Dt Midstream, Inc. · NYSE:DTM
Dt Midstream — Citi Natural Resources Conference 2025
23 slides from Dt Midstream's conference presentation, Aug 12, 2025
Slide 1: Citi Natural Resources Conference
Citi Natural Resources Conference August 12, 2025 Bluestone Gathering Lateral Pipeline NYSE: DTM
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 Distinctive Investment Opportunity
DTM Provides a Distinctive Investment Opportunity Premium, high-quality, pure play natural gas attributes compared to peers Leading Organic Growth Investment Grade 5-7% long-term Adjusted EBITDA Strong Balance Sheet growth rate Investment grade rated by Self-funded and supported by Leading Portfolio
Slide 4: Leading Natural Gas Pipeline Business Mix
Leading Natural Gas Pipeline Business Mix Growing contribution from Pipeline segment, outpacing large cap C-Corp peers Business Mix as % of Adjusted EBITDA Large Cap C-Corp Peer Companies1 8% 5% 7% 30% 15% 27% 45% 52% Leading Pipeline 70% business mix 65% 50% 26% 2 Peer 1 Peer 2 Peer 3 Gas Pipelines
Slide 5: Expanded Pure Play Natural Gas Pipeline Network
Expanded Pure Play Natural Gas Pipeline Network Additional scale from acquisition provides new regional footprint and growth opportunities Completed the acquisition of three FERC-regulated, demand- pull interstate pipeline systems1 on December 31, 2024 • Onboarded full team supporting the assets • A
Slide 6: Reached Final Investment Decision on Guardian Pipeline Expansion
Reached Final Investment Decision on Guardian Pipeline Expansion “G3” Expansion increases the capacity of Guardian by ~15% GUARDIAN PIPELINE MIDWESTERN GAS TRANSMISSION VECTOR PIPELINE Guardian Pipeline expansion increases delivery Guardian “G3” capacity into northern Illinois and Wisconsin markets
Slide 7: Phase 1 of Modernization on Interstate Pipelines Reaches FID
Phase 1 of Modernization on Interstate Pipelines Reaches FID Significant investment in modernization projects will enhance system efficiency and reliability Initial phase predominantly focused on Guardian Pipeline • Modernization enhancements will improve system efficiency and reliability for custom
Slide 8: Upgraded to Investment Grade, Achieving Strategic Goal
Upgraded to Investment Grade, Achieving Strategic Goal Investment grade rating enables lower borrowing cost and opens access to new investors Debt maturity profile (billions) Long-term debt Utilized revolver balance1 Unutilized revolver capacity $1.10 $1.00 $1.00 Investment grade Fitch BBB- $0.65 Mo
Slide 9: Diversified Asset Base Anchored by Strong Pipeline Segment
Diversified Asset Base Anchored by Strong Pipeline Segment Highest natural gas pipeline asset contribution in sector1 2024 Business Mix (% of total 2024 Adjusted EBITDA2 – excludes newly acquired Midwest pipeline assets) Millennium NEXUS 12% 10% Pipeline Highly contracted asset portfolio supports St
Slide 10: Continuing Our Track Record of Distinctive Growth
Continuing Our Track Record of Distinctive Growth Maintaining long-term Adjusted EBITDA organic growth target of 5-7% on higher base Adjusted EBITDA1 (millions) 5-7% Differentiated growth drivers long-term +6% growth rate Long-term growth rate fully achievable via +18% $1,095 - $1,155 $1,155 - $1,
Slide 11: Executing on ~$2.3 billion Organic Project Backlog over 2025-2029
Executing on ~$2.3 billion Organic Project Backlog over 2025-2029 ~$0.6 billion of new commitments in the second quarter ~$2.3 billion Capital Project Backlog1 ~$1.1 billion has reached FID Gathering Pipeline 20% ~$0.6 billion committed in Q2 2025 70% Energy Transition 10% ~90% of new commitments in
Slide 12: Growth Investment Projects in Progress
Growth Investment Projects in Progress Continue to advance and deliver on organic growth investments Expected Project1 in-service dates Haynesville LEAP expansion – Phase 4 – Ahead of schedule Q1 2026 In progress project updates Stonewall to Mountain Valley Pipeline (MVP) expansion 1H 2026 • Placed
Slide 13: 2025 Capital Plan is Committed and 2026 is Advancing
2025 Capital Plan is Committed and 2026 is Advancing Self-funding organic growth projects from $2.3 billion capital backlog Growth capex (millions) Committed New Commitments Pre-FID $400 - $460 Organic, demand-driven, capital investments • Increasing committed capital to reflect new projects reachin
Slide 14: Strong US Demand and Production Fundamentals
Strong US Demand and Production Fundamentals Two-thirds of demand growth will be served by Haynesville and Appalachia production U.S. Natural Gas Demand Forecast Production Forecast – DTM Basins (bcf/d) (bcf/d) Haynesville Appalachia ResComm Industrial Power LNG Exports Net Mexican Exports Other +19
Slide 15: Leading Competitive Market Position to Serve Growing LNG Demand
Leading Competitive Market Position to Serve Growing LNG Demand Competitive advantage from superior connectivity to basin supply and LNG markets Existing/Future Capacity LNG terminal / market LEAP Interconnect (Bcf/d) Haynesville Supply Forecast (Bcf/d)2 Transco 0.5 Industrial / LNG corridor1 Camero
Slide 16: LEAP Phase 4 expansion running ahead of schedule
LEAP Phase 4 expansion running ahead of schedule Haynesville System to provide additional 0.2 Bcf/d of wellhead to Gulf Coast markets access DTM assets LNG facilities Capital efficient, lower-risk expansion provides timely DTM treating plants Operational access to coming LNG demand LEAP Phase 4 Elec
Slide 17: Well-Positioned Amidst Tariff Uncertainty
Well-Positioned Amidst Tariff Uncertainty DTM’s plan remains unchanged in both the short and long-term Short-Term Long-Term • Projects in-flight have procured critical • Robust natural gas demand growth driven by components, including labor power, LNG exports, and onshoring of manufacturing • No
Slide 18: Appendix
Appendix 18
Slide 19: 2025/2026 Guidance Summary
2025/2026 Guidance Summary (millions, except EPS) Guidance 2025 Adjusted EBITDA1 $1,095 - $1,155 2025 Operating Earnings2 $415 - $455 2025 Operating EPS2 $4.05 - $4.45 2025 Distributable Cash Flow3 $740 - $800 2025 Capital Expenditures4 $470 - $550 Growth Capital $400 - $460 Maintenance Capital $70
Slide 20: Non-GAAP Definitions
New slide Non-GAAP Definitions 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 t
Slide 21: Non-GAAP Definitions
New slide Non-GAAP Definitions Operating Earnings and Operating Earnings per share are non-GAAP measures Use of Operating Earnings Information – Operating Earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. DT Midstream management believes that Opera
Slide 22: Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Year Ended December 31, December 31, 2024 2023 Net Income Attributable to DT Midstream $ 354 $ 384 Plus: Interest expense 153 150 Plus: Income tax expense 137 104 Plus: Depreciation and amortization
Slide 23: Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Year Ended December 31, December 31, 2022 2021 Net Income Attributable to DT Midstream $ 370 $ 307 Plus: Interest expense 137 112 Plus: Income tax expense 100 104 Plus: Depreciation and amortization
DT Midstream — Citi Natural Resources Conference 2025 on 6ix