Summit Midstream is a midstream energy infrastructure company that gathers, compresses, treats, and processes natural gas, crude oil, and produced water from unconventional shale basins across the continental U.S. Summit operates four segments: Rockies (Williston and DJ Basins), Permian (Double E Pipeline), Mid-Con (Barnett Shale and Arkoma Basin), and Piceance (western Colorado). Summit's primary customers are upstream producers who dedicate acreage to Summit's systems under long-term contracts, obligating them to send production through Summit's infrastructure within defined areas. Summit charges fees for gathering, compressing, treating, and processing hydrocarbons — a fee-based model that limits direct commodity price exposure, though roughly 48% of FY25 revenue had some commodity price linkage. Summit also owns 70% of Double E, a 135-mile FERC-regulated interstate natural gas pipeline in the Permian Basin connecting the Delaware Basin to the Waha hub in Texas, underpinned by ~1.1 Bcf/d of long-term take-or-pay contracts. The primary driver of Summit's financials is volume throughput, which depends on how actively producers drill within Summit's acreage dedications. Summit's growth strategy focuses on organic well connects from existing customers, bolt-on acquisitions like Tall Oak (closed December 2024) and Moonrise Midstream (~$90M, closed March 2025), and filling Double E's remaining uncontracted capacity through new long-term firm agreements.