Dt Midstream, Inc. · NYSE:DTM
Dt Midstream — U.S. Capital Advisors Midstream Corporate Access Day 2025
27 slides from Dt Midstream's conference presentation, Apr 2, 2025
Slide 1: U.S. Capital Advisors Midstream Corporate Access Day
U.S. Capital Advisors Midstream Corporate Access Day April 2, 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: 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 4: Expanded Pure Play Natural Gas Pipeline Network
Expanded Pure Play Natural Gas Pipeline Network Additional scale from acquisition provides new regional footprint and growth opportunities Completed the acquisition of three FERC-regulated, demand- pull interstate pipeline systems1 on December 31, 2024 • Onboarded full team supporting the assets • A
Slide 5: Delivering Distinctive and Predictable Growth
Delivering Distinctive and Predictable Growth Strong, durable growth with a proven track record since spin-off Historical Adjusted EBITDA1 Relative Growth vs. Peers (millions) 2021-2024E Adjusted EBITDA CAGR2 10% +10% CAGR $969 $924 $841 $778 $730 5% 2021 original 2021 2022 2023 2024 Gas-focused pee
Slide 6: Increasing Dividend by 12%
Increasing Dividend by 12% Leading dividend growth supported by growing Adjusted EBITDA Annualized dividend (per share) +12% 3.28 2.94 2.76 Financial policy is to provide a growing and 2.56 durable dividend 2.40 • Plan to continue to grow dividend 5-7% 8% CAGR annually, in-line with Adjusted EBITDA2
Slide 7: Diversified Asset Base Anchored by Strong Pipeline Segment
Diversified Asset Base Anchored by Strong Pipeline Segment Highest natural gas pipeline asset contribution in sector1, and expected to grow to ~70% in 2025 2024 Business Mix (% of total 2024 Adjusted EBITDA2 – excludes newly acquired Midwest pipeline assets) Millennium NEXUS 12% 10% Pipeline Highly
Slide 8: High Quality Cash Flows and Diversified Customer Base
High Quality Cash Flows and Diversified Customer Base Cash flows are underpinned by take-or-pay contracts and high credit quality customers Total Revenue Contribution (% of 2024 contribution1) Customer Credit (% of 2024 contribution) ~95% ~81% Demand / MVC or Investment grade flowing gas2 Non-invest
Slide 9: Continuing Our Track Record of Distinctive Growth
Continuing Our Track Record of Distinctive Growth Maintaining long-term Adjusted EBITDA organic growth target of 5-7% on higher base Adjusted EBITDA1 (millions) 5-7% Differentiated growth drivers long-term +6% growth rate Long-term growth rate fully achievable via +18% $1,095 - $1,155 $1,155 - $1,
Slide 10: On Track to Reach Investment Grade
On Track to Reach Investment Grade Positive reaction from rating agencies to recently completed acquisition Debt maturity profile (billions) Long-term debt Utilized revolver balance1 Unutilized revolver capacity Weighted average maturity of ~7 years $1.10 Investment grade $1.00 $1.00 Fitch BBB- long
Slide 11: ~$2.3 billion Organic Capital Project Backlog
~$2.3 billion Organic Capital Project Backlog Funded within free cash flow and drives our 5-7% long-term growth Pipeline Gathering Project Contribution Status Project Contribution Status LEAP phase 4 expansion 1H 2026 Under construction Tioga Gathering expansion Q2 2025 Under construction Blue Union
Slide 12: 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 13: Strong US Demand and Production Fundamentals
Strong US Demand and Production Fundamentals Growing demand expected to support increased Haynesville and Appalachia production U.S. Natural Gas Demand Forecast Production Forecast – DTM Basins (bcf/d) Residential Industrial Vehicle & Fuel Mexican Exports (bcf/d) Haynesville Appalachia Commercial Po
Slide 14: Leading Market Position to Serve Growing LNG Export Demand
Leading Market Position to Serve Growing LNG Export Demand DTM’s Haynesville System offers superior connectivity for basin supply and LNG market access Haynesville Supply Forecast (Bcf/d)1 +11 Bcf/d 25 20 15 10 Existing LEAP Capacity LNG terminal / market 5 Interconnect (Bcf/d) 0 Transco 0.5 Industr
Slide 15: Strategically Located Assets to Serve Power Demand Growth
Strategically Located Assets to Serve Power Demand Growth Well-positioned portfolio to capture future growth in utility, grid-connected power demand Forecasted Total Annual Power Demand (TWh) 1 MISO2 PJM3 +18% +16% 942 772 800 665 2024 2030 2024 2030 Forecasted Gas Power Demand – MISO & PJM (TWh)1 +
Slide 16: Advancing Discussions for Data Center Projects Proximal to Our Assets
Advancing Discussions for Data Center Projects Proximal to Our Assets Well-positioned in key geographies for behind-the-meter data center projects Active opportunity set across DTM footprint Data center commercial discussions and inbounds remain active and progressing • Developments primarily locate
Slide 17: New Project on Midwestern to Serve Utility Power Plant
New Project on Midwestern to Serve Utility Power Plant Construction underway on new pipeline project serving utility power generation Construction In Progress Midwestern Gas Transmission project serving utility power generation • New lateral will serve AES Indiana’s ~1GW gas-fired power plant • Proj
Slide 18: New Agreement Executed for 2,060 MW Power Plant in Appalachia
New Agreement Executed for 2,060 MW Power Plant in Appalachia Precedent agreement to serve utility scale, gas-fired generation, subject to plant FID New project to serve a combined cycle power plant in West Virginia, subject to power plant reaching FID1 Mountain Valley • Customer is an experienced p
Slide 19: 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 20: Appendix
Appendix 20
Slide 21: 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 $70
Slide 22: Joint Venture Debt Details
Joint Venture Debt Details Annual debt paydown at Millennium and Vector DTM proportionate share ($ values in millions) End of year debt balances Interest expense Asset Weighted average (DTM ownership %) 2024 2025 2026 2024 2025 2026 interest rate1 Maturity NEXUS Pipeline Bullets, 2028 $371 $371 $371
Slide 23: Midwest Pipelines Rate Case Filing Timelines
Midwest Pipelines Rate Case Filing Timelines Pipeline Cannot File Before Must File By Midwestern Gas Transmission 9/30/2025 9/30/2027 Guardian Pipeline 4/01/2026 10/01/2026 Viking Gas Transmission 9/30/2027 9/30/2028 23
Slide 24: 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 25: 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 26: Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Year Ended December 31, December 31, 2024 2023 Net Income Attributable to DT Midstream $ 354 $ 384 Plus: Interest expense 153 150 Plus: Income tax expense 137 104 Plus: Depreciation and amortization
Slide 27: Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA
Non-GAAP Reconciliations Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Year Ended December 31, December 31, 2022 2021 Net Income Attributable to DT Midstream $ 370 $ 307 Plus: Interest expense 137 112 Plus: Income tax expense 100 104 Plus: Depreciation and amortization
DT Midstream — U.S. Capital Advisors Midstream Corporate Access Day 2025 on 6ix