Slide 1: Fourth Quarter 2022 Earnings Call
FOURTH QUARTER 2022 EARNINGS CALL FEBRUARY 16, 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: Midstream Investment Thesis
Midstream Investment Thesis Clean assets, clean balance sheet, clean story Integrated assets in the Mature environmental, Highly contracted Strong balance sheet two best dry gas basins social and governance cash flows with low leverage serving key markets leadership • Haynesville / Appalachia • Long
Slide 4: 2022 Year in Review
2022 Year in Review Exceeded our financial plan Advanced our ESG agenda $370 million $830 million net income Adjusted EBITDA1 CO2 $647 million +7% Inaugural Filed for Class VI permit Awarded top ranking for Distributable Cash Flow2 dividend increase from 2021 sustainability report for CCS3 project c
Slide 5: Exceeded Our 2022 Financial Plan
Exceeded Our 2022 Financial Plan Continued track record of strong performance Original guidance Actual Adjusted EBITDA1 Quarterly dividend Distributable Cash Flow2 (millions) (per share) (millions) +8% +7% +9% $830 $0.64 $647 $596 $575 - $625 $770 - $810 $0.60 $768 $500 - $550 $710 - $750 2021 2022
Slide 6: Fourth Quarter 2022 Financial Results
Fourth Quarter 2022 Financial Results Pipeline segment grows to 61% of overall business Adjusted EBITDA1 (millions), xx segment % of overall +10% Pipeline $227 • Fourth quarter benefit of Millennium Pipeline $207 acquisition • Strong short-term revenues from pipeline joint $139 61% ventures, LEAP an
Slide 7: All-time High in Gathered Volumes
All-time High in Gathered Volumes Volume growth enabled by contracted expansion projects Haynesville throughput (bcf/d) 1.57 1.66 1.70 Haynesville 1.55 1.53 • Higher production volumes on Blue Union driven by new capacity Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Northeast throughput1 (bcf/d) Susqueha
Slide 8: Strong Financial Outlook
Strong Financial Outlook Well-positioned to continue our strong performance Adjusted EBITDA1 Quarterly dividend Distributable Cash Flow2 (millions) (per share) (millions) +9% CAGR +8% +8% $920 - $970 $0.69 $625 - $675 $880 - $920 $0.64 $575 - $625 $770 - $810 2022 original 2023 updated 2024 early 20
Slide 9: Distinctive Adjusted EBITDA Growth
Distinctive Adjusted EBITDA Growth Growth through 2024 is underpinned by contracted investments Adjusted EBITDA1 (millions) +9% CAGR $920 - $970 $880 - $920 • Significant growth across both Pipeline and Gathering segments, in both Haynesville and +$15 million Appalachia $770 - $810 from early outloo
Slide 10: Increasing Dividend by 8%
Increasing Dividend by 8% Strengthening total shareholder returns with dividend increase Quarterly dividend (per share) +8% Long-term contracted cash flows support 8% $0.69 dividend increase +7% • Dividend of $0.69 per share for Q1 2023 $0.64 Financial policy is to maintain a durable and $0.60 growi
Slide 11: Maintaining Balance Sheet Strength and Financial Flexibility
Maintaining Balance Sheet Strength and Financial Flexibility Committed to achieving investment grade credit rating Highly contracted No near-term debt Strong liquidity Low leverage cash flows maturities • ~$690 million of available • ~90% of 2022 total • 3.8x leverage ratio3 • No debt maturities unt
Slide 12: Updated Long-Term Capital Outlook
Updated Long-Term Capital Outlook Disciplined capital investment approach to deliver shareholder value Five-year capital outlook (billions) Equity value creation $1.7 - $2.2 Incremental cash flow $1.2 - $1.7 Updated five-year capital outlook supports long-term value creation • Strong organic growth
Slide 13: 2023 Capital Investment Guidance
2023 Capital Investment Guidance Significant construction activity in 2023 backed by contracted projects Capital investment guidance (millions) Growth1 Maintenance $605 - $690 $30 - $40 • Capital investments are backed by long-term take-or-pay agreements • All projects are on schedule and on budget
Slide 14: Growth Project Summary
Growth Project Summary Fully-contracted growth investments across both regions and business segments Contracted growth investments In-service Project Status date(s) Projects are backed by significant Haynesville LEAP pipeline expansion – Phase 1 Q4 2023 On track take-or-pay agreements • Expanding LE
Slide 15: Strong Organic Opportunities Across Our Existing Footprint
Strong Organic Opportunities Across Our Existing Footprint Asset 2023-2027 commercial focus Overview LEAP • Active discussions for expansions up to ~3 Bcf/d • Connecting growing Haynesville supply with growing LNG demand Stonewall • Active discussions with existing and new customers for • Providing
Slide 16: Fully-contracted LEAP Expansion to 1.9 Bcf/d
Fully-contracted LEAP Expansion to 1.9 Bcf/d Serving growing LNG export demand via capital efficient expansion Haynesville / Louisiana Gulf Coast DTM assets LNG facilities DTM treating plants Operational Blue Union expansion build Under development Increasing LEAP by 90% from 1.0 Bcf/d to 1.9 Bcf/d
Slide 17: Louisiana Carbon Capture and Sequestration
Louisiana Carbon Capture and Sequestration Advancing our energy transition platform Louisiana CCS project area Leveraging our strong expertise and integrated asset platform • Constructing new compression, CO2 pipeline and capture equipment • Targeting a proximal geological storage formation with cap
Slide 18: Appendix
Appendix _ oe Ew’ & Midstream
Slide 19: Guidance Summary
Guidance Summary (millions, except EPS) Guidance Adjusted EBITDA1 $880 - $920 Operating Earnings2 $340 - $356 Operating EPS2 $3.50 - $3.66 2023 Distributable Cash Flow3 $625 - $675 Capital Expenditures $605 - $690 Growth Capital4 $575 - $650 Maintenance Capital $30 - $40 2024 Adjusted EBITDA (early
Slide 20: Consistent track record of growth through commodity cycles
Consistent track record of growth through commodity cycles DTM has highly contracted cash flows and no direct commodity exposure Historical Adjusted EBITDA1 growth (millions) +20% CAGR $830 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Natural gas price Natural gas price down cycle down cycle 1.
Slide 21: Strong Haynesville Production Outlook
Strong Haynesville Production Outlook Haynesville rig count remains at all-time high levels; production is expected to experience strong growth through 2030 Haynesville rig count Haynesville production forecast 90 (bcf/d) +10+10 Bcf/d 80 21 70 60 11 50 40 30 20 2021 2030 2018 2019 2020 2021 2022 202
Slide 22: Serving Highly Economic Resource Areas
Serving Highly Economic Resource Areas DTM’s assets are well positioned on the new drilling cost supply curve New drill supply curve 2023 – 20251 Breakeven $/MMBtu Annual new supply needed to offset production declines and meet new demand DTM asset resource areas Blue Union / LEAP AGS / Stonewall SG
Slide 23: DTM Assets are Supporting Growing LNG Export Demand
DTM Assets are Supporting Growing LNG Export Demand DTM assets currently provide ~2 Bcf/d of access to LNG export terminals and are well- positioned to serve growing demand 1 US LNG export capacity (bcf/d) 28 24 +14 Bcf/d Cove Point LNG 20 16 ~9 Bcf/d of Louisiana Gulf 12 Coast area LNG export growt
Slide 24: Financial Results
Financial Results Three months ended Twelve months ended (millions, except EPS) December 31, 2022 September 30, 2022 December 31, 2022 December 31, 2021 Adjusted EBITDA1 $227 $207 $830 $768 Pipeline segment $139 $115 $475 $407 Gathering segment $88 $92 $355 $361 Operating Earnings2 $91 $88 $339 $336
Slide 25: 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 26: 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 27: Non-GAAP Reconciliations
New slide Non-GAAP Reconciliations Reconciliation of Reported to Operating Earnings 27
Slide 28: Non-GAAP Reconciliations
New slide Non-GAAP Reconciliations Reconciliation of Reported to Operating Earnings per diluted share(2) 28
Slide 29: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA 29
Slide 30: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Pipeline Segment 30
Slide 31: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Gathering Segment 31
Slide 32: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Distributable Cash Flow 32