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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 29, 2024

Commission File Number: 1-40392

DT Midstream, Inc.

Delaware 38-2663964
(State or other jurisdiction of
incorporation or organization)
(I.R.S Employer
Identification No.)

 

Registrant's address of principal executive offices: 500 Woodward Ave., Suite 2900, Detroit, Michigan 48226-1279

Registrant’s telephone number, including area code: (313) 402-8532

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class   Trading Symbol(s)   Name of Exchange on which Registered
Common stock, par value $0.01   DTM   New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under Exchange Act (17 CFR 240.12b-2).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

   

 

 

Item 2.02.Results of Operations and Financial Condition.

DT Midstream, Inc. (“DT Midstream”) is furnishing the Securities and Exchange Commission with its earnings release issued October 29, 2024, announcing financial results for the quarter ended September 30, 2024. A copy of the earnings release, including supplemental financial information, is furnished as Exhibit 99.1 and incorporated by reference.

Item 7.01.Regulation FD Disclosure.

DT Midstream is furnishing the SEC with its slide presentation issued October 29, 2024. A copy of the slide presentation is furnished as Exhibit 99.2 and incorporated herein by reference.

 

In DT Midstream’s earnings release issued on October 29, 2024, DT Midstream also announced that its Board of Directors has declared a quarterly cash dividend of $0.735 per share of common stock. The dividend is payable to DT Midstream’s stockholders of record as of December 16, 2024, and is expected to be paid on January 15, 2025.

 

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth in such a filing.

 

 

Item 9.01Financial Statements and Exhibits.
Exhibit   Description
     
99.1   Earnings Release of DT Midstream dated October 29, 2024.
99.2   Slide Presentation of DT Midstream dated October 29, 2024.
104   Cover Page Interactive Data File (embedded within the Inline XBRL document).

Forward-Looking Statements:

This Current Report on Form 8-K contains forward-looking statements that are subject to various assumptions, risks and uncertainties. It should be read in conjunction with the “Forward-Looking Statements” section in DT Midstream’s Form 10-K (which section is incorporated by reference herein), and in conjunction with other SEC reports filed by DT Midstream that discuss important factors that could cause DT Midstream’s actual results to differ materially. DT Midstream expressly disclaims any current intention to update any forward-looking statements contained in this report as a result of new information or future events or developments.

 

   

 


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: October 29, 2024

DT MIDSTREAM, INC.

(Registrant)

by
  /s/ Jeffrey Jewell
  Name: Jeffrey Jewell
  Title:   Chief Financial Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NEWS RELEASE

  

DT Midstream Reports Strong Third Quarter 2024 Results; Raises Adjusted EBITDA Guidance

DETROIT, Oct. 29, 2024 – DT Midstream, Inc. (NYSE: DTM) today announced third quarter 2024 reported net income of $88 million, or $0.90 per diluted share. For the third quarter of 2024, Operating Earnings were also $88 million, or $0.90 per diluted share. Adjusted EBITDA for the quarter was $241 million.

Reconciliations of Operating Earnings and Adjusted EBITDA (non-GAAP measures) to reported net income are included at the end of this news release.

The company also announced that the DT Midstream Board of Directors declared a $0.735 per share dividend on its common stock payable January 15, 2025 to stockholders of record at the close of business December 16, 2024.

“We continue our strong performance in 2024,” said David Slater, President and CEO. “And we have made great progress advancing new opportunities which will support our future growth.”

Slater noted the following significant business updates:

Reached final investment decision on the Phase 4 expansion of the LEAP system, which will expand the system to 2.1 Bcf/d by the first half of 2026
Upsized the future interconnect between our Stonewall System and Mountain Valley Pipeline
Upgraded to investment-grade by Fitch Ratings

“Our year-to-date results are ahead of plan,” said Jeff Jewell, Executive Vice President and CFO. “Our strong performance is leading us to increase our Adjusted EBITDA guidance for 2024 to $950 - $980 million.”

The company has scheduled a conference call to discuss results for 9:00 a.m. ET (8:00 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 888.596.4144, and the toll number is 646.968.2525; the passcode is 4749988. International access numbers are available here. The webcast will be archived on the DT Midstream website at investor.dtmidstream.com.

# # #

 

   

 

 

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 goal 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 interest, 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.

 

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 associated Federal Reserve

 

   

 

 

policies, a potential economic recession, and the impact of inflation on our business; industry changes, including the impact of consolidations, alternative energy sources, technological advances, infrastructure constraints and changes in competition; global supply chain disruptions; actions taken by third-party operators, processors, transporters and gatherers; changes in expected production from Expand 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; our ability to successfully and timely 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; the effectiveness of our information technology and operational technology systems and practices to detect and defend against evolving cyber attacks on United States critical infrastructure; changing laws regarding cybersecurity and data privacy, and any cybersecurity threat or event; operating hazards, environmental risks, and other risks incidental to gathering, storing and transporting natural gas; geologic and reservoir risks and considerations; 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 impacts of geopolitical events, including the conflicts in Ukraine and the Middle East; 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; the effects and associated cost of compliance with existing and future laws and governmental regulations, such as the Inflation Reduction Act; changes in environmental laws, regulations or enforcement policies, including laws and regulations relating to climate change and greenhouse gas emissions; ability to develop low carbon business opportunities and deploy greenhouse gas reducing technologies; changes in insurance markets impacting costs and the level and types of coverage available; the timing and extent of changes in commodity prices; the success of our risk management strategies; 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; and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2023 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, 2023, 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, 313.774.2424
investor_relations@dtmidstream.com

 

 

 

 

 

 

   

 

 

DT Midstream, Inc.
Reconciliation of Reported to Operating Earnings (non-GAAP, unaudited)
   Three Months Ended
   September 30, 2024  June 30, 2024
   Reported Earnings  Pre-tax Adjustments  Income Taxes(1)  Operating Earnings  Reported Earnings  Pre-tax Adjustments  Income Taxes(1)  Operating Earnings
   (millions)
Adjustments     $   $         $   $    
Net Income Attributable to DT Midstream  $88   $—     $—     $88   $96   $—     $—     $96 
                                         
   Nine Months Ended
   September 30, 2024  September 30, 2023
   Reported Earnings  Pre-tax Adjustments  Income Taxes(1)  Operating Earnings  Reported Earnings  Pre-tax Adjustments  Income Taxes(1)  Operating Earnings
   (millions)
Adjustments       $—     $—               $—     $—        
Net Income Attributable to DT Midstream  $281   $—     $—     $281   $263   $—     $—     $263 
                                         

  (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
 

   

 

 

DT Midstream, Inc.
Reconciliation of Reported to Operating Earnings per diluted share(2) (non-GAAP, unaudited)
    
   Three Months Ended
   September 30, 2024  June 30, 2024
   Reported Earnings  Pre-tax Adjustments  Income Taxes(1)  Operating Earnings  Reported Earnings  Pre-tax Adjustments  Income Taxes(1)  Operating Earnings
   (per share)
Adjustments     $   $         $   $    
Net Income Attributable to DT Midstream  $0.90   $—     $—     $0.90   $0.98   $—     $—     $0.98 
                                         
   Nine Months Ended
   September 30, 2024  September 30, 2023
   Reported Earnings  Pre-tax Adjustments  Income Taxes(1)  Operating Earnings  Reported Earnings  Pre-tax Adjustments  Income Taxes(1)  Operating Earnings
   (per share)
Adjustments       $—     $—               $—     $—        
Net Income Attributable to DT Midstream  $2.87   $—     $—     $2.87   $2.70   $—     $—     $2.70 
                                         
  (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
 
   

 

DT Midstream, Inc.
Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA (non-GAAP, unaudited)
       
   Three Months Ended  Nine Months Ended
   September 30, 2024  June 30, 2024  September 30, 2024  September 30, 2023
Consolidated  (millions)
Net Income Attributable to DT Midstream  $88   $96   $281   $263 
Plus: Interest expense   38    39    117    111 
Plus: Income tax expense   30    33    94    102 
Plus: Depreciation and amortization   53    53    156    133 
Plus: Loss from financing activities   4    —      4    —   
Plus: EBITDA from equity method investees (1)   70    67    212    212 
Less: Interest income   (1)   —      (2)   (1)
Less: Earnings from equity method investees   (40)   (39)   (125)   (132)
Less: Depreciation and amortization attributable to noncontrolling interests   (1)   (1)   (3)   (3)
Adjusted EBITDA  $241   $248   $734   $685 
                     

  (1) Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:
 

   Three Months Ended  Nine Months Ended
   September 30, 2024  June 30, 2024  September 30, 2024  September 30, 2023
   (millions)
Earnings from equity methods investees  $40   $39   $125   $132 
Plus: Depreciation and amortization attributable to equity method investees   20    21    61    61 
Plus: Interest expense attributable to equity method investees   10    7    26    19 
EBITDA from equity method investees  $70   $67   $212   $212 
   

 

 

DT Midstream, Inc.
Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA
Pipeline Segment (non-GAAP, unaudited)
             
   Three Months Ended  Nine Months Ended
   September 30, 2024  June 30, 2024  September 30, 2024  September 30, 2023
Pipeline  (millions)
Net Income Attributable to DT Midstream  $71   $71   $216   $185 
Plus: Interest expense   12    12    37    42 
Plus: Income tax expense   24    24    72    72 
Plus: Depreciation and amortization   18    19    55    50 
Plus: Loss from financing activities   2    —      2    —   
Plus: EBITDA from equity method investees (1)   70    67    212    212 
Less: Interest income   —      —      (1)   (1)
Less: Earnings from equity method investees   (40)   (39)   (125)   (132)
Less: Depreciation and amortization attributable to noncontrolling interests   (1)   (1)   (3)   (3)
Adjusted EBITDA  $156   $153   $465   $425 
                     

  (1) Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:
     

   Three Months Ended  Nine Months Ended
   September 30, 2024  June 30, 2024  September 30, 2024  September 30, 2023
   (millions)
Earnings from equity methods investees  $40   $39   $125   $132 
Plus: Depreciation and amortization attributable to equity method investees   20    21    61    61 
Plus: Interest expense attributable to equity method investees   10   $7    26    19 
EBITDA from equity method investees  $70   $67   $212   $212 

   

 

DT Midstream, Inc.
Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA
Gathering Segment (non-GAAP, unaudited)
             
   Three Months Ended  Nine Months Ended
   September 30, 2024  June 30, 2024  September 30, 2024  September 30, 2023
Gathering  (millions)
Net Income Attributable to DT Midstream  $17   $25   $65   $78 
Plus: Interest expense   26    27    80    69 
Plus: Income tax expense   6    9    22    30 
Plus: Depreciation and amortization   35    34    101    83 
Plus: Loss from financing activities   2    —      2    —   
Less: Interest income   (1)   —      (1)   —   
Adjusted EBITDA  $85   $95   $269   $260 
   

 

 

DT Midstream, Inc.
Reconciliation of Net Income Attributable to DT Midstream to Distributable Cash Flow (non-GAAP, unaudited)
             
   Three Months Ended  Nine Months Ended
   September 30, 2024  June 30, 2024  September 30, 2024  September 30, 2023
Consolidated  (millions)
Net Income Attributable to DT Midstream  $88   $96   $281   $263 
Plus: Interest expense   38    39    117    111 
Plus: Income tax expense   30    33    94    102 
Plus: Depreciation and amortization   53    53    156    133 
Plus: Loss from financing activities   4    —      4    —   
Plus: Adjustments for non-routine items(1)   (416)   —      (416)   (371)
Less: Earnings from equity method investees   (40)   (39)   (125)   (132)
Less: Depreciation and amortization attributable to noncontrolling interests   (1)   (1)   (3)   (3)
Plus: Dividends and distributions from equity method investees   465    50    590    557 
Less: Cash interest expense   (6)   (64)   (80)   (76)
Less: Cash taxes   (4)   (1)   (7)   (21)
Less: Maintenance capital investment(2)   (4)   (6)   (17)   (22)
Distributable Cash Flow  $207   $160   $594   $541 
                     

  (1) Distributable Cash Flow calculation excludes certain items we consider non-routine. For the three and nine months ended September 30, 2024, adjustments for non-routine items included the $416 million Millennium financing distribution. For the nine months ended September 30, 2023, adjustments for non-routine items included the $371 million NEXUS financing distribution.
  (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.
 

# # #

   

 

 

 

Third Quarter 2024 Earnings Call October 29, 2024 Ammons compressor station - Appalachia Gathering System phase 2 expansion DT Midstream

   

 

 

 

Safe Harbor Statement This presentation 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 associated Federal Reserve policies, a potential economic recession, and the impact of inflation on our business; industry changes, including the impact of consolidations, alternative energy sources, technological advances, infrastructure constraints and changes in competition; global supply chain disruptions; actions taken by third-party operators, processors, transporters and gatherers; changes in expected production from Expand 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; our ability to successfully and timely 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; the effectiveness of our information technology and operational technology systems and practices to detect and defend against evolving cyber attacks on United States critical infrastructure; changing laws regarding cybersecurity and data privacy, and any cybersecurity threat or event; operating hazards, environmental risks, and other risks incidental to gathering, storing and transporting natural gas; geologic and reservoir risks and considerations; 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 impacts of geopolitical events, including the conflicts in Ukraine and the Middle East; 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; the effects and associated cost of compliance with existing and future laws and governmental regulations, such as the Inflation Reduction Act; changes in environmental laws, regulations or enforcement policies, including laws and regulations relating to climate change and greenhouse gas emissions; ability to develop low carbon business opportunities and deploy greenhouse gas reducing technologies; changes in insurance markets impacting costs and the level and types of coverage available; the timing and extent of changes in commodity prices; the success of our risk management strategies; 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; and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2023 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, 2023, 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. DT Midstream 2

   

 

  

 

Third Quarter 2024 Accomplishments Strong financial performance Third quarter 2024 net income of $88 million and Adjusted EBITDA1 of $241 million Raising 2024 Adjusted EBITDA guidance range to $950 - $980 million Confident in 2025 Adjusted EBITDA early outlook of $980 - $1,040 million Upgraded to investment grade by Fitch Ratings Successful commercial development activity Reached FID on Phase 4 LEAP expansion of 200 MMcf/d, which will increase total system capacity to 2.1 Bcf/d Upsized interconnect between our Stonewall System and Mountain Valley Pipeline Advancing discussions on data center-related opportunities Continuing to advance energy transition platform Initial construction underway for clean fuels gathering project Detailed engineering continues for Louisiana CCS project; awaiting Class VI well permit requirements from the State of Louisiana DT Midstream 1. Definition and reconciliation of Adjusted EBITDA (non-GAAP) to net income included in the appendix 3

   

 

 

 

DTM Provides a Distinctive Investment Opportunity Premium, high-quality attributes compared to other gas-focused peers Leading Organic Growth 5-7% long-term growth rate self-funded and fully supported by ~$1.3B organic project backlog Leading Portfolio Mix 100% natural gas focus with no marketing or commodity exposure Premier Geographic Presence Projects in top tier markets and basins positioned to capitalize on LNG and power demand growth Durable Contracting ~90% demand-based contracts1 providing resilient cash flow with ~9-year average2 contract tenor Strong Credit Profile Investment grade rated by Fitch with ~85% investment grade customers EBITDA CAGR 2021-2023 9% DTM 3% Gas-Focused Peers3 Dividend CAGR 2021-2023 7% DTM 3% Gas-Focused Peers3 Highest Pipeline Contribution in Section4 Adjusted EBITDA5 Pipeline 65% Gathering 35% DT Midstream 1. Represents % of 2023 revenue contribution comprised of demand, MVC or flowing gas/proved developed producing reserves 2. Overall portfolio weighted average contract tenor as of 12/31/2023 3. Average of gas-focused peers include WMB, KMI, AM 4. Based on Q4 2023 adjusted EBITDA; US-based midstream peers (AM, ENLC, ETRN, EPD, KMI, MPLX, OKE, TRGP, WES, WMB) 5. Definition and reconciliation of adjusted EBITDA (non-GAAP) to net income included in this appendix 4

   

 

 

 

Third Quarter 2024 Financial Results Adjusted EBITDA1 (millions) xx segment % of total $248 $153 $95 Q2 2024 62% 38% $241 $156 $85 Q3 2024 65% 35% Pipeline Gathering Pipeline2 Full-quarter impact of LEAP Phase 3 expansion in Q3 Gathering Results in-line when adjusting for favorable one-time items of ~$10 million in Q2 not repeating in Q3 DT Midstream 1. Definition and reconciliation of Adjusted EBITDA (non-GAAP) to net income included in the appendix 2. The terminology and asset categorization used here are for accounting purposes only and do not reflect on the jurisdictional status of any particular asset 5

   

 

 

 

LEAP Phase 4 expansion will increase capacity to 2.1 Bcf/d Haynesville System to provide additional 0.2 Bcf/d of wellhead to Gulf Coast markets access Capital efficient, lower-risk expansion provides timely access to coming LNG demand Project will provide ~0.2 Bcf/d incremental LEAP capacity, increasing capacity from 1.9 Bcf/d to 2.1 Bcf/d Project entails incremental compression and looping Expansion is underpinned by new long-term, demand-based contracts with two new LEAP customers Project expected to be in-service 1H 2026 Continuing discussions for additional expansions LEAP can be further expanded to serve growing Gulf Coast LNG and industrial corridor demand Haynesville System offers leading wellhead-to-water connectivity Texas Gillis Hub LNG Corridor Lake Charles LNG Driftwood LNG Cameron LNG CP2 Calcasieu Pass Sabine Pass LNG Port Arthur Golden Pass LNG Delfin LNG Henry Hub Plaquemines DTM assets DTM treating plants Electric compression Acreage dedication LNG facilities Operational Under development LEAP Phase 4 Expansion +200 MMcf/d LEAP capacity (Bcf/d) In-service Original 1.0 Phase 1 expansion 0.3 Aug. 2023 Phase 2 expansion 0.4 Jan. 2024 Phase 3 expansion 0.2 Jun. 2024 Phase 4 expansion 0.2 1H 2026 Total 2.1 Expansion potential ~4 DT Midstream BP(2) and Sabine WA tenor of 8.2 yrs 6

   

 

 

 

Upsizing Strategic Appalachian Basin Interconnect Expansion increases interconnect capacity and access to growing Mid-Atlantic market NEXUS Pipeline Access to Midwest Markets Ohio West Virginia Mountain Vallely Pipeline MVP Interconnect Third-party processing plant Third-party pipeline Pennsylvania West Virginia Appalachia Gathering System Stonewall Gas Gathering Access to Mid-Atlantic Markets New agreement expanding Mountain Valley Pipeline (MVP) interconnect Increases outlet capacity on Stonewall by 100 MMcf/d Expected to be in-service 1H 2026 Strong commercial structure with new customer Anchored by a long-term contract with a large privately held producer Demand-based contract protects project economics DT Midstream 7

   

 

 

 

Upgraded to Investment Grade by Fitch Ratings Reduction in DTM debt strengthens balance sheet and extends runway to next maturity Debt maturity profile (billions) Undrawn revolver capacity Long-term debt No maturities for 5 years $1.0 $1.1 $1.0 $0.6 2024 2025 2026 2027 2028 2029 2030 2031 2032 Investment grade Fitch BBB- long-term issuer default rating Positive outlook Moody's rating 2.8x / 3.7x on-balance sheet2 / proportional leverage 1.3x reduction in on-balance sheet leverage since 2021 DT Midstream 1. As of 9/30/2024 2. Represents on-balance sheet net debt/TTM EBITDA as of 9/30/2024 1.3x reduction based on 4.1x net leverage ratio at Sept. 30, 2021 8

   

 

 

 

Guidance Updates Reflect Strong Year-to-Date Performance Increasing 2024 Adjusted EBITDA, Operating Earnings, Operating EPS and Distributable Cash Flow guidance 2024 2025 (millions, except EPS) Adjusted EBITDA1 Operating Earnings2 Operating EPS2 Distributable Cash Flow3 Capital Expenditures Growth Capital4 Maintenance Capital Adjusted EBITDA (early outlook) Prior Guidance $930 - $980 $335 - $375 $3.43 - $3.83 $640 - $700 $360 - $415 $330 - $375 $30 - $40 $980 - $1,040 Updated Guidance $950 - $980 $345 - $375 $3.53 - $3.83 $670 - $700 $360 - $390 $330 - $350 $30 - $40 $980 - $1,040 Strong performance in first three quarters; incremental maintenance expected in Q4 Lower interest and income tax expenses EBITDA performance and lower interest and cash taxes Optimizing timing of cash flow for capital projects DT Midstream 1. Definition and reconciliation of Adjusted EBITDA (non-GAAP) to net income included in the appendix 2. Definition and reconciliation of Operating Earnings and Operating Earnings per Share (non-GAAP) to reported earnings included in the appendix; EPS calculation based on average share count of approximately 98 million shares outstanding - diluted 3. Definition and reconciliation of Distributable Cash Flow (non-GAAP) to net income included in the appendix 4. Includes contribution to equity method investees; guidance range is net of a ~$20 million customer contribution 9

   

 

 

 

Growth Investment Projects Continue to advance and deliver on short-cycle growth investments Pipeline Gathering Project Haynesville LEAP expansion - Phase 4 Stonewall to Mountain Valley Pipeline (MVP) expansion (Upsized) Appalachia Tioga Gathering expansion Appalachia Gathering System expansion - Phase 3 Haynesville Blue Union well pad expansion Haynesville Blue Union new producer expansions Clean Fuels Gathering Expected in-service dates 1H 2026 1H 2026 Q2 2025 Q2 2025 - 1H 2026 Q2 2025 Q2 2025 2H 2025 In-flight project updates Reached FID on LEAP Phase 4 expansion Executed agreement to increase capacity of Stonewall to MVP interconnect Clean fuels gathering buildout underway All growth investments on track and on budget DT Midstream 10

   

 

 

 

Disciplined Capital Investment Strong organic origination is solidifying our 2025 capital plan and is underpinning future growth Growth capex (millions) Cash flow after dividends ~$330 Committed Committed $330 - $350 2024 guidance1 New Commitments ~$310 Committed Pre-FID / Highly Probable 2025 Committed capital increase driven by new projects reaching FID: LEAP Phase 4 expansion Stonewall-MVP upsize Clean fuels gathering buildout Flexible, short-cycle, capital investments Capital investment program funded within free cash flow No change to 2024 committed capital Reducing top end of 2024 capital guidance range Increasing committed capital in 2025 to reflect new organic projects reaching FID DT Midstream 1. Guidance range is net of a ~$20 million customer contribution 11

   

 

 

 

Louisiana Carbon Capture and Sequestration Continuing pre-FID engineering - awaiting regulatory guidance from the State of Louisiana Project timeline Capital deployment Q4 2022 Q2 2023 1H 2024 Q4 2024 1H 2025 2H 2026 Minimizing capital spend until we reach a final investment decision Class VI well permit filing Conducted 3D seismic survey Class V test well permit filing Class V test well permit approved Drilled Class V test well Evaluated Class V test well results LA DENR Class VI permit requirements Current stage Final investment decision Expected Class VI well permit approval Expected Phase 1 project in-service Methodical project development approach Disciplined storage site selection and stakeholder engagement Proximity to CO2 source and favorable sequestration geology Early engagement of local community and Louisiana (LA) DENR1 on key development activities Continued progress toward FID with successful Class V test well Validated formation structure and completed injectivity tests Secured key storage rights Third party expert analysis of Class V test well completed; confirming formation suitability Continuing detailed engineering design of system Awaiting Class VI well permit requirements from LA DENR Leveraging over 50 years of storage and pipeline development and operations experience DT Midstream 1. Louisiana Department of Energy and Natural Resources 12

   

 

 

 

Quarterly Financial Results (millions, except EPS) Adjusted EBITDA1 Pipeline segment Gathering segment Operating Earnings2 Operating EPS2 Distributable Cash Flow3 Growth Capital4 Maintenance Capital Three months ended September 30, 2024 $241 $156 $85 $88 $0.90 $207 $80 $4 June 30, 2024 $248 $153 $95 $96 $0.98 $160 $745 $6 Key drivers Favorable one-time items in Q2 not repeating in Q3 Cash interest payment in Q2 DT Midstream 1. Definition and reconciliation of Adjusted EBITDA (non-GAAP) to net income included in the appendix 2. Definition and reconciliation of Operating Earnings and Operating Earnings per Share (non-GAAP) to reported earnings included in the appendix; EPS calculation based on average share count of approximately 98 million shares outstanding - diluted 3. Definition and reconciliation of Distributable Cash Flow (non-GAAP) included in the appendix 4. Includes contribution to equity method investees 5. Growth capital reflects DT Midstream capital spend of $75 million less cash contribution from customers of ~$1 million in Q2 2024 13

   

 

 

 

DT Midstream Investment Thesis DT Midstream Pure play natural gas midstream portfolio Premium shareholder returns Strong organic growth Balance sheet strength DT Midstream 14

   

 

 

 

 

Appendix DT Midstream 15

   

 

 

 

Gathering Volume Summary Resilient volume performance throughout 2024 Haynesville throughput (bcf/d) Blue Union Gathering 1.60 Q3 2023 1.56 Q4 2023 1.52 Q1 2024 1.50 Q2 2024 1.51 Q3 2024 Northeast throughput (bcf/d) 1.39 Q3 2023 Susquehanna Gathering 1.53 Q4 2023 Appalachia Gathering 1.54 Q1 2024 Tioga Gathering 1.43 Q2 2024 Ohio Utica Gathering 1.37 Q3 2024 DT Midstream 16

   

 

 

 

Continuing Our Track Record of Distinctive Growth Targeting long-term Adjusted EBITDA growth of 5-7% Adjusted EBITDA1 (millions) $930 - $980 2024 original guidance +6% $980 - $1,040 2025 early outlook 5-7% long-term growth rate Differentiated growth drivers $1.3 billion organic growth project backlog Tangible energy transition projects Fully funded with long-term, contract-backed free cash flows No marketing or commodity exposure DT Midstream 1. Definition and reconciliation of Adjusted EBITDA (non-GAAP) to net income included in this appendix 17

   

 

 

 

Strong Long-term Production Outlook in Both Basin Haynesville and Appalachia production are expected to experience significant growth over the next decade Historical production (bcf/d) Haynesville Appalachia DUC inventory1 Haynesville Appalachia 412 630 662 840 764 810 803 752 Production forecast (bcf/d) 49 15 34 2023 Haynesville +18 bcf/d Appalachia 67 27 40 2023 DT Midstream 1. Drilled but uncompleted (DUC) wells data reflects EIA publication released October 8, 2024 Sources: EIA, S+P Global Commodity Insights, and Wood Mackenzie North America Gas Investment Horizon Outlook - October 2023 18

   

 

 

 

Joint Venture Debt Details Annual debt paydown at Millennium and Vector Asset (DTM ownership %) NEXUS Pipeline (50%) Millennium Pipeline (52.5%) Total Millennium Vector Pipeline(40%) Prior Year 2024 Issuance DTM proportionate share End of year debt balances 2023 $371 $144 - $144 $31 2024 $371 $129 $420 $549 $29 2025 $371 $114 $420 $534 $26 Interest expense 2023 $14 $13 - $13 $2 2024 $21 $11 $7 $18 $2 2025 $21 $9 $25 $34 $2 Weighted average interest rate 5.68%1 5.80%1 5.88%2 6.11%1 Maturity Bullets, 2028 through 2035 Fully amortized by 2032 Bullets, 2029 through 2036 Fully amortized by 2034 DT Midstream 1. Weighted average interest rate as of December 31, 2023 2. Weighted average interest rate as of September 30, 2024 19

   

 

 

 

Non-GAAP Definitions Adjusted EBITDA and Distributable Cash Flow (DCF) are non-GAAP measures 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 our proportional share of net income from our equity method investees (excluding interest, taxes, depreciation and amortization), and to exclude certain items we consider non-routine. We believe Adjusted EBITDA is useful to us and external users of our financial statements in understanding our operating results and the ongoing performance of our underlying business because it allows our management and investors to have a better understanding of our 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 our 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. We use Adjusted EBITDA to assess our 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. Adjusted EBITDA and DCF are not measures calculated in accordance with GAAP and should be viewed as a supplement to and not a substitute for the results of operations presented in accordance with GAAP. There are significant limitations to using Adjusted EBITDA and DCF as a measure of performance, including the inability to analyze the effect of certain recurring and non-recurring items that materially affect our net income or loss. Additionally, because Adjusted EBITDA and DCF exclude some, but not all, items that affect net income and are defined differently by different companies in our industry, Adjusted EBITDA and DCF do not intend to represent net income attributable to DT Midstream, the most comparable GAAP measure, as an indicator of operating performance and are not necessarily comparable to similarly titled measures reported by other companies. Reconciliation of net income attributable to DT Midstream to Adjusted EBITDA or DCF as projected for full-year 2024 or 2025 is not provided. We do not forecast net income as we 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, management is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, we are not able to provide a corresponding GAAP equivalent for Adjusted EBITDA or DCF. DT Midstream 20

   

 

 

 

Non-GAAP Definitions Operating Earnings and Operating Earnings per share are non-GAAP measures 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. In this presentation, DT Midstream provides guidance for future period Operating Earnings. It is likely that certain items that impact the company's future period reported results will be excluded from operating results. A reconciliation to the comparable future period reported earnings is not provided because it is not possible to provide a reliable forecast of specific line items (i.e., future non-recurring items, certain mark-to-market adjustments and discontinued operations). These items may fluctuate significantly from period to period and may have a significant impact on reported earnings. DT Midstream 21

   

 

 

 

Non-GAAP Reconciliations Reconciliation of Reported to Operating Earnings - DT Midstream Consolidated Adjustments Net Income Attributable to DT Midstream Adjustments Net Income Attributable to DT Midstream Three Months Ended (millions) September 30, 2024 Reported Earnings $88 Pre-tax Adjustments $- Income Taxes (1) $- Operating Earnings $88 June 30, 2024 Reported Earnings $96 Pre-tax Adjustments $- Income Taxes (1) $- Operating Earnings $96 Nine Months Ended September 30, 2024 (millions) Reported Earnings $281 Pre-tax Adjustments $- Income Taxes (1) $- Operating Earnings $281 September 30, 2023 Reported Earnings $263 Pre-tax Adjustments $- Income Taxes (1) $- Operating Earnings $263 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 DT Midstream 22

   

 

 

 

Non-GAAP Reconciliations Reconciliation of Reported to Operating Earnings per diluted share(2) - DT Midstream Consolidated Three Months Ended September 30, 2024 June 30, 2024 Reported Earnings Pre-tax Adjustments Income Taxes(1) Operating Earnings Reported Earnings Pre-tax Adjustments Income Taxes(1) Operating Earnings (per share) Adjustments $- $- $- $- Net Income Attributable to DT Midstream $0.90 $- $- $0.90 $0.98 $- $- $0.98 Nine Months Ended September 30, 2024 September 30, 2023 Reported Earnings Pre-tax Adjustments Income Taxes(1) Operating Earnings Reported Earnings Pre-tax Adjustments Income Taxes(1) Operating Earnings (per share) Adjustments $- $- $- $- Net Income Attributable to DT Midstream $2.87 $- $- $2.87 $2.70 $- $- $2.70 (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 DT Midstream 23

   

 

 

 

Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Three Months Ended Nine Months Ended September 30, 2024 June 30, 2024 September 30, 2024 September 30, 2023 Consolidated (millions) Net Income Attributable to DT Midstream $88 $96 $281 $263 Plus: Interest expense 38 39 117 111 Plus: Income tax expense 30 33 94 102 Plus: Depreciation and amortization 53 53 156 133 Plus: Loss from financing activities 4 - 4 - Plus: EBITDA from equity method investees (1) 70 67 212 212 Less: Interest income (1) - (2) (1) Less: Earnings from equity method investees (40) (39) (125) (132) Less: Depreciation and amortization attributable to noncontrolling interests (1) (1) (3) (3) Adjusted EBITDA $241 $248 $734 $685 (1) Includes share of our equity method investees' earnings before interest, taxes, depreciation and amortization, which we refer to as "EBITDA." A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows: Three Months Ended Nine Months Ended September 30, 2024 June 30, 2024 September 30, 2024 September 30, 2023 (millions) Earnings from equity methods investees $40 $39 $125 $132 Plus: Depreciation and amortization attributable to equity method investees 20 21 61 61 Plus: Interest expense attributable to equity method investees 10 7 26 19 EBITDA from equity method investees $70 $67 $212 $212 DT Midstream 24

   

 

 

 

Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Pipeline Segment Three Months Ended Nine Months Ended September 30, 2024 June 30, 2024 September 30, 2024 September 30, 2023 Pipeline (millions) Net Income Attributable to DT Midstream $71 $71 $216 $185 Plus: Interest expense 12 12 37 42 Plus: Income tax expense 24 24 72 72 Plus: Depreciation and amortization 18 19 55 50 Plus: Loss from financing activities 2 - 2 - Plus: EBITDA from equity method investees (1) 70 67 212 212 Less: Interest income - - (1) (1) Less: Earnings from equity method investees (40) (39) (125) (132) Less: Depreciation and amortization attributable to noncontrolling interests (1) (1) (3) (3) Adjusted EBITDA $156 $153 $465 $425 (1) Includes share of our equity method investees' earnings before interest, taxes, depreciation and amortization, which we refer to as "EBITDA." A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows: Three Months Ended Nine Months Ended September 30, 2024 June 30, 2024 September 30, 2024 September 30, 2023 (millions) Earnings from equity methods investees $40 $39 $125 $132 Plus: Depreciation and amortization attributable to equity method investees 20 21 61 61 Plus: Interest expense attributable to equity method investees 10 7 26 19 EBITDA from equity method investees $70 $67 $212 $212 DT Midstream 25

   

 

 

 

Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Gathering Segment Three Months Ended Nine Months Ended September 30, 2024 June 30, 2024 September 30, 2024 September 30, 2023 Gathering (millions) Net Income Attributable to DT Midstream $17 $25 $65 $78 Plus: Interest expense 26 27 80 69 Plus: Income tax expense 6 9 22 30 Plus: Depreciation and amortization 35 34 101 83 Plus: Loss from financing activities 2 - 2 - Less: Interest income (1) - (1) - Adjusted EBITDA $85 $95 $269 $260 DT Midstream 26

   

 

 

 

Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Distributable Cash Flow Three Months Ended Nine Months Ended September 30, 2024 June 30, 2024 September 30, 2024 September 30, 2023 Consolidated (millions) Net Income Attributable to DT Midstream $88 $96 $281 $263 Plus: Interest expense 38 39 117 111 Plus: Income tax expense 30 33 94 102 Plus: Depreciation and amortization 53 53 156 133 Plus: Loss from financing activities 4 - 4 - Plus: Adjustments for non-routine items (1) (416) - (416) (371) Less: Earnings from equity method investees (40) (39) (125) (132) Less: Depreciation and amortization attributable to noncontrolling interests (1) (1) (3) (3) Plus: Dividends and distributions from equity method investees 465 50 590 557 Less: Cash interest expense (6) (64) (80) (76) Less: Cash taxes (4) (1) (7) (21) Less: Maintenance capital investment (2) (4) (6) (17) (22) Distributable Cash Flow $207 $160 $594 $541 (1) Distributable Cash Flow calculation excludes certain items we consider non-routine. For the three and nine months ended September 30, 2024, adjustments for non-routine items included the $416 million Millennium financing distribution. For the nine months ended September 30, 2023, adjustments for non-routine items included the $371 million NEXUS financing distribution. (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 27

 

 

v3.24.3
Cover
Oct. 29, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Oct. 29, 2024
Entity File Number 1-40392
Entity Registrant Name DT Midstream, Inc.
Entity Central Index Key 0001842022
Entity Tax Identification Number 38-2663964
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 500 Woodward Ave., Suite 2900
Entity Address, City or Town Detroit
Entity Address, State or Province MI
Entity Address, Postal Zip Code 48226-1279
City Area Code (313)
Local Phone Number 402-8532
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, par value $0.01
Trading Symbol DTM
Security Exchange Name NYSE
Entity Emerging Growth Company false

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