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]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________ FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period ended June 30, 2025 (State or other jurisdiction of incorporation or Or Delaware 38-2663964 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 organization) (I.R.S Employer Identification No.) Registrant's address of principal execu ...

DT Midstream (DTM) Q2 2025 Earnings Call July 31, 2025 09:00 AM ET Company ParticipantsTodd Lohrmann - Director of Investor RelationsDavid Slater - President & CEOJeff Jewell - EVP & CFOMichael Blum - Managing DirectorManav Gupta - Executive DirectorJean Ann Salisbury - Managing DirectorJohn Mackay - VP - Equity ResearchKeith Stanley - DirectorSpiro Dounis - DirectorRobert Mosca - VP- Midstream & Natural Gas Utilities Equity ResearchZack Van Everen - Director - Infrastructure ResearchConference Call Partici ...

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]

DETROIT, July 31, 2025 (GLOBE NEWSWIRE) -- DT Midstream, Inc. (NYSE: DTM) today announced second quarter 2025 reported net income of $107 million, or $1.04 per diluted share. For the second quarter of 2025, Operating Earnings were also $107 million, or $1.04 per diluted share. Adjusted EBITDA for the quarter was $277 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 D ...

[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)

Core Viewpoint - Wall Street anticipates flat earnings for DT Midstream in the upcoming quarter, with earnings expected to be $0.98 per share, unchanged from the previous year, while revenues are projected to increase by 22.6% to $299.03 million [3][11]. Earnings Expectations - The earnings report is set to be released on July 31, and if the results exceed expectations, the stock may rise; conversely, a miss could lead to a decline [2]. - The consensus EPS estimate has been revised down by 1.14% over the last 30 days, indicating a reassessment by analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model shows a positive Earnings ESP of +0.41% for DT Midstream, suggesting a likelihood of beating the consensus EPS estimate [11]. - A positive Earnings ESP is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3 [9]. Historical Performance - In the last reported quarter, DT Midstream was expected to earn $1.07 per share but reported $1.06, resulting in a surprise of -0.93% [12]. - Over the past four quarters, the company has surpassed consensus EPS estimates two times [13]. Industry Context - National Fuel Gas, another player in the oil and gas sector, is expected to report earnings of $1.5 per share, reflecting a year-over-year increase of 51.5%, with revenues projected to rise by 47.8% to $617.15 million [17][18].

Core Viewpoint - DT Midstream, Inc. is set to announce its second quarter 2025 financial results on July 31, 2025, before market opening [1] Group 1: Financial Results Announcement - The financial results will be discussed in a conference call scheduled for 9:00 a.m. ET on the same day [2] - Investors and the public can access a live internet broadcast of the call [2] Group 2: Company Overview - DT Midstream is involved in the ownership, operation, and development of natural gas pipelines, storage, and related facilities [3] - The company provides services for utilities, power plants, and large industrial customers across the U.S. and Canada [3] - DT Midstream aims for net zero greenhouse gas emissions by 2050, with a target of 30% carbon emissions reduction by 2030 [3]

Core Viewpoint - DT Midstream, Inc. has achieved investment grade ratings from all three major credit rating agencies, reflecting the strength of its balance sheet and business quality, positioning the company for continued growth [1][3]. Company Overview - DT Midstream is involved in the ownership, operation, and development of natural gas pipelines, storage, and gathering systems, providing services across the Southern, Northeastern, and Midwestern United States and Canada [2]. - The company is committed to transitioning towards net zero greenhouse gas emissions by 2050, with a target of achieving a 30% reduction in carbon emissions by 2030 [2]. Credit Rating Upgrades - Fitch Ratings upgraded DT Midstream's credit rating to BBB- with a stable outlook on October 3, 2024 [3]. - Moody's Ratings upgraded the credit rating to Baa3 with a stable outlook on May 16, 2025 [3]. - S&P Global Ratings upgraded the credit rating to BBB- with a stable outlook on July 8, 2025 [3].