Summit Midstream Corporation (NYSE: SMC) announced its board of directors authorized the company's first stock repurchase program to buy back up to $35 million of outstanding common stock.

The Houston-based midstream energy company said the program allows repurchases through open market transactions, private negotiations, block purchases, or Rule 10b5-1 trading plans, subject to federal and state securities laws compliance.

"The authorization of our inaugural share repurchase program reflects the Board's confidence in Summit's financial strength and the significant progress we have made over the past year in simplifying our balance sheet and strengthening our platform," said Heath Deneke, president, chief executive officer and chairman.

Deneke noted the company has repaid all arrears on its Series A Preferred Stock and cited improving free cash flow and financial flexibility as factors enabling the buyback program.

The timing and amount of repurchases will be determined by management based on business and market conditions, stock trading price, debt covenant compliance and other considerations. The program has no fixed expiration date and may be suspended or discontinued at any time.

Summit Midstream operates midstream energy infrastructure in five unconventional resource basins including the Williston Basin in North Dakota, Denver-Julesburg Basin in Colorado and Wyoming, Fort Worth Basin in Texas, Arkoma Basin in Oklahoma, and Piceance Basin in Colorado. The company provides natural gas, crude oil and produced water gathering, processing and transportation services under primarily long-term, fee-based agreements.