Dt Midstream, Inc. · NYSE:DTM
Dt Midstream — US Capital Advisors Midstream Corporate Access Day 2023
24 slides from Dt Midstream's conference presentation, Jan 24, 2023
Slide 1: US Capital Advisors Midstream Corporate Access Day
US CAPITAL ADVISORS MIDSTREAM CORPORATE ACCESS DAY JANU A RY 24, 2023
Slide 2: Safe Harbor Statement
New slide Safe Harbor Statement 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 expectati
Slide 3: DTM provides a clear, disciplined and balanced investment thesis
DTM provides a clear, disciplined and balanced investment thesis Integrated assets in world class dry Predictable, robust contracted gas basins serving key markets cash flows Haynesville / Appalachia dry gas focus Strong cash flow Integrated asset footprint Long-term take-or-pay contracts Well posit
Slide 4: Integrated assets in world class basins
Integrated assets in world class basins
Slide 5: Integrated platform in the leading dry gas formations serving growing domestic and LNG demand
Integrated platform in the leading dry gas formations serving growing domestic and LNG demand markets DTM Operating Regions Pipelines connect world-class basins to high-quality markets • ~900 miles of FERC-regulated interstate pipelines that have interconnections with multiple interstate pipelines a
Slide 6: Haynesville rig count remains at all-time high levels; production expected to grow through 2030
Haynesville rig count remains at all-time high levels; production is expected to experience strong growth through 2030 Haynesville gas rig count1 Haynesville production forecast (Bcf/d) 70 +10+10 Bcf/d 21 60 50 11 40 30 20 2017 2018 2019 2020 2021 2022 2021 2030 1. Rig count data through December 30
Slide 7: Appalachia and the Haynesville are expected to supply over half of US gas by 2035
Appalachia and the Haynesville are expected to supply over half of US gas by 2035 US Lower 48 Supply Forecast, (Bcf/d) % of 2035 130 Total Supply 120 110 ~25% 100 90 80 ~24% 70 60 50 ~19% 40 ~7% DTM 30 basins 20 ~25% 10 2020 2025 2030 2035 ~51% of Marcellus Utica Haynesville Permian Other anticipate
Slide 8: DTM assets are supporting growing LNG export demand
DTM assets are supporting growing LNG export demand US LNG export capacity (Bcf/d) 28 Cove Point LNG 24 +14 Bcf/d 20 16 ~9 Bcf/d of Louisiana Gulf 12 Coast area LNG export growth through 20301 8 4 LNG facilities Operational 0 Under development 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Gulf C
Slide 9: Increasing LEAP capacity to 1.9 Bcf/d with phase 3 expansion
Increasing LEAP capacity to 1.9 Bcf/d with phase 3 expansion Haynesville / LA Gulf Coast DTM pipeline assets LNG facilities DTM treating plants Operational Blue Union expansion build Under development New electric compression +90% Contracted LEAP capacity (Bcf/d) increase in LEAP Capital efficient,
Slide 10: Predictable cash flows supported by strong balance sheet
Predictable cash flows supported by strong balance sheet
Slide 11: Consistent track record of growth through commodity cycles
Consistent track record of growth through commodity cycles Historical Adjusted EBITDA1 growth (millions) $810 - $825 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022E Natural gas price Natural gas price down cycle down cycle DTM has highly contracted cash flows and no direct commodity exposure 1. D
Slide 12: Delivering strong Adjusted EBITDA growth
Delivering strong Adjusted EBITDA growth Adjusted EBITDA1 (millions) 950 Original guidance / outlook Increased 2022 guidance 900 Guidance / outlook increase $865 - $905 • Strong base business performance across both 850 segments and regions $810 - $825 800 • Includes uplift from Millennium Pipeline
Slide 13: Growing and durable pure play natural gas business positioned for today and the future
Growing and durable pure play natural gas business that is positioned for today and the future Well balanced Portfolio durability Strong growth Well positioned for business mix platforms energy transition 100% Strategically natural gas focused Irreplaceable positioned in the core energy two lowest-c
Slide 14: Major growth projects are on track
Major growth projects are on track Contracted growth investments (new projects in bold) In-service Project Status date(s) Stonewall expansion Q2 2022 Completed Michigan Gathering to intrastate pipeline conversion Q4 2022 On track Pipeline Haynesville LEAP pipeline expansion – Phase 1 Q4 2023 On trac
Slide 15: Advancing our energy transition platform with our initial carbon capture and sequestration project
Advancing our energy transition platform with our initial carbon capture and sequestration project Louisiana CCS project area Leveraging our strong expertise and integrated asset platform to advance carbon capture and sequestration • Utilizing CO2 from DTM owned treating facilities • Constructing ne
Slide 16: Revenue is supported by a strong and diverse customer mix
Revenue is supported by a strong and diverse customer mix with contractual credit enhancements 2022E contribution1 by counterparty credit quality Solid and improving credit profile 100% • Mix of demand pull and supply push customers across our 100% assets 90% • Utility and pipeline customers provide
Slide 17: Strong balance sheet with no near-term debt maturities
Strong balance sheet with no near-term debt maturities Debt maturity profile1 (billions) $1.1 Maintaining flexible, well-capitalized balance sheet $1.0 • Upsized $750 million committed revolver to $1 billion and extended maturity by another year to 2027 $0.6 • $355 million of cash on hand2 $0.4 • Cu
Slide 18: Mature environmental, social and governance leadership
Mature environmental, social and governance leadership
Slide 19: Committed to operating in an ethical, environmentally sensitive, and socially responsible manner
Committed to operating in an ethical, environmentally sensitive, and socially responsible manner Achieving top-decile methane intensity performance Gathering segment methane Pipeline segment methane intensity intensity 2020 to 2021 2020 to 2021 35% 25% Fostering a strong safety culture Employee tota
Slide 20: Executing on our plan to be net zero by 2050
Executing on our plan to be net zero by 2050 Annual GHG emissions (million metric tons / year) ~30% Currently executing – Carbon capture and sequestration – Electric compression – Methane monitoring and reduction technologies – Renewable natural gas connections Opportunities being evaluated – Hydrog
Slide 21: Committed to strong governance practices
Committed to strong governance practices DT Midstream Board Members Best-in-class governance practices • Structured as C-Corp with separate CEO and Executive Chairman • Long-term incentive plans tied to total shareholder return targets Robert Skaggs, Jr. Wright Lassiter III Executive Chairman Lead I
Slide 22: Clean assets, clean balance sheet, clean story
Clean assets, clean balance sheet, clean story Integrated assets in premier dry gas basins serving key markets Strong balance sheet with low leverage Predictable, robust contracted cash flows Mature environmental, social and governance leadership 22
Slide 23: Appendix
Appendix _ oe Ew’ & Midstream
Slide 24: Adjusted EBITDA and distributable cash flow (DCF) are non-GAAP measures
New slide Adjusted EBITDA and distributable cash flow (DCF) are non-GAAP measures Adjusted EBITDA is defined as GAAP net income attributable to DT Midstream before expenses for interest, taxes, depreciation and amortization, and loss from financing activities, further adjusted to include our proport
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