Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA of $224 million for Q2 2023, aligning with the full-year plan [13] - The 2023 growth CapEx guidance has been increased to $700 million to $750 million, while the 2024 committed growth CapEx has been reduced by $100 million [14] - Liquidity remains strong at approximately $900 million, with a declared dividend unchanged at $0.69 per share [16] Business Line Data and Key Metrics Changes - The Pipeline segment results were $2 million below Q1 2023 due to lower winter-related revenues from pipeline joint ventures [13] - Gathering segment results were consistent with Q1 2023 and aligned with the annual plan [13] - Total gathering volumes averaged approximately 2.9 billion cubic feet per day in Q2 2023, with Northeast volumes increasing while Haynesville volumes decreased due to outages [29] Market Data and Key Metrics Changes - The natural gas market is experiencing moderating production levels and short-term deferrals in activity due to weak prices [11] - Recent weather conditions have driven strong power demand for natural gas, contributing to a reduction in storage surplus and some price improvements [12] - Gas prices are expected to be favorable in 2024 and 2025, projected in the $3.50 to $4 range [27] Company Strategy and Development Direction - The company is focusing on a new greenfield gathering opportunity in Ohio, with a significant investment of approximately $100 million being shifted from 2024 to the second half of 2023 [8] - The energy transition platform is developing, anchored by a CCS project in Louisiana and a hydrogen partnership with Mitsubishi [18] - The company aims to grow its business in a disciplined manner, leveraging core competencies and existing platforms [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the full-year guidance for 2023 and early outlook for 2024, with key growth investments on track [32] - The company is optimistic about the Ohio Utica project, which diversifies the customer base and integrates with regional assets [32] - Producers are exhibiting rational behavior in the Haynesville region, pausing activity in response to low cash prices while maintaining drilling levels [68] Other Important Information - The company plans to spend approximately $15 million this year on the Class V characterization well permit application, with drilling expected in Q4 2023 [10] - The CCS project is seen as a significant contributor to the company's Net Zero goals while also being economically viable due to existing tax credits [48] Q&A Session Summary Question: Thoughts on leverage and CCS project CapEx - Management confirmed plans to stay at or below the 4x leverage ratio, with expectations to end 2023 at approximately 4.2x and around 3.8x by year-end [36] Question: Details on Ohio Utica investment and MVCs - The impact on cash flows from the Ohio Utica investment is expected to materialize in 2025, with MVCs ramping alongside producer activity [51] Question: CCS project economics and capital costs - The CCS project is expected to significantly reduce CO2 emissions and is economically viable due to existing tax credits [48] Question: Future expansion opportunities in natural gas storage - The company is assessing expansion opportunities in natural gas storage, which has been a bright spot in the portfolio [57] Question: NEXUS expansion and permitting reform - Management supports ongoing permitting reform efforts and is optimistic about future expansions, with no public announcements yet [70]

Financial Performance - Operating revenues for Q2 2023 were $224 million, a slight decrease of 1.3% compared to $227 million in Q2 2022[23] - Net income attributable to DT Midstream for Q2 2023 was $91 million, unchanged from Q2 2022, resulting in basic earnings per share of $0.93[23] - The company reported operating income of $117 million for Q2 2023, down from $137 million in Q2 2022, reflecting a decrease of 14.6%[23] - Comprehensive income attributable to DT Midstream for Q2 2023 was $91 million, slightly down from $92 million in Q2 2022[25] - Net income for the six months ended June 30, 2023, was $178 million, consistent with the same period in 2022[32] - The net income for the six months ended June 30, 2023, was $201 million, compared to $184 million for the same period in 2022, reflecting a growth of approximately 9.24%[51] - Total operating revenues for the three months ended June 30, 2023, were $224 million, slightly down from $227 million in Q2 2022[61] - Total net income attributable to DT Midstream for the three months ended June 30, 2023, was $91 million, unchanged from the same period in 2022[98] Assets and Liabilities - Total assets as of June 30, 2023, were $8.726 billion, a decrease from $8.833 billion at the end of 2022[28] - Total liabilities decreased to $4.531 billion as of June 30, 2023, from $4.679 billion at the end of 2022[30] - The company's total liabilities as of June 30, 2023, were $6 million, down from $8 million at the end of 2022[45] - The company’s investments in equity method investees decreased to $1.789 billion from $2.200 billion at the end of 2022[28] - DT Midstream's investments in equity method investees totaled $1,789 million as of June 30, 2023, compared to $2,200 million as of December 31, 2022[49] Cash and Cash Equivalents - Cash and cash equivalents decreased to $45 million as of June 30, 2023, from $61 million at the end of 2022[28] - Cash and cash equivalents at the end of the period decreased to $45 million from $345 million at the end of the previous year[32] - The company reported a net increase in cash and cash equivalents of $16 million, a decrease from a $213 million increase in the prior year[32] Dividends and Stockholder Equity - Dividends paid on common stock increased to $129 million compared to $120 million in the same period last year[32] - The company declared dividends of $0.69 per common share for the period[34] - Total stockholders' equity increased to $4,195 million as of June 30, 2023, up from $4,165 million at the end of the previous quarter[34] - Cash dividends declared for the quarter ended June 30, 2023, were $0.69 per share, totaling $67 million[75] Debt and Financial Ratios - Long-term debt remained stable at $3.062 billion as of June 30, 2023, compared to $3.059 billion at the end of 2022[30] - DT Midstream's long-term debt as of June 30, 2023, was $3,062 million, with no scheduled debt maturities until 2028[84] - The debt service coverage ratio as of June 30, 2023, was 8.6 to 1, indicating strong compliance with financial covenants[89] - The company has a total availability of $1,000 million under its Revolving Credit Facility, with net availability of $884 million as of June 30, 2023[86] Segment Performance - For the three months ended June 30, 2023, the Pipeline segment generated operating revenues of $90 million, an increase from $83 million in the same period of 2022[98] - The Gathering segment reported operating revenues of $134 million for the three months ended June 30, 2023, down from $144 million in the prior year[98] - Net income attributable to DT Midstream for the Pipeline segment was $64 million for the three months ended June 30, 2023, compared to $52 million in the same period of 2022[98] - The Gathering segment's net income was $27 million for the three months ended June 30, 2023, down from $39 million in the prior year[98] Other Financial Information - The effective tax rate for the three months ended June 30, 2023, was 24%, compared to 26% for the same period in 2022[77] - The carrying amount of goodwill remained stable at $473 million as of June 30, 2023, with no impairments noted[60] - DT Midstream accrued contingent liabilities of $19 million for future slope restoration expenditures as of June 30, 2023, and December 31, 2022[95] - The company recognized contract liabilities of $59 million as of June 30, 2023, an increase from $32 million at the beginning of the year[64] - Future revenue expected to be recognized from contract liabilities includes $28 million for 2028 and thereafter[65] - Stock-based compensation rose to $10 million from $8 million year-over-year[32] - Earnings from equity method investees showed a loss of $91 million, compared to a loss of $71 million in the previous year[32] - Inter-segment billings were not significant for the three and six months ended June 30, 2023, indicating stable internal transactions[98]

DT Midstream, Inc. (NYSE:DTM) Q1 2023 Results Conference Call May 2, 2023 9:00 AM ET Company Participants Todd Lohrmann - Director of Investor Relations David Slater - President and CEO Jeff Jewell - Executive Vice President and CFO Conference Call Participants Spiro Dounis - Citi Michael Blum - Wells Fargo Robert Mosca - Mizuho Alex Kania - Wolfe Research Operator Thank you for standing by. My name is Briana, and I will be your conference operator today. At this time, I would like to welcome everyone to th ...

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 March 31, 2023 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-40392 (State or other jurisdiction of incorporation or Delaware 38-2663964 organization) (I.R.S Employer Identification No.) Regi ...

DT Midstream, Inc. (NYSE:DTM) Q4 2022 Earnings Conference Call February 16, 2023 9:00 AM ET Company Participants Todd Lohrmann - Director, IR David Slater - President and Chief Executive Officer Jeff Jewell - Chief Financial Officer Conference Call Participants Michael Blum - Wells Fargo Marc Solecitto - Barclays John Mackay - Goldman Sachs Jeremy Tonet - JP Morgan Alex Kania - Wolfe Research Operator Ladies and gentlemen, thank you for standing by. My name is Brent and I will be your conference operator to ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION DT Midstream, Inc. Washington, D.C. 20549 __________________________________________ FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-40392 (State or other jurisdiction of incorporation or organization) (I.R.S Employer Identification No.) Registrant ...

Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA of $207 million for Q3 2022, reflecting strong performance in both pipeline and gathering segments [13] - The adjusted EBITDA guidance for 2022 has been increased to a range of $810 million to $825 million, influenced by the Millennium Pipeline acquisition and strong base business performance [7][14] - The capital guidance range for 2022 has been adjusted to $860 million to $910 million, accounting for the Millennium Pipeline acquisition and efficiencies in organic growth projects [14] Business Line Data and Key Metrics Changes - The pipeline segment contributed approximately 55% to the overall results in Q3 2022, with expectations to increase to nearly 60% in 2023 [10] - Total gathering volumes averaged over 3 billion cubic feet per day in Q3 2022, marking a 15% increase from Q3 2021, driven by expansion projects [14] Market Data and Key Metrics Changes - The company is experiencing strong interest for capacity out of Appalachia, particularly on the Stonewall and NEXUS systems, as takeaway constraints persist for producers [12] - A new 5-year agreement was executed on NEXUS at attractive rates, indicating ongoing demand in the market [12][24] Company Strategy and Development Direction - The company is focused on organic growth opportunities, with a final investment decision made on the phase 3 Haynesville system expansion, which will add 300 million cubic feet per day of capacity [7] - The Millennium Pipeline acquisition is seen as a strategic move to increase ownership in a fully contracted pipeline, aligning with the company's investment thesis [9][49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver stable and durable returns for 2023 and beyond, citing strong operational and financial performance [18] - The company is actively engaged in local discussions regarding its CCS opportunity in Louisiana, with plans to file a Class VI well permit application by the end of November [22] Other Important Information - The company has successfully optimized capital outlays for ongoing projects, maintaining cost and schedule integrity [10] - The revolving credit facility has been upsized to $1 billion, extending the term to 2027, which enhances balance sheet strength and flexibility [16] Q&A Session Summary Question: Clarification on base business improvement and guidance for 2023 - Management indicated that a refreshed look at 2023 guidance will be provided during the year-end call, as customer planning often extends into the next year [20] Question: Update on CCS in Louisiana and local engagement - Management confirmed that they are accelerating the Class VI well permit process and are actively engaging with local officials and landowners [22] Question: Details on the 5-year agreement on NEXUS - The agreement is with an investment-grade counterparty, valued at $50 million per day [24] Question: Factors driving the increase in 2022 guidance - Management noted that the timing of expansions and favorable conditions across the portfolio contributed to the guidance increase [28] Question: Gathering segment margins and volume trends - Management explained that gathering volumes are increasing, but margins may vary based on the type of gathering services provided [31] Question: Update on Haynesville volumes and future expectations - Management indicated that the exit rate for Q3 will likely reflect strong volumes in Q4, with no surprises expected [32] Question: Thoughts on Millennium acquisition and future M&A - Management emphasized the strategic rationale behind the Millennium acquisition, highlighting strong fundamentals and the potential for future M&A opportunities [49][55] Question: Dividend growth in line with cash flows - Management confirmed that dividends will continue to grow in line with cash flows, reflecting the company's commitment to total shareholder return [51]

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 September 30, 2022 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-40392 DT Midstream, Inc. Delaware 38-2663964 (State or other jurisdiction of incorporation or organization) (I.R.S Employer I ...

Financial Performance and Key Metrics - The company reported adjusted EBITDA of $205 million for Q2 2022, driven by strong performance in both pipeline and gathering segments [13] - Year-to-date performance is ahead of plan, with the company reaffirming its 2022 adjusted EBITDA guidance of $770 million to $810 million [14] Business Line Performance - The pipeline segment results were boosted by the in-service of the Stonewall expansion and higher revenue on LEAP, along with a favorable one-time settlement [13] - The gathering segment saw increased revenues on Blue Union, with total gallery volumes averaging 2.8 billion cubic feet per day [13] Market Data and Key Metrics - The company is experiencing strong interest for capacity out of Appalachia, particularly with the Stonewall and NEXUS systems [10] - The LEAP system is expected to expand from its current capacity of 1 Bcf per day to 1.7 Bcf per day with the Phase 2 expansion [5][6] Company Strategy and Industry Competition - The company is focused on expanding its Haynesville system and has reached a final investment decision on a Phase 2 expansion, which is fully underpinned by long-term take-or-pay commitments [5][6] - Competitive dynamics in the Haynesville are strong, with the company emphasizing its unique service offering and delivery point flexibility as competitive advantages [31][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2023 early outlook and highlighted the company's resilience through cycles due to high levels of long-term contracts [12] - The company is optimistic about the regulatory environment and potential permitting reforms that could open up new opportunities for expansion [43][45] Other Important Information - The company celebrated its 1-year anniversary as a stand-alone public entity and was recognized as the top-rated company in the MASTIO Midstream Customer Service Study [8][9] - The company is advancing its CCS opportunity in Louisiana, aiming for a Class VI permit application by the end of the year [11] Q&A Session Summary Question: Insights on first half performance versus guidance - Management clarified that a one-time settlement of about $6 million was included in the guidance and that they expect a lift in the second half of the year [17][18] Question: Thoughts on CCS and new bill implications - Management expressed optimism about the new bill and its potential improvements, while also focusing on preparing a high-quality filing for the Class VI permit [19][20][21] Question: Update on Haynesville volumes and Blue Union expansion - Management noted that while volumes were flat, EBITDA increased, and they are confident in upcoming expansions driving growth [23][25][27] Question: CapEx guidance and spending in the second half - Management confirmed that they do not foresee any CapEx slipping into 2023 and expect heavy spending in the second half of the year [26] Question: Details on LEAP expansion contracts - Management stated that all contracts related to the LEAP expansion are long-term take-or-pay contracts, with an average duration of approximately 9 years [29] Question: Competitive dynamics in Haynesville - Management highlighted strong fundamentals and competitive advantages in terms of time to expansion and service offerings [30][32] Question: NEXUS capacity and long-term contracting - Management confirmed ongoing efforts to secure additional long-term contracts for NEXUS, capitalizing on strong demand [39][41] Question: Permitting reform proposals and implications - Management expressed optimism about permitting reforms and their potential to create new expansion opportunities, particularly in Appalachia [43][45]

PART I — FINANCIAL INFORMATION [Financial Statements](index=8&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for Q2 2022, showing a net income of $94 million and total assets of $8.29 billion Consolidated Statements of Operations (Unaudited) | | Three Months Ended June 30, | Six Months Ended June 30, | | :--- | :--- | :--- | :--- | :--- | | (In millions, except per share amounts) | **2022** | **2021** | **2022** | **2021** | | **Operating revenues** | **$227** | **$208** | **$442** | **$405** | | Operating Income | $137 | $86 | $241 | $186 | | Income Before Income Taxes | $127 | $92 | $236 | $202 | | **Net Income** | **$94** | **$71** | **$178** | **$152** | | Net Income Attributable to DT Midstream | $91 | $68 | $172 | $146 | | **Diluted Earnings per Common Share** | **$0.93** | **$0.70** | **$1.77** | **$1.51** | Consolidated Balance Sheet Highlights (Unaudited) | (In millions) | **June 30, 2022** | **December 31, 2021** | | :--- | :--- | :--- | | Cash and cash equivalents | $345 | $132 | | Total Current Assets | $515 | $360 | | Property, plant, and equipment, net | $3,500 | $3,490 | | **Total Assets** | **$8,290** | **$8,166** | | Total Current Liabilities | $180 | $177 | | Long-Term Debt | $3,057 | $3,036 | | **Total Liabilities** | **$4,219** | **$4,145** | | **Total Equity** | **$4,071** | **$4,021** | Consolidated Statements of Cash Flows Highlights (Unaudited) | (In millions) | **Six Months Ended June 30, 2022** | **Six Months Ended June 30, 2021** | | :--- | :--- | :--- | | Net cash from operating activities | $379 | $328 | | Net cash (used for)/from investing activities | ($31) | $201 | | Net cash used for financing activities | ($135) | ($534) | | **Net Increase (Decrease) in Cash** | **$213** | **($5)** | [Note 1 — Description of the Business and Basis of Presentation](index=14&type=section&id=Note%201%20%E2%80%94%20Description%20of%20the%20Business%20and%20Basis%20of%20Presentation) DT Midstream operates an integrated portfolio of natural gas midstream assets, divided into Pipeline and Gathering segments, becoming an independent public company on July 1, 2021 - DT Midstream operates through two segments: **Pipeline** (interstate/intrastate pipelines, storage) and **Gathering** (gathering systems)[37](index=37&type=chunk) - The company completed its separation from DTE Energy on **July 1, 2021**, becoming an independent public company trading on the NYSE under the symbol '**DTM**'[40](index=40&type=chunk) - Financial statements for periods prior to the separation were prepared on a **carve-out basis** from DTE Energy's records and include allocated corporate expenses[41](index=41&type=chunk)[46](index=46&type=chunk) [Note 4 — Revenue](index=19&type=section&id=Note%204%20%E2%80%94%20Revenue) Revenue is primarily from natural gas gathering, transportation, and storage, totaling $442 million for the six months ended June 30, 2022, with $401 million in remaining performance obligations Disaggregation of Revenue by Segment (in millions) | Segment | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | Pipeline | $83 | $160 | | Gathering | $144 | $282 | | **Total** | **$227** | **$442** | - As of June 30, 2022, the company had contract liabilities of **$27 million**, representing customer prepayments for services not yet rendered[83](index=83&type=chunk) - The total value of transaction price allocated to remaining performance obligations (future revenue from existing contracts) was **$401 million** as of June 30, 2022[87](index=87&type=chunk) [Note 5 — Earnings Per Share and Dividends](index=21&type=section&id=Note%205%20%E2%80%94%20Earnings%20Per%20Share%20and%20Dividends) Basic and diluted earnings per share for Q2 2022 were **$0.93**, with the company declaring a quarterly cash dividend of **$0.64** per share for Q1 and Q2 2022 Earnings Per Share (EPS) Reconciliation | (In millions, except per share) | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | Net Income Attributable to DT Midstream | $91 | $172 | | Average shares outstanding - basic | 96.7 | 96.7 | | Average shares outstanding - diluted | 97.1 | 97.0 | | **Basic EPS** | **$0.93** | **$1.78** | | **Diluted EPS** | **$0.93** | **$1.77** | Declared Cash Dividends | Quarter Ended | Quarterly Dividend (per-share) | Total (millions) | | :--- | :--- | :--- | | March 31, 2022 | $0.64 | $62 | | June 30, 2022 | $0.64 | $62 | [Note 8 — Debt](index=23&type=section&id=Note%208%20%E2%80%94%20Debt) In April 2022, DT Midstream issued **$600 million** in 4.300% senior secured notes, repaying its Term Loan Facility, with total long-term debt at **$3.1 billion** as of June 30, 2022 - In April 2022, the company issued **$600 million** in 4.300% senior secured notes due 2032[105](index=105&type=chunk) - Net proceeds of **$593 million** from the new notes were used to partially repay the existing Term Loan Facility, which eliminated required quarterly principal payments on the facility[106](index=106&type=chunk) - As of June 30, 2022, the company had net availability of **$719 million** under its **$750 million** Revolving Credit Facility[111](index=111&type=chunk) - The company was in compliance with its financial covenants, with a consolidated net leverage ratio of **3.5 to 1** (maximum allowed is **5 to 1**)[112](index=112&type=chunk) [Note 10 — Segment and Related Information](index=25&type=section&id=Note%2010%20%E2%80%94%20Segment%20and%20Related%20Information) This note details financial performance by segment, with the Pipeline segment generating **$100 million** and the Gathering segment **$72 million** in net income attributable to DT Midstream for the six months ended June 30, 2022 Operating Revenues by Segment (in millions) | Segment | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | Pipeline | $83 | $160 | | Gathering | $144 | $282 | | **Total** | **$227** | **$442** | Net Income Attributable to DT Midstream by Segment (in millions) | Segment | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | Pipeline | $52 | $100 | | Gathering | $39 | $72 | | **Total** | **$91** | **$172** | [Note 11 — Subsequent Events](index=26&type=section&id=Note%2011%20%E2%80%94%20Subsequent%20Events) Subsequent to quarter-end, Pennsylvania enacted a corporate income tax rate reduction, expected to favorably impact earnings, and a quarterly dividend of **$0.64** per share was declared - On July 8, 2022, Pennsylvania enacted a corporate income tax rate reduction from **9.99% to 4.99%** (phased in over nine years), which is expected to favorably impact future earnings[125](index=125&type=chunk) - On August 3, 2022, the Board of Directors declared a quarterly dividend of **$0.64 per share**[126](index=126&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial results, highlighting revenue and net income growth in both Pipeline and Gathering segments, supported by strong liquidity and disciplined capital deployment Financial Highlights Comparison (in millions, except per share) | | Three Months Ended June 30, 2022 | Three Months Ended March 31, 2022 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | Operating revenues | $227 | $215 | $442 | $405 | | Net Income Attributable to DT Midstream | $91 | $81 | $172 | $146 | | Diluted EPS | $0.93 | $0.84 | $1.77 | $1.51 | - The company's strategy is focused on disciplined capital deployment, capitalizing on asset integration, growing cash flows with long-term contracts, and developing low-carbon business opportunities with a goal of **net-zero carbon emissions by 2050**[151](index=151&type=chunk) - Anticipated total capital expenditures for 2022 are approximately **$350 million to $400 million**[152](index=152&type=chunk) [Results of Operations](index=28&type=section&id=RESULTS%20OF%20OPERATIONS) Net income attributable to DT Midstream for Q2 2022 was **$91 million**, driven by increased volumes in Pipeline and higher revenues and asset gains in the Gathering segment - Pipeline segment Q2 2022 operating revenues increased by **$6 million** sequentially, primarily due to higher volumes on Stonewall Gas Gathering and LEAP[138](index=138&type=chunk) - Gathering segment Q2 2022 operating revenues increased by **$6 million** sequentially due to higher revenues on Blue Union and the Appalachia Gathering System[144](index=144&type=chunk) - Asset gains for the six months ended June 30, 2022 were driven by a **$17 million** gain on the sale of Utica shale assets, compared to a **$19 million** loss on the same assets in the prior year period[146](index=146&type=chunk) [Capital Resources and Liquidity](index=32&type=section&id=CAPITAL%20RESOURCES%20AND%20LIQUIDITY) The company maintains robust liquidity of approximately **$1.1 billion**, primarily from operating cash flow and its revolving credit facility, following recent debt refinancing activities - Net cash from operating activities increased by **$51 million** for the six months ended June 30, 2022, compared to the same period in 2021[158](index=158&type=chunk) - As of June 30, 2022, the company had approximately **$1.1 billion** of available liquidity, comprising cash, cash equivalents, and available borrowings under its Revolving Credit Facility[170](index=170&type=chunk) - The company expects to pay regular cash dividends, targeting a payout ratio consistent with pure-play midstream companies[171](index=171&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=35&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company identifies market price, credit, and interest rate risks, with limited commodity price exposure due to long-term contracts and **$399 million** in floating-rate debt - The company's operations and cash flows have limited direct exposure to commodity price risk due to the use of long-term storage, gathering, and transportation contracts[183](index=183&type=chunk) - The company is exposed to credit risk from key customers, including sub-investment grade customers Southwestern Energy and Antero Resources[185](index=185&type=chunk)[186](index=186&type=chunk) - As of June 30, 2022, the company had **$399 million** of floating-rate debt, representing **13%** of its total debt, exposing it to interest rate risk from changes in LIBOR[187](index=187&type=chunk) [Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) The CEO and CFO concluded that disclosure controls and procedures were effective as of June 30, 2022, with no material changes in internal control over financial reporting - Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of June 30, 2022[192](index=192&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, these controls[193](index=193&type=chunk) PART II — OTHER INFORMATION [Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 9 of the Consolidated Financial Statements for information on legal proceedings, which are not expected to have a material adverse effect - For information on legal proceedings, the report refers to Note 9, "Commitments and Contingencies" in the financial statements[195](index=195&type=chunk) [Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) This section directs the reader to the company's 2021 Annual Report on Form 10-K for a comprehensive discussion of significant business risks - A detailed discussion of significant risk factors is provided in Part 1, Item 1A of DT Midstream's 2021 Annual Report on Form 10-K[196](index=196&type=chunk) [Exhibits](index=38&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate governance documents, debt indentures, and CEO/CFO certifications - Exhibits filed include the Amended and Restated Certificate of Incorporation and Bylaws, debt indentures, and certifications by the CEO and CFO as required by the Sarbanes-Oxley Act[198](index=198&type=chunk)