DT Midstream, Inc. (NYSE:DTM) Q3 2021 Earnings Conference Call November 5, 2021 9:00 AM ET Company Participants Todd Lohrmann - Director of Investor Relations David Slater - President & Chief Executive Officer Jeff Jewell - Executive Vice President & Chief Financial Officer Conference Call Participants John Mackay - Goldman Sachs Michael Blum - Wells Fargo Alex Kania - Wolfe Research Robert Mosca - Mizuho Securities Operator Welcome to the DT Midstream Third Quarter 2021 Earnings Call. [Operator Instruction ...

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, 2021 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 1-40392 DT Midstream, Inc. Delaware 38-2663964 (State or other jurisdiction of incorporation or organization) (I.R.S Employer Ide ...

Financial Data and Key Metrics Changes - For the first half of 2021, the company reported adjusted EBITDA of $384 million, an increase of $43 million year-over-year, with pipeline and gathering segments contributing roughly equally [10] - Operating earnings for the first half of 2021 were $174 million, which was $32 million higher year-over-year [10] - The company reaffirmed its 2021 adjusted EBITDA and operating earnings guidance, indicating potential to reach the upper end of both ranges [12] Business Segment Data and Key Metrics Changes - Pipeline adjusted EBITDA was $199 million, while gathering adjusted EBITDA was $185 million for the first half of 2021 [10] - The growth in adjusted EBITDA and operating earnings was driven by the in-service of the LEAP Gathering Lateral Pipeline and higher gathering volumes [11] Market Data and Key Metrics Changes - In Q2 2021, the company gathered over 2.5 Bcf per day of production volumes, representing a 3% growth from the prior quarter [16] - The Haynesville region saw increased production volumes, while the Northeast experienced strong volume growth on the Appalachia Gathering System, offsetting declines in other areas [16] Company Strategy and Development Direction - The company is focused on a self-funded growth agenda supported by a clean balance sheet with low leverage and no significant maturities for seven years [8] - The company aims for net zero carbon emissions by 2050 and is committed to a best-in-class ESG program [8] - The strategic priorities include adding new counterparties, extending contract tenors, and increasing contract rates across its portfolio [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving growth targets for 2022, expecting adjusted EBITDA to be between $755 million and $795 million, representing a 5% to 7% growth from 2021 [14] - The higher price environment for gas is seen as supportive for producer customers, improving their cash flow and balance sheets, which is favorable for the sector [24] Other Important Information - The company revised its 2021 capital guidance range to $205 million to $230 million due to cost efficiency and project timing [13] - The company is exploring investment opportunities in lower carbon technologies, including CCS projects in the Haynesville region [31][59] Q&A Session Summary Question: Impact of higher gas prices on producer customer behavior - Management noted that higher gas prices are supportive for producers, increasing cash flow and improving balance sheets, leading to disciplined growth in the public sector and more activity in the private sector [24][26] Question: Capital allocation policy - The company has a robust growth agenda primarily from organic opportunities and plans to deploy capital to growth projects that meet investment criteria, with options for accelerated deleveraging or returning cash to shareholders [28] Question: Details on new contracts in Haynesville - New agreements in Haynesville represent 150 million a day of commitments, with expectations for these volumes to flow on LEAP [41][42] Question: Growth in Appalachia gathering volumes - Growth in the Appalachia Gathering System is attributed to timing of drill plans, with expectations for flat production in Susquehanna [44] Question: NEXUS capacity and contracts - The actual nameplate capacity on NEXUS is approximately 1.3 Bcf/d, with recent contracting activity expected to extend agreements at favorable rates [51][53] Question: ESG goals and CCS opportunities - The company is actively pursuing CCS projects and evaluating various technologies to reduce its carbon footprint, with a focus on proven technologies [59][60]

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, 2021 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 1-40392 DT Midstream, Inc. Delaware 38-2663964 (State or other jurisdiction of incorporation or organization) (I.R.S Employer Identifi ...