Summit Midstream Corporation Resumes Preferred Dividend
In a significant announcement, Summit Midstream Corporation (NYSE: SMC) has declared a quarterly cash dividend on its Series A fixed-to-floating rate cumulative redeemable perpetual preferred stock. This decision reflects the Company's dedication to providing returns to its preferred shareholders, marking a pivotal moment in its financial strategy.
Details of the Preferred Dividend
The board of directors has declared a cash dividend of $51.27 per share on the outstanding 65,508 shares. This dividend is set for payment on March 15, 2025, to shareholders of record as of the close of business on March 3, 2025. It is noteworthy that all unpaid dividends on the Series A Preferred Stock from prior periods will remain accrued, underscoring the Company’s commitment to its shareholders.
About Summit Midstream Corporation
Summit Midstream Corporation is an enterprise focused on developing and managing midstream energy infrastructure assets. These assets are strategically located in the heart of unconventional resource basins, primarily comprised of shale formations within the continental United States. The Company excels in providing essential services such as natural gas, crude oil, and produced water gathering, processing, and transportation.
Operational Bases and Services
The Company operates in five key unconventional resource basins: the Williston Basin, known for its Bakken and Three Forks shale formations; the Denver-Julesburg Basin with its Niobrara and Codell shale formations; the Fort Worth Basin housing the Barnett Shale; the Arkoma Basin, which includes the Woodford and Caney shale formations; and the Piceance Basin, characterized by the Mesaverde, Mancos, and Niobrara shale formations.
Strategic Investments
In addition to its core services, Summit Midstream holds an equity investment in Double E Pipeline, LLC. This partnership facilitates interstate natural gas transportation service, linking various receipt points in the Delaware Basin to multiple delivery points at the Waha Hub in Texas. This strategic investment demonstrates the Company’s proactive approach to expanding its operational capabilities and market reach.
Financial Performance and Market Position
As a proactive player in the energy sector, Summit Midstream aims for sustainable growth and profitability. The Company’s focus on long-term, fee-based agreements allows it to maintain a steady revenue stream and minimize exposure to market volatility. This approach has been beneficial, particularly in a fluctuating energy market.
Future Outlook for Summitt Midstream Corporation
Looking ahead, Summit Midstream remains optimistic about its future performance. The Company is strategizing ways to navigate known and unknown challenges in the energy landscape, enhancing its operational efficiency and customer service. With a strong foundation and a clear vision, Summit Midstream is well-positioned for continued success.
Frequently Asked Questions
What is the date for the upcoming dividend payment?
The next preferred dividend payment is scheduled for March 15, 2025.
How much is the cash dividend per share?
The announced cash dividend is $51.27 per share.
What industries does Summit Midstream focus on?
Summit Midstream specializes in midstream energy infrastructure, including natural gas and crude oil services.
Where is Summit Midstream Corporation headquartered?
Summit Midstream Corporation is headquartered in Houston, Texas.
What key basins does Summit Midstream operate in?
Summit Midstream operates in five unconventional resource basins including Williston, Denver-Julesburg, Fort Worth, Arkoma, and Piceance Basins.
