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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):
February 26, 2025
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 February 26, 2025, announcing financial results for the year ended
December 31, 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. |
In DT Midstream’s earnings
release issued on February 26, 2025, DT Midstream also announced that its Board of Directors has declared a quarterly cash dividend of
$0.82 per share of common stock. The dividend is payable to DT Midstream’s stockholders of record as of March 17, 2025, and is expected
to be paid on April 15, 2025.
DT Midstream is furnishing
the SEC with its slide presentation issued February 26, 2025. A copy of the slide presentation is furnished as Exhibit 99.2 and incorporated
herein by reference.
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 9.01 | Financial Statements and Exhibits. |
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: February 26, 2025
| |
DT MIDSTREAM, INC. |
| |
(Registrant) |
| |
|
|
|
| |
by |
|
|
| |
|
/s/ Jeffrey Jewell |
| |
|
Name: |
Jeffrey Jewell |
| |
|
Title: |
Chief Financial Officer |
NEWS
RELEASE
DT Midstream Reports Record 2024 Results; Raises Dividend
and 2025 Adjusted EBITDA Guidance
| • | Full year 2024 Adjusted EBITDA of
$969 million |
| • | Increased dividend by 12% |
| • | Increased 2025 Adjusted EBITDA guidance |
| • | Announced new agreements to serve utility-scale power
generation projects |
DETROIT, Feb. 26, 2025 – DT Midstream, Inc. (NYSE: DTM)
today announced fourth quarter 2024 reported net income of $73 million, or $0.73 per diluted share. For the fourth quarter of 2024, Operating
Earnings were $94 million, or $0.94 per diluted share. Adjusted EBITDA for the quarter was $235 million.
Full year 2024 reported net income was $354 million, or $3.60
per diluted share. For full year 2024, Operating Earnings were $375 million, or $3.81 per diluted share. Adjusted EBITDA for the year
was $969 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 record
results in 2024, exceeding our increased guidance. I want to thank each employee for their contribution,” said David Slater, President
and CEO. “We successfully closed on the largest acquisition in our history last year and completed key organic growth projects
ahead of schedule and on budget. We are very well positioned to serve growing demand across our footprint and continue our track record
of premium, high-quality growth.”
Slater noted the following significant business updates:
| • | Increased 2025 Adjusted EBITDA guidance range to $1.095 to $1.155 billion,
an 18% increase over 2024 original guidance |
| • | Increased dividend by 12% from fourth quarter 2024 to $0.82 per share, to
be paid on April 15, 2025 to stockholders of record on March 17, 2025 |
| • | Executed agreements for two new projects that will serve utility-scale power
generation |
| • | Provided 2026 Adjusted EBITDA early outlook range of $1.155 to $1.225 billion,
representing 6% annual growth from 2025 |
“Our strong financial results for 2024, along with our
increased organic project backlog, expanded asset footprint, and flexible balance sheet give 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 9:00 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 9645886. 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 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 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.
In this release, DT Midstream provides 2025 and 2026 Adjusted EBITDA
guidance. The reconciliation of net income to Adjusted EBITDA as projected for full-year 2025 and 2026 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 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; changes
in global trade policies and tariffs; global supply chain disruptions; actions taken by third-party operators, producers, 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;
our ability to realize the anticipated benefits of the Midwest Pipeline Acquisition and our ability to manage the risks of the Midwest
Pipeline Acquisition; 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 pipeline safety, climate change and greenhouse gas emissions; changes in laws and regulations or enforcement policies, including those
relating to construction and operation of new interstate gas pipelines, ratemaking to which our pipelines may be subject, or other non-environmental
laws and regulations; 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, 2024 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, 2024, 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 |
| | |
December 31, | |
September 30, |
| | |
2024 | |
2024 |
| | |
Reported Earnings | |
Pre-tax Adjustments | |
Income Taxes (1) | |
Operating Earnings | |
Reported Earnings | |
Pre-tax Adjustments | |
Income Taxes (1) | |
Operating Earnings |
| | |
(millions) |
| Midwest Pipeline Acquisition Tax Impact | |
| | | |
$ | — | | |
$ | 22 | | A |
| | | |
| | | |
$ | — | | |
$ | — | | |
| | |
| Louisiana Tax Impact | |
| | | |
| — | | |
| (4 | ) | B |
| | | |
| | | |
| — | | |
| — | | |
| | |
| Bridge Facility | |
| | | |
| 4 | | C |
| (1 | ) | |
| | | |
| | | |
| — | | |
| — | | |
| | |
| Net Income Attributable to DT Midstream | |
$ | 73 | | |
$ | 4 | | |
$ | 17 | | |
$ | 94 | | |
$ | 88 | | |
$ | — | | |
$ | — | | |
$ | 88 | |
| | |
Year Ended |
| | |
December 31, | |
December 31, |
| | |
2024 | |
2023 |
| | |
Reported Earnings | |
Pre-tax Adjustments | |
Income Taxes (1) | |
Operating Earnings | |
Reported Earnings | |
Pre-tax Adjustments | |
Income Taxes (1) | |
Operating Earnings |
| | |
(millions) |
| Midwest Pipeline Acquisition Tax Impact | |
| | | |
$ | — | | |
$ | 22 | | A |
| | | |
| | | |
$ | — | | |
$ | — | | |
| | |
| Louisiana Tax Impact | |
| | | |
| — | | |
| (2 | ) | B |
| | | |
| | | |
| — | | |
| — | | |
| | |
| Bridge Facility | |
| | | |
| 4 | | C |
| (1 | ) | |
| | | |
| | | |
| — | | |
| — | | |
| | |
| Net Income Attributable to DT Midstream | |
$ | 354 | | |
$ | 4 | | |
$ | 17 | | |
$ | 375 | | |
$ | 384 | | |
$ | — | | |
$ | — | | |
$ | 384 | |
| (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
| A | State tax rate increase impact to deferred income tax expense due to Midwest Pipeline Acquisition |
| B | State tax rate reduction impact to deferred income tax expense due to enacted tax legislation |
| C | Bridge Facility interest expense related to funding Midwest Pipeline Acquisition |
DT Midstream, Inc.
Reconciliation of Reported to Operating Earnings per diluted share
(1) (non-GAAP, unaudited)
| | |
Three Months Ended |
| | |
December 31, | |
September 30, |
| | |
2024 | |
2024 |
| | |
Reported Earnings | |
Pre-tax Adjustments | |
Income Taxes (2) | |
Operating Earnings | |
Reported Earnings | |
Pre-tax Adjustments | |
Income Taxes (2) | |
Operating Earnings |
| | |
(per share) |
| Midwest Pipeline Acquisition Tax Impact | |
| | | |
$ | — | | |
$ | 0.22 | | A |
| | | |
| | | |
$ | — | | |
$ | — | | |
| | |
| Louisiana Tax Impact | |
| | | |
| — | | |
| (0.04 | ) | B |
| | | |
| | | |
| — | | |
| — | | |
| | |
| Bridge Facility | |
| | | |
| 0.04 | | C |
| (0.01 | ) | |
| | | |
| | | |
| — | | |
| — | | |
| | |
| Net Income Attributable to DT Midstream | |
$ | 0.73 | | |
$ | 0.04 | | |
$ | 0.17 | | |
$ | 0.94 | | |
$ | 0.90 | | |
$ | — | | |
$ | — | | |
$ | 0.90 | |
| | |
Year Ended |
| | |
December 31, | |
December 31, |
| | |
2024 | |
2023 |
| | |
Reported Earnings | |
Pre-tax Adjustments | |
Income Taxes (2) | |
Operating Earnings | |
Reported Earnings | |
Pre-tax Adjustments | |
Income Taxes (2) | |
Operating Earnings |
| | |
(per share) |
| Midwest Pipeline Acquisition Tax Impact | |
| | | |
$ | — | | |
$ | 0.22 | | A |
| | | |
| | | |
$ | — | | |
$ | — | | |
| | |
| Louisiana Tax Impact | |
| | | |
| — | | |
| — | | B |
| | | |
| | | |
| — | | |
| — | | |
| | |
| Bridge Facility | |
| | | |
| 0.04 | | C |
| (0.01 | ) | |
| | | |
| | | |
| — | | |
| — | | |
| | |
| Net Income Attributable to DT Midstream | |
$ | 3.60 | | |
$ | 0.04 | | |
$ | 0.17 | | |
$ | 3.81 | | |
$ | 3.94 | | |
$ | — | | |
$ | — | | |
$ | 3.94 | |
| (1) | Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements
of Operations |
| (2) | 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
| A | State tax rate increase impact to deferred income tax expense due to Midwest Pipeline Acquisition |
| B | State tax rate reduction impact to deferred income tax expense due to enacted tax legislation |
| C | Bridge Facility interest expense related to funding Midwest Pipeline Acquisition |
DT Midstream, Inc.
Reconciliation of Net Income Attributable to DT Midstream to Adjusted
EBITDA (non-GAAP, unaudited)
| | |
Three Months Ended | |
Year Ended |
| | |
December 31, | |
September 30, | |
December 31, | |
December 31, |
| | |
2024 | |
2024 | |
2024 | |
2023 |
| Consolidated | |
(millions) |
| Net Income Attributable to DT Midstream | |
$ | 73 | | |
$ | 88 | | |
$ | 354 | | |
$ | 384 | |
| Plus: Interest expense | |
| 36 | | |
| 38 | | |
| 153 | | |
| 150 | |
| Plus: Income tax expense | |
| 43 | | |
| 30 | | |
| 137 | | |
| 104 | |
| Plus: Depreciation and amortization | |
| 53 | | |
| 53 | | |
| 209 | | |
| 182 | |
| Plus: Loss from financing activities | |
| 1 | | |
| 4 | | |
| 5 | | |
| — | |
| Plus: EBITDA from equity method investees (1) | |
| 72 | | |
| 70 | | |
| 284 | | |
| 286 | |
| Less: Interest income | |
| (5 | ) | |
| (1 | ) | |
| (7 | ) | |
| (1 | ) |
| Less: Earnings from equity method investees | |
| (37 | ) | |
| (40 | ) | |
| (162 | ) | |
| (177 | ) |
| Less: Depreciation and amortization attributable to noncontrolling
interests | |
| (1 | ) | |
| (1 | ) | |
| (4 | ) | |
| (4 | ) |
| Adjusted EBITDA | |
$ | 235 | | |
$ | 241 | | |
$ | 969 | | |
$ | 924 | |
| (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 | |
Year Ended |
| | |
December 31, | |
September 30, | |
December 31, | |
December 31, |
| | |
2024 | |
2024 | |
2024 | |
2023 |
| | |
(millions) |
| Earnings from equity method investees | |
$ | 37 | | |
$ | 40 | | |
$ | 162 | | |
$ | 177 | |
| Plus: Depreciation and amortization attributable to equity method investees | |
| 21 | | |
| 20 | | |
| 82 | | |
| 82 | |
| Plus: Interest expense attributable to equity method investees | |
| 14 | | |
| 10 | | |
| 40 | | |
| 27 | |
| EBITDA from equity method investees | |
$ | 72 | | |
$ | 70 | | |
$ | 284 | | |
$ | 286 | |
DT Midstream, Inc.
Reconciliation of Net Income Attributable to DT Midstream to Adjusted
EBITDA
Pipeline Segment (non-GAAP, unaudited)
| | |
Three Months Ended | |
Year Ended |
| | |
December 31, | |
September 30, | |
December 31, | |
December 31, |
| | |
2024 | |
2024 | |
2024 | |
2023 |
| Pipeline | |
(millions) |
| Net Income Attributable to DT Midstream | |
$ | 60 | | |
$ | 71 | | |
$ | 276 | | |
$ | 278 | |
| Plus: Interest expense | |
| 10 | | |
| 12 | | |
| 47 | | |
| 55 | |
| Plus: Income tax expense | |
| 35 | | |
| 24 | | |
| 107 | | |
| 75 | |
| Plus: Depreciation and amortization | |
| 19 | | |
| 18 | | |
| 74 | | |
| 69 | |
| Plus: Loss from financing activities | |
| 1 | | |
| 2 | | |
| 3 | | |
| — | |
| Plus: EBITDA from equity method investees (1) | |
| 72 | | |
| 70 | | |
| 284 | | |
| 286 | |
| Less: Interest income | |
| (3 | ) | |
| — | | |
| (4 | ) | |
| (1 | ) |
| Less: Earnings from equity method investees | |
| (37 | ) | |
| (40 | ) | |
| (162 | ) | |
| (177 | ) |
| Less: Depreciation and amortization attributable to noncontrolling
interests | |
| (1 | ) | |
| (1 | ) | |
| (4 | ) | |
| (4 | ) |
| Adjusted EBITDA | |
$ | 156 | | |
$ | 156 | | |
$ | 621 | | |
$ | 581 | |
| (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 | |
Year Ended |
| |
| |
December 31, | |
September 30, | |
December 31, | |
December 31, |
| |
| |
2024 | |
2024 | |
2024 | |
2023 |
| |
| |
(millions) |
| |
Earnings from equity method investees | |
$ | 37 | | |
$ | 40 | | |
$ | 162 | | |
$ | 177 | |
| |
Plus: Depreciation and amortization attributable to equity method investees | |
| 21 | | |
| 20 | | |
| 82 | | |
| 82 | |
| |
Plus: Interest expense attributable to equity method investees | |
| 14 | | |
| 10 | | |
| 40 | | |
| 27 | |
| |
EBITDA from equity method investees | |
$ | 72 | | |
$ | 70 | | |
$ | 284 | | |
$ | 286 | |
DT Midstream, Inc.
Reconciliation of Net Income Attributable to DT Midstream to Adjusted
EBITDA
Gathering Segment (non-GAAP, unaudited)
| | |
Three Months Ended | |
Year Ended |
| | |
December 31, | |
September 30, | |
December 31, | |
December 31, |
| | |
2024 | |
2024 | |
2024 | |
2023 |
| Gathering | |
(millions) |
| Net Income Attributable to DT Midstream | |
$ | 13 | | |
$ | 17 | | |
$ | 78 | | |
$ | 106 | |
| Plus: Interest expense | |
| 26 | | |
| 26 | | |
| 106 | | |
| 95 | |
| Plus: Income tax expense | |
| 8 | | |
| 6 | | |
| 30 | | |
| 29 | |
| Plus: Depreciation and amortization | |
| 34 | | |
| 35 | | |
| 135 | | |
| 113 | |
| Plus: Loss from financing activities | |
| — | | |
| 2 | | |
| 2 | | |
| — | |
| Less: Interest income | |
| (2 | ) | |
| (1 | ) | |
| (3 | ) | |
| — | |
| Adjusted EBITDA | |
$ | 79 | | |
$ | 85 | | |
$ | 348 | | |
$ | 343 | |
DT Midstream, Inc.
Reconciliation of Net Income Attributable to DT Midstream to Distributable
Cash Flow (non-GAAP, unaudited)
| | |
Three Months Ended | |
Year Ended |
| | |
December 31, | |
September 30, | |
December 31, | |
December 31, |
| | |
2024 | |
2024 | |
2024 | |
2023 |
| Consolidated | |
(millions) |
| Net Income Attributable to DT Midstream | |
$ | 73 | | |
$ | 88 | | |
$ | 354 | | |
$ | 384 | |
| Plus: Interest expense | |
| 36 | | |
| 38 | | |
| 153 | | |
| 150 | |
| Plus: Income tax expense | |
| 43 | | |
| 30 | | |
| 137 | | |
| 104 | |
| Plus: Depreciation and amortization | |
| 53 | | |
| 53 | | |
| 209 | | |
| 182 | |
| Plus: Loss from financing activities | |
| 1 | | |
| 4 | | |
| 5 | | |
| — | |
| Plus: Adjustments for non-routine items (1) | |
| — | | |
| (416 | ) | |
| (416 | ) | |
| (371 | ) |
| Less: Earnings from equity method investees | |
| (37 | ) | |
| (40 | ) | |
| (162 | ) | |
| (177 | ) |
| Less: Depreciation and amortization attributable to noncontrolling interests | |
| (1 | ) | |
| (1 | ) | |
| (4 | ) | |
| (4 | ) |
| Plus: Dividends and distributions from equity method investees | |
| 43 | | |
| 465 | | |
| 633 | | |
| 623 | |
| Less: Cash interest expense | |
| (60 | ) | |
| (6 | ) | |
| (140 | ) | |
| (140 | ) |
| Less: Cash taxes | |
| (5 | ) | |
| (4 | ) | |
| (12 | ) | |
| (22 | ) |
| Less: Maintenance capital investment
(2) | |
| (13 | ) | |
| (4 | ) | |
| (30 | ) | |
| (29 | ) |
| Distributable Cash Flow | |
$ | 133 | | |
$ | 207 | | |
$ | 727 | | |
$ | 700 | |
| (1) | Distributable Cash Flow calculation excludes certain items we consider non-routine. For the year ended December 31, 2024, adjustments
for non-routine items included the $416 million Millennium financing distribution. For the year ended December 31, 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. |
# # #
Fourth Quarter 2024 Earnings Call
February 26, 2025
Bluestone Gathering Lateral Pipeline
DTMidstream NYSE: DTM
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; changes in global trade policies and tariffs; global supply chain disruptions; actions taken by third-party operators, producers, 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; our ability to realize the anticipated benefits of the Midwest Pipeline Acquisition and our ability to manage the risks of the Midwest Pipeline Acquisition; 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 pipeline safety, climate change and greenhouse gas emissions; changes in laws and regulations or enforcement policies, including those relating to construction and operation of new interstate gas pipelines, ratemaking to which our pipelines may be subject, or other non-environmental laws and regulations; 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, 2024 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, 2024, 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.
DTMidstream 2
DTM Provides a Distinctive Investment Opportunity
Premium, high-quality, pure play natural gas attributes compared to peers
Leading Organic Growth
5-7% long-term Adjusted EBITDA growth rate
Self-funded and supported by ~$2.3B organic project backlog
Leading Portfolio Mix
~70% Pipeline segment
Pure play natural gas focus
Premier Geographic Presence
Top tier markets and basins
Positioned to benefit from rising LNG and power demand
Durable Contracting
~95% demand-based contracts1
Resilient cash flow with ~7-year average2 contract tenor
Strong Balance Sheet
Investment grade rated by Fitch
Positive outlook by S+P and Moody's
Peer-leading Dividend and Adjusted EBITDA Growth
Dividend increasing 12% in 2025
Dividend CAGR
2021-2025E
Adjusted EBITDA5 CAGR
2021-2025E
8%
3%
10%
5%
DTM3
Gas-Focused Peers4
DTM3
Gas-Focused Peers4
Increasing Pipeline Segment Contribution6
2021
Pipeline 55%
Gathering 45%
2025E
Pipeline ~70%
Gathering ~30%
1. Represents % of 2024 revenue contribution comprised of demand, MVC or flowing gas/proved developed producing reserves
2. Overall portfolio weighted average contract tenor as of 12/31/2024, includes new Midwest pipeline acquisition portfolio whose anchor customers have renewal rights and have historically renewed
3. DTM 2025 dividend based on annualized Q1 2025 Board-approved dividend ($0.82/share); DTM 2025E Adjusted EBITDA based on midpoint of 2025 guidance range
4. Peer average of gas-focused peers (WMB, KMI, AM); 2025E values based on analyst estimate consensus
5. Definition and reconciliation of Adjusted EBITDA (non-GAAP) to net income included in the appendix
6. Represents Q4 2021 and 2025 expected Pipeline and Gathering segment Adjusted EBITDA contributions
DTMidstream 3
2024 Year in Review
Continuing our track record of distinctive growth
Delivered strong growth and record financial results exceeding guidance
Expanded FERC regulated natural gas pipeline network with $1.2 billion strategic bolt-on acquisition
Continued expansion of Haynesville system with early in-service of LEAP Phase 3 expansion and Phase 4 FID
Upgraded to Investment Grade with Fitch Ratings
Zero OSHA recordable safety incidents
Hartford Compressor Station - Midwest Gas Transmission
4
2024 Year in Review: Financial Results
Strong financial performance across all key metrics
Distinctive Growth & Shareholder Return
$969 million
2024 Adjusted EBITDA1
Exceeded guidance midpoint
~1.5% above original Adjusted EBITDA guidance midpoint
~88% 2024 Total Shareholder Return2
New Growth Investments
$1.5 billion
Total growth capital invested
$0.3 billion
Organic growth projects
$1.2 billion
Strategic Midwest pipeline acquisition
Durable Cash Flows and Balance Sheet
Two-thirds pipeline
Segment contribution3
>80% IG4 customers
% 2024 total revenue
Zero
Commodity or marketing exposure
~$1 billion
2024 year-end liquidity
1. Adjusted EBITDA. Definition and reconciliation of Adjusted EBITDA (non-GAAP) to net income included in the appendix
2. Assumes dividend reinvestment
3. Represents percentage of fourth quarter 2024 Adjusted EBITDA
4. Investment grade
DTMidstream
Angus Compressor Station - Viking Gas Transmission
5
Delivering Distinctive and Predictable Growth
Strong, durable growth with a proven track record since spin-off
Historical Adjusted EBITDA1
(millions)
+10% CAGR
$730
$778
$841
$924
$969
2021 original guidance at spin-off
2021
2022
2023
2024
Relative Growth vs. Peers
2021-2024E Adjusted EBITDA CAGR2
10%
5%
DTMidstream
Peer average3
Well positioned assets and take-or-pay contract structures consistently deliver best-in-class results
DTMidstream
Gas-focused peers3
1. Definition and reconciliation of Adjusted EBITDA (non-GAAP) to net income included in the appendix
2. DTM growth from 2021 original guidance at spin-off through 2024. 2024 Adjusted EBITDA based on analyst estimate consensus for peers
3. Peer average of US gas focused peers (WMB, KMI, AM) based on analyst estimate consensus
6
Full Year Financial Results
Solid growth in both segments despite challenged natural gas market
Adjusted EBITDA1
(millions)
+5%
$924
$969
$581
$343
2023
Pipeline
$621
$348
2024
Gathering
Year-over-Year Growth
~7%
~2%
Pipeline
New LEAP expansions, higher revenue from W10 storage
Gathering
Higher volumes on Appalachia Gathering System and Ohio Utica Gathering, offset by production deferrals for key Haynesville customer
DTMidstream
1. Definition and reconciliation of Adjusted EBITDA (non-GAAP) to net income included in the appendix
7
2025 Outlook
Leveraging our expanded footprint to drive organic, high-quality growth
Strong Financial Performance
18% increase1 in 2025 Adjusted EBITDA2 guidance range: $1.095 -$1.155 billion
Increasing dividend by 12%
On track to reach investment grade with S+P and Moody's
Increasing organic project backlog to $2.3 billion, supporting our long-term 5-7% Adjusted EBITDA growth rate
Continued Commercial Execution
Executing two new power generation opportunities
Deploying $400 -$460 million of organic growth capital in 2025
Improving Leading Portfolio Mix
Successfully completing integration of Midwest Pipeline Acquisition
Growing Pipeline segment to ~70% of 2025E Adjusted EBITDA
Strong fundamentals supporting portfolio growth
DTMidstream
1. Represents percentage increase over 2024 original guidance
2. Definition and reconciliation of Adjusted EBITDA (non-GAAP) to net income included in the appendix
8
Continuing Our Track Record of Distinctive Growth
Maintaining long-term Adjusted EBITDA organic growth target of 5-7% on higher base
Adjusted EBITDA1
(millions)
+18%
$930 - $980
2024 Original Guidance
+6%
$1,095 - $1,155
2025 guidance
$1,155 - $1,225
2026 early outlook
5-7% long-term growth rate
Differentiated growth drivers
Long-term growth rate fully achievable via $2.3 billion organic project backlog
Growth funded with free cash flow
Ability to leverage connections to growing LNG export markets
Assets well positioned to serve incremental power demand
Investments backed by long-term contracts
No commodity or marketing exposure
DTMidstream
1. Definition and reconciliation of Adjusted EBITDA (non-GAAP) to net income included in the appendix
9
Increasing Dividend by 12%
Leading dividend growth supported by growing Adjusted EBITDA
Annualized dividend
(per share)
2.40
2021 actual
2.56
2022 actual
2.76
2023 actual
2.94
2024 actual
3.28
20251
8% CAGR
+12%
Financial policy is to provide a growing and durable dividend
Plan to continue to grow dividend 5-7% annually, in-line with Adjusted EBITDA2
Maintain a dividend coverage ratio3 above our 2.0x floor
DTMidstream
1. Annualized Q1 2025 board approved dividend ($0.82/share)
2. Definition and reconciliation of Adjusted EBITDA (non-GAAP) to net income included in the appendix
3. The dividend coverage ratio represents Distributable Cash Flow divided by annualized approved quarterly dividend. Definition and reconciliation of Distributable Cash Flow (non-GAAP) to net income included in the appendix
10
On Track to Reach Investment Grade
Positive reaction from rating agencies to recently completed acquisition
Debt maturity profile
(billions)
Long-term debt
Utilized revolver balance1
Unutilized revolver capacity
Weighted average maturity of ~7 years
2024
2025
2026
2027
2028
$1.10
$1.00
$0.83
$0.17
2029
2030
$1.00
2031
$0.60
2032
2033
$0.65
2034
Investment grade
Fitch BBB- long-term issuer default rating
Positive outlook
Moody's and S+P
3.1x / 3.9x
Forecasted 2025 year-end on-balance sheet / proportional leverage
DTMidstream
1. As of 12/31/2024
11
Capital Project Backlog Opportunities Expand to ~$2.3 billion
Funded within free cash flow and drives our 5-7% long-term growth
Pipeline
Project
LEAP phase 4 expansion
Stonewall expansion
Midwestern Gas Transmission power plant lateral
Stonewall/Appalachia Gathering power plant lateral
NEXUS interconnections / laterals
Interstate pipelines expansions
Haynesville System (LEAP) expansions
Storage development/expansion
Interstate pipelines power plant laterals
Modernization of interstate assets
Contribution
1H 2026
1H 2026
Q1 2026
2028
2026-30
2026-30
2028-30
2028-30
2028-30
2028-30
Status
Under construction
Under construction
Under construction
Precedent agreement
Pre-FID^1
Pre-FID
Pre-FID
Pre-FID
Pre-FID
Pre-FID
Gathering
Project
Tioga Gathering expansion
Blue Union Gathering well pad expansion
Appalachia Gathering System expansion - phase 3
Clean fuels gathering
Blue Union Gathering well pad expansions & buildout
Ohio Utica Gathering buildout
Tioga Gathering buildout
Appalachia Gathering System expansions
Contribution
Q2 2025
Q2 2025
Q2 2025
2025-26
2026-28
2025-28
2026-28
2027-30
Status
Under construction
Under construction
Under construction
Under construction
Pre-FID
Pre-FID
Pre-FID
Pre-FID
Energy Transition
Project
Louisiana CCS phase 1
Louisiana CCS phase 2
Contribution
1H 2027
2028
Status
Pre-FID
Pre-FID
2025 - 2029E Capex by Project Type
Highly Probable Capital Project Opportunities
~$2.3 billion
Pipeline
70%
Gathering
20%
Energy Transition
10%
Fully Supports 5 - 7% Long-Term Organic Growth Rate
DTMidstream
1. Final investment decision
12
New Project on Midwestern to Serve Utility Power Plant
Construction underway on new pipeline project serving utility power generation
Construction In Progress
Illinois
Indiana
Ohio
Missouri
Kentucky
Tennessee
Midwestern Gas Transmission
AES Indiana Petersburg Generating Station
MIDWESTERN GAS TRANSMISSION
GUARDIAN P/L
VECTORP/L
Midwestern Gas Transmission project serving utility power generation
New lateral will serve AES Indiana's ~1GW gas-fired power plant
Project will be constructed under FERC blanket authorization
300 MMcf/d of lateral capacity supported by existing upstream firm service on Midwestern
In-service expected Q1 2026
DTMidstream
13
New Agreement Executed for 2,060 MW Power Plant in Appalachia
Precedent agreement to serve utility scale, gas-fired generation, subject to plant FID
NEXUS Pipeline
Ohio
West Virginia
Pennsylvania
West Virginia
Appalachia Gathering System
Mountain Valley Pipeline
Combined Cycle Power Plant
Stonewall Gas Gathering
Columbia TCO
Precedent Agreement - Development
Dependent on Power Plant Reaching FID1
New project to serve a combined cycle power plant in West Virginia, subject to power plant reaching FID1
Customer is an experienced power generation developer and operator
2,060 MW combined cycle power plant
375 MMcf/d of firm capacity on DTM's gathering system under a 20-year, take-or-pay contract
Pipeline in-service expected by year-end 2028
1. Final investment decision. Power plant FID expected in 2026
DTMidstream
14
Growth Investment Projects in Progress
Continue to advance and deliver on organic growth investments
Project1
Pipeline
Haynesville LEAP expansion - Phase 4
Stonewall to Mountain Valley Pipeline (MVP) expansion
Midwestern Gas Transmission power plant lateral
Gathering
Appalachia Tioga Gathering expansion
Appalachia Gathering System expansion - Phase 3
Haynesville Blue Union Gathering well pad expansion
Haynesville Blue Union Gathering new producer expansions
Clean Fuels Gathering
Expected in-service dates
1H 2026
1H 2026
Q1 2026
Q2 2025
Q2 2025 - 1H 2026
Q2 2025
Q2 2025
2H 2025
In progress project updates
Midwestern Gas Transmission lateral serving utility power plant
All growth investments on track and on budget
1. All projects listed have reached a final investment decision (FID)
DTMidstream
15
2025 Capital Plan is Largely Committed and 2026 is Advancing
Self-funding organic growth projects from $2.3 billion capital backlog
Organic, demand-driven, capital investments
Total committed investments of ~$420 million over 2025/2026
Advancing projects towards final investment decisions to utilize 2026 free cash flow
$2.3 billion organic growth backlog supports 2025 and 2026 capital plans
Growth capex
(millions)
Committed
Pre-FID
$301
2024 actuals1
$400 - $460
~$360
2025 guidance
~$60
2026
1. 2024 growth capex reflects total DT Midstream capital spend of $320 million less cash contributions from customers of $19 million
DTMidstream
16
Expanded Pure Play Natural Gas Pipeline Network
Additional scale from acquisition provides new regional footprint and growth opportunities
Completed the acquisition of three FERC-regulated, demand-pull interstate pipeline systems1 on December 31, 2024
Onboarded full team supporting the assets
Advancing organic expansion, modernization and commercial synergy opportunities across new footprint
Interconnected pipeline network connects world-class basins to high-quality markets
Over 2,200 miles of FERC-regulated interstate pipelines that have interconnections with multiple interstate pipelines and utilities
700 miles of intrastate and over 800 miles of gathering pipelines
94 Bcf of gas storage capacity providing critical balancing and reliability for customers
Manitoba, Canada
North Dakota
South Dakota
Nebraska
Haynesville Shale
Hanesville System
Texas
Louisiana
Minnesota
Viking Gas Transmission
Iowa
Missouri
Arkansas
Wisconsin
Guardian Pipeline
Illinois
Michigan System
Michigan
Vector Pipeline
Indiana
Midwestern Gas Transmission
Kentucky
Tennessee
Washington 10 Storage Complex
Generation Pipeline
NEXUS Gas Transmission Pipeline
Ohio
Ohio Utica Gathering System
Appalachia Gathering System
West Virginia
Stonewall Gas Gathering Lateral Pipeline
Virginia
North Carolina
South Carolina
UTICA SHALE
Tioga Gathering System
Pennsylvania
MARCELLUS SHALE
Maryland
Susquehanna Gathering System
Bluestone Gathering Lateral Pipeline
Birdsboro Pipeline
Maryland
Ontario, Canada
Quebec, Canada
New York
New Jersey
DTM PIPELINE NETWORK
STORAGE ASSETS
THIRD-PARTY LNG TERMINAL
1. Acquired pipelines were Viking Gas Transmission, Guardian Pipeline, and Midwestern Gas Transmission
DTMidstream
17
Leading Market Position to Serve Growing LNG Export Demand
DTM's Haynesville System offers superior connectivity for basin supply and LNG market access
Haynesville Supply Forecast (Bcf/d)1
+11 Bcf/d
25
20
15
10
5
0
2024
2025
2026
2027
2028
2029
2030
2031
2032
3033
2034
2035
DTM's Haynesville System Direct LNG Market Connections (Bcf/d)1
+12 Bcf/d
25
20
15
10
5
0
2024
2025
2026
2027
2028
2029
2030
2031
2032
3033
2034
Sabine Pass
Cameron
Calcasieu Pass
Plaquemines
Golden Pass
Porth Arthur
Carthage Hub
Texas
Gillis Hub
Sabine Pass LNG
Golden Pass LNG
Port Arthur
Delfin LNG
CP2
Calcasieu Pass
Commonwealth LNG
Lake Charles LNG
Magnolia LNG
Driftwood LNG
Cameron LNG
Henry Hub
Plaquemines
Louisiana
DTM Haynesville System
DTM Treating Plants
LNG Facilities
Operational
Under Construction
Pre-FID
Third Party Pipelines
ANR
Cameron
Columbia Gulf
Creole Trail
TETCO
Tenn Gas
Transco
Venture Global
Targa
Existing LEAP Interconnect
Transco
Cameron
Creole Trail
Texas Eastern
Targa
TC Energy Gillis Access
Capacity (Bcf/d)
0.5
0.25
1.0
0.75
0.1
1.0
LNG terminal / market
Industrial / LNG corridor
Cameron LNG
Sabine Pass LNG
Calcasieu Pass LNG
Industrial
Industrial / LNG corridor
Total 3.6 Bcg/d
1. Source: Wood Mackenzie North America Gas Investment Horizon Outlook - November 2024
DTMidstream
18
Strategically Located Assets to Serve Power Demand Growth
Well-positioned portfolio to capture future growth in utility, grid-connected power demand
Forecasted Total Annual Power Demand (TWh)1
MISO^2
+16%
665
2024
772
2030
PJM^3
+18%
800
2024
942
2030
Forecasted Gas Power Demand - MISO & PJM (TWh)1
+22%
557
2024
679
2030
Manitoba
Ontario
North Dakota
South Dakota
Nebraska
Minnesota
Iowa
Missouri
Michigan
Wisconsin
Illinois
Michigan
Indiana
Kentucky
Tennessee
Ohio
West Virginia
Virginia
North Carolina
New York
Pennsylvania
DTM PIPELINE NETWORK
OPERATING COAL POWER PLANTS
>50 YEARS OLD
30 TO 50 YEARS OLD
<30 YEARS OLD
MISO MARKET
PJM MARKET
DTM STORAGE ASSETS
1. Source: S+P Global Commodity Insights North American Power Market Outlook, December 2024
2. Midcontinent Independent System Operator, Inc.
3. PJM Interconnection LLC
DTMidstream
19
Advancing Discussions for Data Center Projects Proximal to Our Assets
Well-positioned in key geographies for behind-the-meter data center projects
Data center commercial discussions and inbounds remain active and progressing
Developments primarily located in DTM's northern footprint
Majority of projects involve lateral builds off mainline
Expecting 18 months to 2-year development timeline post-commercialization
Key interstate pipeline utility customers have announced several new data center projects in their service territories
Manitoba
Ontario
North Dakota
South Dakota
Texas
Louisiana
Minnesota
Iowa
Missouri
Michigan
Wisconsin
Illinois
Michigan
Indiana
Kentucky
Tennessee
Ohio
West Virginia
Virginia
New York
Pennsylvania
DTM PIPELINE NETWORK
DATA CENTERS
DTM STORAGE ASSETS
DTMidstream
Source: S+P Global Market Intelligence
20
2025/2026 Guidance Summary
(millions, except EPS)
2025 Adjusted EBITDA1
2025 Operating Earnings2
2025 Operating EPS2
2025 Distributable Cash Flow3
2025 Capital Expenditures4
Growth Capital
Maintenance Capital
2026 Adjusted EBITDA (early outlook)
Guidance
$1,095 - $1,155
$415 - $455
$4.05 - $4.45
$740 - $800
$470 - $550
$400 - $460
$70 - $90
$1,155 - $1,225
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 this 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
DTMidstream
21
Appendix
DTMidstream
22
2025 Growth Capex
Higher organic growth capex driven by increased project backlog; Fully funded with free cash flow
Growth capex
(millions)
~$310
2025 Committed growth capex
(Q3 2024 disclosure)
~$50
Deferral from 2024 to 2025
$40 - $100
Highly probable
(pre-FID projects)
$400 - $460
Current 2025 guidance
Organic growth capex driven by strong market environment and new asset platform
New pipeline projects serving power demand
Highly probable projects expected to reach final investment decision later this year
DTMidstream
23
Diversified Asset Base Anchored by Strong Pipeline Segment
Highest natural gas pipeline asset contribution in sector1, and expected to grow to ~70% in 2025
2024 Business Mix
(% of total 2024 Adjusted EBITDA2 - excludes newly acquired Midwest pipeline assets)
Millennium
12%
NEXUS
10%
Stonewall
9%
Bluestone
6%
W10 Storage
6%
Vector
5%
Michigan
1%
Birdsboro
<1%
Blue Union
14%
AGS
11%
Susquehanna
10%
OH Utica
1%
Tioga
<1%
LEAP
14%
Gathering 36%
Pipeline 64%
Gathering assets integrate with pipelines
Highly contracted asset portfolio supports stable cash flows
Pipeline assets contracted long-term with take-or-pay contracts
Gathering assets contracted long-term significant minimum volume commitments (MVCs)
Acreage dedications
Rate escalators tied to inflation
1. Compared to US-based midstream peers (AM, EPD, ET, KMI, MPLX, OKE, TRGP, WES, WMB)
2. Definition and reconciliation of Adjusted EBITDA (non-GAAP) to net income included in this appendix
DTMidstream
24
High Quality Cash Flows and Diversified Customer Base
Cash flows are underpinned by take-or-pay contracts and high credit quality customers
Total Revenue Contribution (% of 2024 contribution1)
~95%
Demand / MVC or flowing gas2
Customer Credit (% of 2024 contribution)
~81%
Investment grade
Non-investment grade with credit support
1. Reflects non-GAAP financial metric based on total revenue contribution of company assets, including DTM's proportionate interest in joint ventures
2. Flowing gas represents proved developed producing reserves (PDPs)
DTMidstream
25
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
LEAP Phase 4
Expansion
+200 MMcf/d
Texas
Gillis Hub
Driftwood LNG
Port Arthur
Sabine Pass LNG
Golden Pass LNG
LNG Corridor
Lake Charles LNG
Cameron LNG
CP2
Calcasieu Pass
Delfin LNG
DTM assets
DTM treating plants
Electric compression
Acreage dedication
LNG facilities
Operational
Under development
LEAP capacity (Bcf/d)
In-service
Original
Phase 1 expansion
Phase 2 expansion
Phase 3 expansion
Phase 4 expansion
Total
Expansion potential
Henry Hub
1.0
0.3
0.4
0.2
0.2
2.1
~4
Plaquemines
Aug. 2023
Jan. 2024
Jun. 2024
1H 2026
DTMidstream
26
Louisiana Carbon Capture and Sequestration
Awaiting Class VI application review by State of Louisiana
Project timeline
Capital deployment
2024
1H 2025
2H 2025
1H 2027
Class V test well permit approved
Drilled Class V test well
Evaluated Class V test well results
LA DENR Class VI permit requirements
LA DENR Class VI application review
Final investment decision
Expected Class VI well permit approval
Expected Phase 1 project in-service
Minimizing capital spend until we reach a final investment decision
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
Received Class VI well permit requirements from LA DENR
Leveraging over 50 years of storage and pipeline development and operations experience
1. Louisiana Department of Energy and Natural Resources
DTMidstream
27
Strong US Demand and Production Fundamentals
Growing demand expected to support increased Haynesville and Appalachia production
U.S. Natural Gas Demand Forecast
(bcf/d)
Residential
Commercial
Industrial
Power
Vehicle & Fuel
LNG Export
Mexican Exports
+17 bcf/d
108
7
13
8
36
23
9
12
2024
125
9
33
24
9
13
2030
Production Forecast - DTM Basins
(bcf/d)
Haynesville
Appalachia
+12 bcf/d
47
14
33
2024
59
19
39
2030
Sources: S+P Global Commodity Insights, and Wood Mackenzie North America Gas Investment Horizon Outlook - November 2024
DTMidstream
28
Full-Year Financial Results
(millions, except EPS)
Adjusted EBITDA1
Pipeline segment
Gathering segment
Operating Earnings2
Operating EPS2
Distributable Cash Flow3
Growth Capital4
Maintenance Capital
2023
$924
$581
$343
$384
$3.94
$700
$6775
$29
2024
$969
$621
$348
$375
$3.81
$727
$1,5016
$30
Change
5%
7%
2%
(2%)
(3%)
4%
3%
1. Definition and reconciliation of Adjusted EBITDA (non-GAAP) to net income included in this 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 this appendix
4. Includes contribution to equity method investees.
5. Growth capital reflects total DT Midstream capital spend of $750 million less cash contributions from customers of $73 million
6. 2024 growth capital reflects total DT Midstream capital spend of $320 million less cash contributions from customers of $19 million plus $1.2 billion related to the Midwest Pipeline Acquisition
DTMidstream
29
Operating EPS2
Quarterly Financial Results
Three months ended
(millions, except EPS)
Adjusted EBITDA1
Pipeline segment
Gathering segment
Operating Earnings2
Distributable Cash Flow3
Growth Capital4
Maintenance Capital
December 31, 2024
$235
$156
$79
$94
$0.94
$133
$1,277
$13
September 30, 2024
$241
$156
$85
$88
$0.90
$207
$80
$4
Key drivers
Increased planned maintenance
Cash interest payment on debt
Includes $1.2B Midwest Pipeline Acquisition
1. Definition and reconciliation of Adjusted EBITDA (non-GAAP) to net income included in this appendix
2. Definition and reconciliation of Operating Earnings and Operating Earnings per Share (non-GAAP) to reported earnings included in this appendix; EPS calculation based on average share count of approximately 100 million shares outstanding - diluted on December 31, 2024, and 98 million on September 30, 2024
3. Definition and reconciliation of Distributable Cash Flow (non-GAAP) included in this appendix
4. Includes contribution to equity method investees
DTMidstream
30
Fourth Quarter 2024 Financial Results
Adjusted EBITDA1
(millions) xx segment % of total
$241
$156
$85
Q3 2024
Pipeline
65%
35%
$235
$156
$79
Q4 2024
66%
34%
Pipeline2
Transaction costs related to the Midwest Pipeline Acquisition
Gathering
Increased maintenance activity and lower Haynesville volumes
1. Definition and reconciliation of Adjusted EBITDA (non-GAAP) to net income included in the appendix
2. The terminology and asset categorization used here are for accounting purposes only and do not reflect on the jurisdictional status of any particular asset
DTMidstream
31
Gathering Volume Summary
Activity deferrals and outage activity in Q4 2024
Haynesville throughput
(bcf/d)
Blue Union Gathering
1.56
Q4 2023
1.52
Q1 2024
1.50
Q2 2024
1.51
Q3 2024
1.42
Q4 2024
Northeast throughput
(bcf/d)
Appalachia Gathering
Susquehanna Gathering
Tioga Gathering
Ohio Utica Gathering
1.53
Q4 2023
1.54
Q1 2024
1.43
Q2 2024
1.37
Q3 2024
1.37
Q4 2024
Q1 2025 Haynesville throughput averaging ~1.6 Bcf/d through mid-February
DTMidstream
32
Joint Venture Debt Details
Annual debt paydown at Millennium and Vector
($ values in millions)
DTM proportionate share
End of year debt balances
Asset
(DTM ownership %)
NEXUS Pipeline (50%)
Millennium Pipeline (52.5%)
2024 Issuance
Prior Issuance
Total Millennium
Vector Pipeline (40%)
2024
$371
$129
$420
$549
$29
2025
$371
$114
$420
$534
$26
2026
$371
$99
$420
$519
$25
Interest expense
2024
$21
$11
$7
$18
$2
2025
$21
$9
$25
$34
$2
2026
$21
$7
$25
$32
$2
Weighted average interest rate1
5.66%
5.83%
5.88%
5.77%
Maturity
Bullets, 2028 through 2035
Fully amortized by 2032
Bullets, 2029 through 2036
Fully amortized by 2034
1. Weighted average interest rate as of December 31, 2024
DTMidstream
33
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.
DTMidstream
34
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.
DTMidstream
35
Non-GAAP Reconciliations
Reconciliation of Reported to Operating Earnings - DT Midstream Consolidated
Three Months Ended
December 31, 2024
September 30, 2024
Reported Earnings
Pre-tax Adjustments
Income Taxes(1)
Operating Earnings
Reported Earnings
Pre-tax Adjustments
Income Taxes(1)
Operating Earnings
(millions)
Midwest Pipeline Acquisition Tax Impact
Louisiana Tax Import
Bridge Facility
Net Income Attributable to DT Midstream
$73
$ -
-
4
$4
C
$22
(4)
(1)
$17
A
B
$94
$88
$-
-
-
$ -
-
-
-
-
$88
Year Ended
December 31, 2024
December 31, 2023
Reported Earnings
Pre-tax Adjustments
Income Taxes(1)
Operating Earnings
Reported Earnings
Pre-tax Adjustments
Income Taxes(1)
Operating Earnings
(millions)
Midwest Pipeline Acquisition Tax Impact
Louisiana Tax Import
Bridge Facility
Net Income Attributable to DT Midstream
$354
$ -
-
C
4
$4
$22
(4)
(1)
$17
A
B
$375
$384
$ -
-
-
$ -
$ -
-
-
$ -
$384
(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
A State tax rate increase impact to deferred income tax expense due to Midwest Pipeline Acquisition
B State tax rate reductions impact to deferred income tax expense due to enacted tax legislation
C Bridge Facility interest expense related to funding Midwest Pipeline Acquisition
DTMidstream
36
Non-GAAP Reconciliations
Reconciliation of Reported to Operating Earnings per diluted share(2) - DT Midstream Consolidated
Three Months Ended
December 31, 2024
September 30, 2024
Reported Earnings
Pre-tax Adjustments
Income Taxes(1)
Operating Earnings
Reported Earnings
Pre-tax Adjustments
Income Taxes(1)
Operating Earnings
(per share)
Midwest Pipeline Acquisition Tax Impact
Louisiana Tax Import
Bridge Facility
Net Income Attributable to DT Midstream
$0.73
$ -
-
0.04
$0.04
C
$0.22
(0.04)
(0.01)
$0.17
A
B
$0.94
$0.90
$ -
-
-
$ -
$ -
-
-
$ -
$0.90
Year Ended
December 31, 2024
December 31, 2023
Reported Earnings
Pre-tax Adjustments
Income Taxes(1)
Operating Earnings
Reported Earnings
Pre-tax Adjustments
Income Taxes(1)
Operating Earnings
(per share)
Midwest Pipeline Acquisition Tax Impact
Louisiana Tax Import
Bridge Facility
Net Income Attributable to DT Midstream
$3.60
$ -
-
0.04
$0.04
C
$0.22
(0.04)
(0.01)
$0.17
A
B
$3.81
$3.94
$ -
-
-
$ -
$ -
-
-
$ -
$3.94
(1) Excluding tax related adjustments, the amount of income taxes 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
Adjustments Key
A State tax rate increase impact to deferred income tax expense due to Midwest Pipeline Acquisition
B State tax rate reductions impact to deferred income tax expense due to enacted tax legislation
C Bridge Facility interest expense related to funding Midwest Pipeline Acquisition
DTMidstream
37
Non-GAAP Reconciliations
Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA
Three Months Ended
Year Ended
December 31, 2024
September 30, 2024
December 31, 2024
December 31, 2023
(millions)
Consolidated
Net Income Attributable to DT Midstream
Plus: Interest expense
Plus: Income tax expense
Plus: Depreciation and amortization
Plus: Loss from financing activities
Plus: EBITDA from equity method investees(1)
Less: Interest income
Less: Earnings from equity method investees
Less: Depreciation and amortization attributable to noncontrolling interests
Adjusted EBITDA
$73
36
43
53
1
72
(5)
(37)
(1)
$235
$88
38
30
53
4
70
(1)
(40)
(1)
$241
$354
153
137
209
5
284
(7)
(162)
(4)
$969
$384
150
104
182
-
286
(1)
(177)
(4)
$924
(1) Includes share of our equity method investees' earnings before interest, taxes, depreciation and amortization, which we refer to "EBITDA." A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:
Three Months Ended
Year Ended
December 31, 2024
September 30, 2024
December 31, 2024
December 31, 2023
(millions)
Earnings from equity method investees
Plus: Depreciation and amortization attributable to equity method investees
Plus: Interest expense attributable to equity method investees
EBITDA from equity method investees
$37
21
14
$72
$40
20
10
$70
$162
82
40
$284
$177
82
27
$286
DTMidstream
38
Non-GAAP Reconciliations
Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Pipeline Segment
Three Months Ended
Year Ended
December 31, 2024
September 30, 2024
December 31, 2024
December 31, 2023
(millions)
Pipeline
Net Income Attributable to DT Midstream
Plus: Interest expense
Plus: Income tax expense
Plus: Depreciation and amortization
Plus: Loss from financing activities
Plus: EBITDA from equity method investees(1)
Less: Interest income
Less: Earnings from equity method investees
Less: Depreciation and amortization attributable to noncontrolling interests
Adjusted EBITDA
$60
10
35
19
1
72
(3)
(37)
(1)
$156
$71
12
24
18
2
70
-
(40)
(1)
$156
$276
47
107
74
3
284
(4)
(162)
(4)
$621
$278
55
75
69
-
286
(1)
(177)
(4)
$581
(1) Includes share of our equity method investees' earnings before interest, taxes, depreciation and amortization, which we refer to "EBITDA." A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:
Three Months Ended
Year Ended
December 31, 2024
September 30, 2024
December 31, 2024
December 31, 2023
(millions)
Earnings from equity method investees
Plus: Depreciation and amortization attributable to equity method investees
Plus: Interest expense attributable to equity method investees
EBITDA from equity method investees
$37
21
14
$72
$40
20
10
$70
$162
82
40
$284
$177
82
27
$286
DTMidstream
39
Non-GAAP Reconciliations
Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Gathering Segment
Three Months Ended
Year Ended
December 31, 2024
September 30, 2024
December 31, 2024
December 31, 2023
(millions)
Gathering
Net Income Attributable to DT Midstream
Plus: Interest expense
Plus: Income tax expense
Plus: Depreciation and amortization
Plus: Loss from financing activities
Plus: EBITDA from equity method investees(1)
Less: Interest income
Adjusted EBITDA
$13
26
8
34
-
(2)
$79
$17
26
6
35
2
(1)
$85
$78
106
30
135
2
(3)
$348
$106
95
29
113
-
-
$343
DTMidstream
40
Non-GAAP Reconciliations
Reconciliation of Net Income Attributable to DT Midstream to Distributable Cash Flow
Three Months Ended
Year Ended
December 31, 2024
September 30, 2024
December 31, 2024
December 31, 2023
(millions)
Consolidated
Net Income Attributable to DT Midstream
Plus: Interest expense
Plus: Income tax expense
Plus: Depreciation and amortization
Plus: Loss from financing activities
Plus: Adjustments for non-routine items(1)
Less: Earnings from equity method investees
Less: Depreciation and amortization attributable to noncontrolling interests
Plus: Dividends and distributions from equity method investees
Less: Cash taxes
Less: Maintenance capital investment(2)
Distributable Cash Flow
$73
36
43
53
1
-
(37)
(1)
43
(60)
(5)
(13)
$133
$88
38
30
53
4
(416)
(40)
(1)
465
(6)
(4)
(4)
$207
$354
153
137
209
5
(416)
(162)
(4)
633
(140)
(12)
(30)
$727
$384
150
104
182
-
(371)
(177)
(4)
623
(140)
(22)
(29)
$700
(1) Distributable Cash Flow calculations excluded certain items we consider non-routine. For the year ended December 31, 2024, adjustments for non-routine items included the $416 million Millennium financing distribution. For the year ended December 31, 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.
DTMidstream
41
v3.25.0.1
Cover
|
Feb. 26, 2025 |
| Cover [Abstract] |
|
| Document Type |
8-K
|
| Amendment Flag |
false
|
| Document Period End Date |
Feb. 26, 2025
|
| 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.
|
| Entity Address, Address Line Two |
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
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| Entity Emerging Growth Company |
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| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the state or province.
| Name: |
dei_EntityAddressStateOrProvince |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:stateOrProvinceItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityCentralIndexKey |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:centralIndexKeyItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityEmergingGrowthCompany |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
| Name: |
dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
| Name: |
dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityRegistrantName |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityTaxIdentificationNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLocal phone number for entity.
| Name: |
dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
| Name: |
dei_PreCommencementIssuerTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
| Name: |
dei_PreCommencementTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTitle of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
| Name: |
dei_Security12bTitle |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:securityTitleItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
| Name: |
dei_SecurityExchangeName |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarExchangeCodeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
| Name: |
dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
| Name: |
dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
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