Dt Midstream, Inc. · NYSE:DTM
Dt Midstream — Q1 2025 Earnings Presentation
26 slides from Dt Midstream's earnings presentation, Apr 30, 2025
Slide 1: First Quarter 2025 Earnings Call
First Quarter 2025 Earnings Call April 30, 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: First Quarter 2025 Accomplishments
First Quarter 2025 Accomplishments Strong financial performance ✓ First quarter 2025 net income of $108 million and Adjusted EBITDA1 of $280 million ✓ Reaffirming 2025 and 2026 Adjusted EBITDA guidance range and early outlook of $1,095 - $1,155 million and $1,155 - $1,225 million, respectively Acqui
Slide 4: 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 Strong Balance Sheet 5-7% long-term Adjusted EBITDA Investment grade rated growth rate by Fitch Self-funded and supported by Leading Portfolio Mix Durabl
Slide 5: Peer Leading Organic Growth Backlog ~$2.3 billion
Peer Leading Organic Growth Backlog Opportunities provide material growth contribution compared to peers ~$2.3 billion Project Backlog as % of 2024 EBITDA Capital Project Backlog1 236% Opportunity set drives higher percentage 106% contribution to growth compared to peers Gathering Pipeline 20% DTM P
Slide 6: 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 7: First Quarter 2025 Financial Results
First Quarter 2025 Financial Results Adjusted EBITDA1 (millions) xx segment % of total $280 $235 Pipeline2 • Full quarter contribution of acquired interstate pipelines $197 70% $156 66% Gathering • Impact of lower expenses and higher volumes $79 34% $83 30% Q4 2024 Q1 2025 Pipeline Gathering 1. Defi
Slide 8: Interstate Pipelines Integration Progressing as Planned
Interstate Pipelines Integration Progressing as Planned Reliable performance and high utilization during peak winter season Key integration activities progressing on schedule • Onboarded all key employees • Assets fully integrated into DTM financial system within 90 days • High pipeline utilization
Slide 9: 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 1H 2026 Pipeline Stonewall to Mountain Valley Pipeline (MVP) expansion 1H 2026 Midwestern Gas Transmission power plant lateral
Slide 10: 2025 Capital Plan is Largely Committed and 2026 is Advancing
2025 Capital Plan is Largely 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 various smal
Slide 11: 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 Haynesville Supply Forecast (Bcf/d)1 30 +12 Bcf/d 25 20 15 10 Existing LEAP Capacity LNG terminal / market 5 Interconnect (Bcf/d) 0 Transco 0.5 Industrial
Slide 12: Quarterly Financial Results
Quarterly Financial Results Three months ended (millions, except EPS) March 31, 2025 December 31, 2024 Key drivers Adjusted EBITDA1 $280 $235 Pipeline segment $197 $156 • New Interstate pipeline assets Gathering segment $83 $79 • Operational improvements in Q1 2025 Operating Earnings2 $108 $94 Opera
Slide 13: Appendix
Appendix 13
Slide 14: Gathering Volume Summary
Gathering Volume Summary Haynesville rebounds in Q1 2025 from activity deferrals and outage activity Haynesville throughput Northeast throughput (bcf/d) Blue Union Gathering (bcf/d) Appalachia Gathering Susquehanna Gathering Tioga Gathering Ohio Utica Gathering 1.67 1.54 1.43 1.52 1.50 1.51 1.37 1.3
Slide 15: 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 16: 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 17: LEAP Phase 4 expansion will increase capacity to 2.1 Bcf/d
LEAP Phase 4 expansion will increase capacity to 2.1 Bcf/d 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 Ph
Slide 18: Louisiana Carbon Capture and Sequestration
Louisiana Carbon Capture and Sequestration Awaiting Class VI permit from State of Louisiana; recent permit issuance1 is a positive sign Project timeline Methodical project development approach Capital deployment ✓ Class V test well permit approved Disciplined storage site selection and stakeholder e
Slide 19: 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 20: 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 21: Non-GAAP Reconciliations
New slide Non-GAAP Reconciliations Reconciliation of Reported to Operating Earnings – DT Midstream Consolidated 21
Slide 22: Non-GAAP Reconciliations
New slide Non-GAAP Reconciliations Reconciliation of Reported to Operating Earnings per diluted share(1) – DT Midstream Consolidated 22
Slide 23: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA 23
Slide 24: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Pipeline Segment 24
Slide 25: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Gathering Segment 25
Slide 26: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Distributable Cash Flow 26