Summit Midstream (SMC)
Moves gas, oil, and produced water through U.S. shale-basin systems.
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Operates midstream systems in U.S. shale basins, earning fees for gathering, processing, and transportation while also selling natural gas, NGLs, and condensate. The portfolio is concentrated in Rockies, Mid-Con, Piceance, and Permian assets after its 2024 C-corp conversion.
Runs natural gas gathering, compression, treating, processing, and transportation assets, plus crude-oil and produced-water gathering. The business is organized around Rockies, Mid-Con, Piceance, and Permian segments, with systems tied to Williston, DJ, Fort Worth, Arkoma, Piceance, and Delaware Basin-to-Waha flows.
Most gathered and processed volumes use fixed-fee structures, while sales of natural gas, NGLs, and condensate leave part of revenue exposed to commodity prices. Recent portfolio work exited the Northeast and added Arkoma and DJ Basin assets through acquisitions.
Execution depends on keeping throughput on basin systems, managing operating costs, and using the C-corp structure to support capital access and trading liquidity.
Company facts
No analyst consensus on record.
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $21.0M · Total debt $1.24B · Total assets $2.41B · Shareholders' equity $598.4M
- Revenue
- $155.0M
- Operating income
- $25.0M
- Net income
- $3.5M
No dividends on record.
| Institutions | 28.42% | 5.77M shares | |
|---|---|---|---|
| 78 holders · as of Jun 30, 2026 | |||
| Insiders | 8.45% | 1.72M shares | |
| 13 holders · as of Jul 6, 2026 | |||
| Strategic holders | 38.86% | 7.89M shares | |
| 1 holder · as of Apr 13, 2026 | |||
| Other | 24.27% | 4.93M shares | |
| remainder | |||
20.31M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Two share counts disagree (20.31M in the company's Sep 22, 2026 report, 13.81M elsewhere); stakes use the report.
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Connect Midstream, LLCStrategic10 percent owner | 38.86% | 1.37M · 6.52M B | filed Apr 13, 2026 |
Invesco Ltd.Institution | 4.76% | 967,503 | as of Jun 30, 2026 |
He ZhengxuInsider | 4.61% | 936,000 | filed Feb 19, 2025 |
Deltroit Asset Management (UK) LLPInstitution | 4.01% | 815,000 | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 3.24% | 658,624 | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jul 2, 2026 | James David Johnston | officer: Executive VP, GC, CCO and Secy | −2,600 | $29.72 |
| May 19, 2026 | Jerry L. Peters | director | −10,000 | $32.00 |
| Mar 31, 2026 | Connect Midstream, LLC | 10 percent owner | +1,220,918 | $31.08 |
- ONEOK
Large-scale gas, NGL, crude, and processing rival
- Energy Transfer
Diversified U.S. midstream scale across SMC basins
- Targa Resources
Gas processing and NGL rival in Permian and Mid-Con
- Western Midstream Partners
DJ, Delaware, and produced-water midstream peer
- Hess Midstream
Williston-focused oil, gas, and water competitor
- MPLX
Permian and Bakken midstream alternative with scale
- Kinetik
Delaware Basin gas and Waha-focused competitor
- Kinder Morgan
Gas transport and Williston infrastructure competitor
CompareAfter hours
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Summit Midstream | $31.74 | +0.09% | $440.1M | — | — | 0.8 | +10.6% |
| ONEOK | $90.09 | −0.03% | $57.85B | 15.8 | 15.2 | 1.5 | +52.8% |
| Energy Transfer | $20.48 | +0.10% | $71.92B | 13.0 | 12.5 | 0.7 | +78.4% |
| Targa Resources | $282.15 | −0.04% | $62.11B | 27.6 | 25.1 | 3.7 | +10.3% |
| Western Midstream Partners | $46.36 | +0.63% | $19.25B | 14.6 | 12.0 | 4.4 | +30.0% |
| Hess Midstream | $39.00 | −0.45% | $8.18B | 13.6 | 13.3 | 5.1 | −3.5% |
| MPLX | $59.28 | +0.22% | $59.96B | 12.7 | 12.9 | 4.7 | +10.6% |
| Kinetik | $52.39 | −0.06% | $3.92B | 19.3 | 30.9 | 2.1 | +36.3% |
| Kinder Morgan | $31.27 | −0.02% | $70.63B | 20.3 | 21.2 | 3.9 | +10.8% |
| Median | 15.2 | 14.3 | 3.8 | +20.4% |