DETROIT, Oct. 16, 2025 (GLOBE NEWSWIRE) -- DT Midstream, Inc. (NYSE: DTM) plans to announce third quarter 2025 financial results before the market opens on Thursday, October 30, 2025. DT Midstream has scheduled a conference call to discuss results for 9:00 a.m. ET (8:00 a.m. CT) the same day. 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 ...

Group 1 - DT Midstream, Inc. has successfully closed a binding open season to award expansion capacity on the Guardian Pipeline, totaling 328,103 Dth per day, with a targeted in-service date of November 1, 2028 [1] - The total expansion capacity awarded now stands at 536,903 Dth per day, representing an approximate 40% increase from Guardian's current capacity [2] - The Guardian Pipeline is a 260-mile interstate pipeline with a current capacity of approximately 1.3 Bcf per day, serving key demand centers in Wisconsin [3] Group 2 - DT Midstream operates and develops natural gas pipelines, storage, and gathering systems across the Southern, Northeastern, and Midwestern United States and Canada [4] - The company is committed to transitioning towards net zero greenhouse gas emissions by 2050, with a goal of achieving a 30% reduction in carbon emissions by 2030 [4]

Group 1 - DT Midstream (NYSE: DTM) has been identified as a successful spinoff, although concerns about its current stock price have been raised [2] - The stock has appreciated since the last analysis, indicating positive market sentiment, but the valuation may be considered high [2] - The oil and gas industry is characterized as a boom-bust, cyclical sector, requiring patience and experience for successful investment [2] Group 2 - The analysis provided includes a comprehensive breakdown of companies in the oil and gas sector, focusing on balance sheets, competitive positions, and development prospects [1] - Membership in the Oil & Gas Value Research service offers exclusive insights and analyses not available on public platforms [1]

Company Performance - DT Midstream reported quarterly earnings of $1.04 per share, exceeding the Zacks Consensus Estimate of $0.98 per share, and showing an increase from $0.98 per share a year ago, representing an earnings surprise of +6.12% [1] - The company posted revenues of $309 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 3.34%, compared to year-ago revenues of $244 million [2] - Over the last four quarters, DT Midstream has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [2] Future Outlook - The immediate price movement of DT Midstream's stock will depend on management's commentary during the earnings call and the earnings outlook for the coming quarters [3][4] - The current consensus EPS estimate for the upcoming quarter is $1.09 on revenues of $308.72 million, and for the current fiscal year, it is $4.19 on revenues of $1.24 billion [7] - The estimate revisions trend for DT Midstream was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Oil and Gas - Integrated - United States industry, to which DT Midstream belongs, is currently in the bottom 16% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact investor decisions [5]

[Definitions](index=3&type=section&id=DEFINITIONS) This section provides a glossary of terms and acronyms used throughout the Form 10-Q - The section provides a glossary of terms and acronyms used throughout the Form 10-Q, including financial terms (e.g., AFUDC, ASC 606, GAAP), company-specific entities (e.g., DT Midstream, DTM Interstate Transportation), and asset descriptions (e.g., Appalachia Gathering, Blue Union Gathering, NEXUS, Millennium, Viking)[9](index=9&type=chunk)[10](index=10&type=chunk)[12](index=12&type=chunk) [Filing Format](index=8&type=section&id=FILING%20FORMAT) This section specifies how the Form 10-Q should be read in conjunction with other reports - This Form 10-Q should be read in its entirety and in conjunction with the Consolidated Financial Statements and Notes, and Management's Discussion and Analysis from DT Midstream's 2024 Annual Report on Form 10-K[17](index=17&type=chunk) [Forward-Looking Statements](index=8&type=section&id=FORWARD-LOOKING%20STATEMENTS) This section discusses the inherent risks and uncertainties associated with future-oriented statements in the report - The report contains forward-looking statements subject to numerous assumptions, risks, and uncertainties that may cause actual future results to differ materially. Key risk factors include changes in general economic conditions (interest rates, recession, inflation), industry changes (consolidations, alternative energy, technology), global trade policies, supply chain disruptions, actions by third-party operators, demand for natural gas services, and regulatory changes (e.g., Inflation Reduction Act, OBBBA)[19](index=19&type=chunk)[22](index=22&type=chunk) - The company is not obligated to update or alter its forward-looking statements[21](index=21&type=chunk) [PART I — FINANCIAL INFORMATION](index=11&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=11&type=section&id=Item%201.%20Financial%20Statements) This section presents DT Midstream's unaudited consolidated financial statements for the three and six months ended June 30, 2025 and 2024, along with detailed notes explaining the business, accounting policies, revenue recognition, goodwill, earnings per share, debt, and segment information. The financial performance shows an increase in net income and operating revenues year-over-year, driven partly by the Midwest Pipeline Acquisition [DT Midstream Consolidated Financial Statements (Unaudited)](index=11&type=section&id=DT%20Midstream%20Consolidated%20Financial%20Statements%20(Unaudited)) This section presents the company's unaudited consolidated financial statements for specific periods [Consolidated Statements of Operations](index=11&type=section&id=Consolidated%20Statements%20of%20Operations) This statement details the company's operating revenues, income, and earnings per common share for the reported periods | Metric | Three Months Ended June 30, 2025 (millions) | Three Months Ended June 30, 2024 (millions) | Six Months Ended June 30, 2025 (millions) | Six Months Ended June 30, 2024 (millions) | | :----------------------------------- | :------------------------------------------ | :------------------------------------------ | :----------------------------------------- | :----------------------------------------- | | Operating revenues | $309 | $244 | $612 | $484 | | Operating Income | $155 | $130 | $303 | $254 | | Net Income Attributable to DT Midstream | $107 | $96 | $215 | $193 | | Basic Earnings per Common Share | $1.05 | $0.99 | $2.12 | $1.99 | | Diluted Earnings per Common Share | $1.04 | $0.98 | $2.10 | $1.97 | - Operating revenues increased by **$65 million** (**26.6%**) for the three months ended June 30, 2025, and by **$128 million** (**26.4%**) for the six months ended June 30, 2025, compared to the same periods in 2024[24](index=24&type=chunk) - Net Income Attributable to DT Midstream increased by **$11 million** (**11.5%**) for the three months ended June 30, 2025, and by **$22 million** (**11.4%**) for the six months ended June 30, 2025, compared to the same periods in 2024[24](index=24&type=chunk) [Consolidated Statements of Comprehensive Income](index=12&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) This statement shows the company's net income and comprehensive income attributable to DT Midstream | Metric | Three Months Ended June 30, 2025 (millions) | Three Months Ended June 30, 2024 (millions) | Six Months Ended June 30, 2025 (millions) | Six Months Ended June 30, 2024 (millions) | | :------------------------------------------ | :------------------------------------------ | :------------------------------------------ | :---------------------------------------- | :---------------------------------------- | | Net Income | $111 | $100 | $222 | $200 | | Comprehensive Income Attributable to DT Midstream | $107 | $96 | $216 | $193 | - Comprehensive Income Attributable to DT Midstream increased by **$11 million** (**11.5%**) for the three months ended June 30, 2025, and by **$23 million** (**11.9%**) for the six months ended June 30, 2025, compared to the same periods in 2024[26](index=26&type=chunk) [Consolidated Statements of Financial Position](index=13&type=section&id=Consolidated%20Statements%20of%20Financial%20Position) This statement provides a snapshot of the company's assets, liabilities, and equity at specific dates | Metric | June 30, 2025 (millions) | December 31, 2024 (millions) | | :-------------------------------- | :----------------------- | :--------------------------- | | Total Assets | $9,960 | $9,935 | | Total Liabilities | $5,145 | $5,169 | | Total DT Midstream Equity | $4,673 | $4,627 | | Total Equity | $4,815 | $4,766 | - Total Assets increased by **$25 million** from December 31, 2024, to June 30, 2025[28](index=28&type=chunk) - Total Liabilities decreased by **$24 million**, while Total DT Midstream Equity increased by **$46 million** during the same period[30](index=30&type=chunk) [Consolidated Statements of Cash Flows](index=15&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) This statement summarizes the cash inflows and outflows from operating, investing, and financing activities | Metric | Six Months Ended June 30, 2025 (millions) | Six Months Ended June 30, 2024 (millions) | | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | | Net cash and cash equivalents from operating activities | $432 | $406 | | Net cash and cash equivalents used for investing activities | $(124) | $(143) | | Net cash and cash equivalents used for financing activities | $(302) | $(246) | | Net Increase in Cash and Cash Equivalents | $6 | $17 | | Cash and Cash Equivalents at End of Period | $74 | $73 | - Net cash from operating activities increased by **$26 million** (**6.4%**) for the six months ended June 30, 2025, compared to the same period in 2024[32](index=32&type=chunk) - Net cash used for financing activities increased by **$56 million** (**22.8%**) for the six months ended June 30, 2025, primarily due to higher net repayments of borrowings and increased dividends[32](index=32&type=chunk)[163](index=163&type=chunk) [Consolidated Statements of Changes in Stockholders' Equity](index=16&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) This statement outlines changes in the company's equity, including retained earnings and common stock | Metric | Balance, December 31, 2024 (millions) | Balance, June 30, 2025 (millions) | | :-------------------------------- | :------------------------------------ | :-------------------------------- | | Total DT Midstream Equity | $4,627 | $4,815 | | Retained Earnings | $723 | $770 | | Common Stock Shares Outstanding | 101,325 | 101,593 | - Total DT Midstream Equity increased by **$188 million** from December 31, 2024, to June 30, 2025, primarily due to net income partially offset by dividends declared[34](index=34&type=chunk) [Notes to Consolidated Financial Statements (Unaudited)](index=17&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements%20(Unaudited)) This section provides detailed explanations and disclosures supporting the consolidated financial statements [Note 1 — Description of the Business and Basis of Presentation](index=17&type=section&id=Note%201%20%E2%80%94%20Description%20of%20the%20Business%20and%20Basis%20of%20Presentation) This note describes DT Midstream's business segments, core assets, and consolidation policies - DT Midstream operates an integrated portfolio of natural gas midstream assets through two segments: Pipeline (interstate/intrastate pipelines, storage, gathering laterals, equity method investees) and Gathering (gathering systems, treatment plants, compression, ancillary services)[36](index=36&type=chunk) -

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $277 million for the second quarter, a decrease of $3 million from the previous quarter [13] - Committed capital for 2025 and 2026 has increased to approximately $385 million and $230 million respectively, reflecting new growth projects reaching FID, an increase of approximately $150 million from the first quarter disclosure [14][16] - The company was upgraded to investment grade by both Moody's and S&P, solidifying its status as a full investment grade entity [17] Business Line Data and Key Metrics Changes - The pipeline segment results were $3 million lower than the first quarter, driven by a planned rate step down on the Guardian pipeline and seasonally lower EBITDA from interstate and joint venture pipelines [13] - Total gathering volume for the Haynesville averaged 1.74 Bcf per day, an all-time record throughput for a quarter and a 16% increase over the second quarter of 2024 [13] - In the Northeast, volumes averaged 1.17 Bcf per day, a decrease from the first quarter due to maintenance and timing of producer activity [14] Market Data and Key Metrics Changes - The company forecasts a 16 Bcf per day increase in LNG free gas demand through 2035 from facilities that have access to its Haynesville system [10] - The PGM auction cleared at over $329 per megawatt day, a 22% increase from last year's auction, indicating significant power demand growth [10] - The company expects demand growth of more than 40% over the next twenty years in the PJM and MISO electric markets [11] Company Strategy and Development Direction - The company is focused on executing its $2.3 billion organic project backlog, with $1.1 billion already reaching FID [19] - The current federal administration is creating a more favorable environment for energy infrastructure projects, streamlining approval processes [11][12] - The company is exploring additional modernization investment opportunities across its interstate assets to ensure reliability and maintain high service levels [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in reaffirming the 2025 adjusted EBITDA guidance range and the early outlook for 2026 [5] - The company sees a positive shift in the Haynesville as producers begin to respond to LNG demand [9] - Management highlighted strong power demand growth driven by electrification, onshoring of manufacturing, and demand for AI computing and data centers [10] Other Important Information - The company announced a second quarter dividend of $0.82 per share, unchanged from the prior quarter, with a commitment to grow the dividend by 5% to 7% per year [18] - The company is actively pursuing greenfield storage opportunities in response to LNG demand ramp [110] Q&A Session Summary Question: Insights on New York's power generation and Millennium expansion - Management noted strong power demand in New York, with both plants served by Millennium operating at high load factors, indicating a need for additional generation [24] - Positive regulatory changes are being observed, with a recognition of the need for additional infrastructure in the state [25] Question: Haynesville activity and producer responses - Management indicated that private producers are ramping up activity in the Haynesville, with expectations for public producers to follow as pricing and demand increase [26][28] Question: Data center lateral investments - Management highlighted strong power demand growth in PJM and MISO, with ongoing utility scale expansions driven by this demand [31] Question: CapEx for 2025 and spending expectations - Management expects to land within the guidance range for CapEx, with a ramp in spending anticipated in the second half of the year [37] Question: Gas sourcing for Guardian project and upstream expansions - Management confirmed that gas will be sourced at the Joliet hub, with discussions ongoing about upstream expansions [41][43] Question: LNG market dynamics and competitive landscape - Management noted favorable short-term conditions for LEAP, with ongoing expansions to enhance delivery point connectivity into the LNG header system [46][48] Question: Bolt-on acquisition strategy - Management remains open to bolt-on opportunities that align with their core strategy of growing pipeline segments with high-quality counterparties [55][57] Question: Impact of the new federal administration on permitting - Management described the current administration as a positive influence, working to reduce friction in large-scale infrastructure investments [60][61] Question: 2026 EBITDA guidance and project FID timing - Management reaffirmed confidence in the 2026 early outlook, indicating that project FIDs are occurring as expected [64] Question: Expansion capacity on Nexus and Midwest utilities - Management discussed the potential for expansion on Nexus, with significant capacity available for future growth [78][79]

Financial Data and Key Metrics Changes - In Q2 2025, adjusted EBITDA was $277 million, a decrease of $3 million from the previous quarter [12] - The pipeline segment results were $3 million lower than Q1 2025 due to a planned rate step down on the Guardian pipeline and seasonally lower EBITDA from interstate and joint venture pipelines [12] - Total gathering volume for the Haynesville averaged 1.74 Bcf per day, a record throughput for a quarter and a 16% increase over Q2 2024 [12] Business Line Data and Key Metrics Changes - The gathering segment results were in line with Q1 2025, reflecting higher volumes on the Haynesville system, offset by lower volumes in the Northeast [12] - In the Northeast, volumes averaged 1.17 Bcf per day, a decrease from Q1 due to maintenance and timing of producer activity [12] Market Data and Key Metrics Changes - The PGM auction cleared at over $329 per megawatt day, a 22% increase from last year's auction, indicating significant power demand growth [9] - The company forecasts a 16 Bcf per day increase in LNG free gas demand through 2035 from facilities accessing the Haynesville system [8] Company Strategy and Development Direction - The company reaffirmed its 2025 adjusted EBITDA guidance and early outlook for 2026, indicating confidence in growth opportunities [4] - The company is focused on executing a $2.3 billion organic project backlog, with $1.1 billion already reaching FID [17] - The current federal administration is creating a favorable environment for energy infrastructure projects, streamlining approval processes [10][11] Management's Comments on Operating Environment and Future Outlook - Management noted a positive shift in the Haynesville region, with private producers becoming more active in response to LNG demand [7] - The company is optimistic about power demand growth driven by electrification, onshoring of manufacturing, and demand for AI computing [8] - Management expressed confidence in achieving the total investment target of $2.3 billion, with a significant portion already committed [14] Other Important Information - The company was upgraded to investment grade by Moody's and S&P, joining Fitch, solidifying its status as a full investment-grade entity [15] - The Board of Directors approved a second-quarter dividend of $0.82 per share, unchanged from the prior quarter, with a commitment to grow the dividend by 5% to 7% per year [16] Q&A Session Summary Question: Insights on New York's power generation and Millennium expansion - Management noted strong power demand in New York, with both plants served by Millennium operating at high load factors, indicating a need for additional generation [22] - Positive regulatory changes are being observed, with a recognition of the need for additional infrastructure in the state [23] Question: Haynesville activity and producer responses - Private producers are ramping up activity in the Haynesville, with expectations that public producers will respond to price signals in 2026 and 2027 [25][26] Question: Data center lateral investments - Strong power demand growth is being observed in PJM and MISO, with ongoing utility-scale expansions driven by this demand [30] Question: CapEx for 2025 - Management expects to land within the guidance range for CapEx, with a ramp expected in the second half of the year [38] Question: FID of Guardian and gas sourcing - The customer will procure gas at the Joliet hub, with existing pipelines capable of feeding the hub [41] Question: LNG market dynamics and competitive landscape - The company is expanding delivery point connectivity into the LNG header system, positioning itself for continued demand growth [46] Question: Bolt-on acquisition strategy - The company remains open to bolt-on opportunities that align with its core strategy of growing its pipeline segment [52] Question: Impact of the new federal administration on project permits - The administration is working to reduce friction in large-scale infrastructure investments, which is seen as a positive development for the company [58] Question: 2026 EBITDA guidance and project FID movement - Management reaffirmed confidence in the 2026 early outlook, indicating that project movements are on track [62] Question: Expansion capacity on Nexus and Midwest utilities - Nexus has significant expansion potential, and the company is exploring opportunities to increase egress capacity from Appalachia [78][88]

Financial Performance & Guidance - Second quarter 2025 net income reached $107 million and Adjusted EBITDA was $277 million[12] - The company reaffirmed its 2025 Adjusted EBITDA guidance range of $1,095 - $1,155 million and an early outlook of $1,155 - $1,225 million for 2026[12] - The Pipeline segment contributed approximately 70% of the total Adjusted EBITDA in Q2 2025, while the Gathering segment accounted for the remaining 30%[17] - Distributable Cash Flow for the second quarter of 2025 was $157 million[37] Organic Growth & Project Backlog - The company reached a final investment decision (FID) on approximately $0.6 billion of projects from its organic growth backlog in the second quarter of 2025[12] - The company is executing on a ~$2.3 billion organic project backlog over 2025-2029[19] - Approximately $1.1 billion of projects have reached FID[21, 36] - The company's capital project backlog is comprised of approximately 70% Pipeline, 20% Gathering, and 10% Energy Transition projects[20] Key Projects & Expansions - Final Investment Decision was reached on the Guardian Pipeline "G3" expansion, increasing capacity by approximately 210 MMcf/d[12, 23, 25] - Final Investment Decision was reached on the initial phase of modernization across the company's new interstate pipelines[12, 26] - Haynesville throughput increased by 16% in Q2 2025 compared to Q2 2024, reaching 1.74 bcf/d[40]

Financial Performance - DT Midstream reported a net income of $107 million for Q2 2025, equating to $1.04 per diluted share, with Operating Earnings also at $107 million and Adjusted EBITDA at $277 million [1][3][21] - The company reaffirmed its 2025 Adjusted EBITDA guidance of $1.095 to $1.155 billion and provided an early outlook for 2026 Adjusted EBITDA in the range of $1.155 to $1.225 billion [3][11] Dividend Announcement - The Board of Directors declared a dividend of $0.82 per share, payable on October 15, 2025, to stockholders of record as of September 15, 2025 [2] Business Updates - The company made significant progress on organic projects, with $0.6 billion of projects reaching final investment decisions during Q2 2025 [3][8] - DT Midstream achieved a record high quarterly gathering volume for its Haynesville system and finalized its investment plan for the initial phase of modernization across new interstate pipelines [8][22] Company Overview - DT Midstream operates natural gas interstate and intrastate pipelines, storage, and gathering systems, focusing on transporting clean natural gas across the Southern, Northeastern, and Midwestern United States and Canada [5] - The company aims to transition towards net zero greenhouse gas emissions by 2050, with a target of achieving a 30% reduction in carbon emissions by 2030 [5]

[Q2 2025 Earnings Release](index=1&type=section&id=Q2%202025%20Earnings%20Release) This section covers financial highlights, management commentary, and future guidance for Q2 2025 [Financial Highlights and Shareholder Returns](index=1&type=section&id=Financial%20Highlights%20and%20Shareholder%20Returns) DT Midstream reported strong Q2 2025 financial results with $107 million net income, $1.04 diluted EPS, $277 million Adjusted EBITDA, and declared a $0.82 quarterly dividend Q2 2025 Financial Performance | Metric | Value | | :--- | :--- | | Reported Net Income (in millions) | $107 | | Diluted EPS (per share) | $1.04 | | Operating Earnings (in millions) | $107 | | Operating Earnings per Diluted Share (per share) | $1.04 | | Adjusted EBITDA (in millions) | $277 | - The Board of Directors declared a quarterly dividend of **$0.82 per share**, payable on October 15, 2025, to stockholders of record as of September 15, 2025[2](index=2&type=chunk) [Management Commentary and Business Updates](index=1&type=section&id=Management%20Commentary%20and%20Business%20Updates) Management reaffirmed full-year guidance, highlighting $0.6 billion in organic project investment decisions, achieving an investment-grade credit rating, and record Haynesville gathering volumes - The company is performing on track with its full-year plan and made final investment decisions on **$0.6 billion** of organic projects during Q2[3](index=3&type=chunk) - Key business updates for the quarter include: - Final investment decision on the Guardian Pipeline "G3" expansion (~210 MMcf/d) - Finalized investment plan for modernizing new interstate pipelines - Achieved an investment-grade credit rating with all three rating agencies - Set a record high quarterly gathering volume for the Haynesville system[4](index=4&type=chunk) [Financial Guidance](index=1&type=section&id=Financial%20Guidance) DT Midstream reaffirmed 2025 Adjusted EBITDA guidance and provided an early 2026 outlook, noting no reconciliation for forward-looking Adjusted EBITDA due to unpredictability Adjusted EBITDA Guidance | Year | Guidance Range (in billions) | | :--- | :--- | | 2025 (Reaffirmed) | $1.095 - $1.155 | | 2026 (Early Outlook) | $1.155 - $1.225 | - The company does not provide a reconciliation of projected Adjusted EBITDA to GAAP net income because it cannot predict certain components like impairments, acquisition costs, or accounting changes without unreasonable effort[10](index=10&type=chunk) [Financial Tables and Reconciliations (Non-GAAP)](index=8&type=section&id=Financial%20Tables%20and%20Reconciliations%20(Non-GAAP)) This section details reconciliations of GAAP net income to non-GAAP measures like operating earnings, Adjusted EBITDA, and Distributable Cash Flow [Reconciliation of Reported to Operating Earnings](index=8&type=section&id=Reconciliation%20of%20Reported%20to%20Operating%20Earnings) This section reconciles reported net income and EPS to operating earnings and EPS for Q2 and six months 2025 and 2024, showing no adjustments for Q2 2025 Net Income Reconciliation | Period | Reported Net Income (in millions) | Operating Earnings (in millions) | | :--- | :--- | :--- | | Q2 2025 | $107 | $107 | | Six Months 2025 | $215 | $215 | | Six Months 2024 | $193 | $193 | EPS Reconciliation | Period | Reported EPS (per share) | Operating EPS (per share) | | :--- | :--- | :--- | | Q2 2025 | $1.04 | $1.04 | | Six Months 2025 | $2.10 | $2.10 | | Six Months 2024 | $1.97 | $1.97 | [Reconciliation of Net Income to Adjusted EBITDA](index=10&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Adjusted%20EBITDA) This section reconciles GAAP Net Income to Adjusted EBITDA for consolidated, Pipeline, and Gathering segments, showing Q2 2025 consolidated Adjusted EBITDA at $277 million [Consolidated Adjusted EBITDA](index=10&type=section&id=Consolidated%20Adjusted%20EBITDA) This sub-section presents the reconciliation of consolidated net income to Adjusted EBITDA for Q1, Q2, and six months of 2025 and 2024 Consolidated Adjusted EBITDA | Period | Net Income (in millions) | Adjusted EBITDA (in millions) | | :--- | :--- | :--- | | Q2 2025 | $107 | $277 | | Q1 2025 | $108 | $280 | | Six Months 2025 | $215 | $557 | | Six Months 2024 | $193 | $493 | [Pipeline Segment Adjusted EBITDA](index=11&type=section&id=Pipeline%20Segment%20Adjusted%20EBITDA) This sub-section details the reconciliation of net income to Adjusted EBITDA specifically for the Pipeline segment across various periods Pipeline Segment Adjusted EBITDA | Period | Net Income (in millions) | Adjusted EBITDA (in millions) | | :--- | :--- | :--- | | Q2 2025 | $93 | $194 | | Q1 2025 | $92 | $197 | | Six Months 2025 | $185 | $391 | | Six Months 2024 | $145 | $309 | [Gathering Segment Adjusted EBITDA](index=12&type=section&id=Gathering%20Segment%20Adjusted%20EBITDA) This sub-section provides the reconciliation of net income to Adjusted EBITDA for the Gathering segment for Q1, Q2, and six months of 2025 and 2024 Gathering Segment Adjusted EBITDA | Period | Net Income (in millions) | Adjusted EBITDA (in millions) | | :--- | :--- | :--- | | Q2 2025 | $14 | $83 | | Q1 2025 | $16 | $83 | | Six Months 2025 | $30 | $166 | | Six Months 2024 | $48 | $184 | [Reconciliation of Net Income to Distributable Cash Flow (DCF)](index=13&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Distributable%20Cash%20Flow%20(DCF)) This section reconciles Net Income to Distributable Cash Flow (DCF), a non-GAAP measure, showing Q2 2025 DCF at $157 million and $407 million for the first six months of 2025 Distributable Cash Flow | Period | Net Income (in millions) | Distributable Cash Flow (in millions) | | :--- | :--- | :--- | | Q2 2025 | $107 | $157 | | Q1 2025 | $108 | $250 | | Six Months 2025 | $215 | $407 | | Six Months 2024 | $193 | $387 | [Disclosures and Company Information](index=2&type=section&id=Disclosures%20and%20Company%20Information) This section provides an overview of DT Midstream, explains non-GAAP financial measures, and includes forward-looking statements [About DT Midstream](index=2&type=section&id=About%20DT%20Midstream) DT Midstream is a Detroit-based owner and operator of natural gas infrastructure across North America, committed to net-zero greenhouse gas emissions by 2050 - The company owns and operates a comprehensive array of natural gas infrastructure, providing wellhead-to-market services for a diverse customer base[6](index=6&type=chunk) - DT Midstream has a stated goal of transitioning to **net-zero greenhouse gas emissions by 2050**, with an interim target of a **30% reduction by 2030**[6](index=6&type=chunk) [Explanation of Non-GAAP Financial Measures](index=2&type=section&id=Explanation%20of%20Non-GAAP%20Financial%20Measures) The company explains its use of non-GAAP measures like Operating Earnings, Adjusted EBITDA, and DCF, which provide a clearer view of operational performance and industry comparison - Operating Earnings represent earnings from ongoing operations, excluding non-recurring items, serving as the primary performance measure for external communications[7](index=7&type=chunk) - Adjusted EBITDA is used to understand operating performance unaffected by interest, taxes, depreciation, amortization, and non-routine charges, facilitating comparison with industry peers[8](index=8&type=chunk) - Distributable Cash Flow (DCF) is a key metric to estimate cash generated by assets after servicing debt, taxes, and maintenance capital, available for dividends or growth[9](index=9&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This section provides a standard safe harbor statement regarding forward-looking statements, noting they are subject to risks and uncertainties that could cause actual results to differ materially - Forward-looking statements relate to future performance, plans, and strategies, identified by words like "believe," "expect," "guidance," and "outlook"[11](index=11&type=chunk)[12](index=12&type=chunk) - Actual results may differ materially from projections due to various factors, including economic changes, supply chain disruptions, geopolitical events, and regulatory changes[13](index=13&type=chunk) - The company disclaims any obligation to update forward-looking statements and advises against undue reliance on them[14](index=14&type=chunk)[15](index=15&type=chunk)