An update on the number of shares of Series A Preferred Stock is as follows for the period from December 31, 2023 to September 30, 2024: Series A Preferred Units Series A Preferred Stock Units, December 31, 2023 65,508 — Corporate Reorganization (65,508) 65,508 Shares, September 30, 2024 — 65,508 Subsidiary Series A Preferred Units. The Company records its Subsidiary Series A Preferred Units at fair value upon issuance, net of issuance costs, and subsequently records an effective interest method accretion amount each reporting period to accrete the carrying value to a most probable redemption value that is based on a predetermined internal rate of return measure. Net income (loss) attributable to common stockholders includes adjustments for payment-in-kind distributions and redemption accretion. As of September 30, 2024, the Company had 93,039 Subsidiary Series A Preferred Units issued and outstanding. If the Subsidiary Series A Preferred Units were redeemed on September 30, 2024, the redemption amount would be $130.6 million when considering the applicable multiple on invested capital metric and make-whole amount provisions contained in the Amended and Restated Limited Liability Company Agreement of Permian Holdco. The following table shows the change in the Company’s Subsidiary Series A Preferred Unit balance from January 1, 2024 to September 30, 2024, net of $1.3 million and $1.7 million of unamortized issuance costs at September 30, 2024 and December 31, 2023, respectively: (In thousands) Balance at December 31, 2023 $ 124,652 Redemption accretion, net of issuance cost amortization 11,643 Cash distribution (includes a $1.6 million distribution payable as of September 30, 2024) (4,885) Balance at September 30, 2024 $ 131,410 Blank Check Common Stock. The Board of Directors is authorized to establish one or more series of Blank Check Common Stock (including convertible Blank Check Common Stock). The Board of Directors has the ability to determine, with respect to any series of Blank Check Common Stock, the powers, preferences and relative, participating, optional or other special rights, and the qualifications, limitations or restrictions thereof, including, without limitation (i) the designation of the series; (ii) the number of shares of the series, which the Board of Directors may, except where otherwise provided in the Blank Check Common Stock designation, increase (but not above the total number of authorized shares of the class) or decrease (but not below the number of shares then outstanding); (iii) whether dividends, if any, will be cumulative or non-cumulative and the dividend rate of the series; (iv) the dates at which dividends, if any, will be payable; (v) the redemption or repurchase rights and price or prices, if any, for shares of the series; (vi) the terms and amounts of any sinking fund provided for the purchase or redemption of shares of the series; (vii) the amounts payable on shares of the series in the event of any voluntary or involuntary liquidation, dissolution or winding-up of the Company’s affairs; (viii) whether the shares of the series will be convertible into shares of any other class or series, or any other security, of the Company or any other entity, and, if so, the specification of the other class or series or other security, the conversion price or prices or rate or rates, any rate adjustments, the date or dates as of which the shares will be convertible and all other terms and conditions upon which the conversion may be made; (ix) restrictions on the issuance of shares of the same series or of any other class or series; and (x) the voting rights, if any, of the holders of the series. As of September 30, 2024, no Blank Check Common Stock has been issued. Cash Distribution Policy. In March 2020, the Partnership suspended cash distributions to holders of its common units and Series A Preferred Units, commencing with respect to the quarter ended March 31, 2020. Upon the resumption of distributions, the Partnership Agreement would have required that it distribute all available cash, subject to reserves established by its General Partner, within 45 days after the end of each quarter to unitholders of record on the applicable record date. The amount of distributions paid under this policy was subject to fluctuations based on the amount of cash the Partnership generated from its business and the decision to make any distribution was determined by the General Partner, taking into consideration the terms of the Partnership Agreement. There were no distributions paid by the Company or the Partnership, as applicable, during the three and nine months ended September 30, 2024, or during the twelve months ended December 31, 2023. In connection with the consummation of the Corporate Reorganization, the Partnership Agreement was amended by the Fifth Amended and Restated Agreement of Limited Partnership to, among other things, reflect that all of the issued and outstanding limited partnership interests of the Partnership are held by the Company. For information on the Corporate Reorganization, see Note 1– Organization, Business Operations, Corporate Reorganization and Presentation and Consolidation.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	11. EARNINGS PER SHARE The following table details the components of EPS. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands, except per-share amounts) Numerator for basic and diluted EPS: Net income (loss) $ (197,541) $ 3,874 $ (88,392) $ (23,829) Less: Net income attributable to Subsidiary Series A Preferred Units (4,007) (3,623) (11,643) (8,865) Net income (loss) attributable to Summit Midstream Corporation $ (201,548) $ 251 $ (100,035) $ (32,694) Less: Net income attributable to Series A Preferred Stock $ (3,393) $ (3,004) $ (9,926) $ (8,442) Net income (loss) attributable to common equity holders $ (204,941) $ (2,753) $ (109,961) $ (41,136) Denominator for basic and diluted EPS: Weighted-average number of shares outstanding – basic 10,649 10,376 10,583 10,320 Effect of nonvested phantom shares — — — — Weighted-average number of shares outstanding – diluted 10,649 10,376 10,583 10,320 Net income (loss) per share: Common stock – basic $ (19.25) $ (0.27) $ (10.39) $ (3.99) Common stock – diluted $ (19.25) $ (0.27) $ (10.39) $ (3.99) Nonvested anti-dilutive restricted stock shares excluded from the calculation of diluted EPS — 160 13 221

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	9 Months Ended
	Sep. 30, 2024
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	12. SUPPLEMENTAL CASH FLOW INFORMATION Nine Months Ended September 30, 2024 2023 (In thousands) Supplemental cash flow information: Cash interest paid $ 89,408 $ 72,749 Cash paid for taxes $ 22 $ 15 Noncash investing and financing activities: Capital expenditures in trade accounts payable (period-end accruals) $ 3,874 $ 7,354 Accretion of Subsidiary Series A Preferred Units, net of issuance cost amortization $ 11,643 $ 8,865

EQUITY COMPENSATION

EQUITY COMPENSATION	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
EQUITY COMPENSATION	13. EQUITY COMPENSATION SMLP Long-Term Incentive Plan. The Partnership’s 2022 Long-Term Incentive Plan, as amended by the First Amendment, effective as of March 16, 2022 (the “SMLP LTIP”) provided for equity awards to eligible officers, employees, consultants and directors of the Partnership, thereby linking the recipients’ compensation directly to SMLP’s performance. Significant items to note: • For the nine-month period ended September 30, 2024, the Partnership granted 230,815 time-based phantom units and associated distribution equivalent rights to employees in connection with the Partnership’s annual incentive compensation award cycle. The grant date fair value of these awards totaled $3.7 million and the awards vest ratably over a 3-year period. • For the nine-month period ended September 30, 2024, the Partnership granted 122,867 performance-based phantom units and associated distribution equivalent rights to certain members of management in connection with the Partnership’s annual incentive compensation award cycle. The grant date fair value of these awards totaled $2.4 million and the awards vest at the end of three years. • For the nine-month period ended September 30, 2024, the Partnership issued 39,486 common units to the Partnership’s six independent directors in connection with their annual compensation plan. The grant date fair value of these awards totaled $0.6 million and became fully vested at the grant date. • On May 16, 2024, the Board of Directors of the General Partner approved the First Amendment to the SMLP LTIP, which increased the number of common units that may be delivered with respect to awards granted under the SMLP LTIP by 750,000 common units. SMC Long-Term Incentive Plan. In connection with the consummation of the Corporate Reorganization, the Company assumed the SMLP LTIP, and all the obligations of the Partnership thereunder. The SMLP LTIP units were exchanged on a one-for-one basis with equivalent terms. In connection with the assumption of the SMLP LTIP and the Corporate Reorganization, the Board of Directors approved the amendment and restatement of the 2022 LTIP, with such amendment and restatement effective as of August 1, 2024 (such amended and restated plan, the Summit Midstream Corporation 2024 Long-Term Incentive Plan (the “SMC LTIP”)). The SMC LTIP authorizes the Compensation Committee of the Board of Directors, in its discretion, to grant awards of restricted stock, restricted stock units, stock options, stock appreciation rights and other awards related to the Company’s common stock upon such terms and conditions as it may determine appropriate and in accordance with the terms of the SMC LTIP. As of September 30, 2024, approximately 0.6 million shares of common stock remained available for future issuance under the SMC LTIP, which includes the impact of 0.9 million granted but unvested restricted stock and performance-based awards.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES Environmental Matters. Although the Company believes that it is in material compliance with applicable environmental regulations, the risk of environmental remediation costs and liabilities are inherent in pipeline ownership and operation. Furthermore, the Company can provide no assurances that significant environmental remediation costs and liabilities will not be incurred in the future. The Company is currently not aware of any material contingent liabilities that exist with respect to environmental matters, except as noted below. As of September 30, 2024, the Company has recognized (i) a current liability for remediation effort expenditures expected to be incurred within the next 12 months and (ii) a noncurrent liability for estimated remediation expenditures expected to be incurred subsequent to September 30, 2025. Each of these amounts represent the Company’s best estimate for costs expected to be incurred. Neither of these amounts have been discounted to their present value. An update of the Company’s undiscounted accrued environmental remediation is as follows and is primarily related to the 2015 Blacktail Release and other environmental remediation activities, as detailed below. (In thousands) Accrued environmental remediation, December 31, 2023 $ 2,937 Payments made (968) Changes in estimates 429 Accrued environmental remediation, September 30, 2024 $ 2,398 In 2015, the Partnership learned of the rupture of a four-inch produced water gathering pipeline on the Meadowlark Midstream system near Williston, North Dakota (“2015 Blacktail Release”). On August 4, 2021, subsidiaries of the Partnership entered into the following agreements to resolve the U.S. federal and North Dakota state governments’ environmental claims with respect to the 2015 Blacktail Release: (i) a Consent Decree with the U.S. Department of Justice (“DOJ”), the U.S. Environmental Protection Agency (“EPA”), and the State of North Dakota (“Consent Decree”); (ii) a Plea Agreement with the United States (“Plea Agreement”); and (iii) a Consent Agreement with the North Dakota Industrial Commission (“Consent Agreement” together with the Consent Decree and Plea Agreement, the “Global Settlement”). As of September 30, 2024 and December 31, 2023, the accrued loss liability for the 2015 Blacktail Release were $18.6 million and $21.7 million, respectively and are recorded within Other noncurrent liabilities and Accrued settlement payable within the Company’s unaudited condensed consolidated balance sheets. Key terms of the Global Settlement included (i) payment of penalties and fines totaling $36.3 million, consisting of $1.25 million in natural resource damages payable to federal and state governments, $25.0 million payable to the federal government over 5 years, and $10.0 million payable to state governments over, for the federal and state civil amounts, six years and, for the federal criminal amounts, five years, with interest applied to unpaid amounts accruing at, for the federal and state civil amounts, a fixed rate of 3.25% and, for the federal criminal amounts, a variable rate set by statute, and of which $6.7 million is expected to be paid within the next twelve months; (ii) continuation of remediation efforts at the site of the 2015 Blacktail Release; (iii) other injunctive relief, including, but not limited to, control room management, environmental management system audit, training, and reporting; (iv) guilty pleas by defendant Summit Midstream Partners, LLC (the “Defendant”) for (a) one charge of negligent discharge of a harmful quantity of oil and (b) one charge of knowing failure to immediately report a discharge of oil; and (v) organizational probation for a minimum period of three years from sentencing on December 6, 2021, including payment in full of certain components of the fines and penalty amounts. The agreements comprising the Global Settlement were subject to the approval of the U.S. District Court for the District of North Dakota (the “U.S. District Court”). The U.S. District Court entered an order making the civil components of the Global Settlement effective on September 28, 2021 and accepted the sentencing in the Plea Agreement on December 6, 2021, completing approval of the Global Settlement. Subsidiaries of the Company are also participating in two proceedings before the EPA as a result of the Plea Agreement becoming effective. Following the U.S. District Court’s entering judgment on Defendant subsidiary’s guilty plea to one count of negligent discharge of produced water in violation of the Clean Water Act, Defendant subsidiary was statutorily debarred by operation of law pursuant to 33 U.S.C. § 1368(a) to participate in federal awards performed at the “violating facility,” which EPA determined to be the Marmon subsystem of the produced water gathering system in North Dakota. The scope and effect of the debarment as defined do not materially affect our operations. Defendant has submitted a petition for reinstatement, which was denied by the EPA’s suspension and debarment office (“SDO”) on July 11, 2022. The SDO determined that the term of probation in the Plea Agreement was the appropriate period of time to demonstrate Defendant subsidiary’s change of corporate attitude, policies, practices, and procedures. The Partnership and certain subsidiaries of the Company have also received a show cause notice from the EPA requesting us to “show cause” why SDO should not issue a Notice of Proposed Debarment to the Defendant subsidiary and certain affiliates under 2 C.F.R. § 180.800(d), to which the Partnership has responded, and in which proceeding no further developments have occurred. Legal Proceedings. The Company is involved in various litigation and administrative proceedings arising in the ordinary course of business. In the opinion of management, any liabilities, which include insured claims, would not individually or in the aggregate have a material adverse effect on the Company’s financial position or results of operations. When a liability is covered by insurance, the Company reports the gross liability for the loss and a separate asset for the estimate of the probably amount recoverable from the insurance company.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	15. INCOME TAXES Effective August 1, 2024, pursuant to the Corporate Reorganization, Summit Midstream Corporation became subject to federal and state income taxes. Prior to consummation of the Corporate Reorganization, SMLP was treated as a partnership for federal and state income tax purposes, in which the Partnership’s taxable income or loss was passed through to its unitholders. SMLP was subject to Texas margin tax. Therefore, with the exception of the state of Texas, SMLP did not directly pay federal and state income taxes and no entity-level income tax provisions was recorded other than for the effects of the Texas margin tax. Upon consummation of the Corporate Reorganization, Summit Midstream Corporation recognized (i) a $148.6 million income tax expense in its unaudited condensed consolidated statements of operations for temporary differences that existed as of the date of the Corporate Reorganization, (ii) a $28.1 million tax benefit to equity due to changes in tax bases and liabilities and (iii) a net deferred tax liability of $120.5 million in its unaudited condensed consolidated balance sheets. The tax amounts recognized in the financial statements are based on management’s best estimates, are preliminary and subject to change, and such changes could be material. The Partnership has not yet completed its tax return process for tax year 2024, which will require the receipt of final brokerage trade data and the determination of the Partnership’s final outside tax basis. SMC’s effective income tax rate for the three and nine months ended September 30, 2024, was -259% and 264%, respectively. The effective tax rate differed from the statutory rate primarily due to the tax expense to establish a net deferred tax liability upon the Company’s change in tax status and SMLP’s pre-Corporate Reorganization income not being subject to U.S. federal or state income tax, other than the Texas margin tax. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized, and when necessary, valuation allowances are provided. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. SMC assesses the realizability of its deferred tax assets quarterly and considers carryback availability, the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. No valuation allowance has been recognized as of September 30, 2024. SMC continues to monitor income tax developments in the United States. SMC will incorporate into its future financial statements the impacts, if any, of future regulations and additional authoritative guidance when finalized.

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION	16. SEGMENT INFORMATION As of September 30, 2024, the Company’s reportable segments are: • Rockies – Includes the Company’s wholly owned midstream assets located in the Williston Basin and the DJ Basin. • Permian – Includes the Company’s equity method investment in Double E. • Northeast – Included the operations of the Company’s wholly owned midstream assets located in the Marcellus shale play and its wholly owned midstream assets located in the Utica shale play together with its equity method investment in Ohio Gathering that is focused on the Utica Shale. On March 22, 2024 and May 1, 2024, the Partnership completed the Utica Sale and Mountaineer Transaction, respectively. For additional information regarding the Utica Sale and Mountaineer Transaction, see Note 3 - Divestitures regarding the disposition of Northeast assets. • Piceance – Includes the Company’s wholly owned midstream assets located in the Piceance Basin. • Barnett – Includes the Company’s wholly owned midstream assets located in the Barnett Shale. Corporate and Other represents those results that: (i) are not specifically attributable to a reportable segment; (ii) are not individually reportable; or (iii) have not been allocated to our reportable segments, including certain general and administrative expense items, transaction costs, acquisition integration costs and interest expense. Assets by reportable segment follow. September 30, 2024 December 31, 2023 (In thousands) Assets: Rockies $ 904,005 $ 904,974 Permian 284,171 291,073 Northeast 1,257 573,663 Piceance 399,704 431,687 Barnett 274,322 281,861 Total reportable segment assets 1,863,459 2,483,258 Corporate and Other 135,707 10,940 Total assets $ 1,999,166 $ 2,494,198 Segment adjusted EBITDA by reportable segment follows. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) Reportable segment adjusted EBITDA (1) Rockies $ 24,850 $ 24,998 $ 70,582 $ 64,986 Permian 8,472 5,840 23,434 16,283 Northeast — 27,751 30,634 65,806 Piceance 12,831 15,292 40,912 43,640 Barnett 7,278 6,084 17,798 20,380 Total of reportable segments’ measures of profit $ 53,431 $ 79,965 $ 183,360 $ 211,095 A reconciliation of income or loss before income taxes and income from equity method investees to total of reportable segments’ measures of profit follows. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) Reconciliation of income (loss) before income taxes and income from equity method investees to total of reportable segments’ measures of profit: Income (loss) before income taxes and income from equity method investees $ (59,878) $ (6,265) $ 33,909 $ (46,311) Add: Corporate and Other expense 10,201 5,478 21,598 20,650 Interest expense 25,712 34,568 95,015 103,966 Depreciation and amortization (1) 23,774 31,013 76,028 91,438 Proportional adjusted EBITDA for equity method investees (2) 7,585 16,917 35,102 42,655 Adjustments related to capital reimbursement activity (2,283) (3,111) (7,934) (6,778) Equity compensation 1,840 1,396 6,698 5,158 (Gain) loss on asset sales, net (6) (40) 1 (183) (Gain) loss on sale of business 1,672 9 (82,338) 45 Gain on sale of equity method investment — — (126,261) — Long-lived asset impairment — — 67,936 455 Transaction costs and other 2,579 — 16,407 — Early extinguishment of debt 42,235 — 47,199 — Total of reportable segments’ measures of profit $ 53,431 $ 79,965 $ 183,360 $ 211,095 ________ (1) Includes the amortization expense associated with our favorable gas gathering contracts as reported in other revenues. (2)

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	17. SUBSEQUENT EVENTS Redemption of 2026 Secured Notes. On July 26, 2024, concurrently with consummation of the 2026 Secured Notes Tender Offer, the Co-Issuers delivered a notice of redemption to holders of 2026 Secured Notes for the redemption of all $114.7 million aggregate principal amount of 2026 Secured Notes not purchased in the 2026 Secured Notes Tender Offer, at a price equal to 102.125% of the principal amount thereof, plus accrued and unpaid interest to the redemption date. On July 26, 2024, concurrently with delivery of the notice of redemption, the Co-Issuers irrevocably deposited $121.2 million in aggregate principal amount of non-callable United States Treasury securities, which included amounts for principal, interest, and premium with the trustee to satisfy and discharge the 2026 Secured Notes until redeemed on October 15, 2024 with the funds deposited with the trustee. On October 15, 2024, the 2026 Secured Notes were fully repaid. Tall Oak Business Combination Agreement. On October 1, 2024, the Company entered into a Business Contribution Agreement (the “Business Contribution Agreement”), by and among the Company, the Partnership, and Tall Oak Midstream Holdings, LLC, a Delaware limited liability company (“Tall Oak Parent”), pursuant to which, among other things, upon the satisfaction of the terms and conditions set forth therein, Tall Oak Parent will contribute all of its equity interests (the “Tall Oak Interests”) in Tall Oak Midstream Operating, LLC, a Delaware limited liability company (“Tall Oak”), to the Partnership, in exchange for an aggregate amount equal to (i) $425.0 million, consisting of (a) $155.0 million in cash consideration, subject to certain adjustments contemplated by the Business Contribution Agreement, and (b) 7,471,008 shares of Class B common stock of the Company, par value $0.01 per share (the “Class B Common Stock”) and 7,471,008 common units representing limited partner interests of the Partnership (together with the Class B Common Stock, the “Securities”), plus (ii) potential cumulative earnout payments continuing through March 31, 2026 not to exceed $25.0 million in the aggregate that Tall Oak Parent may become entitled to receive pursuant to the Business Contribution Agreement subject to Tall Oak and its customers meeting certain development requirements. The consummation of the transaction contemplated by the Business Contribution Agreement (the “Transaction”) is subject to various closing conditions, including, among other things, the approval by the holders of a majority of all votes cast at a special meeting of the stockholders of the Company relating to the issuance of the Securities. At the closing of the Transaction, the Board of Directors will be increased from the current seven directors to eleven directors, and Tailwater Capital LLC will elect four new directors to the Board of Directors.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss) attributable to Summit Midstream Corporation	$ (201,548)	$ 251	$ (100,035)	$ (32,694)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2024 shares	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
J. Heath Deneke [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 9, 2024, J. Heath Deneke, the Company’s President, Chief Executive Officer and Chairman of the Board of Directors, executed a Rule 10b5-1 trading arrangement to be adopted effective August 13, 2024 providing for the sale from time to time of an aggregate of up to 90,000 shares of our common stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until December 31, 2025, or earlier if all transactions under the trading arrangement are completed.
Name	J. Heath Deneke
Title	President, Chief Executive Officer and Chairman of the Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 9, 2024
Expiration Date	December 31, 2025
Arrangement Duration	505 days
Aggregate Available	90,000	90,000
James D. Johnston [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 11, 2024, James D. Johnston, the Company’s Executive Vice President, General Counsel and Chief Compliance Officer, executed a Rule 10b5-1 trading arrangement to be adopted effective August 13, 2024 providing for the sale from time to time of an aggregate of up to 20,000 shares of our common stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until June 18, 2025, or earlier if all transactions under the trading arrangement are completed.
Name	James D. Johnston
Title	Executive Vice President, General Counsel and Chief Compliance Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 11, 2024
Expiration Date	June 18, 2025
Arrangement Duration	309 days
Aggregate Available	20,000	20,000

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ISSUED ACCOUNTING STANDARDS APPLICABLE TO THE COMPANY (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Corporate Reorganization	In connection with the Corporate Reorganization, the Partnership entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among the Partnership, the Company, Summit SMC NewCo, LLC (“Merger Sub”), a wholly owned subsidiary of the Company, and the General Partner. Pursuant to the Merger Agreement, Merger Sub merged with and into the Partnership (the “Merger”), with the Partnership continuing as the surviving entity and a wholly owned subsidiary of the Company, with (i) each then outstanding common unit representing limited partner interests in the Partnership automatically converting into the right to receive one share of the Company’s common stock and (ii) each then outstanding Series A Preferred Unit automatically converting into the right to receive one share of Series A Preferred Stock. The Merger was accounted for as a common-control transaction between the Partnership and Summit Midstream Corporation as a result of the Partnership’s unitholders controlling both the Partnership and Summit Midstream Corporation before and after the Merger. Upon consummation of the Corporate Reorganization, Summit Midstream Corporation recognized (i) income tax expense in its unaudited condensed consolidated statements of operations for temporary differences that existed as of the date of the Corporate Reorganization, (ii) a tax benefit to equity due to changes in tax bases and liabilities and (iii) a net deferred tax liability in its unaudited condensed consolidated balance sheets. Upon completion of the Merger, the Partnership’s common limited partner capital accounts were eliminated and replaced with shares of common stock, paid in capital, and retained deficit. Additionally, the Series A Preferred Units were exchanged for an equivalent number of shares of Series A Preferred Stock, with no substantive changes in contractual terms or investor cash flows. As a result of the Corporate Reorganization, periods prior to August 1, 2024 reflect Summit Midstream as a limited partnership, not a corporation. References to common units for periods prior to the Corporate Reorganization refer to common units of SMLP, and references to common stock for periods following the Corporate Reorganization refer to shares of common stock of SMC. The primary financial impacts of the Corporate Reorganization to the consolidated financial statements were (i) reclassification of the partnership capital accounts to equity accounts reflective of a corporation and (ii) income tax effects.
Presentation and Consolidation	The Company prepares its condensed consolidated financial statements in accordance with GAAP as established by the FASB and pursuant to the rules and regulations of the SEC pertaining to interim financial information. The unaudited condensed consolidated financial statements contained in this report include all normal and recurring material adjustments that, in the opinion of management, are necessary for a fair statement of the financial position, results of operations and cash flows for the interim periods presented herein.
Use of Estimates	The Company makes estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet dates, including fair value measurements, the reported amounts of revenues and expenses and the disclosure of commitments and contingencies. Although management believes these estimates are reasonable, actual results could differ from its estimates.
Consolidation	The unaudited condensed consolidated financial statements include the assets, liabilities and results of operations of SMC. All intercompany transactions among the consolidated entities have been eliminated in consolidation. Comprehensive income or loss is the same as net income or loss for all periods presented.
Income Taxes	Income Taxes. Prior to the consummation of the Corporate Reorganization on August 1, 2024, SMLP was treated as a partnership for federal and state income tax purposes, in which the taxable income or loss generally was passed through to its unitholders. SMLP was subject to Texas margin tax. Therefore, for periods prior to the Corporate Reorganization, with the exception of the state of Texas, SMLP did not directly pay federal and state income taxes and no entity-level income tax provision was recognized other than for the effects of the Texas margin tax. Effective upon the consummation of the Corporate Reorganization, SMC became subject to federal and state income taxes as a C-corporation. As such, it accounts for income taxes, as required, under ASC 740, Accounting for Income Taxes . Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and net operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates applied to taxable income in the relevant years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in net income or loss in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Our policy is to record interest and penalties relating to uncertain tax positions in income tax expense. At September 30, 2024, SMC did not have any uncertain tax positions and does not anticipate recognition of any significant liabilities for uncertain tax positions during the next 12 months.
Accounting standards recently implemented and New accounting standards not yet implemented	Accounting standards recently implemented. ASU No. 2020-06 Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815–40) (“ASU 2020-06”). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The ASU is part of the FASB’s simplification initiative, which aims to reduce unnecessary complexity in GAAP. The ASU’s amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The provisions of ASU 2020-06 did not have a material impact on the Company’s condensed consolidated financial statements and disclosures. New accounting standards not yet implemented. ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 enhances disclosures on reportable segments and provides additional detailed information about significant segment expenses. The guidance in ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company continues to assess the impact of the new guidance, but does not expect the provisions of ASU 2023-07 will have a material impact on its consolidated financial statements and disclosures.

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Estimated Revenue Expected to be Recognized and MVC Shortfall Payments	The following table presents estimated revenue, as of September 30, 2024, expected to be recognized during the remainder of 2024 and over the remaining contract period related to performance obligations that are unsatisfied and are comprised of estimated MVC shortfall payments. (In thousands) 2024 2025 2026 2027 2028 Thereafter Gathering services and related fees $ 12,044 $ 37,249 $ 26,112 $ 7,685 $ 5,137 $ —
Schedule of Disaggregated Revenue by Geographic Area and Major Products and Services Reportable Segments	Revenue by category. In the following tables, revenue is disaggregated by geographic area and major products and services. For more detailed information about reportable segments, see Note 16 – Segment Information. Three Months Ended September 30, 2024 Gathering services and related fees Natural gas, NGLs and condensate sales Other revenues Total (In thousands) Reportable Segments: Northeast $ — $ — $ — $ — Rockies 15,302 47,733 4,615 67,650 Permian — — 910 910 Piceance 17,604 510 1,492 19,606 Barnett 11,107 — 3,142 14,249 Total reportable segments 44,013 48,243 10,159 102,415 Corporate and other — — — — Total $ 44,013 $ 48,243 $ 10,159 $ 102,415 Nine Months Ended September 30, 2024 Gathering services and related fees Natural gas, NGLs and condensate sales Other revenues Total (In thousands) Reportable Segments: Northeast $ 18,851 $ — $ — $ 18,851 Rockies 48,141 142,917 12,044 203,102 Permian — — 2,731 2,731 Piceance 56,054 2,124 3,971 62,149 Barnett 28,165 253 6,625 35,043 Total reportable segments 151,211 145,294 25,371 321,876 Corporate and other — — 725 725 Total $ 151,211 $ 145,294 $ 26,096 $ 322,601 Three Months Ended September 30, 2023 Gathering services and related fees Natural gas, NGLs and condensate sales Other revenues Total (In thousands) Reportable Segments: Northeast $ 18,157 $ — $ — $ 18,157 Rockies 18,383 43,967 5,541 67,891 Permian — — 893 893 Piceance 20,658 937 1,569 23,164 Barnett 8,837 216 2,035 11,088 Total reportable segments 66,035 45,120 10,038 121,193 Corporate and other — — — — Total $ 66,035 $ 45,120 $ 10,038 $ 121,193 Nine Months Ended September 30, 2023 Gathering services and related fees Natural gas, NGLs and condensate sales Other revenues Total (In thousands) Reportable Segments: Northeast $ 43,717 $ — $ — $ 43,717 Rockies 48,595 125,871 8,885 183,351 Permian — — 2,678 2,678 Piceance 59,791 3,913 4,368 68,072 Barnett 28,389 581 4,835 33,805 Total reportable segments 180,492 130,365 20,766 331,623 Corporate and other — — (38) (38) Total $ 180,492 $ 130,365 $ 20,728 $ 331,585

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Details on the Company’s property, plant and equipment follow. September 30, 2024 December 31, 2023 (In thousands) Gathering and processing systems and related equipment $ 1,939,969 $ 2,335,980 Construction in progress 38,707 56,064 Land and line fill 11,534 11,534 Other 63,542 65,029 Total 2,053,752 2,468,607 Less: accumulated depreciation (702,994) (770,022) Property, plant and equipment, net $ 1,350,758 $ 1,698,585
Schedule Of Depreciation Expense And Capitalized Interest Costs	Depreciation expense and capitalized interest for the Company follow. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) (In thousands) Depreciation expense $ 19,977 $ 23,926 $ 63,905 $ 70,130 Capitalized interest 257 351 904 790

EQUITY METHOD INVESTMENTS (Tabl

EQUITY METHOD INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	Details of the Company’s equity method investments follow. September 30, 2024 December 31, 2023 (In thousands) Double E $ 269,939 $ 276,221 Ohio Gathering — 210,213 Total $ 269,939 $ 486,434

DEFERRED REVENUE (Tables)

DEFERRED REVENUE (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Current Deferred Revenue	An update of current deferred revenue follows. Total (In thousands) Current deferred revenue, December 31, 2023 $ 10,196 Add: additions 6,159 Less: revenue recognized and other (6,885) Current deferred revenue, September 30, 2024 $ 9,470 An update of noncurrent deferred revenue follows. Total (In thousands) Noncurrent deferred revenue, December 31, 2023 $ 30,085 Add: additions 3,436 Less: reclassification to current deferred revenue and other (7,345) Noncurrent deferred revenue, September 30, 2024 $ 26,176

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	Debt for the Company at September 30, 2024 and December 31, 2023, follows: September 30, 2024 December 31, 2023 (In thousands) Amended and Restated ABL Facility : Summit Holdings’ asset based credit facility due July 2029 $ 150,000 $ 313,000 Permian Transmission Term Loan : Summit Permian Transmission’s variable rate senior secured term loan due January 2028 133,291 144,846 2029 Secured Notes : 8.625% senior secured second lien notes due October 2029 575,000 — 2026 Unsecured Notes : 12.00% senior unsecured notes due October 2026 — 209,510 2025 Senior Notes : 5.75% senior unsecured notes due April 2025 — 49,783 2026 Secured Notes : 8.50% senior second lien notes due October 2026 114,659 785,000 Less: unamortized debt discount and debt issuance costs (15,985) (31,449) Total debt, net of unamortized debt discount and debt issuance costs 956,965 1,470,690 Less: current portion of Permian Transmission Term Loan and 2026 Secured Notes (130,512) (15,524) Total long-term debt $ 826,453 $ 1,455,166
Schedule of Maturities of Long-term Debt	Below is a summary of the remaining mandatory principal repayments as of September 30, 2024: (In thousands) Total 2024 2025 2026 2027 2028 Amortizing principal repayments $ 133,291 $ 3,969 $ 16,580 $ 16,967 $ 17,769 $ 78,006
Schedule of Redemption Price	Thereafter, Summit Holdings may redeem all or a portion of the 2029 Secured Notes in whole at any time or in part from time to time at the following redemption prices (expressed as percentages of the principal amount) plus accrued and unpaid interest if redeemed during the periods indicated below: Period Redemption Price July 31, 2026 to July 30, 2027 104.313 % July 31, 2027 to July 30, 2028 102.156 % July 31, 2028 and thereafter 100.000 %

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Estimated Fair Values of Debt Instruments	A summary of the estimated fair value of our debt financial instruments follows. September 30, 2024 December 31, 2023 Carrying Value (1) Estimated Carrying Value (1) Estimated (In thousands) 2025 Senior Notes $ — $ — $ 49,783 $ 48,414 2026 Secured Notes (2) $ 114,659 $ 114,659 $ 785,000 $ 778,131 2026 Unsecured Notes $ — $ — $ 209,510 $ 203,225 2029 Secured Notes $ 575,000 $ 596,323 $ — $ — (1) Excludes applicable unamortized debt issuance costs and debt discounts. (2) Estimated fair value of the 2026 Secured Notes equaled carrying value as of September, 30, 2024, as notes were satisfied and discharged on July 26, 2024.

EQUITY AND MEZZANINE EQUITY (Ta

EQUITY AND MEZZANINE EQUITY (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Common Units/Shares Activity	An update on the number of shares of common stock is as follows for the period from December 31, 2023 to September 30, 2024: Common Units Shares of Common Stock Units, December 31, 2023 10,376,189 — Common units issued for SMLP LTIP, net 272,496 — Corporate Reorganization (10,648,685) 10,648,685 Shares, September 30, 2024 — 10,648,685
Schedule Of Series A Preferred Stock	An update on the number of shares of Series A Preferred Stock is as follows for the period from December 31, 2023 to September 30, 2024: Series A Preferred Units Series A Preferred Stock Units, December 31, 2023 65,508 — Corporate Reorganization (65,508) 65,508 Shares, September 30, 2024 — 65,508
Schedule of Consolidation, Parent Ownership Interest, Effects of Changes, Net	The following table shows the change in the Company’s Subsidiary Series A Preferred Unit balance from January 1, 2024 to September 30, 2024, net of $1.3 million and $1.7 million of unamortized issuance costs at September 30, 2024 and December 31, 2023, respectively: (In thousands) Balance at December 31, 2023 $ 124,652 Redemption accretion, net of issuance cost amortization 11,643 Cash distribution (includes a $1.6 million distribution payable as of September 30, 2024) (4,885) Balance at September 30, 2024 $ 131,410

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table details the components of EPS. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands, except per-share amounts) Numerator for basic and diluted EPS: Net income (loss) $ (197,541) $ 3,874 $ (88,392) $ (23,829) Less: Net income attributable to Subsidiary Series A Preferred Units (4,007) (3,623) (11,643) (8,865) Net income (loss) attributable to Summit Midstream Corporation $ (201,548) $ 251 $ (100,035) $ (32,694) Less: Net income attributable to Series A Preferred Stock $ (3,393) $ (3,004) $ (9,926) $ (8,442) Net income (loss) attributable to common equity holders $ (204,941) $ (2,753) $ (109,961) $ (41,136) Denominator for basic and diluted EPS: Weighted-average number of shares outstanding – basic 10,649 10,376 10,583 10,320 Effect of nonvested phantom shares — — — — Weighted-average number of shares outstanding – diluted 10,649 10,376 10,583 10,320 Net income (loss) per share: Common stock – basic $ (19.25) $ (0.27) $ (10.39) $ (3.99) Common stock – diluted $ (19.25) $ (0.27) $ (10.39) $ (3.99) Nonvested anti-dilutive restricted stock shares excluded from the calculation of diluted EPS — 160 13 221

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Nine Months Ended September 30, 2024 2023 (In thousands) Supplemental cash flow information: Cash interest paid $ 89,408 $ 72,749 Cash paid for taxes $ 22 $ 15 Noncash investing and financing activities: Capital expenditures in trade accounts payable (period-end accruals) $ 3,874 $ 7,354 Accretion of Subsidiary Series A Preferred Units, net of issuance cost amortization $ 11,643 $ 8,865

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Accrued Environmental Remediation	An update of the Company’s undiscounted accrued environmental remediation is as follows and is primarily related to the 2015 Blacktail Release and other environmental remediation activities, as detailed below. (In thousands) Accrued environmental remediation, December 31, 2023 $ 2,937 Payments made (968) Changes in estimates 429 Accrued environmental remediation, September 30, 2024 $ 2,398

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Assets by Reportable Segment	Assets by reportable segment follow. September 30, 2024 December 31, 2023 (In thousands) Assets: Rockies $ 904,005 $ 904,974 Permian 284,171 291,073 Northeast 1,257 573,663 Piceance 399,704 431,687 Barnett 274,322 281,861 Total reportable segment assets 1,863,459 2,483,258 Corporate and Other 135,707 10,940 Total assets $ 1,999,166 $ 2,494,198
Schedule of Reconciliation of Net Income to Adjusted EBITDA	Segment adjusted EBITDA by reportable segment follows. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) Reportable segment adjusted EBITDA (1) Rockies $ 24,850 $ 24,998 $ 70,582 $ 64,986 Permian 8,472 5,840 23,434 16,283 Northeast — 27,751 30,634 65,806 Piceance 12,831 15,292 40,912 43,640 Barnett 7,278 6,084 17,798 20,380 Total of reportable segments’ measures of profit $ 53,431 $ 79,965 $ 183,360 $ 211,095 A reconciliation of income or loss before income taxes and income from equity method investees to total of reportable segments’ measures of profit follows. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) Reconciliation of income (loss) before income taxes and income from equity method investees to total of reportable segments’ measures of profit: Income (loss) before income taxes and income from equity method investees $ (59,878) $ (6,265) $ 33,909 $ (46,311) Add: Corporate and Other expense 10,201 5,478 21,598 20,650 Interest expense 25,712 34,568 95,015 103,966 Depreciation and amortization (1) 23,774 31,013 76,028 91,438 Proportional adjusted EBITDA for equity method investees (2) 7,585 16,917 35,102 42,655 Adjustments related to capital reimbursement activity (2,283) (3,111) (7,934) (6,778) Equity compensation 1,840 1,396 6,698 5,158 (Gain) loss on asset sales, net (6) (40) 1 (183) (Gain) loss on sale of business 1,672 9 (82,338) 45 Gain on sale of equity method investment — — (126,261) — Long-lived asset impairment — — 67,936 455 Transaction costs and other 2,579 — 16,407 — Early extinguishment of debt 42,235 — 47,199 — Total of reportable segments’ measures of profit $ 53,431 $ 79,965 $ 183,360 $ 211,095 ________ (1) Includes the amortization expense associated with our favorable gas gathering contracts as reported in other revenues. (2)

ORGANIZATION, BUSINESS OPERAT_2

ORGANIZATION, BUSINESS OPERATIONS, CORPORATE REORGANIZATION AND PRESENTATION AND CONSOLIDATION - Narrative (Details) - $ / shares	Aug. 01, 2024	Sep. 30, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, par value (in dollars per shares)		$ 0.01
Series A Preferred Units
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Outstanding common stock unit ,converted into right to receive (in shares)	1
Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, par value (in dollars per shares)	$ 0.01
Outstanding common stock unit ,converted into right to receive (in shares)	1

DIVESTITURES - Narrative (Detai

DIVESTITURES - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended			9 Months Ended
	Apr. 30, 2024	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	May 01, 2024	Mar. 22, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposition of business		$ (1,672)		$ (9)	$ 82,338	$ (45)
Proceeds from Summit Utica Sale (excluding Ohio Gathering)					292,266	0
Gain on sale of equity method investment		0		0	126,261	0
Proceeds from asset sale					4,400	128
Long-lived asset impairments		0		$ 0	67,936	$ 455
Summit Utica | OGC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of ownership interest								36%
Summit Utica | OCC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of ownership interest								38%
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposition of business					85,600
Net book value of assets and liabilities divested		$ 143,000			$ 143,000
Long-lived asset impairments			$ 68,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Summit Utica
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration								$ 625,000
Gain on disposition of business			212,500
Proceeds from Summit Utica Sale (excluding Ohio Gathering)			625,000
Net book value of assets and liabilities divested			$ 412,500
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Mountaineer Midstream Company, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration							$ 70,000
Proceeds from asset sale	$ 5,000

REVENUE - Schedule of Estimated

REVENUE - Schedule of Estimated Revenue Expected to be Recognized and MVC Shortfall Payments (Details) - Gathering services and related fees $ in Thousands	Sep. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 12,044
Revenue, remaining performance obligation, expected timing of satisfaction	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 37,249
Revenue, remaining performance obligation, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 26,112
Revenue, remaining performance obligation, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 7,685
Revenue, remaining performance obligation, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 5,137
Revenue, remaining performance obligation, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 0
Revenue, remaining performance obligation, expected timing of satisfaction	1 year

REVENUE - Schedule of Disaggreg

REVENUE - Schedule of Disaggregated Revenue by Geographic Area and Major Products and Services Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 102,415	$ 121,193	$ 322,601	$ 331,585
Corporate and other
Disaggregation of Revenue [Line Items]
Total revenues	0	0	725	(38)
Gathering services and related fees
Disaggregation of Revenue [Line Items]
Total revenues	44,013	66,035	151,211	180,492
Gathering services and related fees | Corporate and other
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Natural gas, NGLs and condensate sales
Disaggregation of Revenue [Line Items]
Total revenues	48,243	45,120	145,294	130,365
Natural gas, NGLs and condensate sales | Corporate and other
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Other revenues
Disaggregation of Revenue [Line Items]
Total revenues	10,159	10,038	26,096	20,728
Other revenues | Corporate and other
Disaggregation of Revenue [Line Items]
Total revenues	0	0	725	(38)
Reportable Segments
Disaggregation of Revenue [Line Items]
Total revenues	102,415	121,193	321,876	331,623
Reportable Segments | Northeast
Disaggregation of Revenue [Line Items]
Total revenues	0	18,157	18,851	43,717
Reportable Segments | Rockies
Disaggregation of Revenue [Line Items]
Total revenues	67,650	67,891	203,102	183,351
Reportable Segments | Permian
Disaggregation of Revenue [Line Items]
Total revenues	910	893	2,731	2,678
Reportable Segments | Piceance
Disaggregation of Revenue [Line Items]
Total revenues	19,606	23,164	62,149	68,072
Reportable Segments | Barnett
Disaggregation of Revenue [Line Items]
Total revenues	14,249	11,088	35,043	33,805
Reportable Segments | Gathering services and related fees
Disaggregation of Revenue [Line Items]
Total revenues	44,013	66,035	151,211	180,492
Reportable Segments | Gathering services and related fees | Northeast
Disaggregation of Revenue [Line Items]
Total revenues	0	18,157	18,851	43,717
Reportable Segments | Gathering services and related fees | Rockies
Disaggregation of Revenue [Line Items]
Total revenues	15,302	18,383	48,141	48,595
Reportable Segments | Gathering services and related fees | Permian
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Reportable Segments | Gathering services and related fees | Piceance
Disaggregation of Revenue [Line Items]
Total revenues	17,604	20,658	56,054	59,791
Reportable Segments | Gathering services and related fees | Barnett
Disaggregation of Revenue [Line Items]
Total revenues	11,107	8,837	28,165	28,389
Reportable Segments | Natural gas, NGLs and condensate sales
Disaggregation of Revenue [Line Items]
Total revenues	48,243	45,120	145,294	130,365
Reportable Segments | Natural gas, NGLs and condensate sales | Northeast
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Reportable Segments | Natural gas, NGLs and condensate sales | Rockies
Disaggregation of Revenue [Line Items]
Total revenues	47,733	43,967	142,917	125,871
Reportable Segments | Natural gas, NGLs and condensate sales | Permian
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Reportable Segments | Natural gas, NGLs and condensate sales | Piceance
Disaggregation of Revenue [Line Items]
Total revenues	510	937	2,124	3,913
Reportable Segments | Natural gas, NGLs and condensate sales | Barnett
Disaggregation of Revenue [Line Items]
Total revenues	0	216	253	581
Reportable Segments | Other revenues
Disaggregation of Revenue [Line Items]
Total revenues	10,159	10,038	25,371	20,766
Reportable Segments | Other revenues | Northeast
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Reportable Segments | Other revenues | Rockies
Disaggregation of Revenue [Line Items]
Total revenues	4,615	5,541	12,044	8,885
Reportable Segments | Other revenues | Permian
Disaggregation of Revenue [Line Items]
Total revenues	910	893	2,731	2,678
Reportable Segments | Other revenues | Piceance
Disaggregation of Revenue [Line Items]
Total revenues	1,492	1,569	3,971	4,368
Reportable Segments | Other revenues | Barnett
Disaggregation of Revenue [Line Items]
Total revenues	$ 3,142	$ 2,035	$ 6,625	$ 4,835

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant, and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total	$ 2,053,752	$ 2,468,607
Less: accumulated depreciation	(702,994)	(770,022)
Property, plant and equipment, net	1,350,758	1,698,585
Gathering and processing systems and related equipment
Property, Plant and Equipment [Line Items]
Total	1,939,969	2,335,980
Construction in progress
Property, Plant and Equipment [Line Items]
Total	38,707	56,064
Land and line fill
Property, Plant and Equipment [Line Items]
Total	11,534	11,534
Other
Property, Plant and Equipment [Line Items]
Total	$ 63,542	$ 65,029

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT - Schedule Of Depreciation Expense And Capitalized Interest Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 19,977	$ 23,926	$ 63,905	$ 70,130
Capitalized interest	$ 257	$ 351	$ 904	$ 790

EQUITY METHOD INVESTMENTS - Sch

EQUITY METHOD INVESTMENTS - Schedule of Equity Method Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Gain on sale of equity method investment	$ 0	$ 0	$ 126,261	$ 0
Investment in equity method investees	269,939		269,939		$ 486,434
Double E
Schedule of Equity Method Investments [Line Items]
Investment in equity method investees	269,939		269,939		276,221
Ohio Gathering
Schedule of Equity Method Investments [Line Items]
Investment in equity method investees	$ 0		$ 0		$ 210,213

DEFERRED REVENUE (Details)

DEFERRED REVENUE (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Change in Contract with Customer, Liability, Current [Roll Forward]
Current deferred revenue, beginning balance	$ 10,196
Add: additions	6,159
Less: revenue recognized and other	(6,885)
Current deferred revenue, ending balance	9,470
Change in Contract with Customer, Liability, Noncurrent [Roll Forward]
Noncurrent deferred revenue, beginning balance	30,085
Add: additions	3,436
Less: reclassification to current deferred revenue and other	(7,345)
Noncurrent deferred revenue, ending balance	$ 26,176

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Less: unamortized debt discount and debt issuance costs	$ (15,985)	$ (31,449)
Total debt, net of unamortized debt discount and debt issuance costs	956,965	1,470,690
Less: current portion of Permian Transmission Term Loan and 2026 Secured Notes	(130,512)	(15,524)
Total long-term debt	826,453	1,455,166
Amended and Restated ABL Facility: Summit Holdings’ asset based credit facility due July 2029 | Line of Credit
Line of Credit Facility [Line Items]
Amended and Restated ABL Facility: Summit Holdings’ asset based credit facility due July 2029	150,000	313,000
Permian Transmission Term Loan and 2025 Senior Notes
Line of Credit Facility [Line Items]
Less: current portion of Permian Transmission Term Loan and 2026 Secured Notes	(130,512)	(15,524)
Permian Transmission Term Loan: Summit Permian Transmission’s variable rate senior secured term loan due January 2028
Line of Credit Facility [Line Items]
Permian Transmission Term Loan: Summit Permian Transmission’s variable rate senior secured term loan due January 2028	133,291
Permian Transmission Term Loan: Summit Permian Transmission’s variable rate senior secured term loan due January 2028 | Line of Credit
Line of Credit Facility [Line Items]
Permian Transmission Term Loan: Summit Permian Transmission’s variable rate senior secured term loan due January 2028	133,291	144,846
2029 Secured Notes: 8.625% senior secured second lien notes due October 2029 | Secured Debt
Line of Credit Facility [Line Items]
Unsecured notes	$ 575,000	0
Stated interest rate (as a percent)	8.625%
2026 Unsecured Notes: 12.00% senior unsecured notes due October 2026 | Unsecured Debt
Line of Credit Facility [Line Items]
Unsecured notes	$ 0	$ 209,510
Stated interest rate (as a percent)	12%
2025 Senior Notes: 5.75% senior unsecured notes due April 2025
Line of Credit Facility [Line Items]
Stated interest rate (as a percent)	5.75%	5.75%
2025 Senior Notes: 5.75% senior unsecured notes due April 2025 | Senior Notes
Line of Credit Facility [Line Items]
Unsecured notes	$ 0	$ 49,783
2026 Secured Notes: 8.50% senior second lien notes due October 2026
Line of Credit Facility [Line Items]
Stated interest rate (as a percent)	8.50%	8.50%
2026 Secured Notes: 8.50% senior second lien notes due October 2026 | Secured Debt
Line of Credit Facility [Line Items]
Unsecured notes	$ 114,659	$ 785,000

DEBT - Narrative (Details)

DEBT - Narrative (Details)

1 Months Ended

9 Months Ended

Jul. 30, 2026

Jul. 26, 2024 USD ($)

Jul. 17, 2024 USD ($)

Feb. 28, 2017

Sep. 30, 2024 USD ($)

Jun. 07, 2024 USD ($)

Jun. 05, 2024 USD ($)

May 07, 2024 USD ($)

Apr. 24, 2024 USD ($)

Mar. 27, 2024 USD ($)

Nov. 30, 2023 USD ($)

Nov. 30, 2022 USD ($)

Dec. 31, 2021 USD ($)

Mar. 08, 2021 USD ($)

ABL Facility

Debt Instrument [Line Items]

Borrowing capacity

$ 500,000,000

$ 500,000,000

Borrowing base capacity

$ 538,800,000

Applicable margin (as a percent)

2.75%

Interest rate during period (as a percent)

7.70%

Unused portion under the facility

$ 349,200,000

ABL Facility | Revolving Credit Facility

Debt Instrument [Line Items]

Amended and Restated ABL Facility: Summit Holdings’ asset based credit facility due July 2029

$ 800,000

ABL Facility | Summit Holdings And Finance Corporation

Debt Instrument [Line Items]

Proceeds from sale of other assets

$ 50,000,000

Aggregate commitments (as percent)

10%

Interest coverage ratio

2.42

First lien net leverage ratio

0.84

ABL Facility | Summit Holdings And Finance Corporation | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate

Debt Instrument [Line Items]

Applicable margin (as a percent)

2.50%

ABL Facility | Summit Holdings And Finance Corporation | Minimum | Base Rate

Debt Instrument [Line Items]

Applicable margin (as a percent)

1.50%

ABL Facility | Summit Holdings And Finance Corporation | Maximum

Debt Instrument [Line Items]

Net leverage ratio

2.50

Interest coverage ratio

2

ABL Facility | Summit Holdings And Finance Corporation | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate

Debt Instrument [Line Items]

Applicable margin (as a percent)

3.25%

ABL Facility | Summit Holdings And Finance Corporation | Maximum | Base Rate

Debt Instrument [Line Items]

Applicable margin (as a percent)

2.25%

Credit Agreement

Debt Instrument [Line Items]

Borrowing capacity

$ 175,000,000

Applicable margin (as a percent)

2.475%

Interest rate during period (as a percent)

7.79%

Unused portion of the permian transmission credit facility

$ 4,500,000

Commitment fee (as a percent)

0.70%

Credit Agreement | Summit Permian Transmission, LLC

Debt Instrument [Line Items]

Debt hedged by interest rate derivatives (as percent)

90%

Credit Agreement | Summit Permian Transmission, LLC | Interest Rate Contract

Debt Instrument [Line Items]

Applicable margin (as a percent)

1.23%

Credit Agreement | Standby Letters of Credit

Debt Instrument [Line Items]

Unused portion of the permian transmission credit facility

$ 10,500,000

Credit Agreement | Term Loan Credit Facility

Debt Instrument [Line Items]

Borrowing capacity

160,000,000

Credit Agreement | Working Capital Credit Facility

Debt Instrument [Line Items]

Borrowing capacity

$ 15,000,000

Permian Transmission Term Loan: Summit Permian Transmission’s variable rate senior secured term loan due January 2028

Debt Instrument [Line Items]

Applicable margin (as a percent)

2.475%

Interest rate during period (as a percent)

7.79%

Senior Secured Second Lien Notes, 2029 | Summit Holdings And Finance Corporation

Debt Instrument [Line Items]

Debt offering

$ 575,000,000

Stated interest rate (as a percent)

8.625%

Senior Secured Second Lien Notes, 2029 | Summit Holdings And Finance Corporation | Subsequent Event

Debt Instrument [Line Items]

Redemption percentage (as a percent)

40%

Redemption price (as percent)

108.625%

Senior Secured Second Lien Notes, 2029 | Summit Holdings And Finance Corporation | Subsequent Event | Forecast

Debt Instrument [Line Items]

Redemption percentage (as a percent)

100%

2026 Notes

Debt Instrument [Line Items]

Debt offering

$ 85,000,000

$ 700,000,000

Stated interest rate (as a percent)

8.50%

Debt issued as a percent of face value

99.26%

98.50%

Secured Notes Indenture, 2026

Debt Instrument [Line Items]

Debt instrument, cash tender offer

$ 215,000,000

$ 19,300,000

Tendered and validly accepted and fully discharged amount

$ 13,600,000

Asset sale offer expired

$ 6,900,000

Secured Notes Indenture, 2026 | Summit Holdings And Finance Corporation

Debt Instrument [Line Items]

Redemption price (as percent)

102.125%

Repayments of debt

$ 649,800,000

Debt instrument, notice of redemption on tender offer

114,700,000

$ 114,700,000

Debt instrument redemption irrevocable deposit

121,200,000

2026 Unsecured Notes

Debt Instrument [Line Items]

Debt offering

$ 209,500,000

2026 Unsecured Notes | Summit Holdings And Finance Corporation

Debt Instrument [Line Items]

Debt instrument redemption notice amount

$ 209,500,000

2025 Senior Notes

Debt Instrument [Line Items]

Debt offering

180,000,000

Debt instrument, repurchase amount

29,500,000

Debt instrument, repurchased face amount

$ 29,700,000

2025 Senior Notes | Summit Holdings And Finance Corporation | Beginning October 15, 2025

Debt Instrument [Line Items]

Redemption price (as percent)

100%

Secured Notes Indenture, 2025 | Summit Holdings And Finance Corporation

Debt Instrument [Line Items]

Redemption price (as percent)

100%

Debt instrument, cash tender offer

$ 49,800,000

$ 0

Debt instrument redemption irrevocable deposit

$ 50,600,000

DEBT - Schedule of Maturities o

DEBT - Schedule of Maturities of Long-term Debt (Details) - Amortizing principal repayments $ in Thousands	Sep. 30, 2024 USD ($)
Debt
Amortizing principal repayments	$ 133,291
2024	3,969
2025	16,580
2026	16,967
2027	17,769
2028	$ 78,006

DEBT - Schedule of Redemption P

DEBT - Schedule of Redemption Price (Details) - Senior Secured Second Lien Notes, 2029 - Summit Holdings And Finance Corporation	Jul. 26, 2024
Debt Instrument, Redemption, Period One
Subsequent Event [Line Items]
Redemption price (as percent)	104.313%
Debt Instrument, Redemption, Period Two
Subsequent Event [Line Items]
Redemption price (as percent)	102.156%
Debt Instrument, Redemption, Period After Two
Subsequent Event [Line Items]
Redemption price (as percent)	100%

FINANCIAL INSTRUMENTS - Schedul

FINANCIAL INSTRUMENTS - Schedule of Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
2025 Senior Notes | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	$ 0	$ 49,783
2025 Senior Notes | Estimated Fair Value | Estimated Fair Value (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	0	48,414
2026 Secured Notes (2) | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	114,659	785,000
2026 Secured Notes (2) | Estimated Fair Value | Estimated Fair Value (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes		778,131
2026 Unsecured Notes | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	0	209,510
2026 Unsecured Notes | Estimated Fair Value | Estimated Fair Value (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	0	203,225
2029 Secured Notes | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	575,000	0
2029 Secured Notes | Estimated Fair Value | Estimated Fair Value (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	$ 596,323	$ 0

FINANCIAL INSTRUMENTS - Narrati

FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Concentration Risk [Line Items]
Gain (loss) on interest rate swaps	$ (2,574)	$ 2,856	$ 936	$ 4,851
Interest Rate Swap
Concentration Risk [Line Items]
Derivative liability, notional amount	120,000		120,000		$ 130,400
Fair value of interest rate swap	8,900		8,900		11,900
Gain (loss) on interest rate swaps	$ (2,600)	$ 2,900	$ 900	$ 4,900
Sterling DJ | Fair Value, Inputs, Level 3
Concentration Risk [Line Items]
Deferred earn-out liability					$ 5,100

EQUITY AND MEZZANINE EQUITY - S

EQUITY AND MEZZANINE EQUITY - Schedule Of Number of Common Stock (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, outstanding (in shares)	10,648,685	10,648,685
Common Stock
Increase (Decrease) in Partners' Capital [Roll Forward]
Corporate Reorganization	$ 106,000	$ 10,648,685
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, outstanding (in shares)	10,648,685	10,648,685	0
Common units issued for SMLP LTIP, net (in shares)	0	0
Common Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Units, beginning balance (in shares)		10,376,189
Common units issued for SMLP LTIP, net (in shares)		272,496
Corporate Reorganization		$ (10,648,685)
Units, ending balance (in shares)	0	0

EQUITY AND MEZZANINE EQUITY -_2

EQUITY AND MEZZANINE EQUITY - Schedule Of Series A Preferred Stock (Details)	9 Months Ended
	Sep. 30, 2024 shares
Class of Stock [Line Items]
Beginning Balance (in shares)	65,508
Series A Preferred Stock
Class of Stock [Line Items]
Corporate Reorganization (in shares)	65,508
Ending Balance (in shares)	65,508
Series A Preferred Units
Class of Stock [Line Items]
Beginning Balance (in shares)	93,039,000
Corporate Reorganization (in shares)	(65,508)
Ending Balance (in shares)	93,039,000

EQUITY AND MEZZANINE EQUITY - N

EQUITY AND MEZZANINE EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended	9 Months Ended	12 Months Ended
	Aug. 01, 2024	Mar. 31, 2020	Sep. 30, 2024	Dec. 31, 2023
Partners Capital [Line Items]
Subsidiary series A preferred unitholders, outstanding (in shares)			65,508
Preferred units outstanding (in shares)				65,508
Common stock, issued (in shares)			10,648,685
Maximum period following end of quarter to distribute all available cash		45 days
Series A Preferred Units
Partners Capital [Line Items]
Outstanding common stock unit ,converted into right to receive (in shares)	1
Preferred units outstanding (in shares)			93,039,000	93,039,000
Preferred units issued (in shares)			93,039,000	93,039,000
Common Stock
Partners Capital [Line Items]
Outstanding common stock unit ,converted into right to receive (in shares)	1
Series A Preferred Stock
Partners Capital [Line Items]
Outstanding common stock unit ,converted into right to receive (in shares)	1
Preferred stock, liquidation preference (in dollar per shares)	$ 1,000
Subsidiary series A preferred unitholders, outstanding (in shares)			65,508
Accrued and unpaid distributions			$ 43
Preferred units outstanding (in shares)			65,508
Redemption amount			$ 130.6
Issuance costs			$ 1.3	$ 1.7
Blank Check Common Stock
Partners Capital [Line Items]
Common stock, issued (in shares)			0

EQUITY AND MEZZANINE EQUITY -_3

EQUITY AND MEZZANINE EQUITY - Schedule of Change in the Company’s Subsidiary (Details) - Series A Preferred Stock $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	$ 124,652
Redemption accretion, net of issuance cost amortization	11,643
Cash distribution (includes a $1.6 million distribution payable as of September 30, 2024)	(4,885)
Ending balance	131,410
Distribution payable	$ 1,600

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income (loss)	$ (197,541)	$ 3,874	$ (88,392)	$ (23,829)
Less: Net income attributable to Subsidiary Series A Preferred Units	(4,007)	(3,623)	(11,643)	(8,865)
Net income (loss) attributable to Summit Midstream Corporation	(201,548)	251	(100,035)	(32,694)
Less: Net income attributable to Series A Preferred Stock	3,393	3,004	9,926	8,442
Net income (loss) attributable to common equity holders	$ (204,941)	$ (2,753)	$ (109,961)	$ (41,136)
Weighted-average number of shares outstanding – basic (in shares)	10,649,000	10,376,000	10,583,000	10,320,000
Effect of nonvested phantom units (in shares)	0	0	0	0
Weighted-average number of shares outstanding – diluted (in shares)	10,649,000	10,376,000	10,583,000	10,320,000
Common stock – basic (in dollars per share)	$ (19.25)	$ (0.27)	$ (10.39)	$ (3.99)
Common stock – diluted (in dollars per share)	$ (19.25)	$ (0.27)	$ (10.39)	$ (3.99)
Nonvested anti-dilutive phantom units excluded from the calculation of diluted EPU (in shares)	0	160,000	13,000	221,000

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Supplemental cash flow information:
Cash interest paid	$ 89,408	$ 72,749
Cash paid for taxes	22	15
Noncash investing and financing activities:
Capital expenditures in trade accounts payable (period-end accruals)	$ 3,874	7,354
Series A Preferred Units
Noncash investing and financing activities:
Accretion of Subsidiary Series A Preferred Units, net of issuance cost amortization		$ 8,865

EQUITY COMPENSATION (Details)

EQUITY COMPENSATION (Details) - SMLP LTIP $ in Millions		9 Months Ended
	May 16, 2024 shares	Sep. 30, 2024 USD ($) director shares
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units remaining available (in shares)		600,000
Phantom Share Units And Associated Distribution Equivalent Rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted units (in shares)		230,815
Grant date fair value | $		$ 3.7
Vesting period (in years)		3 years
Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted units (in shares)		122,867
Grant date fair value | $		$ 2.4
Vesting period (in years)		3 years
Common Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value | $		$ 0.6
Issued units (in shares)	750,000	39,486
Number of directors after combination | director		6
Unvested Restricted Stock Units and Performance Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted units granted (in shares)		900,000

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Schedule of Accrued Environmental Remediation (Details) - Meadowlark Midstream Gathering System $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Accrual for Environmental Loss Contingencies [Roll Forward]
Accrued environmental remediation, beginning balance	$ 2,937
Payments made	(968)
Changes in estimates	429
Accrued environmental remediation, ending balance	$ 2,398

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) claim	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Legal fines and other fees	$ 36,300
Claims settled | claim	1
2015 Blacktail Release
Loss Contingencies [Line Items]
Loss contingency accrual	$ 18,600	$ 21,700
Penalties and fines, payment period (in years)	3 years
Unpaid penalties and fines, fixed rate (as a percent)	3.25%
Expected payment	$ 6,700
Claims settled | claim	1
Pending claims | claim	2
2015 Blacktail Release | Natural Resource Damages To Federal and State Governments
Loss Contingencies [Line Items]
Legal fines and other fees	$ 1,250
Penalties and fines, payment period (in years)	5 years
2015 Blacktail Release | Damages Payable To Federal Government over Five Years
Loss Contingencies [Line Items]
Legal fines and other fees	$ 25,000
2015 Blacktail Release | Damages Payable To State Governments Over Six Years
Loss Contingencies [Line Items]
Legal fines and other fees	$ 10,000
Penalties and fines, payment period (in years)	6 years
2015 Blacktail Release | Damages Payable To Federal Criminal Over Five Years
Loss Contingencies [Line Items]
Penalties and fines, payment period (in years)	5 years

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Aug. 01, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 148,600	$ 142,573	$ 72	$ 142,129	$ (180)
Increase (decrease) in income taxes	28,100
Deferred tax liability	$ 120,500
Effective income tax rate		(259.00%)		264%

SEGMENT INFORMATION - Schedule

SEGMENT INFORMATION - Schedule of Assets by Reportable Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total assets	$ 1,999,166	$ 2,494,198
Reportable Segments
Segment Reporting Information [Line Items]
Total assets	1,863,459	2,483,258
Reportable Segments | Rockies
Segment Reporting Information [Line Items]
Total assets	904,005	904,974
Reportable Segments | Permian
Segment Reporting Information [Line Items]
Total assets	284,171	291,073
Reportable Segments | Northeast
Segment Reporting Information [Line Items]
Total assets	1,257	573,663
Reportable Segments | Piceance
Segment Reporting Information [Line Items]
Total assets	399,704	431,687
Reportable Segments | Barnett
Segment Reporting Information [Line Items]
Total assets	274,322	281,861
Corporate and Other
Segment Reporting Information [Line Items]
Total assets	$ 135,707	$ 10,940

SEGMENT INFORMATION - Schedul_2

SEGMENT INFORMATION - Schedule of Segment Adjusted EBITDA by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total of reportable segments’ measures of profit	$ 53,431	$ 79,965	$ 183,360	$ 211,095
Rockies
Segment Reporting Information [Line Items]
Total of reportable segments’ measures of profit	24,850	24,998	70,582	64,986
Permian
Segment Reporting Information [Line Items]
Total of reportable segments’ measures of profit	8,472	5,840	23,434	16,283
Northeast
Segment Reporting Information [Line Items]
Total of reportable segments’ measures of profit	0	27,751	30,634	65,806
Piceance
Segment Reporting Information [Line Items]
Total of reportable segments’ measures of profit	12,831	15,292	40,912	43,640
Barnett
Segment Reporting Information [Line Items]
Total of reportable segments’ measures of profit	$ 7,278	$ 6,084	$ 17,798	$ 20,380

SEGMENT INFORMATION - Schedul_3

SEGMENT INFORMATION - Schedule of Reconciliation of Net Loss to Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting [Abstract]
Income (loss) before income taxes and income from equity method investees	$ (59,878)	$ (6,265)	$ 33,909	$ (46,311)
Add:
Corporate and Other expense	10,201	5,478	21,598	20,650
Interest expense	25,712	34,568	95,015	103,966
Depreciation and amortization	23,774	31,013	76,028	91,438
Proportional adjusted EBITDA for equity method investees	7,585	16,917	35,102	42,655
Adjustments related to capital reimbursement activity	(2,283)	(3,111)	(7,934)	(6,778)
Equity compensation	1,840	1,396	6,698	5,158
(Gain) loss on asset sales, net	(6)	(40)	1	(183)
Gain (loss) on sale of business	1,672	9	(82,338)	45
Gain on sale of equity method investment	0	0	(126,261)	0
Long-lived asset impairments	0	0	67,936	455
Transaction costs and other	2,579	0	16,407	0
Early extinguishment of debt	42,235	0	47,199	0
Total of reportable segments’ measures of profit	$ 53,431	$ 79,965	$ 183,360	$ 211,095

SUBSEQUENT EVENTS - Narrative (

SUBSEQUENT EVENTS - Narrative (Details) $ / shares in Units, $ in Millions	Oct. 01, 2024 USD ($) director $ / shares shares	Jul. 26, 2024 USD ($)	Sep. 30, 2024 USD ($) $ / shares
Subsequent Event [Line Items]
Common stock, par value (in dollars per shares) | $ / shares			$ 0.01
Subsequent Event | Business Contribution Agreement | Minimum
Subsequent Event [Line Items]
Number of directors prior To combination | director	7
Subsequent Event | Business Contribution Agreement | Maximum
Subsequent Event [Line Items]
Number of directors after combination | director	11
Tall Oak | Subsequent Event | Business Contribution Agreement | Tall Oak Parent
Subsequent Event [Line Items]
Consideration	$ 25
Tall Oak | Partnership Interest | Subsequent Event | Business Contribution Agreement
Subsequent Event [Line Items]
Consideration	425
Cash paid to acquire investment	$ 155
Number of common units purchased (in shares) | shares	7,471,008
Tall Oak | Common Class B | Subsequent Event | Business Contribution Agreement
Subsequent Event [Line Items]
Number of common units purchased (in shares) | shares	7,471,008
Common stock, par value (in dollars per shares) | $ / shares	$ 0.01
Tailwater Capital LLC | Subsequent Event | Business Contribution Agreement
Subsequent Event [Line Items]
Increase in number of directors | director	4
Secured Notes Indenture, 2026 | Summit Holdings And Finance Corporation
Subsequent Event [Line Items]
Debt instrument, notice of redemption on tender offer		$ 114.7	$ 114.7
Redemption price (as percent)		102.125%
Debt instrument redemption irrevocable deposit		$ 121.2