Slide 1: Third Quarter 2021 Earnings Call
THIRD QUARTER 2021 EARNINGS CALL NOVEMBER 5, 2021 DT Midstream
Slide 2: Safe Harbor Statement
Safe Harbor Statement 2 This presentation contains statements which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” under the securities laws. These forward-looking statements are intended to provide management’s current expectations or p
Slide 3: Third quarter call highlights
x Delivering on industry-leading organic growth with upward revision to 2021 guidance ranges x Delivered strong 3rd quarter 2021 results x Reaffirming 2022 early outlook growth x Continuing to execute on investment opportunities that will deliver distinctive future growth x Advancing best-in-class E
Slide 4: DTM provides a clear, disciplined and balanced investment thesis
DTM provides a clear, disciplined and balanced investment thesis 1. Definition and reconciliation of adjusted EBITDA (non-GAAP) to net income included in the appendix 4 Mature environmental, social and governance leadership Established ESG program transitioned from DTE C-Corp governance Progressive
Slide 5: Increasing 2021 guidance ranges as we continue to deliver industry-leading growth
Increasing 2021 guidance ranges as we continue to deliver industry-leading growth 1. Definition and reconciliation of adjusted EBITDA (non-GAAP) to net income included in the appendix 2. Definition and reconciliation of operating earnings and operating earnings per share (non-GAAP) to reported earni
Slide 6: Strong year to date results with year-over-year growth
Strong year to date results with year-over-year growth 1. Definition and reconciliation of adjusted EBITDA (non-GAAP) to net income included in the appendix 2. Definition and reconciliation of operating earnings and operating earnings per share (non-GAAP) to reported earnings included in the appendi
Slide 7: Delivered strong quarterly results in line with full-year expectations
Delivered strong quarterly results in line with full-year expectations 1. Definition and reconciliation of adjusted EBITDA (non-GAAP) to net income included in the appendix 2. Definition and reconciliation of operating earnings and operating earnings per share (non-GAAP) to reported earnings include
Slide 8: Strong 2021 performance building high confidence in 2022 early outlook
Strong 2021 performance building high confidence in 2022 early outlook 1. Definition and reconciliation of adjusted EBITDA (non-GAAP) to net income included in the appendix 2. Definition and reconciliation of operating earnings and operating earnings per share (non-GAAP) to reported earnings include
Slide 9: Over 2.6 Bcf/d of production volumes gathered in the third quarter
Over 2.6 Bcf /d of production volumes gathered in the third quarter 1. Excludes Michigan gathering 2. New customers include Comstock Resources, Rockcliff Energy, and Tellurian 9 1.21 1.27 1.26 1.35 Q3 2021 Q3 2020 2.47 2.62 +6% Gathering segment average throughput 1 (Bcf /d) +7% Northeast Haynesvill
Slide 10: Continuing to execute on investment opportunities driving future growth
Continuing to execute on investment opportunities driving future growth 1. New customers include Comstock Resources, Rockcliff Energy, and Tellurian 10 Pipelines • Executed long-term firm take-or-pay contract with a new customer on Stonewall representing ~15% of capacity; expected to be connected in
Slide 11: Advancing our ESG leadership with new commitments
11 Advancing our ESG leadership with new commitments Continuing company wide volunteerism program Joined ONE Future consortium Announced strategic partnership with Mitsubishi to advance hydrogen development projects Strong C-Corp governance; incentive plans tied to total shareholder return Social Go
Slide 12: Clean assets, clean balance sheet, clean story
Integrated assets in premier dry gas basins serving key markets Stable balance sheet with low leverage Predictable, robust contracted cash flows Mature environmental, social and governance leadership Clean assets, clean balance sheet, clean story 12 x On track for strong 2021 x Delivering premium gr
Slide 13: Appendix
APPENDIX ~ Ew’ & Midstream
Slide 14: Robust commercial activity year to date
Robust commercial activity year to date 1. New customers include Comstock Resources, Rockcliff Energy, and Tellurian 14 Platform Commercial Activity Pipeline NEXUS Pipeline • Executed new long-term contracts with strong credit customers for a total of ~165 MMcf /d • Achieving improved rates • Two ne
Slide 15: First-of-its-kind Haynesville system expansion offers Wellhead to Water carbon neutral service
First-of-its-kind Haynesville system expansion offers “Wellhead to Water” carbon neutral service 15 Project will provide carbon neutral pathway for Haynesville supply to reach growing LNG markets • Delivers up to 2.0 Bcf /d to the Gillis Hub, directly serving LNG export terminals and domestic demand
Slide 16: 2021 guidance summary
2021 guidance summary 1. Definition and reconciliation of adjusted EBITDA (non-GAAP) to net income included in this appendix 2. Definition and reconciliation of distributable cash flow (non-GAAP) included in this appendix 3. Definition and reconciliation of operating earnings and operating earnings
Slide 17: Financial strength supported by strong balance sheet with no significant debt maturities for seven years
Financial strength is supported by strong balance sheet with no significant debt maturities for seven years 17 1. Term Loan B includes $10 million per year of amortization resulting in the 2028 maturity being ~$930 million 2. Definition and reconciliation of adjusted EBITDA (non-GAAP) to net income
Slide 18: Financial policy overview
Financial policy overview 18 1. Definition and reconciliation of adjusted EBITDA (non-GAAP) to net income included in this appendix 2. The dividend coverage ratio represents the total distributable cash flow (“DCF”) divided by total dividends paid to investors Value creation optionality Growth Delev
Slide 19: 2021 cash flow and capital
2021 cash flow and capital 1. Definition and reconciliation of distributable cash flow (non-GAAP) included in this appendix 19 (millions) Q3 2020 Q3 2021 Variance Key drivers Distributable cash flow 1 $163 $158 ( $5) • New public company costs in 2021 Growth capital $485 $27 ( $458) • LEAP construct
Slide 20: Adjusted EBITDA and distributable cash flow (DCF) are non-GAAP measures
Adjusted EBITDA and distributable cash flow (DCF) are non-GAAP measures 20 Adjusted EBITDA is defined as GAAP net income attributable to DT Midstream before expenses for interest, taxes, depreciation and amortization, further adjusted to include our proportional share of net income from our equity m
Slide 21: Reconciliation of reported to operating earnings and operating earnings per share (non-GAAP)
Reconciliation of reported to operating earnings and operating earnings per share (non-GAAP) 21 Use of Operating Earnings Information – Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. DT Midstream management believes that operating earn
Slide 22: Reconciliation of reported to operating earnings (non-GAAP)
Reconciliation of reported to operating earnings (non-GAAP) 22 Three Months Ended September 30, 2021 2020 Reported Earnings Pre-tax Adjustments Income Taxes (1) Operating Earnings Reported Earnings Pre-tax Adjustments Income Taxes (1) Operating Earnings (millions) Pipeline $41 $— $— $41 $42 $— $— $4
Slide 23: Reconciliation of reported to operating earnings per share (non-GAAP)
Reconciliation of reported to operating earnings per share (non-GAAP) 23 Three Months Ended September 30, 2021 2020 (3) Reported Earnings Pre-tax Adjustments Income Taxes (1) Operating Earnings Reported Earnings Pre-tax Adjustments Income Taxes (1) Operating Earnings (per share) Transaction costs 0.
Slide 24: Reconciliation of net income to adjusted EBITDA (non-GAAP)
Reconciliation of net income attributable to DT Midstream to adjusted EBITDA (non-GAAP) 24 Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Consolidated (millions) Net income attributable to DT Midstream $74 $101 $220 $243 Plus: Interest expense 31 29 81 82 Plus:
Slide 25: Reconciliation to adjusted EBITDA Pipeline Segment (non-GAAP)
Reconciliation of net income attributable to DT Midstream to adjusted EBITDA Pipeline Segment (non-GAAP) 25 Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Pipeline (millions) Net income attributable to DT Midstream $41 $42 $127 $114 Plus: Interest expense 15 12
Slide 26: Reconciliation to adjusted EBITDA Gathering Segment (non-GAAP)
Reconciliation of net income attributable to DT Midstream to adjusted EBITDA Gathering Segment (non-GAAP) 26 Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Gathering (millions) Net income attributable to DT Midstream $33 $59 $93 $129 Plus: Interest expense 16 17
Slide 27: Reconciliation of net income to distributable cash flow (non-GAAP)
Reconciliation of net income attributable to DT Midstream to distributable cash flow (non-GAAP) 27 Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (millions) Net income attributable to DT Midstream $74 $101 $220 $243 Plus: Interest expense 31 29 81 82 Plus: Incom