Summit Midstream Corp (NYSE:SMC), a natural gas transmission company with a market capitalization of $304 million and annual revenue of $444 million, has updated its executive compensation agreements, as reported in an 8-K filing with the SEC. The adjustments were made to the compensation of three key executives, effective as of March 28, 2025. According to InvestingPro analysis, the company is currently trading below its Fair Value despite facing profitability challenges, with shares down 25% year-to-date.
J. Heath Deneke, whose role within the company was not specified in the filing, will now have an annual base salary of $795,000. His target annual bonus is set at 120% of the base salary, with a potential payout ranging from zero to 300% based on performance. Additionally, his long-term incentive plan (LTIP) target is 450% of his annual base salary.
For James D. Johnston and William J. Mault, the updated compensation sets their annual base salaries at $450,000 each. Their target annual bonuses are 85% of their respective base salaries, with performance-based payouts ranging from zero to 200%. Their annual LTIP targets are 233% and 240% of their annual base salaries, respectively.
These changes are amendments to their existing employment agreements and do not affect other terms of their employment.
In other company news, the annual meeting of stockholders was held on May 8, 2025. The stockholders elected two Class I directors, J. Lee Jacobe and Jerry L. Peters, to the Board of Directors for a three-year term expiring in 2028. Jason H. Downie was elected by Class B stockholders to serve the same term. Additionally, stockholders ratified the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025. They also approved an advisory resolution on executive compensation.
The information provided in this article is based on Summit Midstream Corp’s SEC filing.
In other recent news, Summit Midstream Corporation has provided an update on its acquisition of Tall Oak Midstream Operating, LLC by filing additional unaudited pro forma financial data for the year ended December 31, 2024. This update aims to give investors a clearer picture of the financial impact of the acquisition on Summit Midstream’s operations. The company had initially announced the completion of the Tall Oak Acquisition on December 3, 2024, which involved acquiring equity interests in exchange for cash and equity consideration. This strategic move is part of Summit Midstream’s efforts to strengthen its position in the natural gas transmission sector. In another development, Summit Midstream has completed the acquisition of Moonrise Midstream, LLC for $90 million, comprising $70 million in cash and $20 million in Summit equity. This acquisition adds significant infrastructure, including natural gas and crude oil gathering pipelines and a processing plant, which is expected to enhance Summit’s operations in the DJ Basin. The Moonrise assets are supported by long-term, fee-based contracts, which align with Summit’s consolidation strategy and are expected to create operational and commercial synergies.
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