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Summit Midstream Corporation (SMC+0.23%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing total revenues of $429.6 million, a decrease from $458.9 million in the previous year. This decline was primarily due to a reduction in gathering services and related fees.
Net loss for the year was $113.2 million, compared to a net loss of $38.9 million in 2023. The increased loss is attributed to higher transaction costs and long-lived asset impairments.
The company completed several strategic transactions in 2024, including the sale of its Utica and Mountaineer midstream assets, generating proceeds of $292.3 million and $69.3 million, respectively.
Summit Midstream Corporation also completed the acquisition of Tall Oak Midstream Operating, LLC, for total consideration of $425.0 million, which included cash payments and the issuance of Class B Common Stock.
The company issued $575.0 million of 2029 Secured Notes and reduced its debt by redeeming the 2026 Unsecured Notes and 2025 Senior Notes.
Capital expenditures for the year totaled $53.6 million, with $11.7 million allocated to maintenance capital expenditures.
The company reported a working capital of $118.3 million as of December 31, 2024, with cash and cash equivalents of $22.8 million.
Summit Midstream Corporation continues to focus on optimizing its capital structure and managing its portfolio of midstream assets to maximize stakeholder value.
The filing details various risks, including exposure to commodity price fluctuations, regulatory changes, and cybersecurity threats, which could impact the company's operations and financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Summit Midstream Corporation annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.