Slide 1: Second Quarter 2021 Earnings Call
SECOND QUARTER 2021 EARNINGS CALL AUGUST 6, 2021 EXHIBIT 99.2 DT Midstream
Slide 2: Safe Harbor Statement
Safe Harbor Statement 2 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 p
Slide 3: Second quarter call highlights
Second quarter call highlights Successfully completed spin-off Delivered strong 1st half results for 2021 Declared initial quarterly dividend of $0.60/share Reaffirming 2021 guidance of 7% adjusted EBITDA 1 growth with a bias to the high end Affirming 2022 early outlook of 5% - 7% adjusted EBITDA gr
Slide 4: Investment thesis
Investment thesis 1. Definition and reconciliation of adjusted EBITDA (non-GAAP) to net income included in the appendix 4 Mature environmental, social and governance leadership Established ESG program transitioned from DTE C-Corp governance Progressive environmental posture Stable balance sheet with
Slide 5: Strong year to date results with year-over-year growth
Strong year to date results with year-over-year growth 1. Definition and reconciliation of adjusted EBITDA (non-GAAP) to net income included in the appendix 2. Definition and reconciliation of operating earnings and operating earnings per share (non-GAAP) to reported earnings included in the appendi
Slide 6: Reaffirming 2021 guidance with bias to upper ends
Reaffirming 2021 guidance with bias to upper ends 1. Definition and reconciliation of adjusted EBITDA (non-GAAP) to net income included in the appendix 2. Definition and reconciliation of operating earnings and operating earnings per share (non-GAAP) to reported earnings included in the appendix; EP
Slide 7: Delivering strong cash flows and executing on highly accretive growth projects
Delivering strong cash flows and executing on highly accretive growth projects 1. Definition and reconciliation of distributable cash flow (non-GAAP) included in the appendix 7 $ 64 $40 - $45 $165 - $185 1H 2021 $ 53 $ 11 2021 revised guidance $205 - $230 Capital expenditures (millions) Distributabl
Slide 8: On track to achieve 2022 early outlook
On track to achieve 2022 early outlook 1. Definition of adjusted EBITDA (non-GAAP) included in the appendix 2. Definition and reconciliation of operating earnings and operating earnings per share (non-GAAP) to reported earnings included in the appendix; EPS calculation based on average share count o
Slide 9: Over 2.5 Bcf/d of production volumes gathered in the second quarter
Over 2.5 Bcf/d of production volumes gathered in the second quarter 1. Excludes Michigan gathering 9 1.29 1.29 1.16 1.23 Q2 2021 Q1 2021 2.45 2.52 +3% Gathering segment average throughput 1 ( Bcf/d) 6% growth Northeast Haynesville Haynesville • Higher production volumes on Blue Union • Hit record hi
Slide 10: 2022 growth drivers
Platform 2022 growth drivers 2021 - 2022 incremental adjusted EBITDA 1 (millions) Pipeline LEAP Lateral • Contracted step-up growth NEXUS Pipeline • New long-term contracts • Higher rates Vector Pipeline • Bluewater Energy Center lateral in-service W10 Storage • New long-term contracts • Higher rate
Slide 11: Robust commercial activity year to date; executing on strategic priorities driving growth
Robust commercial activity year to date; executing on strategic priorities driving growth 1. New customers include Comstock Resources, Rockcliff Energy, Tellurian and Diversified Gas & Oil 11 Platform Commercial Activity Pipeline NEXUS Pipeline • Executed new long-term contracts with strong credit c
Slide 12: Integrated assets in premier dry gas basins serving key markets
Integrated assets in premier dry gas basins serving key markets Stable balance sheet with low leverage Predictable, robust contracted cash flows Mature environmental, social and governance leadership Clean assets, clean balance sheet, clean story 12 On track for strong 2021 Delivering premium growth
Slide 13: Appendix
APPENDIX DT Midstream
Slide 14: Financial strength supported by strong balance sheet with no significant debt maturities for seven years
Financial strength is supported by strong balance sheet with no significant debt maturities for seven years 14 1. Term Loan B includes $10 million per year of amortization resulting in the 2028 maturity being ~$930 million 2. Definition and reconciliation of adjusted EBITDA (non-GAAP) to net income
Slide 15: Financial policy overview
Financial policy overview 15 1. Definition and reconciliation of adjusted EBITDA (non-GAAP) to net income included in this appendix 2. The dividend coverage ratio represents the total distributable cash flow (“DCF”) divided by total dividends paid to investors Value creation optionality Growth Delev
Slide 16: Second quarter 2021 adjusted EBITDA and operating earnings
Second quarter 2021 adjusted EBITDA and operating earnings 16 (millions, except EPS) Q2 2020 Q2 2021 Variance Key drivers Adjusted EBITDA1 Pipeline $82 $99 $17 • Full quarter of LEAP in-service Gathering $88 $92 $4 • Growth at Appalachia Gathering and Blue Union Total Adjusted EBITDA $170 $191 $21 O
Slide 17: Second quarter 2021 cash flow and capital
Second quarter 2021 cash flow and capital 1. Definition and reconciliation of distributable cash flow (non-GAAP) included in this appendix 17 (millions) Q2 2020 Q2 2021 Variance Key drivers Distributable cash flow1 $144 $157 $13 Growth capital $209 $29 ($180) • LEAP construction in 2020 Maintenance
Slide 18: Adjusted EBITDA and distributable cash flow are non-GAAP measures
Adjusted EBITDA and distributable cash flow (DCF) are non-GAAP measures 18 Adjusted EBITDA is defined as GAAP net income attributable to DT Midstream before expenses for interest, taxes, depreciation and amortization, further adjusted to include our proportional share of net income from our equity m
Slide 19: Reconciliation of reported to operating earnings and operating earnings per share
Reconciliation of reported to operating earnings and operating earnings per share (non-GAAP) 19 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 earn
Slide 20: Reconciliation of reported to operating earnings
Reconciliation of reported to operating earnings (non-GAAP) 1. Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operati
Slide 21: Reconciliation of reported to operating earnings per share
Reconciliation of reported to operating earnings per share (non-GAAP) 1. Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specif
Slide 22: Reconciliation of net income to adjusted EBITDA
Reconciliation of net income attributable to DT Midstream to adjusted EBITDA (non-GAAP) 22 Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in millions) Net income attributable to DT Midstream $ 68 $ 71 $ 146 $ 142 Plus: Interest expense 24 26 50 53 Plus: Income tax expense
Slide 23: Reconciliation of net income to distributable cash flow
Reconciliation of net income attributable to DT Midstream to distributable cash flow (non-GAAP) 1. Adjusted EBITDA calculation excludes certain items we consider non-routine. For the three months ended June 30, 2021, adjustments for non-routine items were comprised of: (i) $19 million loss on notes