Slide 1: First Quarter 2024 Earnings Call
First Quarter 2024 Earnings Call April 30, 2024 Ammons compressor station Appalachia Gathering System phase 2 expansion
Slide 2: Safe Harbor Statement
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 expectations or pla
Slide 3: First Quarter 2024 Accomplishments
First Quarter 2024 Accomplishments Strong financial performance First quarter 2024 net income of $97 million and Adjusted EBITDA1 of $245 million Reaffirming 2024 Adjusted EBITDA guidance range of $930 -$980 million Confident in 2025 Adjusted EBITDA early outlook of $980 -$1,040 million Successful d
Slide 4: First Quarter 2024 Financial Results
First Quarter 2024 Financial Results Adjusted EBITDA1 (millions) segment % of total $239 $245 $156 65% $156 64% $83 35% $89 36% Q4 2023 Q1 2024 Pipeline Gathering Pipeline2 Higher firm revenue on LEAP offset by lower short-term revenue Gathering Lower overall expenses and increase in Ohio Utica Syst
Slide 5: Committed Growth Investment Summary
Committed Growth Investment Summary Continue to advance short-cycle growth investments Project Expected in-service dates Pipeline Haynesville LEAP Gillis Access interconnect Haynesville LEAP expansion - Phase 3 In-Service Q3 2024 Stonewall to Mountain Valley Pipeline (MVP) expansion (New) 1H 2026 Ga
Slide 6: Disciplined Capital Investment
Disciplined Capital Investment Incremental committed capital remains within 2024 guidance and free cash flow Growth capex (millions) Committed New Commitments Pre-FID / Highly Probable Cash flow after dividends $300 -$375 $265-$295 Committed ~$140 Committed 2024 guidance1 2025 Flexible, short-cycle,
Slide 7: Strategic Appalachian Basin Expansion
Strategic Appalachian Basin Expansion Provides new production outlet to growing Mid-Atlantic market Access to Midwest Markets MVP Interconnect Access to Mid-Atlantic Markets Third-party processing plant Third-party pipeline Upsizing Appalachia Gathering expansion and new Stonewall expansion Modifica
Slide 8: Louisiana Carbon Capture and Sequestration
Louisiana Carbon Capture and Sequestration Class V test well completed in March - on track for 2H 2024 FID Project timeline Capital deployment Q4 2022 Class VI well permit filing Conducted 3D seismic survey Q2 2023 Class V test well permit filing 1H 2024 Class V test well permit approved Drill Class
Slide 9: Haynesville System LEAP Expansion Potential
Haynesville System LEAP Expansion Potential Market fundamentals driving greater demand for wellhead to Gulf Coast markets access Phase 3 LEAP expansion ahead of schedule and on budget to increase capacity from 1.7 Bcf/d to 1.9 Bcf/d Integrated gathering wellhead-to-water connectivity Project leverag
Slide 10: Quarterly Financial Results
Quarterly Financial Results Three months ended March 31, 2024 December 31, 2023 Key drivers (millions, except EPS) Adjusted EBITDA1 $245 $239 Pipeline segment $156 $156 Gathering segment $89 $83 Operating Earnings2 $97 $121 Deferred tax adjustment in Q4 2023 Operating EPS2 $0.99 $1.24 Distributable
Slide 11: DT Midstream Investment Thesis
DT Midstream Investment Thesis Pure play natural gas midstream portfolio Premium shareholder returns Strong organic growth Balance sheet strength 11
Slide 12: Appendix
Appendix 12
Slide 13: Gathering Volume Summary
Gathering Volume Summary Haynesville throughput Northeast throughput (bcf/d) Blue Union Gathering 1.63 1.53 1.60 1.56 1.52 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 (bcf/d) Susquehanna Gathering Appalachia Gathering Tioga Gathering Ohio Utica Gathering 1.36 1.39 1.39 1.53 1.54 Q1 2023 Q2 2023 Q3 2023
Slide 14: 2024/2025 Guidance Summary
2024/2025 Guidance Summary (millions, except EPS) Current Guidance 2024 Adjusted EBITDA1 $930 -$980 Operating Earnings2 $335 -$375 Operating EPS2 $3.43 -$3.83 Distributable Cash Flow3 $640 -$700 Capital Expenditures $330 -$415 Growth Capital4 $300 -$375 Maintenance Capital $30 -$40 2025 Adjusted EBI
Slide 15: Strong Long-term Production Outlook in Both Basins
Strong Long-term Production Outlook in Both Basins Haynesville and Appalachia production are expected to experience significant growth over the next decade Historical production (bcf/d) Haynesville Appalachia 60 50 40 30 20 10 0 2018 2019 2020 2021 2022 2023 2024 DUC inventory1 Haynesville 412 662 7
Slide 16: Executing a Leading ESG Program
Executing a Leading ESG Program MSCI score in top tier of peer midstream companies MSCI Rating vs Top Tier Peers AAA AA A BBB BB B DTM Continuing to advance CCS opportunity in Louisiana Advancing hydrogen development opportunities with strategic partnership Transitioning to net zero GHG emissions wi
Slide 17: Non-GAAP Definitions
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 to include
Slide 18: Non-GAAP Definitions
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 Operating Earni
Slide 19: Non-GAAP Reconciliations: Reported to Operating Earnings
Non-GAAP Reconciliations Reconciliation of Reported to Operating Earnings - DT Midstream Consolidated Three Months Ended March 31, 2024 December 31, 2023 Reported Earnings Pre-tax Adjustments Income Taxes(1) Operating Earnings Reported Earnings Pre-tax Adjustments Income Taxes(1) Operating Earnings
Slide 20: Non-GAAP Reconciliations: Operating Earnings per Diluted Share
Non-GAAP Reconciliations Reconciliation of Reported to Operating Earnings per diluted share(2) - DT Midstream Consolidated Three Months Ended March 31, 2024 December 31, 2023 Reported Earnings Pre-tax Adjustments Income Taxes(1) Operating Earnings Reported Earnings Pre-tax Adjustments Income Taxes(1
Slide 21: Non-GAAP Reconciliations: Adjusted EBITDA
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Three Months Ended March 31, 2024 December 31, 2023 March 31, 2023 Consolidated (millions) Net Income Attributable to DT Midstream $97 $121 $81 Plus: Interest expense 40 39 38 Plus: Income tax expen
Slide 22: Non-GAAP Reconciliations: Pipeline Segment Adjusted EBITDA
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Pipeline Segment Three Months Ended March 31, 2024 December 31, 2023 March 31, 2023 Pipeline (millions) Net Income Attributable to DT Midstream $74 $93 $57 Plus: Interest expense 13 13 16 Plus: Inco
Slide 23: Non-GAAP Reconciliations: Gathering Segment Adjusted EBITDA
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Gathering Segment Three Months Ended March 31, 2024 December 31, 2023 March 31, 2023 Gathering (millions) Net Income Attributable to DT Midstream $23 $28 $24 Plus: Interest expense 27 26 22 Plus: In
Slide 24: Non-GAAP Reconciliations: Distributable Cash Flow
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Distributable Cash Flow Three Months Ended March 31, 2024 December 31, 2023 March 31, 2023 Consolidated (millions) Net Income Attributable to DT Midstream $97 $121 $81 Plus: Interest expense 40 39 38 Plus: Income t