DT Midstream, Inc. (NYSE: DTM) today announced fourth quarter 2022
reported net income of $85 million, or $0.88 per diluted share. For
the fourth quarter of 2022, Operating Earnings were $91 million, or
$0.93 per diluted share. Adjusted EBITDA for the quarter was $227
million.
Reconciliations of Operating Earnings and Adjusted EBITDA
(non-GAAP measures) to reported net income are included at the end
of this news release.
“As a result of a great team effort, we delivered excellent
results in 2022. I want to thank each employee for their
contribution,” said David Slater, President and CEO. “Our
commercial successes last year will deliver strong growth over the
next two years.”
Slater noted the following significant business updates:
- Increased 2023 Adjusted EBITDA
guidance range to $880 to $920 million
- Provided 2024 Adjusted EBITDA early
outlook range of $920 to $970 million, representing 9% annual
growth from our original guidance for 2022
- Increased dividend by 8% from fourth
quarter 2022 to $0.69 per share, to be paid on April 15, 2023 to
stockholders of record on March 20, 2023
“Our strong financial results for 2022 and the durability of our
business gives us high confidence in meeting our goals for this
year and beyond,” said Jeff Jewell, Executive Vice President and
CFO.
The company has scheduled a conference call to discuss results
for 9 a.m. ET (8 a.m. CT) today. Investors, the news media and the
public may listen to a live internet broadcast of the call at this
link. The participant toll-free telephone dial-in number in the
U.S. and Canada is 888.330.2022, and the toll number is
646.960.0690; the passcode is 8347152. International access numbers
are available here.
About DT Midstream
DT Midstream (NYSE: DTM) is an owner, operator and developer of
natural gas interstate and intrastate pipelines, storage and
gathering systems, compression, treatment and surface facilities.
The company transports clean natural gas for utilities, power
plants, marketers, large industrial customers and energy producers
across the Southern, Northeastern and Midwestern United States and
Canada. The Detroit-based company offers a comprehensive,
wellhead-to-market array of services, including natural gas
transportation, storage and gathering. DT Midstream is
transitioning towards net zero greenhouse gas emissions by 2050,
including a plan of achieving 30% of its carbon emissions reduction
by 2030. For more information, please visit the DT Midstream
website at www.dtmidstream.com.
Why DT Midstream Uses Operating Earnings, Adjusted
EBITDA and Distributable Cash Flow
Use of Operating Earnings Information – Operating Earnings
exclude non-recurring items, certain mark-to-market adjustments and
discontinued operations. DT Midstream management believes that
Operating Earnings provide a more meaningful representation of the
company’s earnings from ongoing operations and uses Operating
Earnings as the primary performance measurement for external
communications with analysts and investors. Internally, DT
Midstream uses Operating Earnings to measure performance against
budget and to report to the Board of Directors.
Adjusted EBITDA is defined as GAAP net income attributable to DT
Midstream before expenses for interest, taxes, depreciation and
amortization, and loss from financing activities, further adjusted
to include the proportional share of net income from equity method
investees (excluding taxes, depreciation and amortization), and to
exclude certain items the company considers non-routine. DT
Midstream believes Adjusted EBITDA is useful to the company and
external users of DT Midstream’s financial statements in
understanding operating results and the ongoing performance of the
underlying business because it allows management and investors to
have a better understanding of actual operating performance
unaffected by the impact of interest, taxes, depreciation,
amortization and non-routine charges noted in the table below. We
believe the presentation of Adjusted EBITDA is meaningful to
investors because it is frequently used by analysts, investors and
other interested parties in the midstream industry to evaluate a
company’s operating performance without regard to items excluded
from the calculation of such measure, which can vary substantially
from company to company depending on accounting methods, book value
of assets, capital structure and the method by which assets were
acquired, among other factors. DT Midstream uses Adjusted EBITDA to
assess the company’s performance by reportable segment and as a
basis for strategic planning and forecasting.
Distributable Cash Flow (DCF) is calculated by deducting
earnings from equity method investees, depreciation and
amortization attributable to noncontrolling interests, cash
interest expense, maintenance capital investment (as defined
below), and cash taxes from, and adding interest expense, income
tax expense, depreciation and amortization, certain items we
consider non-routine and dividends and distributions from equity
method investees to, Net Income Attributable to DT Midstream.
Maintenance capital investment is defined as the total capital
expenditures used to maintain or preserve assets or fulfill
contractual obligations that do not generate incremental earnings.
We believe DCF is a meaningful performance measurement because it
is useful to us and external users of our financial statements in
estimating the ability of our assets to generate cash earnings
after servicing our debt, paying cash taxes and making maintenance
capital investments, which could be used for discretionary purposes
such as common stock dividends, retirement of debt or expansion
capital expenditures.
In this release, DT Midstream provides 2023 and 2024 Adjusted
EBITDA guidance. The reconciliation of net income to Adjusted
EBITDA as projected for full-year 2023 and 2024 is not provided. DT
Midstream does not forecast net income as it cannot, without
unreasonable efforts, estimate or predict with certainty the
components of net income. These components, net of tax, may
include, but are not limited to, impairments of assets and other
charges, divestiture costs, acquisition costs, or changes in
accounting principles. All of these components could significantly
impact such financial measures. At this time, DT Midstream is not
able to estimate the aggregate impact, if any, of these items on
future period reported earnings. Accordingly, DT Midstream is not
able to provide a corresponding GAAP equivalent for Adjusted
EBITDA.
Forward-looking Statements
This release contains statements which, to the extent they are
not statements of historical or present fact, constitute
“forward-looking statements” under the securities laws. These
forward-looking statements are intended to provide management’s
current expectations or plans for our future operating and
financial performance, business prospects, outcomes of regulatory
proceedings, market conditions, and other matters, based on what we
believe to be reasonable assumptions and on information currently
available to us.
Forward-looking statements can be identified by the use of words
such as “believe,” “expect,” “expectations,” “plans,” “strategy,”
“prospects,” “estimate,” “project,” “target,” “anticipate,” “will,”
“should,” “see,” “guidance,” “outlook,” “confident” and other words
of similar meaning. The absence of such words, expressions or
statements, however, does not mean that the statements are not
forward-looking. In particular, express or implied statements
relating to future earnings, cash flow, results of operations, uses
of cash, tax rates and other measures of financial performance,
future actions, conditions or events, potential future plans,
strategies or transactions of DT Midstream, and other statements
that are not historical facts, are forward-looking statements.
Forward-looking statements are not guarantees of future results
and conditions, but rather are subject to numerous assumptions,
risks, and uncertainties that may cause actual future results to be
materially different from those contemplated, projected, estimated,
or budgeted. Many factors may impact forward-looking statements of
DT Midstream including, but not limited to, the following: changes
in general economic conditions, including increases in interest
rates and the impact of inflation on our business; competitive
conditions in our industry; global supply chain disruptions;
actions taken by third-party operators, processors, transporters
and gatherers; changes in expected production from Southwestern
Energy and other third parties in our areas of operation; demand
for natural gas gathering, transmission, storage, transportation
and water services; the availability and price of natural gas to
the consumer compared to the price of alternative and competing
fuels; competition from the same and alternative energy sources;
our ability to successfully implement our business plan; our
ability to complete organic growth projects on time and on budget;
our ability to finance, complete, or successfully integrate
acquisitions; the price and availability of debt and equity
financing; restrictions in our existing and any future credit
facilities and indentures; energy efficiency and technology trends;
changing laws regarding cyber security and data privacy, and any
cyber security threat or event; operating hazards, environmental
risks, and other risks incidental to gathering, storing and
transporting natural gas; changes in environmental laws,
regulations or enforcement policies, including laws and regulations
relating to climate change and greenhouse gas emissions; natural
disasters, adverse weather conditions, casualty losses and other
matters beyond our control; the impact of outbreaks of illnesses,
epidemics and pandemics, and any related economic effects; the
ongoing conflict between Russia and Ukraine, including resulting
commodity price volatility and risk of cyber-based attacks; labor
relations and markets, including the ability to attract, hire and
retain key employee and contract personnel; large customer
defaults; changes in tax status, as well as changes in tax rates
and regulations; ability to develop low carbon business
opportunities and deploy greenhouse gas reducing technologies; the
effects of existing and future laws and governmental regulations;
changes in insurance markets impacting costs and the level and
types of coverage available; the timing and extent of changes in
commodity prices; the suspension, reduction or termination of our
customers’ obligations under our commercial agreements; disruptions
due to equipment interruption or failure at our facilities, or
third-party facilities on which our business is dependent; the
effects of future litigation; the qualification of the spin-off of
DT Midstream from DTE Energy ("the Spin-Off") as a tax-free
distribution; the allocation of tax attributes from DTE Energy in
accordance with the agreement that governs the respective rights,
responsibilities and obligations of DTE Energy and DT Midstream
after the Spin-Off with respect to all tax matters; and the risks
described in our Annual Report on Form 10-K for the year ended
December 31, 2022 and our reports and registration statements filed
from time to time with the SEC.
The above list of factors is not exhaustive. New factors emerge
from time to time. We cannot predict what factors may arise or how
such factors may cause actual results to vary materially from those
stated in forward-looking statements, see the discussion under the
section entitled “Risk Factors” in our Annual Report for the year
ended December 31, 2022, filed with the SEC on Form 10-K and any
other reports filed with the SEC. Given the uncertainties and risk
factors that could cause our actual results to differ materially
from those contained in any forward-looking statement, you should
not put undue reliance on any forward-looking statements.
Any forward-looking statements speak only as of the date on
which such statements are made. We are under no obligation to, and
expressly disclaim any obligation to, update or alter our
forward-looking statements, whether as a result of new information,
subsequent events or otherwise.
Investor Relations
Todd Lohrmann, DT Midstream,
313.774.2424investor_relations@dtmidstream.com
DT
Midstream, Inc. Reconciliation of Reported to
Operating Earnings (non-GAAP) |
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Three Months Ended |
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December 31, |
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September 30, |
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2022 |
|
2022 |
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Reported Earnings |
|
Pre-tax Adjustments |
|
Income Taxes |
|
Operating Earnings |
|
Reported Earnings |
|
Pre-tax Adjustments |
|
Income Taxes (1) |
|
Operating Earnings |
|
|
|
(millions) |
|
|
Pennsylvania income
tax adjustment |
|
|
$ |
— |
|
|
$ |
— |
|
|
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|
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|
$ |
— |
|
$ |
(25 |
) |
A |
|
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Equity method investee
goodwill impairment |
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7 |
|
B |
|
(1 |
) |
|
|
|
|
|
|
— |
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|
— |
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|
Net Income Attributable to DT Midstream |
$ |
85 |
|
$ |
7 |
|
|
$ |
(1 |
) |
|
$ |
91 |
|
$ |
113 |
|
$ |
— |
|
$ |
(25 |
) |
|
$ |
88 |
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Year Ended |
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December 31, |
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December 31, |
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2022 |
|
2021 |
|
|
|
Reported Earnings |
|
Pre-tax Adjustments |
|
Income Taxes (1) |
|
Operating Earnings |
|
Reported Earnings |
|
Pre-tax Adjustments |
|
Income Taxes (1) |
|
Operating Earnings |
|
|
|
(millions) |
|
|
Pennsylvania income
tax adjustment |
|
|
$ |
— |
|
|
$ |
(25 |
) |
A |
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|
$ |
— |
|
$ |
— |
|
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|
Equity method investee
goodwill impairment |
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7 |
|
B |
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(1 |
) |
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— |
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— |
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Gain on
sale |
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(17 |
) |
C |
|
5 |
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— |
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— |
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Transaction
costs |
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— |
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— |
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|
20 |
D |
|
(5 |
) |
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Loss on note
receivable |
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— |
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— |
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19 |
E |
|
(5 |
) |
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|
Net Income
Attributable to DT Midstream |
$ |
370 |
|
$ |
(10 |
) |
|
$ |
(21 |
) |
|
$ |
339 |
|
$ |
307 |
|
$ |
39 |
|
$ |
(10 |
) |
|
$ |
336 |
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(1 |
) |
Excluding tax
related adjustments, the amount of income taxes was calculated
based on a combined federal and state income tax rate, considering
the applicable jurisdictions of the respective segments and
deductibility of specific operating adjustments |
|
Adjustments Key |
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A |
Pennsylvania state
tax rate reduction impact to deferred income tax expense |
|
B |
Equity method
investee goodwill impairment — recorded in Earnings from equity
method investees |
|
C |
Gain on sale of
certain assets in the Utica shale region — recorded in Assets
(gains) losses and impairments, net |
|
D |
Transaction costs
relating to the separation of DT Midstream — recorded in Operation
and maintenance |
|
E |
Loss on note
receivable for an investment in certain assets in the Utica shale
region — recorded in Assets (gains) losses and impairments,
net |
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DT
Midstream, Inc. Reconciliation of Reported to
Operating Earnings per diluted share (2)
(non-GAAP) |
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Three Months Ended |
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|
December 31, |
|
September 30, |
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|
2022 |
|
2022 |
|
|
|
Reported Earnings |
|
Pre-tax Adjustments |
|
Income Taxes |
|
Operating Earnings |
|
Reported Earnings |
|
Pre-tax Adjustments |
|
Income Taxes (1) |
|
Operating Earnings |
|
|
|
(per share) |
|
|
Pennsylvania income
tax adjustment |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
$ |
— |
|
$ |
(0.26 |
) |
A |
|
|
|
Equity method investee
goodwill impairment |
|
|
|
0.08 |
|
B |
|
(0.03 |
) |
|
|
|
|
|
|
— |
|
|
— |
|
|
|
|
|
Net Income Attributable to DT Midstream |
$ |
0.88 |
|
$ |
0.08 |
|
|
$ |
(0.03 |
) |
|
$ |
0.93 |
|
$ |
1.16 |
|
$ |
— |
|
$ |
(0.26 |
) |
|
$ |
0.90 |
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Year Ended |
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December 31, |
|
December 31, |
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2022 |
|
2021 (3) |
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|
Reported Earnings |
|
Pre-tax Adjustments |
|
Income Taxes (1) |
|
Operating Earnings |
|
Reported Earnings |
|
Pre-tax Adjustments |
|
Income Taxes (1) |
|
Operating Earnings |
|
|
|
(per share) |
|
|
Pennsylvania income
tax adjustment |
|
|
$ |
— |
|
|
$ |
(0.26 |
) |
A |
|
|
|
|
$ |
— |
|
$ |
— |
|
|
|
|
|
Equity method investee
goodwill impairment |
|
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|
0.08 |
|
B |
|
(0.03 |
) |
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|
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Gain on
sale |
|
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|
(0.17 |
) |
C |
|
0.05 |
|
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|
|
— |
|
|
— |
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Transaction
costs |
|
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|
— |
|
|
|
— |
|
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|
0.20 |
D |
|
(0.05 |
) |
|
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|
Loss on note
receivable |
|
|
|
— |
|
|
|
— |
|
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|
0.20 |
E |
|
(0.05 |
) |
|
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|
Net Income
Attributable to DT Midstream |
$ |
3.81 |
|
$ |
(0.09 |
) |
|
$ |
(0.24 |
) |
|
$ |
3.48 |
|
$ |
3.16 |
|
$ |
0.40 |
|
$ |
(0.10 |
) |
|
$ |
3.46 |
|
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(1 |
) |
Excluding tax
related adjustments, the amount of income taxes was calculated
based on a combined federal and state income tax rate, considering
the applicable jurisdictions of the respective segments and
deductibility of specific operating adjustments |
|
(2 |
) |
Per share amounts
are divided by Weighted Average Common Shares Outstanding —
Diluted, as noted on the Consolidated Statements of Operations |
|
(3 |
) |
In anticipation
of the separation from DTE Energy, shares issued and outstanding as
of June 30, 2021 of 96.7 million were treated as issued and
outstanding for calculated historical earnings per share |
|
Adjustments Key |
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|
A |
Pennsylvania state
tax rate reduction impact to deferred income tax expense |
|
B |
Equity method
investee goodwill impairment — recorded in Earnings from equity
method investees |
|
C |
Gain on sale of
certain assets in the Utica shale region — recorded in Assets
(gains) losses and impairments, net |
|
D |
Transaction costs
relating to the separation of DT Midstream — recorded in Operation
and maintenance |
|
E |
Loss on note
receivable for an investment in certain assets in the Utica shale
region — recorded in Assets (gains) losses and impairments,
net |
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DT
Midstream, Inc. Reconciliation of Net Income
Attributable to DT Midstream to Adjusted EBITDA
(non-GAAP) |
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|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2021 |
|
|
Consolidated |
(millions) |
|
Net Income Attributable to DT
Midstream |
$ |
85 |
|
|
$ |
113 |
|
|
$ |
370 |
|
|
$ |
307 |
|
|
Plus: Interest expense |
|
38 |
|
|
|
35 |
|
|
|
137 |
|
|
|
112 |
|
|
Plus: Income tax expense |
|
35 |
|
|
|
7 |
|
|
|
100 |
|
|
|
104 |
|
|
Plus: Depreciation and
amortization |
|
44 |
|
|
|
42 |
|
|
|
170 |
|
|
|
166 |
|
|
Plus: Loss from financing
activities |
|
— |
|
|
|
— |
|
|
|
13 |
|
|
|
— |
|
|
Plus: EBTDA from equity method
investees (1) |
|
63 |
|
|
|
48 |
|
|
|
206 |
|
|
|
174 |
|
|
Plus: Adjustments for
non-routine items (2) |
|
7 |
|
|
|
— |
|
|
|
(10 |
) |
|
|
39 |
|
|
Less: Interest income |
|
(1 |
) |
|
|
(1 |
) |
|
|
(3 |
) |
|
|
(4 |
) |
|
Less: Earnings from equity
method investees |
|
(43 |
) |
|
|
(36 |
) |
|
|
(150 |
) |
|
|
(126 |
) |
|
Less: Depreciation and
amortization attributable to noncontrolling interests |
|
(1 |
) |
|
|
(1 |
) |
|
|
(3 |
) |
|
|
(4 |
) |
|
Adjusted EBITDA |
$ |
227 |
|
|
$ |
207 |
|
|
$ |
830 |
|
|
$ |
768 |
|
|
|
|
|
|
|
|
|
|
(1 |
) |
Includes share of
our equity method investees’ earnings before taxes, depreciation
and amortization, which we refer to as “EBTDA.” A reconciliation of
earnings from equity method investees to EBTDA from equity method
investees follows: |
|
|
Three Months Ended |
Year Ended |
|
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
(millions) |
|
Earnings from equity methods
investees |
$ |
43 |
|
|
$ |
36 |
|
|
$ |
150 |
|
|
$ |
126 |
|
|
Plus: Depreciation and
amortization attributable to equity method investees |
|
20 |
|
|
|
12 |
|
|
|
56 |
|
|
|
48 |
|
|
EBTDA from equity method
investees |
$ |
63 |
|
|
$ |
48 |
|
|
$ |
206 |
|
|
$ |
174 |
|
|
|
|
|
|
|
|
|
|
(2 |
) |
Adjusted EBITDA
calculation excludes certain items we consider non-routine. For the
three months ended December 31, 2022, adjustments for
non-routine items included an equity method investee goodwill
impairment of $7 million. For the year ended December 31,
2022, adjustments for non-routine items included a $17 million gain
on sale of certain assets in the Utica shale region, partially
offset by an equity method investee goodwill impairment of
$7 million. For the year ended December 31, 2021, adjustments
for non-routine items included a $19 million loss on notes
receivable and $20 million of separation-related transaction
costs. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DT
Midstream, Inc. Reconciliation of Net Income
Attributable to DT Midstream to Adjusted
EBITDAPipeline Segment (non-GAAP) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2021 |
|
|
Pipeline |
(millions) |
|
Net Income Attributable to DT
Midstream |
$ |
58 |
|
|
$ |
70 |
|
|
$ |
228 |
|
|
$ |
178 |
|
|
Plus: Interest expense |
|
16 |
|
|
|
15 |
|
|
|
57 |
|
|
|
51 |
|
|
Plus: Income tax expense |
|
22 |
|
|
|
5 |
|
|
|
62 |
|
|
|
62 |
|
|
Plus: Depreciation and
amortization |
|
17 |
|
|
|
15 |
|
|
|
63 |
|
|
|
63 |
|
|
Plus: Loss from financing
activities |
|
— |
|
|
|
— |
|
|
|
6 |
|
|
|
— |
|
|
Plus: EBTDA from equity method
investees (1) |
|
63 |
|
|
|
48 |
|
|
|
206 |
|
|
|
174 |
|
|
Plus: Adjustments for
non-routine items (2) |
|
7 |
|
|
|
— |
|
|
|
7 |
|
|
|
10 |
|
|
Less: Interest income |
|
— |
|
|
|
(1 |
) |
|
|
(1 |
) |
|
|
(1 |
) |
|
Less: Earnings from equity
method investees |
|
(43 |
) |
|
|
(36 |
) |
|
|
(150 |
) |
|
|
(126 |
) |
|
Less: Depreciation and
amortization attributable to noncontrolling interests |
|
(1 |
) |
|
|
(1 |
) |
|
|
(3 |
) |
|
|
(4 |
) |
|
Adjusted EBITDA |
$ |
139 |
|
|
$ |
115 |
|
|
$ |
475 |
|
|
$ |
407 |
|
|
|
|
|
|
|
|
|
|
(1 |
) |
Includes share of
our equity method investees’ earnings before taxes, depreciation
and amortization, which we refer to as “EBTDA.” A reconciliation of
earnings from equity method investees to EBTDA from equity method
investees follows: |
|
|
Three Months Ended |
Year Ended |
|
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
(millions) |
|
Earnings from equity methods
investees |
$ |
43 |
|
|
$ |
36 |
|
|
$ |
150 |
|
|
$ |
126 |
|
|
Plus: Depreciation and
amortization attributable to equity method investees |
|
20 |
|
|
|
12 |
|
|
|
56 |
|
|
|
48 |
|
|
EBTDA from equity method
investees |
$ |
63 |
|
|
$ |
48 |
|
|
$ |
206 |
|
|
$ |
174 |
|
|
|
|
|
|
|
|
|
|
(2 |
) |
Adjusted EBITDA
calculation excludes certain items we consider non-routine. For the
three months and year ended December 31, 2022, adjustments for
non-routine items included an equity method investee goodwill
impairment of $7 million. For the year ended December 31,
2021, adjustments for non-routine items included $10 million of
separation related transaction costs. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DT
Midstream, Inc. Reconciliation of Net Income
Attributable to DT Midstream to Adjusted
EBITDAGathering Segment (non-GAAP) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
|
|
2022 |
|
|
|
2022 |
|
|
2022 |
|
|
|
2021 |
|
|
Gathering |
(millions) |
|
Net Income Attributable to DT
Midstream |
$ |
27 |
|
|
$ |
43 |
|
$ |
142 |
|
|
$ |
129 |
|
|
Plus: Interest expense |
|
22 |
|
|
|
20 |
|
|
80 |
|
|
|
61 |
|
|
Plus: Income tax expense |
|
13 |
|
|
|
2 |
|
|
38 |
|
|
|
42 |
|
|
Plus: Depreciation and
amortization |
|
27 |
|
|
|
27 |
|
|
107 |
|
|
|
103 |
|
|
Plus: Loss from financing
activities |
|
— |
|
|
|
— |
|
|
7 |
|
|
|
— |
|
|
Plus: Adjustments for
non-routine items (1) |
|
— |
|
|
|
— |
|
|
(17 |
) |
|
|
29 |
|
|
Less: Interest income |
|
(1 |
) |
|
|
— |
|
|
(2 |
) |
|
|
(3 |
) |
|
Adjusted EBITDA |
$ |
88 |
|
|
$ |
92 |
|
$ |
355 |
|
|
$ |
361 |
|
|
|
|
|
|
|
|
|
|
(1 |
) |
Adjusted EBITDA
calculation excludes certain items we consider non-routine. For the
year ended December 31, 2022, adjustments for non-routine items
included a $17 million gain on sale of certain assets in the Utica
shale region. For the year ended December 31, 2021, adjustments for
non-routine items included a $19 million loss on notes receivable
and $10 million of separation-related transaction costs. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DT
Midstream, Inc. Reconciliation of Net Income
Attributable to DT Midstream to Distributable Cash Flow
(non-GAAP) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
(millions) |
|
Net Income Attributable to DT
Midstream |
$ |
85 |
|
|
$ |
113 |
|
|
$ |
370 |
|
|
$ |
307 |
|
|
Plus: Interest expense |
|
38 |
|
|
|
35 |
|
|
|
137 |
|
|
|
112 |
|
|
Plus: Income tax expense |
|
35 |
|
|
|
7 |
|
|
|
100 |
|
|
|
104 |
|
|
Plus: Depreciation and
amortization |
|
44 |
|
|
|
42 |
|
|
|
170 |
|
|
|
166 |
|
|
Plus: Loss from financing
activities |
|
— |
|
|
|
— |
|
|
|
13 |
|
|
|
— |
|
|
Plus: Adjustments for
non-routine items (1) |
|
— |
|
|
|
— |
|
|
|
(17 |
) |
|
|
39 |
|
|
Less: Earnings from equity
method investees |
|
(43 |
) |
|
|
(36 |
) |
|
|
(150 |
) |
|
|
(126 |
) |
|
Less: Depreciation and
amortization attributable to noncontrolling interests |
|
(1 |
) |
|
|
(1 |
) |
|
|
(3 |
) |
|
|
(4 |
) |
|
Plus: Dividends and
distributions from equity method investees |
|
70 |
|
|
|
40 |
|
|
|
198 |
|
|
|
138 |
|
|
Less: Cash interest
expense |
|
(66 |
) |
|
|
(4 |
) |
|
|
(125 |
) |
|
|
(103 |
) |
|
Less: Cash taxes |
|
(15 |
) |
|
|
(2 |
) |
|
|
(24 |
) |
|
|
(3 |
) |
|
Less: Maintenance capital
investment (2) |
|
(7 |
) |
|
|
(8 |
) |
|
|
(22 |
) |
|
|
(34 |
) |
|
Distributable Cash Flow |
$ |
140 |
|
|
$ |
186 |
|
|
$ |
647 |
|
|
$ |
596 |
|
|
|
|
|
|
|
|
|
|
(1 |
) |
Distributable Cash
Flow calculation excludes certain items we consider non-routine.
For the year ended December 31, 2022, adjustments for
non-routine items included a $17 million gain on sale of certain
assets in the Utica shale region. For the year ended December 31,
2021, adjustments for non-routine items included a $19 million loss
on notes receivable and $20 million of separation-related
transaction costs. |
(2 |
) |
Maintenance
capital investment is defined as the total capital expenditures
used to maintain or preserve assets or fulfill contractual
obligations that do not generate incremental earnings. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DT Midstream (NYSE:DTM)
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