Financial Data and Key Metrics Changes - The company reported full-year adjusted EBITDA of $924 million, representing a 10% growth year-over-year, exceeding guidance midpoint [5][14] - For Q4, adjusted EBITDA was $239 million, an increase of $3 million over Q3 [14][51] - The company expects 2024 adjusted EBITDA guidance in the range of $930 million to $980 million, reflecting a $10 million midpoint increase from prior outlook [15][52] Business Line Data and Key Metrics Changes - The Pipeline segment saw an increase of $11 million over the prior quarter, driven by early service of LEAP expansions and higher revenues from joint ventures [51] - Gathering segment results were $8 million lower than the prior quarter due to environmental reserve adjustments and modestly lower volumes in Haynesville, although total gathering volumes averaged around 3.1 Bcf a day, up 100 million cubic feet from Q3 [31] Market Data and Key Metrics Changes - The company has a deep organic project backlog of over $1.3 billion through 2027, with a focus on pipeline and gathering segments [23][32] - The Northeast market showed a 10% growth in gathering volumes, indicating strong demand [31] Company Strategy and Development Direction - The company aims to minimize capital at risk while systematically derisking its CO2 storage site, pursuing a phased approach to its carbon capture project [9] - The company is focused on expanding its pipeline capacity to meet growing LNG demand, with significant expansions planned for the LEAP system [7][22] - The company has a goal of achieving an investment-grade credit rating by the end of 2024, supported by a strong balance sheet and financial flexibility [28][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the current price environment and reflected this in their 2024 guidance [35][60] - The company views the U.S. Gulf Coast as a premier LNG export region and a critical supply source for international allies, emphasizing long-term energy security [24] - Management highlighted the importance of customer relationships and service quality, which have been recognized as best-in-class within the sector [29] Other Important Information - The company announced a 7% increase in its quarterly dividend to $0.735 per share, with plans to continue annual increases in line with long-term adjusted EBITDA growth [16][18] - The company's ESG program has improved its MSCI rating to AA, positioning it as a leader in sustainability within its sector [12] Q&A Session Summary Question: Potential for shut-ins due to weak pricing - Management acknowledged modest shut-ins last year and indicated that current guidance reflects awareness of the price environment and customer plans [35][56] Question: Long-term EBITDA growth guidance and pipeline share - Management confirmed that approximately 60% of the capital in the backlog is directed towards the Pipeline segment, which is expected to grow proportionately [36][37] Question: Capital allocation and M&A potential - Management emphasized prioritizing organic growth opportunities with higher returns while remaining aware of bolt-on M&A opportunities [42][62] Question: Viability of Northeast pipeline expansions - Management indicated that opportunities will be clearer post-merger, with potential for enhanced efficiency and capital deployment [47][84] Question: Investment grade rating milestones - Management noted that disciplined execution of plans shared with rating agencies is crucial for achieving investment grade status [88]

Full year 2023 Adjusted EBITDA of $924 million represents a 10% increase over the prior yearIncreased dividend by 7%Increased 2024 Adjusted EBITDA guidanceProvided 2025 Adjusted EBITDA early outlook DETROIT, Feb. 16, 2024 (GLOBE NEWSWIRE) -- DT Midstream, Inc. (NYSE:DTM) today announced fourth quarter 2023 reported net income of $121 million, or $1.24 per diluted share. For the fourth quarter of 2023, Operating Earnings were $121 million, or $1.24 per diluted share. Adjusted EBITDA for the quarter was $239 ...

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, 2023 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 ...

DT Midstream (DTM) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended December 2023. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on February 1 ...

DETROIT, Feb. 02, 2024 (GLOBE NEWSWIRE) -- DT Midstream, Inc. (NYSE: DTM) plans to announce fourth quarter and full year 2023 financial results before the market opens on Friday, February 16, 2024. DT Midstream has scheduled a conference call to discuss results for 8:30 a.m. ET (7:30 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 888.330.2022, and th ...

DETROIT, Feb. 02, 2024 (GLOBE NEWSWIRE) -- DT Midstream, Inc. (NYSE: DTM) plans to announce fourth quarter and full year 2023 financial results before the market opens on Friday, February 16, 2024. DT Midstream has scheduled a conference call to discuss results for 8:30 a.m. ET (7:30 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 888.330.2022, and th ...

The above list of factors is not exhaustive. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause actual results to vary materially from those stated in forward-looking statements, see the discussion under the section entitled "Risk Factors" in our Annual Report for the year ended December 31, 2022, filed with the SEC on Form 10-K and any other reports filed with the SEC. Given the uncertainties and risk factors that could cause our actual results to d ...

Financial Data and Key Metrics Changes - The company reaffirmed its 2023 adjusted EBITDA guidance midpoint of $915 million, narrowing the range to $905 million to $925 million, reflecting solid business performance to date [6][34] - In Q3 2023, the company delivered overall adjusted EBITDA of $236 million, representing a $12 million increase from the prior quarter [33] - The distributable cash flow guidance range was raised to $650 million to $675 million, with a midpoint increase of approximately $13 million due to favorable distributions from pipeline joint ventures [34] Business Line Data and Key Metrics Changes - The gathering segment results were $6 million greater than the second quarter, driven by higher revenues on Blue Union and lower overall O&M [15] - Total gathering volumes across Haynesville and Northeast averaged approximately three billion cubic feet a day in Q3, up close to 100 million cubic feet a day from the prior quarter [15] Market Data and Key Metrics Changes - The natural gas market fundamentals indicate a steady decline in storage surplus, driven by strong power generation demand, resulting in a more balanced market in the short term [12] - Long-term forward pricing in the $3.50 to $4 range for 2024 and 2025 is supportive of US domestic production activity and growth [12] Company Strategy and Development Direction - The company is focused on capital allocation that is thoughtful and disciplined, aiming to spend within cash flow and achieve an investment-grade credit rating [18] - The construction team is making progress on growth projects, including the LEAP Phase 4 expansion and a new greenfield gathering opportunity in Ohio and Utica, which is expected to go in service in early Q1 2024 [7][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the full-year guidance for 2023 and early outlook for 2024, noting that short-cycle growth investments are tracking on budget and on schedule [37] - The company highlighted that domestic natural gas demand continues to grow, especially in the power generation sector, which supports long-term growth prospects [32] Other Important Information - The company announced a fourth-quarter dividend of $0.69 per share and is committed to growing the dividend in line with cash flow [36] - The company expects to end 2024 with an on-balance sheet leverage ratio of 3.6 times or below [16] Q&A Session Summary Question: Competitive positioning within Haynesville - Management indicated that clarity on project execution and timing is critical for new customers, and the company scores well on competitive rates and price transparency [20][21] Question: Millennium Pipeline sale - Management reiterated their satisfaction with their current asset and did not provide further comments on the potential sale of the Millennium Pipeline [24][43] Question: EBITDA guidance for 2023 and 2024 - Management noted that while Q3 was better than expected, there are offsets for Q4 due to deferrals in completion activity by producers [45][46] Question: CCS project capital spending - Management indicated that capital spending for the CCS project would be spread over multiple years, likely 2024 and 2025 [76] Question: Project backlog and interconnects - Management confirmed that the CapEx related to new interconnects was already included in their current committed capital guidance [57]

Financial Performance - Operating revenues for Q3 2023 were $234 million, slightly down from $235 million in Q3 2022, while revenues for the nine months ended September 30, 2023, were $678 million, compared to $677 million for the same period in 2022[22]. - Net income attributable to DT Midstream for Q3 2023 was $91 million, a decrease of 19.5% from $113 million in Q3 2022; for the nine months ended September 30, 2023, net income was $263 million, down from $285 million in the same period last year[22]. - Basic earnings per share for Q3 2023 were $0.94, compared to $1.17 in Q3 2022, reflecting a 19.7% decline; diluted earnings per share were $0.94 for Q3 2023, down from $1.16 in Q3 2022[22]. - Net income for the nine months ended September 30, 2023, was $272 million, a decrease of 7.5% compared to $294 million in the same period of 2022[31]. - For the nine months ended September 30, 2023, net income attributable to DT Midstream was $263 million, down from $285 million in 2022, representing a decline of about 7.7%[75]. - The effective tax rate for the three months ended September 30, 2023, was 26%, significantly higher than 6% for the same period in 2022[77]. Operating Income and Expenses - Operating income for Q3 2023 was $124 million, up from $121 million in Q3 2022, while operating income for the nine months ended September 30, 2023, was $351 million, compared to $362 million in the same period last year[22]. - Cash paid for interest increased to $76 million, up from $59 million in the previous year, reflecting higher financing costs[31]. - Stock-based compensation expenses increased to $15 million for the nine months ended September 30, 2023, compared to $13 million in the same period of 2022[31]. Assets and Liabilities - Total assets as of September 30, 2023, were $8.862 billion, a slight increase from $8.833 billion as of December 31, 2022[27]. - Long-term debt remained stable at $3.064 billion as of September 30, 2023, compared to $3.059 billion at the end of 2022[29]. - The company’s total liabilities as of September 30, 2023, were $4.641 billion, a decrease from $4.679 billion at the end of 2022[29]. - The company reported a decrease in investments in equity method investees to $1.782 billion as of September 30, 2023, down from $2.200 billion at the end of 2022[27]. - The balance of retained earnings as of September 30, 2023, was $608 million, reflecting an increase from $547 million at the end of 2022[33]. Cash Flow and Dividends - Net cash and cash equivalents from operating activities increased to $614 million, up 7% from $574 million year-over-year[31]. - Total dividends paid on common stock for the nine months was $196 million, compared to $182 million in the same period last year, marking an increase of 7.7%[31]. - DT Midstream declared cash dividends of $0.69 per share for the quarter ended September 30, 2023, totaling $67 million[75]. - Cash and cash equivalents at the end of the period decreased to $30 million from $355 million at the beginning of the period, reflecting a decline in liquidity[31]. Capital Expenditures and Investments - Plant and equipment expenditures rose significantly to $622 million, compared to $173 million in the prior year, indicating a substantial increase in capital investment[31]. - The company recognized $152 million in dividends from equity method investees, an increase from $125 million in the prior year, indicating improved performance from joint ventures[31]. - The company received a distribution of $371 million from NEXUS in May 2023, which was used to repay borrowings under the Revolving Credit Facility[50]. Financial Ratios and Covenants - As of September 30, 2023, DT Midstream maintained a debt service coverage ratio of 8.3 to 1, a consolidated net leverage ratio of 2.4 to 1, and an interest coverage ratio of 7.8 to 1, all in compliance with financial covenants[90]. - The company has a total availability of $1,000 million under its Revolving Credit Facility, with net availability of $859 million after accounting for outstanding borrowings and letters of credit[86]. Segment Performance - The Pipeline segment generated operating revenues of $96 million for the three months ended September 30, 2023, compared to $87 million in the prior year, reflecting a 10% increase[99]. - The Gathering segment reported operating revenues of $138 million for the three months ended September 30, 2023, down from $148 million in the same period of 2022, representing a decrease of 7%[99]. - The Pipeline segment's net income for the three months ended September 30, 2023, was $64 million, down from $70 million in the prior year, a decrease of approximately 9%[99]. - The Gathering segment's net income for the three months ended September 30, 2023, was $27 million, down from $43 million in the same period of 2022, reflecting a decline of 37%[99].

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]