Summit Midstream Partners

What Summit Midstream Partners does

Summit Midstream Corporation (NYSE: SMC) is a Houston-headquartered midstream energy infrastructure company that owns and operates gathering, processing, and transportation systems for natural gas, crude oil, and produced water across seven core asset systems in five-plus unconventional US basins — Polar & Divide (Williston), Niobrara G&P (DJ Basin), Grand River (Piceance), Arkoma G&P (Oklahoma, acquired 2024), DFW Midstream (Fort Worth/Barnett), Mountaineer Midstream (Appalachian/Marcellus), and a 70% operated interest in the Double E Pipeline JV with ExxonMobil (Delaware Basin to Waha Hub). The portfolio spans more than 2,200 miles of pipeline plus processing plants including the two 220 MMcf/d Arkoma facilities.

The company serves upstream exploration and production customers under long-term, fee-based gathering agreements featuring areas of mutual interest (AMIs) and minimum volume commitments (MVCs), which provide recurring, contractually underpinned revenue and limit direct commodity price exposure. The Double E Pipeline sells interstate transportation under 10–20-year firm transportation agreements, with capacity expanding from approximately 1.9 Bcf/d toward over 2.4 Bcf/d by 2028. Customer relationships are managed through enterprise field-sales teams targeting natural gas, crude oil, and produced water producers in core shale plays.

Summit Midstream was founded in 2009, IPO'd as a master limited partnership in September 2012 under ticker SMLP, and converted to a C-corporation in August 2024 (re-ticker SMC). It has scaled through both organic development and acquisitions, including the $450 million Tall Oak Midstream III acquisition in October 2024 and the $90 million Moonrise Midstream acquisition in March 2025. In 2025 the company generated full-year Adjusted EBITDA of $242.6 million (up 18.6% YoY) with $54.3 million of free cash flow, and issued 2026 Adjusted EBITDA guidance of $225–$265 million.

Name

Summit Midstream Partners

Legal name

Summit Midstream Corporation

Website

https://summitmidstream.com

Company type

Public

Founded year

2009

Operating status

Operating

Headcount range

251–500 employees

Short description

Summit Midstream Corporation (NYSE: SMC) is a Houston-based midstream energy company that owns and operates over 2,200 miles of natural gas, crude oil, and produced water gathering and processing infrastructure across major US shale basins, serving upstream producers under long-term fee-based contracts with minimum volume commitments.

Ownership category

akta.pro rank

Product category

Midstream Energy Infrastructure

NAICS

Pipeline Transportation of Natural Gas (486210), Pipeline Transportation of Natural Gas (4862), Pipeline Transportation of Crude Oil (4861), Other Pipeline Transportation (4869)

SIC

Natural Gas Transmission (4922), Oil & Gas Field Services, Nec (1389), Pipe Lines (No Natural Gas) (4610), Wholesale-Petroleum Bulk Stations & Terminals (5171)

akta.pro primary industry

Gas Pipeline & Midstream Asset Management (EUAEAMAF)

akta.pro secondary industries

Pipeline Operations, Integrity & Control (SCADA, Pigging, Leak Detection) (EUALADAK), Oil & Gas Midstream & Pipeline O&M (Pipelines, Compressor Stations) (EUAEAGAF), Midstream Commercial Services (Capacity Marketing, Balancing & Scheduling) (EUAAACAL), Gas Metering, Measurement & Custody Transfer (EUAAACAJ), Pipeline & Marine Transportation Brokerage / Scheduling (Nominations, Dispatch) (EUALADAM)

Keywords

• Midstream energy infrastructure
• Natural gas gathering
• Crude oil transportation
• Produced water services
• Pipeline operations

Headquarters

HQ city

Dallas

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D

Revenue model

1. Fee-Based Gathering Agreements: The company generates a substantial majority of its revenue under long-term, fee-based gathering agreements with customers. These agreements are typically underpinned by areas of mutual interest (AMIs) and minimum volume commitments (MVCs). The fee-based nature enhances cash flow stability and limits direct commodity price exposure.
2. Pipeline Transportation Services: Revenue from interstate natural gas transportation services on the Double E Pipeline, operating under long-term firm transportation agreements with shippers. Capacity commitments typically range from 10-20 years under take-or-pay contracts.
3. Processing Services: Natural gas processing services at company-owned processing plants including the two 220 MMcf/d facilities in the Arkoma Basin and other gathering systems.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels3 records

Core offering

Summit Midstream owns and operates midstream energy infrastructure providing natural gas, crude oil, and produced water gathering, processing, and transportation services to upstream energy producers across five unconventional resource basins in the continental United States. The portfolio includes seven core gathering and processing systems and a 70% interest in the Double E interstate natural gas pipeline. Services are delivered under long-term fee-based agreements with minimum volume commitments.

Product overview

Summit Midstream Corporation operates as a midstream energy infrastructure company providing natural gas, crude oil, and produced water gathering, processing, and transportation services across five unconventional resource basins in the continental United States. The company's portfolio consists of seven core gathering and processing systems: Polar & Divide (Williston Basin), Niobrara G&P (DJ Basin), Grand River (Piceance Basin), Arkoma G&P (Arkoma Basin), DFW Midstream (Fort Worth/Barnett Basin), and Mountaineer Midstream (Appalachian/Marcellus), along with a joint venture interest in the Double E interstate natural gas pipeline serving the Permian/Delaware Basin. The company generates the majority of its revenue under long-term, fee-based gathering agreements with minimum volume commitments, providing stable cash flows with limited direct commodity price exposure.

Differentiator

Problem solved

Functional benefit

Products and services

• Polar & Divide System Crude oil gathering system serving the Williston Basin in North Dakota, operating approximately 75 Mbbl/d throughput with delivery points to Aux Sable's Palermo Plant, Dakota Access Pipeline, Colt Hub, Global Partners Basin Transload Rail Terminal, Enbridge's North Dakota Pipeline System, and third-party saltwater disposal wells. Targets the Bakken and Three Forks Shales.
• Niobrara G&P System Gas gathering and processing system serving the DJ Basin in Colorado and Wyoming, targeting the Niobrara and Codell shale formations. Provides natural gas gathering and processing services to upstream producers in the DJ Basin.
• Grand River System Gas gathering system serving the Piceance Basin in Colorado, targeting the Mesaverde, Mancos, and Niobrara shale formations with approximately 289 MMcf/d average daily throughput. Provides gas gathering and processing services to upstream producers in the Piceance Basin.
• Double E Pipeline Interstate natural gas transmission pipeline providing transportation service from multiple receipt points in the Delaware Basin to various delivery points in and around the Waha Hub in Texas. Joint venture with ExxonMobil as operator, with approximately 549 MMcf/d average daily throughput and planned expansion to over 2.4 Bcf/d by 2028.
• Arkoma G&P System Gas gathering and processing system acquired through the Tall Oak Midstream III transaction, serving the Arkoma Basin in Oklahoma with Woodford and Caney Shale formations. Features two 220 MMcf/d processing plants and approximately 476 miles of gathering lines.
• DFW Midstream System Gas gathering system serving the Fort Worth Basin (Barnett Shale) in Texas with approximately 202 MMcf/d average daily throughput and delivery points including Line X, Old Ocean Pipeline, and Trinity River Lateral Pipeline.
• Mountaineer Midstream Gas gathering system serving the Appalachian Basin (Marcellus Shale) in the Northeast segment with approximately 304 MMcf/d average daily throughput and delivery points to MPLX's Sherwood Processing Complex.

Quantifiable outcome

• Full-year 2025 Adjusted EBITDA of $242.6 million, up 18.6% from $204.6 million in 2024
• +2 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• ExxonMobilcoreStrategic or Co-development Partner · 1 October 2024Summit Midstream operates the Double E Pipeline joint venture with ExxonMobil. The pipeline provides interstate natural gas transportation from multiple receipt points in the Delaware Basin to delivery points around the Waha Hub in Texas. Summit holds 70% interest and operates the pipeline, while ExxonMobil is a significant partner and shipper.

Scale indicators9 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• EnLink Midstream: Large-scale midstream operator providing natural gas and crude oil gathering, processing, and transportation services across multiple US basins. Directly comparable business model with fee-based contracts and long-haul pipeline operations; new CCO Chris Tennant was previously at EnLink.
• Crestwood Equity Partners: Midstream partnership operating gathering, processing, and transportation assets across the Bakken, Delaware, Powder River, and other basins. Highly comparable fee-based model; Summit CEO Heath Deneke was previously COO at Crestwood, indicating tight operational overlap.
• Antero Midstream: Gas-focused midstream MLP serving the Appalachian Basin with gathering, compression, and water services. Comparable long-term, fee-based structure with producer minimum volume commitments, though concentrated in a single basin.
• Equitrans Midstream: Natural gas gathering and transmission operator in the Appalachian Basin, with the multi-billion-dollar Mountain Valley Pipeline. Comparable in natural gas pipeline operations and fee-based revenue model, though materially larger.
• DCP Midstream: One of the largest US natural gas gatherers and processors, operating across the Permian, Mid-Continent, and Gulf Coast. Direct overlap in gas gathering and processing services with comparable contract structures and customer base.
• Targa Resources: Major midstream operator with Permian gas gathering/processing and downstream NGL operations. Comparable gas gathering footprint and processing plant model, though with greater downstream/NGL integration than Summit.
• Western Midstream Partners: Gas-focused midstream operator serving Permian, DJ, and other basins, with significant Occidental Petroleum anchor. Comparable fee-based gathering and processing model with multi-basin diversification.
• MPLX: Large diversified midstream MLP gathering, processing, and transporting natural gas and NGLs. Comparable in scale and asset types, with overlapping Appalachian and Marcellus footprint (Mountaineer Midstream connects to MPLX's Sherwood Processing Complex).

Broad incumbents

• ONEOK Partners: Large-cap midstream incumbent with natural gas gathering/processing and NGL operations across multiple basins. Overlapping capabilities but operates at substantially greater scale and broader geographic footprint than Summit.
• Kinder Morgan: Largest US midstream operator with extensive natural gas, CO2, and products pipelines. Overlaps with Summit in gas transportation and gathering, but operates at vastly larger scale across the entire energy value chain.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/2881221

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries1 record

Funding overview

Funding rounds6 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Summit Midstream Partners