DT Midstream Reports Strong Second Quarter 2024 Results

Core Points - DT Midstream reported a net income of $96 million, or $0.98 per diluted share, for the second quarter of 2024, with Operating Earnings also at $96 million [19][28] - The company declared a dividend of $0.735 per share, payable on October 15, 2024, to stockholders of record as of September 16, 2024 [1] - Adjusted EBITDA for the quarter was $248 million, reflecting the company's strong operational performance [19][40] Financial Performance - For the six months ended June 30, 2024, net income attributable to DT Midstream was $193 million, compared to $172 million for the same period in 2023 [39] - Operating Earnings for the same period were $193 million, up from $172 million year-over-year [39] - The company’s Adjusted EBITDA for the six months ended June 30, 2024, was $493 million, compared to $449 million for the same period in 2023 [40] Business Updates - The company is progressing on its construction projects and has executed new agreements to connect three producers in East Texas to its Haynesville System [20] - DT Midstream is transitioning towards net zero greenhouse gas emissions by 2050, with a goal of achieving a 30% reduction in carbon emissions by 2030 [5] - The LEAP Phase 3 expansion project was placed in-service early and on budget, indicating effective project management [20] Operational Metrics - The company uses Operating Earnings as a primary performance measurement, excluding non-recurring items and certain adjustments [6][22] - EBITDA from equity method investees for the second quarter was $67 million, down from $75 million in the previous quarter [41] - The company reported a total of $160 million in Distributable Cash Flow for the second quarter of 2024 [38]