Company Overview - DT Midstream, Inc. is engaged in the ownership, operation, and development of natural gas interstate and intrastate pipelines, storage and gathering systems, as well as compression, treatment, and surface facilities [2] - The company transports clean natural gas for various customers including utilities, power plants, marketers, large industrial customers, and energy producers across the Southern, Northeastern, and Midwestern United States and Canada [2] - DT Midstream provides a comprehensive range of services from wellhead to market, including natural gas transportation, storage, and gathering [2] Upcoming Events - The 2026 Annual Meeting of Stockholders is scheduled for Tuesday, May 5, 2026 [1] - Stockholders of record as of the close of business on Wednesday, March 11, 2026, are eligible to vote at the meeting [1]

Core Viewpoint - DT Midstream, Inc. is set to announce its fourth quarter and full year 2025 financial results on February 19, 2026, before market opening [1] Group 1: Financial Results Announcement - The financial results announcement is scheduled for February 19, 2026, before the market opens [1] - A conference call to discuss the results will take place at 9:00 a.m. ET on the same day [2] - Investors and the public can access a live internet broadcast of the call [2] Group 2: Company Overview - DT Midstream is involved in the ownership, operation, and development of natural gas pipelines, storage, and gathering systems [3] - The company provides services for transporting clean natural gas across the Southern, Northeastern, and Midwestern United States and Canada [3] - DT Midstream offers a comprehensive range of services, including natural gas transportation, storage, and gathering [3]

Leadership Changes - David Slater has been elected as Executive Chairman of the Board of Directors, effective January 28, 2026, succeeding Robert Skaggs, Jr. who will remain on the Board [1] - Christopher Zona has been appointed as President, effective January 28, 2026, while continuing his role as Chief Operating Officer [3] Executive Background - David Slater has over 30 years of experience in the energy industry and has served as President and CEO of DT Midstream since May 6, 2021 [2] - Christopher Zona has also over 30 years of experience in the energy sector and has been the Executive Vice President and Chief Operating Officer since the company's Spin-Off [4] Company Overview - DT Midstream is involved in the ownership, operation, and development of natural gas pipelines, storage, and gathering systems, serving utilities, power plants, and large industrial customers across the U.S. and Canada [5]

Core Viewpoint - DT Midstream (DTM) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system is based on changes in earnings estimates, which are strongly correlated with near-term stock price movements [4][6]. - An increase in earnings estimates typically leads to higher fair value calculations by institutional investors, resulting in buying or selling pressure that affects stock prices [4]. Company Performance and Outlook - For DT Midstream, the recent upgrade reflects an improvement in the company's underlying business, which is expected to drive the stock price higher [5]. - The Zacks Consensus Estimate for DT Midstream indicates an expected earnings per share of $4.36 for the fiscal year ending December 2025, with a 1.7% increase in estimates over the past three months [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have generated an average annual return of +25% since 1988 [7]. - DT Midstream's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting a strong potential for market-beating returns in the near term [10].

Core Insights - Income-based investments, particularly those linked to tangible assets, have historically proven to be reliable over the long term, despite recent fluctuations in the Dow Jones Average and S&P 500 due to Federal Reserve policies [1][2] Investment Opportunities - Investors are encouraged to consider real estate and energy sectors for income-based investments, as these sectors are less dependent on interest rates compared to bonds [3] - The Global X SuperDividend REIT ETF (SRET) offers a high yield of 7.95%, providing diversification and risk mitigation through a portfolio of global REITs [5][6] - The Westwood Salient Enhanced Midstream Income ETF (MDST) yields 10.27% and focuses on midstream companies, which are crucial for energy distribution [10][11] Performance Metrics - SRET has a net asset value of $207.99 million, an expense ratio of 0.58%, and a year-to-date return of 17.82% [6] - MDST has a net asset value of $167.9 million, an expense ratio of 0.80%, and a year-to-date return of 8.06% [10] Sector Analysis - Real Estate Investment Trusts (REITs) are highlighted as a beneficial investment avenue, allowing investors to gain from real estate income without the burdens of property management [4] - Midstream companies are essential for the transportation and processing of oil and gas, with similar profit distribution requirements as REITs [9][11]

Core Insights - The article emphasizes the importance of quality research in the oil and gas industry for investors seeking reliable income sources [2][3] - It highlights the risk of chasing yield without proper analysis, which can lead to poor investment decisions [2] Group 1: Research and Analysis - Deep dive analysis is fundamental to the platform, covering a wide range of companies from pipelines to renewables to producers [3] - The platform provides actionable research aimed at helping investors outperform benchmarks, with the EIA portfolio achieving this in six out of the past seven years [3] Group 2: Investment Opportunities - The article suggests that while commodity prices and shareholder dividends are rising, investors must be cautious to avoid investing in the wrong firms [2] - A free trial is offered to potential investors, allowing them to access quality research without obligation [3]

Financial Performance - Operating revenues for the three months ended September 30, 2025, increased to $314 million, up 26.6% from $248 million in the same period of 2024[24]. - Net income attributable to DT Midstream for the three months ended September 30, 2025, was $115 million, representing a 30.7% increase compared to $88 million in the prior year[24]. - Basic earnings per common share for the three months ended September 30, 2025, rose to $1.14, up from $0.91 in the same quarter of 2024, reflecting a 25.3% increase[24]. - Operating income for the nine months ended September 30, 2025, was $458 million, up 21.8% from $376 million in the same period of 2024[24]. - Net income for the nine months ended September 30, 2025, was $340 million, an increase from $291 million in the same period of 2024, representing a growth of 16.8%[32]. - Operating revenues for the nine months ended September 30, 2025, were $612 million, slightly down from $613 million in the same period of 2024[56]. - Net income for the nine months ended September 30, 2025, was $234 million, compared to $280 million for the same period in 2024, showing a decrease of about 16.4%[56]. Assets and Liabilities - Total assets as of September 30, 2025, amounted to $10,061 million, a slight increase from $9,935 million at the end of 2024[28]. - The total liabilities as of September 30, 2025, were $5,217 million, slightly up from $5,169 million at the end of 2024[30]. - As of September 30, 2025, consolidated VIEs' total assets amounted to $952 million, an increase from $914 million as of December 31, 2024, representing a growth of approximately 4.2%[49]. - Total liabilities for consolidated VIEs increased to $22 million as of September 30, 2025, compared to $8 million as of December 31, 2024, indicating a significant rise of 175%[49]. Cash and Cash Equivalents - Cash and cash equivalents increased to $98 million as of September 30, 2025, compared to $68 million at the end of 2024[28]. - Net cash and cash equivalents from operating activities increased to $706 million, compared to $611 million for the same period in 2024, reflecting a rise of 15.6%[32]. - Total cash and cash equivalents at the end of the period reached $98 million, up from $77 million at the end of September 2024, marking a growth of 27.3%[32]. Capital Expenditures and Investments - Plant and equipment expenditures for the nine months ended September 30, 2025, were $295 million, compared to $260 million in 2024, indicating an increase of 13.5%[32]. - Capital expenditures for the three months ended September 30, 2025, amounted to $143 million[126]. - The total investments in equity method investees as of September 30, 2025, were $1,262 million, down from $1,297 million as of December 31, 2024, reflecting a decline of approximately 2.7%[55]. Dividends and Shareholder Returns - Dividends paid on common stock totaled $241 million, up from $209 million in the previous year, which is an increase of 15.3%[32]. - The company declared cash dividends of $0.820 per share for the quarter ended September 30, 2025, totaling $83 million[96]. - A quarterly dividend of $0.82 per share was declared on October 30, 2025, payable on January 15, 2026[142]. Debt and Financing - Long-term debt remained stable at $3,322 million as of September 30, 2025, compared to $3,319 million at the end of 2024[30]. - As of September 30, 2025, the total long-term debt was $3.322 billion, with a principal amount of $3.4 billion net of unamortized discounts and issuance costs[104][107]. - The consolidated net leverage ratio was 3.0 to 1 as of September 30, 2025, in compliance with the financial covenant, which allows a maximum ratio of 5 to 1[115]. Strategic Initiatives - The company continues to focus on organic growth projects and strategic acquisitions to enhance its market position and operational efficiency[19]. - The company completed the Midwest Pipeline Acquisition of three FERC-regulated interstate natural gas transmission pipelines on December 31, 2024, enhancing its asset portfolio[39]. - The Midwest Pipeline Acquisition was completed on December 31, 2024, for a preliminary purchase price of $1.2 billion, acquiring 100% operating ownership in three interstate natural gas transmission pipelines[132]. Risk Factors - The company is exposed to credit risk, particularly from a key customer, Expand Energy, which significantly contributes to its revenues[185]. - The company is subject to interest rate risk related to goodwill impairment assessments, as detailed in the Annual Report for the year ended December 31, 2024[188]. - A sensitivity analysis on long-term debt obligations showed that a hypothetical 10% increase in interest rates could result in a fair value change of $(83) million, while a 10% decrease could result in an increase of $86 million[190].

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $288 million for the third quarter, an increase of $11 million from the previous quarter [10] - The midpoint of the 2025 adjusted EBITDA guidance was raised to $1.13 billion, reflecting an 18% increase from the prior year guidance [5][11] - Distributable cash flow guidance was increased to a range of $800 million to $830 million, with a midpoint increase of $45 million due to lower maintenance capital, interest, and cash taxes [11] Business Line Data and Key Metrics Changes - The pipeline segment results were consistent with the second quarter, while gathering segment results increased by $10 million, driven by higher volumes on the Haynesville system [10] - Total gathering volumes for the Haynesville averaged 2.04 Bcf per day, marking a 35% increase over the third quarter of 2024 [10] Market Data and Key Metrics Changes - The company noted robust gas and power demand growth throughout the region, particularly in Louisiana, driven by data center activity and LNG demand [19][20] - The Haynesville system demonstrated record high throughput, indicating producers' ability to respond quickly to LNG demand signals [8][9] Company Strategy and Development Direction - The company is focused on executing its pure play natural gas pipeline strategy and is well-positioned with a strong balance sheet to fund incremental investments [14] - The company announced reaching FID on a larger G3+ expansion on the Guardian Pipeline, increasing its total capacity by approximately 537 million cu ft per day [6] - The company is pursuing upstream network opportunities to enhance flexibility and reliability for customers [6][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's increased guidance for 2025 and early outlook for 2026, citing strong market fundamentals and growth opportunities [14] - The recent Senate confirmation of two new FERC members was viewed as a positive sign for the regulatory environment [9] Other Important Information - The company placed its LEAP Phase 4 expansion facilities into service early and on budget, increasing capacity from 1.9 Bcf to 2.1 Bcf per day [7] - The Board of Directors approved a third-quarter dividend of $0.82 per share, unchanged from the prior quarter, with a commitment to grow the dividend by 5%-7% per year [13] Q&A Session Summary Question: Potential for network to support data center demand in Louisiana - Management acknowledged robust demand growth in Louisiana, particularly from data centers and LNG, and expressed confidence in capturing market share [19] Question: Growth trajectory in Haynesville and LEAP expansions - Management highlighted significant development in western Haynesville and expected continued volume growth, which would support LEAP expansions [20][22] Question: Opportunities in the upper Midwest and NEXUS - Management discussed positive fundamentals in the upper Midwest and the potential for NEXUS to capture market share in the data center power demand [53] Question: Dividend growth potential - Management indicated that strong growth exceeding the long-term target could lead to higher dividend growth, with a focus on maintaining strong coverage [56][60] Question: CapEx changes and maintenance capital - Management noted that efficiencies in capital spending were a significant factor in the reduction of the 2025 gross capital guidance range [12][41] Question: Millennium open season status - Management stated that the Millennium project is complex and evolving, with a focus on ensuring all regulatory requirements are met before moving forward [46][47] Question: Market share outlook in Haynesville - Management expressed confidence in maintaining or growing market share in the Haynesville region, supported by strategic connectivity to Carthage [108]

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $288 million for the third quarter, an increase of $11 million from the previous quarter [10] - The midpoint of the 2025 adjusted EBITDA guidance range has been increased to $1.13 billion, representing an 18% increase from the prior year guidance [5][11] - Distributable cash flow guidance has been raised to a range of $800 to $830 million, reflecting a midpoint increase of $45 million due to lower maintenance capital, interest, and cash taxes [11] Business Line Data and Key Metrics Changes - The pipeline segment results were consistent with the second quarter, while gathering segment results increased by $10 million, driven by higher volumes on the Haynesville system [10] - Total gathering volumes for the Haynesville averaged 2.04 Bcf per day, marking a 35% increase over the third quarter of 2024 [10] Market Data and Key Metrics Changes - The company has seen robust gas and power demand growth throughout the region, particularly in Louisiana, driven by data center activity and LNG demand [6][19] - The Northeast volumes averaged 1.09 Bcf per day, with expectations for an increase in the fourth quarter due to incremental production on the Tioga system [11] Company Strategy and Development Direction - The company is focused on executing its pure play natural gas pipeline strategy and is well-positioned to fund incremental investments in a favorable market environment [14] - The Guardian G3+ expansion has reached FID, increasing the total capacity of the Guardian pipeline by approximately 537 million cubic feet per day, a 40% increase [6] - The company is pursuing upstream network opportunities to enhance connectivity and reliability for customers [6][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capture market share in the growing LNG market and emphasized the importance of maintaining a strong balance sheet [14][19] - The recent Senate confirmation of two new FERC members is viewed as a positive sign for the regulatory environment, enhancing confidence in the permitting process for key growth projects [9] Other Important Information - The company announced a third-quarter dividend of $0.82 per share, unchanged from the prior quarter, with a commitment to grow the dividend by 5% to 7% per year in line with long-term adjusted EBITDA growth [13] - The Louisiana CCS project remains pre-FID, with an uncertain permit timeline due to a moratorium on new applications [8] Q&A Session Summary Question: Potential for network to support gas-fired generation in Louisiana - Management highlighted robust demand growth in Louisiana, particularly from data centers and LNG demand, and expressed confidence in capturing market share [19] Question: Growth trajectory in Haynesville and LEAP expansions - Management noted significant development in western Haynesville and expects continued volume growth, with a focus on maintaining competitive positioning [20][22] Question: Upstream Chicago opportunities - Management discussed the potential for the Vector, Nexus, and Midwestern pipelines to bring incremental supply to the Chicago hub, with ongoing discussions about expansions [24] Question: Change in CapEx for the year - Management indicated that capital efficiency and timing have contributed to a reduction in gross capital guidance, with a focus on maintaining a flat run rate for maintenance capital [41][44] Question: Millennium open season status - Management confirmed ongoing work on the Millennium project, emphasizing the need for patience due to regulatory complexities in New York [46][47] Question: Outlook for additional BTN opportunities off Nexus - Management expressed confidence in Nexus's position to capture market share for data center power demand in northwestern Ohio [53] Question: Market share trends in Haynesville - Management reported an increase in market share over the past few years and aims to maintain that share amid growing demand [107]

Financial Data and Key Metrics Changes - The company increased the midpoint of its 2025 adjusted EBITDA guidance range to $1.13 billion, an 18% increase from the prior year adjusted EBITDA guidance [5] - Adjusted EBITDA for the third quarter was $288 million, representing an $11 million increase from the prior quarter [11] - The distributable cash flow guidance range was raised to $800 to $830 million, a midpoint increase of $45 million due to lower maintenance capital, interest, and cash taxes [12] Business Line Data and Key Metrics Changes - The pipeline segment results were in line with the second quarter, while gathering segment results were $10 million higher than the second quarter, driven by higher volumes on the Haynesville system [11] - Total gathering volumes for the Haynesville averaged 2.04 Bcf per day, a 35% increase over the third quarter of 2024 [11] - The LEAP Phase 4 expansion increased capacity from 1.9 to 2.1 Bcf per day, providing access to Gulf Coast LNG markets [7] Market Data and Key Metrics Changes - The company noted robust gas and power demand growth throughout the region, particularly in Louisiana, driven by data center activity and LNG demand [6][10] - The Northeast volumes averaged 1.09 Bcf per day, with expectations for higher volumes in the fourth quarter [11][12] - The Haynesville system demonstrated record high throughput, indicating producers' ability to respond quickly to LNG demand signals [9] Company Strategy and Development Direction - The company is focused on executing its pure play natural gas pipeline strategy and is well-positioned with a strong balance sheet to fund incremental investments [15] - The Guardian G3+ expansion will increase the total capacity of the Guardian pipeline by approximately 537 million cubic feet per day, supported by long-term contracts with investment-grade utilities [6] - The company is pursuing upstream network opportunities to enhance flexibility and reliability for customers [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position within the natural gas market, citing a positive shift in Haynesville and strong demand growth [10] - The recent Senate confirmation of two new FERC members was viewed as an encouraging sign for the regulatory environment [10] - Management remains optimistic about the future opportunities, particularly in the LNG market and industrial demand growth [10][15] Other Important Information - The company announced a third-quarter dividend of $0.82 per share, unchanged from the prior quarter, with a commitment to grow the dividend by 5% to 7% per year [14] - The committed capital for the 2025 to 2029 period has increased to $1.6 billion, reflecting 70% of the $2.3 billion backlog advancing to execution [14] Q&A Session Summary Question: Potential for network to support gas-fired generation in Louisiana - Management noted robust demand growth in Louisiana, particularly from data centers and LNG demand, and expressed confidence in capturing market share [20] Question: Growth trajectory in Haynesville and LEAP expansions - Management highlighted significant development in western Haynesville and expected continued volume growth, with a focus on maintaining market share [21][22] Question: Upstream Chicago opportunities - Management discussed the potential for the Vector, Nexus, and Midwestern pipelines to bring in incremental supply to the Chicago market [24] Question: Dividend growth potential - Management indicated that strong growth could lead to higher dividend increases, with a focus on maintaining strong coverage ratios [61][65] Question: Millennium open season status - Management described the complexity of the Millennium project and emphasized the need for patience in the regulatory process [53] Question: Market share trends in Haynesville - Management expressed confidence in maintaining or growing market share due to strong connectivity and resource quality [132]