DT Midstream, Inc. (DTM) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome, everyone, to the DT Midstream fourth quarter and year-end 2025 earnings call. I will now turn the call over to our speaker today, Todd Lorman, Director of Investor Relations. Please go ahead, sir. Good morning and welcome, everyone. Before we get started, I would like to remind you to read the Safe Harbor Statement on page two of the presentation, including the reference to forward-looking statements. Our presentation also includes references to non-GAAP financial measures. Please refer to the reconciliations to GAAP contained in the appendix. Joining me this morning are David Slater, Executive Chairman and CEO, and Jeff Jewell, Executive Vice President and CFO. With that, I'll go ahead and turn the call over to David. Thanks, Todd, and good morning everyone, and thank you for joining. During today's call, I'll discuss our 2025 accomplishments, recap the strategic milestones DTM has achieved since our spinoff approximately five years ago, and provide an update on our organic growth project backlog and our outlook for 2026 and beyond. I'll then close with some observations on the current natural gas market fundamentals before turning it over to Jeff to review our financial performance and guidance. So with that, 2025 was another record year for DTM. Our adjusted EBITDA exceeded our increased guidance midpoint and represents a 17% increase from the prior year, driven by a significant growth in the pipeline segment, which has been a strategic focus for the company since we spun. The end of 2025 also marked one year since our Midwest pipeline acquisition. And I'm very pleased to report that we have successfully completed the integration of these assets. And I'd like to take a moment to recognize and thank the team for their hard work on this effort. From a comme...