Core Viewpoint - DT Midstream, Inc. has achieved investment grade ratings from all three major credit rating agencies, reflecting the strength of its balance sheet and business quality, positioning the company for continued growth [1][3]. Company Overview - DT Midstream is involved in the ownership, operation, and development of natural gas pipelines, storage, and gathering systems, providing services across the Southern, Northeastern, and Midwestern United States and Canada [2]. - The company is committed to transitioning towards net zero greenhouse gas emissions by 2050, with a target of achieving a 30% reduction in carbon emissions by 2030 [2]. Credit Rating Upgrades - Fitch Ratings upgraded DT Midstream's credit rating to BBB- with a stable outlook on October 3, 2024 [3]. - Moody's Ratings upgraded the credit rating to Baa3 with a stable outlook on May 16, 2025 [3]. - S&P Global Ratings upgraded the credit rating to BBB- with a stable outlook on July 8, 2025 [3].

Core Insights - ONEOK Inc. (OKE) is benefiting from increased fee-based earnings and capital expenditures aimed at strengthening its position in high-production regions [1][8] - The company is exposed to competitive risks in its pipeline business [1][6] Positive Drivers for OKE - ONEOK is expected to gain from long-term fee-based commitments across its three segments: Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines and Refined Products and Crude [2] - More than 88% of its 2024 earnings are fee-based, with over 90% of 2025 revenues anticipated to come from fees [2][8] - The annual growth rate for natural gas liquid volumes from the Rocky Mountain region has exceeded 20%, while natural gas processing volumes have grown at 10% over the past five years [2] Capital Expenditures and Expansion - The company is investing in organic-growth projects to expand its services for crude-oil and natural-gas producers, with capital expenditures expected to be between $2.8 billion and $3.2 billion in 2025 [3] - In February 2025, ONEOK and MPLX LP formed joint ventures to construct a new 400,000 barrel-per-day liquefied petroleum gas export terminal in Texas City, along with a new pipeline connecting to its Mont Belvieu storage facility [4] Headwinds for OKE - ONEOK does not own all the land for its pipelines, which poses risks of incurring higher costs and potential operational impacts if land rights are not renewed [5] - The natural gas and natural gas liquid pipeline industries are highly competitive, with many energy companies forming master limited partnerships to launch pipeline services [6] Stock Performance - Over the past year, OKE shares have increased by 6.1%, compared to the industry's growth of 14.1% [7]

Core Viewpoint - DT Midstream, Inc. has achieved investment grade ratings from two credit agencies, which is expected to enhance liquidity and reduce interest expenses [1][6]. 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 [2]. - The company is committed to transitioning towards net zero greenhouse gas emissions by 2050, with a target of achieving a 30% reduction in carbon emissions by 2030 [2]. Credit Rating Details - Moody's upgraded DT Midstream's credit rating to Baa3 with a stable outlook on May 16, 2025 [6]. - Fitch Ratings upgraded DT Midstream's credit rating to BBB- with a stable outlook on October 3, 2024 [6].

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $1,989 million for Q1 2025, reflecting a 3% increase compared to Q1 2024, with adjusted EBITDA excluding the marketing business up 5% [17][22] - The adjusted EBITDA guidance for 2025 was raised from a midpoint of $7,650 million to $7,700 million, indicating a projected 9% growth over 2024 [22][24] - The company received an S&P credit rating upgrade to BBB+ during the quarter, along with a positive outlook from Moody's [13][24] Business Line Data and Key Metrics Changes - The Transmission and Gulf business improved by $23 million or 3%, setting an all-time record due to higher revenues from expansion projects [18][19] - The Northeast gathering and processing business improved by $10 million or 2%, primarily due to higher revenues from gathering and processing rates [20] - The West segment saw an increase of $26 million or 8%, driven by strong margins and pipeline volumes [20] Market Data and Key Metrics Changes - The company noted a 12% increase in Gulf gathering volumes and a 42% increase in NGL production [19] - The demand for natural gas pipeline capacity and volumetric demand is expected to grow, with the company well-positioned to benefit from this trend [24] Company Strategy and Development Direction - The company is focused on capitalizing on the growing demand for natural gas, particularly in the power generation market, industrial reshoring, and LNG exports [25][26] - The company is pursuing high-return projects, including the Socrates project, which is expected to generate earnings consistent with a five times EBITDA build multiple [8][13] - The leadership transition is aimed at maintaining the company's strategic focus on natural gas while leveraging new opportunities in emerging markets [26][29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued growth, citing a strong base business performance and a robust project pipeline [7][24] - The company anticipates accelerating growth rates throughout the remainder of 2025, with expectations for strong contributions from new projects [18][22] - Management highlighted the resilience of the business model against commodity price swings, particularly in the context of natural gas demand [24] Other Important Information - The company successfully placed two projects into service during the quarter, contributing to earnings growth [10][12] - The quarterly dividend was increased by 5.3% to $0.50 per share, reflecting a commitment to a well-covered dividend program [16] Q&A Session Summary Question: Can you help us understand the size and returns for the new power projects? - Management expects the new projects to have attractive returns similar to the Socrates project, with full commercialization anticipated throughout the year [32][34] Question: What is the strategic rationale for the Cogentrix investment? - The investment is seen as a way to position the company in the changing Northeast power market, focusing on gas supply rather than entering the merchant power generation space [36][38] Question: What competitive advantages does Williams have in the market? - The company emphasizes collaboration across its organization and strong relationships with suppliers, which have been key to its success in delivering solutions [43][45] Question: How does the company view the gas market unfolding? - Management sees a strong call for gas, particularly in dry gas basins, and expects to see a rotation of rigs into gas areas as oil prices soften [50][52] Question: What is the outlook for capital spending and project backlog? - The company anticipates elevated CapEx due to a strong project backlog, with a focus on maintaining high return profiles [55][60] Question: Can you provide an update on the Transco Power Express project? - The project is a 950 million cubic feet per day expansion, primarily sourcing from Station 165, and is scalable without dependence on the Mountain Valley Pipeline expansion [92][94]

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $1,989 million for Q1 2025, representing a 3% increase compared to Q1 2024 [15][20]. - Adjusted EBITDA guidance for 2025 was raised from a midpoint of $7,650 million to $7,700 million, reflecting a projected 9% growth over 2024 [20][21]. - The company received an S&P credit rating upgrade to BBB+ during the quarter, along with a positive outlook from Moody's [12]. Business Line Data and Key Metrics Changes - The Transmission and Gulf segment achieved a record EBITDA of $1,034 million, up 3% year-over-year, driven by higher revenues from expansion projects [16][17]. - The Northeast Gathering and Processing business improved by $10 million or 2%, primarily due to higher revenues from gathering and processing rates [18]. - The West segment saw an 8% increase, driven by strong margins and contributions from the Rimrock acquisition [19]. Market Data and Key Metrics Changes - The company is experiencing robust demand for natural gas pipeline capacity, particularly in the power generation market and LNG exports [24][23]. - The demand for gas supply is expected to increase as oil prices soften, leading to a potential shift in drilling focus towards gas [48]. Company Strategy and Development Direction - The company is focused on capitalizing on the growing demand for natural gas, particularly in the power generation and industrial sectors [24][23]. - The company is pursuing high-return projects, including the Socrates project, which is expected to generate earnings consistent with a five times EBITDA build multiple [7][12]. - The leadership transition is aimed at maintaining the company's strategic focus on natural gas while leveraging new opportunities in emerging markets [25][26]. Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued growth, citing a strong backlog of fully contracted projects and a resilient business model [24][23]. - The company anticipates accelerating growth throughout 2025, with expectations for higher growth rates in subsequent quarters [15][20]. - Management highlighted the importance of legislative reform to improve project permitting timelines and reduce litigation risks [100][101]. Other Important Information - The company successfully placed two projects into service during the quarter, contributing to earnings growth [9][10]. - The quarterly dividend was increased by 5.3% to $0.50 per share, reflecting the company's commitment to its dividend program [14]. Q&A Session Summary Question: Can you help us understand the size and returns for the new power projects? - Management expects the new projects to have returns similar to the Socrates project, with full commercialization anticipated throughout the year [31][32]. Question: What is the strategic rationale for the Cogentrix investment? - The investment is aimed at positioning the company to better serve the changing power market dynamics, particularly in the Northeast [34][35]. Question: What competitive advantages does Williams have in the market? - The company emphasizes collaboration across its organization and strong relationships with suppliers, which enhance its ability to deliver solutions [40][41]. Question: How is the gas market expected to unfold given current dynamics? - Management noted a strong call for gas supply, particularly in dry gas basins, and expects to see growth in demand [48]. Question: What is the outlook for capital spending and project backlog? - The company anticipates elevated CapEx due to a strong project backlog, with a focus on maintaining high return profiles [51][56]. Question: Can you provide an update on the Transco Power Express project? - The project is a 950 million cubic feet per day expansion, primarily sourcing from Station 165, and is scalable without dependence on the Mountain Valley Pipeline [89][90].

Financial Data and Key Metrics Changes - The company reported a 3% increase in adjusted EBITDA for Q1 2025, reaching $1,989 million compared to $1,934 million in Q1 2024 [17][22] - Adjusted EBITDA guidance for 2025 was raised from a midpoint of $7,650 million to $7,700 million, reflecting a 9% growth over 2024 [22][24] - The company received an S&P credit rating upgrade to BBB+ and a positive outlook from Moody's during the quarter [13][14] Business Line Data and Key Metrics Changes - The Transmission and Gulf segment saw a 3% increase in EBITDA, driven by higher revenues from expansion projects [18][19] - The Northeast Gathering and Processing business improved by $10 million or 2%, primarily due to higher revenues [20] - The West segment increased by $26 million or 8%, supported by strong margins and pipeline volumes [20] Market Data and Key Metrics Changes - The company noted a 12% increase in Gulf gathering volumes and a 42% rise in NGL production [19] - The demand for natural gas pipeline capacity and volumetric demand is expected to grow, regardless of near-term macroeconomic conditions [24] Company Strategy and Development Direction - The company is focused on capitalizing on the rising demand for natural gas, particularly in power generation and LNG exports [25][26] - The company is pursuing high-return projects with a strong backlog of fully contracted projects extending beyond 2030 [25][26] - The leadership transition is aimed at maintaining the company's strategic focus on natural gas while leveraging new opportunities [26][29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued growth, citing a strong start to 2025 and a robust pipeline of projects [22][24] - The company is well-positioned to respond to the increasing demand for natural gas, particularly in dry gas basins [52] - Management emphasized the importance of maintaining high trust relationships with customers and suppliers to enhance operational efficiency [48] Other Important Information - The company successfully placed two projects into service during the quarter, contributing to earnings growth [10][11] - The quarterly dividend was increased by 5.3% to $0.50 per share, reflecting a commitment to a well-covered dividend program [16] Q&A Session Summary Question: Can you help us understand the size and returns for the new power projects? - Management expects the new projects to have attractive returns similar to the Socrates project, with full commercialization anticipated throughout the year [34] Question: What is the strategic rationale for the Cogentrix investment? - The investment is aimed at positioning the company to better serve the changing power market dynamics, particularly in the Northeast [38] Question: What competitive advantages does Williams have in the market? - The company attributes its success to collaboration across teams and the ability to provide comprehensive solutions for customers [45] Question: How does the company view the gas market unfolding? - Management sees a strong call for gas and expects to see rigs rotate into gas areas as oil prices soften [52] Question: What is the outlook for capital spending and project backlog? - The company anticipates elevated CapEx due to a strong project backlog and has sufficient balance sheet capacity to fund upcoming projects [57][59] Question: Can you provide an update on the Transco Power Express project? - The project is a 950 million cubic feet per day expansion, primarily sourcing from Station 165, and is scalable without dependence on Mountain Valley Pipeline expansion [91] Question: What is the risk management strategy for the Socrates and data center projects? - The company has fixed price agreements that mitigate commodity price exposure, with Sequent helping to source gas [82][84]

Earnings Report - The Williams Companies, Inc. is set to release its first-quarter earnings results on May 5, with analysts expecting earnings of 55 cents per share, a decrease from 59 cents per share in the same period last year [1] - The company is projected to report quarterly revenue of $2.94 billion, an increase from $2.77 billion a year earlier [1] Dividend Information - Williams has raised its quarterly dividend by 5.3% to 50 cents per share, resulting in an annual dividend yield of 3.33% [1][2] - To achieve a monthly income of $500 from dividends, an investment of approximately $180,000 or around 3,000 shares is required, while a more modest $100 per month would need an investment of $36,000 or about 600 shares [2] Dividend Yield Calculation - The dividend yield is calculated by dividing the annual dividend payment by the stock's current price, with examples illustrating how changes in stock price affect the yield [3] - An increase in the dividend payment will raise the yield if the stock price remains constant, while a decrease in the dividend will lower the yield [4] Stock Performance - Shares of Williams gained 2% to close at $60.00 on the previous Friday [4]

Core Viewpoint - TC Energy Corporation is strategically investing in natural gas and nuclear power generation projects, anticipating significant growth in energy consumption through 2035, with a focus on delivering long-term value and low-risk opportunities [1][13]. Financial Highlights - First quarter 2025 comparable earnings were $1.0 billion or $0.95 per common share, a slight decrease from $1.1 billion or $1.02 per common share in the same quarter of 2024 [4][6]. - Comparable EBITDA for the first quarter 2025 was $2.7 billion, consistent with the first quarter of 2024 [4][6]. - The company reaffirmed its 2025 outlook, expecting comparable EBITDA between $10.7 billion and $10.9 billion, with capital expenditures anticipated to be between $6.1 billion and $6.6 billion [4][16]. Project Highlights - TC Energy expects to place approximately $8.5 billion of projects into service in 2025, tracking to be roughly 15% under budget [1][16]. - The Southeast Gateway pipeline, a 1.3 Bcf/d, 715-kilometre natural gas pipeline, is ready for service and was constructed approximately 13% under the original cost estimate [10][12]. - The Northwoods project has been approved, designed to provide 0.4 Bcf/d of capacity for natural gas-fired electric generation in the U.S. Midwest, with an estimated cost of approximately US$0.9 billion and an anticipated in-service date of late 2029 [7][13]. Operational Highlights - Canadian Natural Gas Pipelines deliveries averaged 27.6 Bcf/d, an increase of 8% compared to the first quarter of 2024 [4][6]. - Bruce Power achieved 87% availability in the first quarter of 2025, reflecting a planned outage on Unit 5 [4][15]. - The cogeneration power plant fleet achieved 98.6% availability in the first quarter of 2025, attributed to fewer forced outages [4][15]. Strategic Focus - The company is focused on executing high-value, low-risk projects with attractive build multiples, underpinned by long-term contracts with creditworthy counterparties [1][13]. - TC Energy's origination pipeline remains robust, with several projects in advanced stages of development, particularly related to coal-to-gas conversions and data center demand growth [14][16]. - The company aims to maximize the value of its assets through safety and operational excellence while ensuring financial strength and agility [9][14].

First Quarter 2025 Earnings Call April 30, 2025 Bluestone Gathering Lateral Pipeline NYSE: DTM Safe Harbor Statement 2 New slide First Quarter 2025 Accomplishments Strong financial performance Acquisition performing well and integration progressing as planned Progressing commercial opportunities and executing on construction projects This presentation contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities l ...

Core Viewpoint - Wall Street anticipates a year-over-year increase in earnings for DT Midstream, driven by higher revenues, with a focus on how actual results will compare to estimates [1][2]. Earnings Expectations - DT Midstream is expected to report quarterly earnings of $1.07 per share, reflecting an 8.1% increase year-over-year [3]. - Revenue projections stand at $283.86 million, indicating an 18.3% rise from the previous year [3]. Estimate Revisions - The consensus EPS estimate has been revised 1.67% higher in the last 30 days, indicating a positive reassessment by analysts [4]. - The Most Accurate Estimate for DT Midstream is higher than the Zacks Consensus Estimate, suggesting a bullish outlook from analysts [10]. Earnings Surprise Prediction - The Earnings ESP for DT Midstream is +0.84%, indicating a likelihood of beating the consensus EPS estimate [11]. - A positive Earnings ESP is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3 [8]. Historical Performance - In the last reported quarter, DT Midstream exceeded the expected earnings of $0.91 per share, achieving $0.94, resulting in a surprise of +3.30% [12]. - Over the past four quarters, the company has surpassed consensus EPS estimates three times [13]. Conclusion - DT Midstream is positioned as a compelling candidate for an earnings beat, but investors should consider additional factors before making investment decisions [16].