The last year or so has been a good one for investors in midstream companies. Most are up double-digits year over year, and DT Midstream (NYSE: DTM ) is no exception. In fact, DTM has just crushed the small-cap midstreamHe is the leader of the investing group The Daily Drilling Report where he provides investment analysis for the oil and gas industry. Features of the group include: a model portfolio that covers all segments of upstream oilfield activity with weekly updates, ideas for both U.S and internatio ...

DETROIT, May 20, 2025 (GLOBE NEWSWIRE) -- DT Midstream, Inc. (NYSE: DTM) announced that it has achieved an investment grade rating with two agencies: With investment grade ratings from these two credit agencies, DTM expects an improvement in liquidity and reduced interest expense. "Achievement of an investment grade credit rating was a strategic goal we had since we became a standalone public company," said David Slater, President and CEO. "The ratings upgrades are a recognition of the strength of our balan ...

Financial Performance - Operating revenues for the three months ended March 31, 2025, increased to $303 million, up from $240 million in the same period of 2024, representing a 26.25% growth[25] - Net income attributable to DT Midstream for the three months ended March 31, 2025, was $108 million, compared to $97 million for the same period in 2024, reflecting an 11.34% increase[25] - Basic earnings per common share rose to $1.07 for the three months ended March 31, 2025, compared to $1.00 for the same period in 2024, marking a 7% increase[25] - Operating income for the three months ended March 31, 2025, was $148 million, compared to $124 million in the same period of 2024, a 19.35% increase[25] - The company reported comprehensive income attributable to DT Midstream of $109 million for the three months ended March 31, 2025, compared to $97 million in the same period of 2024, a 12.37% increase[27] - Net cash from operating activities for the three months ended March 31, 2025, was $247 million, compared to $241 million for the same period in 2024, a 2.49% increase[34] - As of March 31, 2025, DT Midstream reported a net income of $111 million, compared to $100 million for the same period in 2024, reflecting an increase of 11%[36] - The company declared dividends of $0.820 per common share, totaling $83 million for the first quarter of 2025, up from $71 million in the same quarter of 2024[36] - Basic earnings per share for Q1 2025 were $1.07, up from $1.00 in Q1 2024, while diluted earnings per share increased to $1.06 from $0.99[87] Assets and Liabilities - Total assets as of March 31, 2025, were $9,932 million, slightly down from $9,935 million as of December 31, 2024[30] - Total liabilities decreased to $5,150 million as of March 31, 2025, from $5,169 million as of December 31, 2024[32] - The company’s long-term debt remained stable at $3,320 million as of March 31, 2025, compared to $3,319 million at the end of 2024[32] - The company’s retained earnings balance as of March 31, 2025, was $747 million, slightly up from $723 million as of December 31, 2024[36] - Total assets as of March 31, 2025, amounted to $929 million, a slight increase from $914 million as of December 31, 2024[48] - The carrying value of goodwill remained unchanged at $776 million as of March 31, 2025, with no impairments reported[85] Cash and Liquidity - Cash and cash equivalents increased to $83 million as of March 31, 2025, up from $68 million at the end of 2024, indicating a 22.06% increase[30] - Cash and cash equivalents increased to $24 million as of March 31, 2025, from $17 million at the end of 2024[48] - The company maintains a Revolving Credit Facility as a source of liquidity, alongside cash generated from operations[42] - The company has a total availability of $1 billion under the Revolving Credit Facility, with net availability of $919 million after accounting for outstanding borrowings of $65 million and letters of credit of $16 million[100] - The weighted average interest rate for Revolving Credit Facility borrowings outstanding was 5.68% as of March 31, 2025[100] Acquisitions and Investments - The company completed the Midwest Pipeline Acquisition on December 31, 2024, enhancing its natural gas transmission capabilities[38] - The company completed the Midwest Pipeline Acquisition on December 31, 2024, for a preliminary purchase price of $1.2 billion, acquiring 100% operating ownership in three interstate natural gas transmission pipelines[119] - The intangible assets from the acquisition were valued at approximately $11 million, with the excess purchase price classified as goodwill[121] - The Clean Fuels Gathering segment's results of operations are included after the July 1, 2024 acquisition date[114] Revenue Streams - Pipeline revenue increased to $169 million in Q1 2025 from $107 million in Q1 2024, while gathering revenue remained relatively stable at $134 million compared to $133 million[71] - Operating revenues for non-consolidated equity method investees were $209 million for the three months ended March 31, 2025, compared to $214 million in 2024[56] - Earnings from equity method investees totaled $37 million for the three months ended March 31, 2025, down from $46 million in the same period of 2024[52] Financial Ratios and Covenants - The consolidated net leverage ratio as of March 31, 2025, is 2.3 to 1, and the interest coverage ratio is 9.0 to 1, indicating compliance with financial covenants[104] - The interim effective tax rate for the three months ended March 31, 2025, was 24%, consistent with the same period in 2024[90] Other Financial Information - Contract liabilities as of March 31, 2025, amounted to $155 million, with expected revenue recognition of $15 million in the remainder of 2025[77] - The total transaction price allocated to remaining performance obligations expected to be recognized as revenue in future periods is $1.414 billion[80] - The company has accrued contingent liabilities of $3 million for future slope restoration expenditures as of March 31, 2025[111] - The company has a maximum potential indemnification under surety bond agreements of $13 million as of March 31, 2025[107] - The company has a credit facility to Vector for CAD $70 million, with a maximum potential payout of USD $49 million[108] - The company recorded $10 million as a long-term prepaid asset related to a gas supply agreement at Clean Fuels Gathering, with $6 million paid during the three months ended March 31, 2025[109] Risks and Dependencies - The company is dependent on a key customer, Expand Energy, for a significant portion of its revenues, which poses a credit risk if volumes from this customer decline[174] - The most recent FERC rate proceedings for the company's pipelines were settled on February 15, 2023, May 3, 2022, and July 31, 2024, with no open proceedings as of March 31, 2025[127]

DT Midstream (DTM) Q1 2025 Earnings Call April 30, 2025 09:00 AM ET Company Participants Todd Lohrmann - Director of Investor RelationsDavid Slater - President & CEOJeff Jewell - EVP & CFOMichael Blum - Managing DirectorSpiro Dounis - DirectorJohn Mackay - VP - Equity ResearchKeith Stanley - DirectorJean Ann Salisbury - Managing DirectorManav Gupta - Executive DirectorRobert Mosca - Equity Research Associate Conference Call Participants Jeremy Tonet - Equity Research Analyst, Executive DirectorTheresa Chen ...

DT Midstream (DTM) Q1 2025 Earnings Call April 30, 2025 09:00 AM ET Speaker0 Welcome to the DTE Midstream First Quarter twenty twenty five Earnings Call. I will now turn it over to our speaker today, Todd Lerman, Director of Investor Relations. Please go ahead. Speaker1 Good morning, and welcome, everyone. Before we get started, I would like to remind you to read the Safe Harbor statement on Page two of the presentation, including the reference to forward looking statements. Our presentation also includes r ...

First Quarter 2025 Earnings Call April 30, 2025 Bluestone Gathering Lateral Pipeline NYSE: DTM Safe Harbor Statement 2 New slide First Quarter 2025 Accomplishments Strong financial performance Acquisition performing well and integration progressing as planned Progressing commercial opportunities and executing on construction projects This presentation contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities l ...

DETROIT, April 30, 2025 (GLOBE NEWSWIRE) -- DT Midstream, Inc. (NYSE: DTM) today announced first quarter 2025 reported net income of $108 million, or $1.06 per diluted share. For the first quarter of 2025, Operating Earnings were $108 million, or $1.06 per diluted share. Adjusted EBITDA for the quarter was $280 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 Mid ...

Financial Performance - DT Midstream reported net income of $108 million, or $1.06 per diluted share for Q1 2025, with Adjusted EBITDA of $280 million[1][2] - Net Income Attributable to DT Midstream for Q1 2025 was $108 million, compared to $73 million in Q4 2024, reflecting a 47.95% increase[23] - Adjusted EBITDA for Q1 2025 reached $280 million, up from $235 million in Q4 2024, representing a 19.15% growth[23] - The Pipeline Segment's Adjusted EBITDA was $197 million for Q1 2025, compared to $156 million in Q4 2024, indicating a 26.28% increase[24] - The Gathering Segment reported an Adjusted EBITDA of $83 million for Q1 2025, slightly up from $79 million in Q4 2024, a 5.06% increase[25] - Distributable Cash Flow for Q1 2025 was $250 million, significantly higher than $133 million in Q4 2024, marking an 87.97% increase[26] - Interest expense for Q1 2025 was $40 million, compared to $36 million in Q4 2024, reflecting an increase of 11.11%[26] - Income tax expense for Q1 2025 was $35 million, down from $43 million in Q4 2024, a decrease of 18.60%[26] - Depreciation and amortization for Q1 2025 totaled $63 million, compared to $53 million in Q4 2024, an increase of 18.87%[26] - The company experienced a loss from financing activities of $1 million in Q4 2024, which was not present in Q1 2025[23] - The Midwest Pipeline Acquisition had a tax impact that contributed to the overall financial adjustments in the reported earnings[22] Dividends - The company declared a dividend of $0.82 per share, payable on July 15, 2025, to stockholders of record as of June 16, 2025[2] Projects and Operations - Successful integration of new interstate pipelines into the financial system has been completed[5] - Construction activities for a new power plant lateral from Midwestern Gas Transmission have commenced[5] - The company is advancing on a project backlog valued at approximately $2.3 billion[5] Environmental Goals - DT Midstream aims to achieve a 30% reduction in carbon emissions by 2030 as part of its transition to net zero greenhouse gas emissions by 2050[6] Performance Metrics - The company uses Operating Earnings and Adjusted EBITDA as key performance metrics to provide a clearer picture of ongoing operations[7][8] Forward-Looking Statements - Forward-looking statements indicate management's expectations for future performance, subject to various risks and uncertainties[12][14] - The company does not provide specific net income forecasts due to the unpredictability of its components[10] - Factors affecting future results include economic conditions, regulatory changes, and operational risks[14][15]

Wall Street expects a year-over-year increase in earnings on higher revenues when DT Midstream (DTM) reports results for the quarter ended March 2025. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on April 30. On ...

J.P. Morgan analyst Jeremy Tonet reduced the price forecast for DT Midstream, Inc. DTM from $115.00 to $109.00 while keeping a Neutral rating.In February, the company reported fourth-quarter operating EPS of $0.94, surpassing the $0.89 estimate.The company also raised its 2025 adjusted EBITDA guidance by 18%, now projecting a range of $1.095 billion to $1.155 billion.The analyst says that 2025 adjusted EBITDA guidance compares with JP Morgan estimates of $1.151 billion and street median consensus of $1.140 ...