Slide 1: Second Quarter 2024 Earnings Call
Second Quarter 2024 Earnings Call July 30, 2024 Ammons compressor station – Appalachia Gathering System phase 2 expansion
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: Second Quarter 2024 Accomplishments
Second Quarter 2024 Accomplishments Strong financial performance ✓ Second quarter 2024 net income of $96 million and Adjusted EBITDA1 of $248 million ✓ Reaffirming 2024 Adjusted EBITDA guidance range of $930 - $980 million ✓ Confident in 2025 Adjusted EBITDA early outlook of $980 - $1,040 million ✓
Slide 4: Quality Portfolio Delivering Sector-Leading Results
Quality Portfolio Delivering Sector-Leading Results Distinctive and durable business attributes Strong organic results with no Sector-leading Pipeline contribution1 commodity exposure Premium quality portfolio Adjusted EBITDA2 2020 - 2023 Adjusted EBITDA CAGR 100% DTM Peers1 Natural gas focus Pipeli
Slide 5: DT Midstream has strategically located, integrated assets
DT Midstream has strategically located, integrated assets Uniquely positioned to benefit from growing LNG and power demand Sources: S&P Global Commodity Insights, Wood Mackenzie North America Gas Investment Horizon Outlook – October 2023 5
Slide 6: Second Quarter 2024 Financial Results
Second Quarter 2024 Financial Results Adjusted EBITDA1 (millions) xx segment % of total $245 $248 Pipeline2 • Higher firm revenue on LEAP and W10 storage, offset by lower seasonal earnings from JV pipelines $156 $153 64% 62% Gathering • Base business lower in Q2 due to timing of producer plans and p
Slide 7: Growth Investment Projects
Growth Investment Projects Continue to advance and deliver on short-cycle growth investments Expected Project in-service dates Haynesville LEAP expansion – Phase 3 In-Service Pipeline In-flight project updates Stonewall to Mountain Valley Pipeline (MVP) expansion 1H 2026 • LEAP Phase 3 expansion in-
Slide 8: Disciplined Capital Investment
Disciplined Capital Investment Committed capital remains within 2024 guidance and free cash flow Growth capex (millions) Committed New Commitments Pre-FID / Highly Probable Cash flow after dividends $330 - $375 Flexible, short-cycle, capital investments • Capital investment program funded within fre
Slide 9: LEAP Phase 3 Expansion Placed In-Service Early
LEAP Phase 3 Expansion Placed In-Service Early Haynesville System provides 1.9 Bcf/d of wellhead to Gulf Coast markets access DTM assets LNG facilities Phase 3 LEAP expansion complete, increasing DTM treating plants Operational capacity from 1.7 Bcf/d to 1.9 Bcf/d Electric compression Acreage dedica
Slide 10: New East Texas Gathering Expansion
New East Texas Gathering Expansion Attaching three producers to Haynesville System with sizable additional acreage dedications DTM treating plants Third party processing plant DTM Haynesville System Existing acreage dedication Carthage Continuing to expand and diversify the supply access of New acre
Slide 11: Louisiana Carbon Capture and Sequestration
Louisiana Carbon Capture and Sequestration Evaluation of Class V test well confirms suitability of formation – on track for 2H 2024 FID Project timeline Methodical project development approach Capital deployment ✓ Class VI well permit filing Disciplined storage site selection and stakeholder engagem
Slide 12: New Clean Fuels Gathering Project
New Clean Fuels Gathering Project New strategic investment leverages DTM’s gas gathering, treating and tax credit expertise Clean Fuels Transaction Process Producer Responsibility DT Midstream Responsibility Fugitive coal mine methane gas Attractive investment establishes DTM as an early mover in th
Slide 13: Quarterly Financial Results
Quarterly Financial Results Three months ended (millions, except EPS) June 30, 2024 March 31, 2024 Key drivers Adjusted EBITDA1 $248 $245 Pipeline segment $153 $156 Gathering segment $95 $89 • One-time items totaling ~$10 million in Q2 Operating Earnings2 $96 $97 Operating EPS2 $0.98 $0.99 Distribut
Slide 14: DT Midstream Investment Thesis
DT Midstream Investment Thesis Pure play natural gas midstream portfolio Premium shareholder returns Strong organic growth Balance sheet strength 14
Slide 15: Appendix
Appendix 15
Slide 16: Gathering Volume Summary
Gathering Volume Summary Haynesville throughput Northeast throughput (bcf/d) Blue Union Gathering (bcf/d) Susquehanna Gathering Appalachia Gathering Tioga Gathering Ohio Utica Gathering 1.60 1.53 1.54 1.53 1.56 1.52 1.50 1.43 1.39 1.39 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q2 2023 Q3 2023 Q4 2023
Slide 17: 2024/2025 Guidance Summary
2024/2025 Guidance Summary (millions, except EPS) Prior Guidance Updated Guidance Adjusted EBITDA1 $930 - $980 $930 - $980 Operating Earnings2 $335 - $375 $335 - $375 Operating EPS2 $3.43 - $3.83 $3.43 - $3.83 2024 Distributable Cash Flow3 $640 - $700 $640 - $700 Capital Expenditures $330 - $415 $36
Slide 18: Continuing Our Track Record of Distinctive Growth
Continuing Our Track Record of Distinctive Growth Targeting long-term Adjusted EBITDA growth of 5-7% Adjusted EBITDA1 (millions) 5-7% long-term +6% growth rate $980 - $1,040 Differentiated growth drivers $930 - $980 $1.3 billion organic growth project backlog Tangible energy transition projects
Slide 19: 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 Production forecast (bcf/d) Haynesville Appalachia (bcf/d) Haynesville Appalachia 60 +18 bcf/d 67 50 40 27 49 30 15 20 10
Slide 20: Executing a Leading ESG Program
Executing a Leading ESG Program Focused on impactful environmental, social and governance initiatives Environmental • Continuing to advance CCS opportunity in Louisiana • Advancing hydrogen development opportunities with strategic partnership Corporate Sustainability Report 2024 • Transitioning to n
Slide 21: 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 22: 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 23: Non-GAAP Reconciliations
New slide Non-GAAP Reconciliations Reconciliation of Reported to Operating Earnings – DT Midstream Consolidated Three Months Ended June 30, March 31, 2024 2024 Reported Pre-tax Income Operating Reported Pre-tax Income Operating Earnings Adjustments Taxes (1) Earnings Earnings Adjustments Taxes (1) E
Slide 24: Non-GAAP Reconciliations
New slide Non-GAAP Reconciliations Reconciliation of Reported to Operating Earnings per diluted share(2) – DT Midstream Consolidated 24
Slide 25: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, 2024 2024 2024 2023 Consolidated (millions) Net Income Attributable to DT Midstream $ 96 $ 97 $ 193 $ 172 Plus: Interest expe
Slide 26: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Pipeline Segment Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, 2024 2024 2024 2023 Pipeline (millions) Net Income Attributable to DT Midstream $ 71 $ 74 $ 145 $ 121 Plus:
Slide 27: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Gathering Segment Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, 2024 2024 2024 2023 Gathering (millions) Net Income Attributable to DT Midstream $ 25 $ 23 $ 48 $ 51 Plus:
Slide 28: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Distributable Cash Flow Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, 2024 2024 2024 2023 Consolidated (millions) Net Income Attributable to DT Midstream $ 96 $ 97 $ 193 $ 172 Plus: Inter