Hello, and welcome to Summit Midstream Corporation Third Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to Randall Burton. You may begin.

Thanks, operator, and good morning, everyone. If you don’t already have a copy of our earnings release, please visit our website at www.summitmidstream.com, where you’ll find it on the homepage, Events and Presentations section or Quarterly Results section. With me today to discuss our third quarter of 2024 financial and operating results is Heath Deneke, our President, Chief Executive Officer and Chairman; Bill Mault, our Chief Financial Officer, along with other members of our senior management team. Before we start, I’d like to remind you that our discussion today may contain forward-looking statements. These statements may include, but are not limited to, our estimates of future volumes, operating expenses and capital expenditures. They may also include statements concerning anticipated cash flow, liquidity, business strategy and other plans and objectives for future operations. Although, we believe that the expectations reflected in such forward-looking statements are reasonable, we can provide no assurance that such expectations will prove to be correct. Please see SMLP’s 2023 Annual Report on Form 10-K and Exhibit 99.1 to the partnership’s current report on Form 8-K filed with the SEC on June 3, 2024, as well as SMC’s registration statement on Form S-4 as declared effective on June 14, 2024, for a listing of factors that could cause actual results to differ materially from expected results. Please also note that on this call, we use the terms EBITDA, adjusted EBITDA, distributable cash flow and free cash flow. These are non-GAAP financial measures, and we have provided reconciliations to the most directly comparable GAAP measures in our most recent earnings release. And with that, I’ll turn the call over to Heath.

Thanks, Randall, and good morning, everyone. Summit had a strong third quarter, generating $45.2 million in adjusted EBITDA, representing about 9% quarter-over-quarter growth, all while we continue to execute on our broader corporate strategy through several critical transactions. Before jumping in on operations, I wanted to quickly recap the progress we made on the corporate strategy front. During the third quarter, we reorganized Summit from an MLP to a C-Corp, which simplified our corporate structure, made our stock appeal to a broader set of investors and more than double our overall trading liquidity thus far. We also executed on a series of refinancing transactions, which significantly reduced the total quantum of debt outstanding, reduced our overall cost of capital and pushed the nearest debt maturity out to 2029. And finally, on October 1, we announced the acquisition of Tall Oak Midstream in the Arkoma Basin. This is a very value-accretive and balance sheet-enhancing transaction, which we believe increases our scale, further diversifies our portfolio with the addition of a high-growth gas weighted asset and accelerates the potential timing of a return of capital program for our shareholders. Pro forma for the Tall Oak transaction, Summit expects is to be about 3.8 times levered at closing with approximately $250 million of pro forma 2024 adjusted EBITDA. So all three of these strategic transactions position Summit, we believe, for continued growth and substantial value creation for our shareholders going forward. Now turning to operations. We continue to see encouraging levels of activity behind our systems, which we expect will lead to continued adjusted EBITDA growth in the fourth quarter as well. During the third quarter, we connected 38 wells and currently have six rigs running behind our systems. None of the wells connected during the quarter were in the Barnett region, which…

Thanks, Heath, and good morning, everyone. Summit reported a second quarter net loss of $197 million, which was impacted by $142 million of non-cash income tax expense associated with establishing Summit’s deferred tax liability associated with the C-Corp conversion. We generated adjusted EBITDA of $45.2 million, representing solid quarter-over-quarter growth and capital expenditures of $10.9 million with the majority of the CapEx spent in the Rockies associated with pad connects and the new project Heath mentioned. With respect to SMLP’s balance sheet, we have net debt of approximately $728 million. Our available borrowing capacity at the end of third quarter totaled approximately $350 million, which included $1 million of LCs. Now onto the segments. In the Rockies segment, which is inclusive of our DJ and Williston Basin systems, we generated adjusted EBITDA of $24.9 million, a 9% increase relative to the second quarter. The increase in adjusted EBITDA is due primarily to increased product margin. And as Heath mentioned, we finished up some maintenance on the DJ system, which really negatively impacted earnings in the second quarter. With that maintenance complete, we are not offloading as much gas to neighboring systems. In addition, while volumes were relatively flat quarter-over-quarter, we had relatively more volume coming from higher margin contracts. On the crude side, liquids volumes averaged 70,000 barrels a day, a decrease of 5,000 barrels a day relative to the second quarter, due primarily to natural production declines and no new wells connected to the system. Natural gas volumes averaged 128 million cubic feet a day, a decrease of 2 million cubic feet per day relative to the second quarter and we connected 28 wells in the DJ during the quarter. The Rockies segment currently has 5 rigs running behind the systems and approximately 90 DUCs. The Permian Basin segment,…

Thank you, Bill. Before I hand the call over for questions, I wanted to remind everyone of our upcoming special meeting of shareholders scheduled for November 29 of 2024. We filed a definitive proxy related to the Tall Oak acquisition with the SEC on October 31, materials have been mailed out to all shareholders. We strongly encourage all shareholders to vote for this very important and value enhancing transaction. If there are any questions related to the proxy or otherwise, please don’t hesitate to reach out to us. And with that operator, please open the line for questions.

Thank you. [Operator Instructions] Ladies and gentlemen, I’m showing no questions in the queue. That concludes today’s conference call. Thank you for your participation. You may now disconnect. : :