DT Midstream(DTM) - 2024 Q4 - Annual Results

Financial Performance - Fourth quarter 2024 reported net income was $73 million, or $0.73 per diluted share, with Operating Earnings of $94 million, or $0.94 per diluted share, and Adjusted EBITDA of $235 million[1][2]. - Full year 2024 reported net income was $354 million, or $3.60 per diluted share, with Operating Earnings of $375 million, or $3.81 per diluted share, and Adjusted EBITDA of $969 million[2]. - For the three months ended December 31, 2024, net income attributable to DT Midstream was $73 million, compared to $88 million for the previous quarter[23]. - Adjusted EBITDA for the same period was $235 million, a decrease from $241 million in the prior quarter[23]. - The pipeline segment reported net income of $60 million for the three months ended December 31, 2024, down from $71 million in the previous quarter[24]. - The gathering segment's net income for the three months ended December 31, 2024, was $13 million, compared to $17 million in the prior quarter[25]. - Distributable Cash Flow for the three months ended December 31, 2024, was $133 million, down from $207 million in the previous quarter[26]. - Interest expense for the three months ended December 31, 2024, was $36 million, compared to $38 million in the previous quarter[26]. - The company recorded $43 million in income tax expense for the three months ended December 31, 2024, an increase from $30 million in the prior quarter[26]. - Depreciation and amortization for the three months ended December 31, 2024, was $53 million, consistent with the previous quarter[26]. - The company made a maintenance capital investment of $13 million for the three months ended December 31, 2024[27]. Future Guidance - The company increased 2025 Adjusted EBITDA guidance to a range of $1.095 to $1.155 billion, representing an 18% increase over the original 2024 guidance[3][4]. - An early outlook for 2026 Adjusted EBITDA is projected to be in the range of $1.155 to $1.225 billion, indicating a 6% annual growth from 2025[8]. Dividends and Shareholder Returns - The dividend was increased by 12% to $0.82 per share, payable on April 15, 2025[4][8]. Strategic Initiatives - The company executed agreements for two new projects aimed at serving utility-scale power generation[8]. - The company successfully closed the largest acquisition in its history last year and completed key organic growth projects ahead of schedule and on budget[3]. - The company has a strong financial position with an expanded asset footprint and increased organic project backlog, enhancing confidence in meeting future goals[5]. Environmental Commitment - DT Midstream is transitioning towards net zero greenhouse gas emissions by 2050, with a plan to achieve a 30% reduction in carbon emissions by 2030[7]. Performance Metrics - The company emphasizes the use of Operating Earnings and Adjusted EBITDA as key performance metrics to provide a meaningful representation of ongoing operations[9][10].