DT Midstream(DTM) - 2025 Q3 - Quarterly Results

Financial Performance - DT Midstream reported a net income of $115 million, or $1.13 per diluted share, for Q3 2025, with Adjusted EBITDA of $288 million[1][2]. - For the three months ended September 30, 2025, net income attributable to DT Midstream was $115 million, compared to $107 million for the previous quarter, reflecting a 7.5% increase[18]. - Adjusted EBITDA for the three months ended September 30, 2025, was $288 million, up from $277 million in the previous quarter, representing a 4% increase[18]. - For the nine months ended September 30, 2025, net income attributable to DT Midstream was $330 million, an increase from $281 million for the same period in 2024, reflecting a 17.4% growth[21]. - The company reported distributable cash flow of $262 million for the three months ended September 30, 2025, compared to $157 million in the previous quarter, indicating a significant increase of 67%[21]. Operational Highlights - DT Midstream achieved a 40% increase in the capacity of the Guardian Pipeline "G3" expansion, adding approximately 537 MMcf/d[4]. - The LEAP Phase 4 expansion project was placed in-service ahead of schedule and on budget, contributing to operational efficiency[4]. - The company established a record high quarterly gathering volume for its Haynesville system, indicating strong demand and operational performance[4]. - The gathering segment achieved adjusted EBITDA of $93 million for the three months ended September 30, 2025, compared to $83 million in the previous quarter, marking a 12% increase[20]. - The pipeline segment reported net income attributable to DT Midstream of $92 million for the three months ended September 30, 2025, slightly down from $93 million in the previous quarter[19]. Guidance and Future Outlook - The company raised its Adjusted EBITDA guidance for 2025 to a range of $1,115 million to $1,145 million, reflecting strong year-to-date performance[3]. - Year-to-date results are ahead of plan, showcasing effective management and operational execution[3]. Environmental Commitment - DT Midstream is transitioning towards net zero greenhouse gas emissions by 2050, with a target of achieving a 30% reduction in carbon emissions by 2030[5]. Key Performance Metrics - The company emphasizes the use of Operating Earnings and Adjusted EBITDA as key performance metrics to provide a clearer picture of ongoing operations[6][7]. - Distributable Cash Flow (DCF) is highlighted as a meaningful performance measurement for estimating the ability to generate cash earnings after servicing debt and making capital investments[8]. Other Financial Details - Interest expense for the three months ended September 30, 2025, was $40 million, consistent with the previous quarter[18]. - Depreciation and amortization for the three months ended September 30, 2025, totaled $65 million, up from $63 million in the previous quarter[21]. - The company recorded earnings from equity method investees of $34 million for the three months ended September 30, 2025, compared to $30 million in the previous quarter[19]. - The total capital expenditures for maintenance capital investment were $19 million for the three months ended September 30, 2025[21]. - A dividend of $0.82 per share was declared, payable on January 15, 2026, to stockholders of record as of December 15, 2025[2].