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 ...

DT Midstream, Inc. (NYSE:DTM) Q2 2022 Earnings Conference Call August 3, 2022 9:00 AM ET Company Participants Todd Lohrmann - Director, IR David Slater - President, CEO & Director Jeffrey Jewell - EVP, CFO & CAO Conference Call Participants John Mackay - Goldman Sachs Group Michael Blum - Wells Fargo Securities Robert Mosca - Mizuho Securities Alexis Kania - Wolfe Research Operator Good morning, ladies and gentlemen. My name is Abby, and I will be your conference operator today. At this time, I would like t ...

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)

DTM Midstream, Inc. (NYSE:DTM) Q1 2022 Earnings Conference Call May 5, 2022 9:00 AM ET Company Participants Todd Lohrmann - Director of IR David Slater - President & CEO Jeff Jewell - EVP, CFO and CAO Conference Call Participants Jeremy Tonet - JPMorgan Michael Blum - Wells Fargo John Mackay - Goldman Sachs Robert Mosca - Mizuho Securities James Carreker - U.S. Capital Advisors Operator Good morning. My name is Chris, and I'll be your conference operator today. At this time, I'd like to welcome everyone to ...

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, 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 Ident ...

DT Midstream, Inc. (NYSE:DTM) Q4 2021 Earnings Conference Call February 25, 2022 9:00 AM ET Company Participants David Slater – President & Chief Executive Officer Jeff Jewell – Executive Vice President & Chief Financial Officer Todd Lohrmann – Director of Investor Relations Conference Call Participants Jeremy Tonet – JP Morgan John Mackay – Goldman Sachs Michael Blum – Wells Fargo Alex Kania – Wolfe Research Operator Good morning. My name is Chris and I'll be your Conference Operator today. At this time, I ...

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, 2021 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 Identifica ...

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 ...