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 ...

Core Points - DT Midstream, Inc. reported a net income of $108 million, or $1.06 per diluted share, for the first quarter of 2025, with Operating Earnings also at $108 million and Adjusted EBITDA at $280 million [1][2][25] - The company declared a dividend of $0.82 per share, payable on July 15, 2025, to stockholders of record by June 16, 2025 [2] - The integration of new interstate pipelines has progressed well, contributing to a strong start for the year [2][7] Financial Performance - For the first quarter of 2025, the net income attributable to DT Midstream was $108 million, compared to $73 million in the same period of 2024 [25][30] - Adjusted EBITDA increased to $280 million in Q1 2025 from $235 million in Q1 2024 [25][30] - The company reported a Distributable Cash Flow (DCF) of $250 million for Q1 2025, significantly higher than $133 million in Q1 2024 [30] Business Updates - The company has successfully integrated new interstate pipelines into its financial system and commenced construction activities for a new power plant lateral [7] - DT Midstream is advancing on a project backlog valued at approximately $2.3 billion [7] - The company is committed to achieving net zero greenhouse gas emissions by 2050, with a target of 30% reduction in carbon emissions by 2030 [4] Operational Metrics - The company’s Adjusted EBITDA is calculated by adding back interest expense, income tax expense, depreciation and amortization, and other adjustments to net income [6][9] - The reconciliation of net income to Adjusted EBITDA for Q1 2025 shows a significant contribution from equity method investees, with $73 million included in the calculation [25][27]

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]

Core Viewpoint - Wall Street anticipates a year-over-year increase in earnings for DT Midstream, driven by higher revenues, with a focus on how actual results will compare to estimates [1][2]. Earnings Expectations - DT Midstream is expected to report quarterly earnings of $1.07 per share, reflecting an 8.1% increase year-over-year [3]. - Revenue projections stand at $283.86 million, indicating an 18.3% rise from the previous year [3]. Estimate Revisions - The consensus EPS estimate has been revised 1.67% higher in the last 30 days, indicating a positive reassessment by analysts [4]. - The Most Accurate Estimate for DT Midstream is higher than the Zacks Consensus Estimate, suggesting a bullish outlook from analysts [10]. Earnings Surprise Prediction - The Earnings ESP for DT Midstream is +0.84%, indicating 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 [8]. Historical Performance - In the last reported quarter, DT Midstream exceeded the expected earnings of $0.91 per share, achieving $0.94, resulting in a surprise of +3.30% [12]. - Over the past four quarters, the company has surpassed consensus EPS estimates three times [13]. Conclusion - DT Midstream is positioned as a compelling candidate for an earnings beat, but investors should consider additional factors before making investment decisions [16].

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 ...

DT Midstream (NYSE: DTM ) is a pure play natural gas company with a heavy focus on pipelines but also a gathering business segment. The gathering segment is getting de-emphasized and is a shrinking portion of their operations. BesidesInterested in more income ideas? Check out Cash Builder Opportunities, where we provide ideas about high-quality and reliable dividend growth ideas. These investments are designed to build growing income for investors. A special focus on investments that are leaders within thei ...

Group 1 - DT Midstream is a natural gas focused midstream provider operating in the North-East and Mid-West US, with significant infrastructure in the Haynesville shale of Louisiana [1] - The company is evaluated based on its long-term investment potential and fundamentals, particularly in the context of income-producing equities and rental real estate properties [1] Group 2 - No stock or derivative positions are held by the analyst in any mentioned companies, and there are no plans to initiate such positions in the near future [2] - The article expresses personal opinions and is not compensated beyond the platform used for publication [2]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION 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, 2024 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. (State or other jurisdiction of incorporation or organization) (I.R.S Employer Identification No.) Delaware 3 ...

Fourth Quarter 2024 Earnings Call February 26, 2025 Bluestone Gathering Lateral Pipeline NYSE: DTM Safe Harbor Statement This presentation contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, business prospects, outcomes of regulatory proceedings, ma ...

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $969 million for 2024, a record high and a 5% increase from the previous year, supported by a 7% growth in the pipeline segment [6][24][28] - For Q4 2024, adjusted EBITDA was $235 million, with the pipeline segment performing in line with the prior quarter [24][25] - The company expects adjusted EBITDA for 2025 to range from $1.95 billion to $2.155 billion, representing an 18% growth from the original 2024 guidance [27][28] Business Line Data and Key Metrics Changes - The pipeline segment experienced a 7% year-over-year growth, driven by new LEAP expansions and higher storage revenue [24][28] - The gathering segment saw a decrease of $6 million compared to the prior quarter due to production deferrals and an unplanned outage from a key producer [25][26] Market Data and Key Metrics Changes - The company noted that cold weather has rebalanced the North American natural gas market, leading to strengthened prices and record high withdrawals from storage facilities [17][18] - The Haynesville system is expected to see LNG demand grow by 12 Bcf per day over the next decade, with basin supply increasing similarly [19][20] Company Strategy and Development Direction - The company is focused on organic growth projects and has increased its project backlog to approximately $2.3 billion, which includes high-probability organic growth opportunities [15][28] - The company aims to maintain a long-term organic growth rate of 5% to 7%, with pipeline projects comprising about 70% of the total opportunity set [15][28] - The company is well-positioned to capitalize on utility-scale power generation demand, with two new projects announced to serve this market [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering on full-year guidance for 2025 and early outlook for 2026, citing positive market fundamentals supporting the pipeline business [33] - The company anticipates a more constructive pricing environment in 2025, which is expected to enhance commercial project opportunities [12][18] Other Important Information - The company was upgraded to investment grade by Fitch in October 2024 and expects further upgrades from other rating agencies in 2025 [10][30] - A quarterly dividend increase to $0.82 per share was declared, representing a 12% increase, supported by higher adjusted EBITDA following the Midwest pipeline acquisition [29][30] Q&A Session Summary Question: Clarification on new projects and their nature - Management confirmed that the two announced projects are utility-scale and in addition to previously discussed behind-the-meter opportunities [40][41] Question: Expected returns and economic terms for the backlog - Management indicated expected returns on projects are in the range of five to eight times multiple, consistent with previous disclosures [50][51] Question: Production recovery outlook - Management expects Haynesville volumes to ramp up throughout the year, while Appalachia volumes are anticipated to remain flat [54][56] Question: Capital plan and backlog expansion - Management expressed optimism about the backlog and indicated that the acquisition from One Oak has provided more opportunities than initially expected [62][63] Question: Update on CCS and regulatory progress - Management noted ongoing CCS discussions with developers and highlighted that the application requirements for the project have been finalized [82][106] Question: Market share growth in Haynesville - Management remains confident in their ability to grow market share in the Haynesville region, citing strong demand and infrastructure discussions [75][78]