DT Midstream Reports Strong First Quarter 2025 Results
DT Midstream reported strong financial performance in Q1 2025, with net income of $108 million ($1.06 per diluted share) and Adjusted EBITDA of $280 million. The company announced a quarterly dividend of $0.82 per share, payable July 15, 2025.
Under CEO David Slater's leadership, the company achieved several key milestones:
- Successfully integrated new interstate pipelines into financial systems
- Initiated construction of power plant lateral from Midwestern Gas Transmission
- Continued execution of ~$2.3 billion organic project backlog
CFO Jeff Jewell confirmed the company is on track for its 2025 objectives. A conference call was scheduled to discuss these results, with both toll-free and international access available for investors and stakeholders.
DT Midstream ha riportato una solida performance finanziaria nel primo trimestre del 2025, con un utile netto di 108 milioni di dollari (1,06 dollari per azione diluita) e un EBITDA rettificato di 280 milioni di dollari. La società ha annunciato un dividendo trimestrale di 0,82 dollari per azione, pagabile il 15 luglio 2025.
Sotto la guida dell'amministratore delegato David Slater, l'azienda ha raggiunto diversi traguardi chiave:
- Integrazione con successo di nuove pipeline interstatali nei sistemi finanziari
- Avvio della costruzione di un collegamento alla centrale elettrica da Midwestern Gas Transmission
- Prosecuzione dell'esecuzione di un portafoglio di progetti organici del valore di circa 2,3 miliardi di dollari
Il CFO Jeff Jewell ha confermato che l'azienda è in linea con gli obiettivi per il 2025. È stata programmata una conference call per discutere questi risultati, con accesso gratuito e internazionale disponibile per investitori e stakeholder.
DT Midstream reportó un sólido desempeño financiero en el primer trimestre de 2025, con un ingreso neto de 108 millones de dólares (1,06 dólares por acción diluida) y un EBITDA ajustado de 280 millones de dólares. La compañía anunció un dividendo trimestral de 0,82 dólares por acción, pagadero el 15 de julio de 2025.
Bajo el liderazgo del CEO David Slater, la empresa alcanzó varios hitos clave:
- Integración exitosa de nuevas tuberías interestatales en los sistemas financieros
- Inicio de la construcción de un ramal para planta eléctrica desde Midwestern Gas Transmission
- Continuación de la ejecución de una cartera de proyectos orgánicos de aproximadamente 2,3 mil millones de dólares
El CFO Jeff Jewell confirmó que la compañía está en camino de cumplir sus objetivos para 2025. Se programó una llamada de conferencia para discutir estos resultados, con acceso gratuito y internacional disponible para inversores y partes interesadas.
DT Midstream는 2025년 1분기에 강력한 재무 실적을 보고했습니다. 순이익은 1억 800만 달러 (희석 주당 1.06달러)이며, 조정 EBITDA는 2억 8천만 달러였습니다. 회사는 2025년 7월 15일 지급 예정인 주당 0.82달러의 분기 배당금을 발표했습니다.
CEO 데이비드 슬레이터의 리더십 아래 회사는 여러 주요 성과를 달성했습니다:
- 새로운 주간 파이프라인을 재무 시스템에 성공적으로 통합
- Midwestern Gas Transmission에서 발전소 측선 건설 착수
- 약 23억 달러 규모의 유기적 프로젝트 잔고 지속 실행
CFO 제프 주얼은 회사가 2025년 목표를 순조롭게 진행 중임을 확인했습니다. 이 결과에 대해 논의하기 위한 컨퍼런스 콜이 예정되어 있으며, 투자자 및 이해관계자를 위한 무료 및 국제 전화 접속이 제공됩니다.
DT Midstream a annoncé de solides résultats financiers au premier trimestre 2025, avec un bénéfice net de 108 millions de dollars (1,06 dollar par action diluée) et un EBITDA ajusté de 280 millions de dollars. La société a déclaré un dividende trimestriel de 0,82 dollar par action, payable le 15 juillet 2025.
Sous la direction du PDG David Slater, l'entreprise a atteint plusieurs étapes clés :
- Intégration réussie de nouveaux pipelines inter-étatiques dans les systèmes financiers
- Lancement de la construction d'une liaison vers une centrale électrique depuis Midwestern Gas Transmission
- Poursuite de l'exécution d'un carnet de commandes organique d'environ 2,3 milliards de dollars
Le directeur financier Jeff Jewell a confirmé que l'entreprise est en bonne voie pour atteindre ses objectifs 2025. Une conférence téléphonique a été programmée pour discuter de ces résultats, avec un accès gratuit et international pour les investisseurs et parties prenantes.
DT Midstream meldete im ersten Quartal 2025 eine starke finanzielle Leistung mit einem Nettogewinn von 108 Millionen US-Dollar (1,06 US-Dollar pro verwässerter Aktie) und einem bereinigten EBITDA von 280 Millionen US-Dollar. Das Unternehmen kündigte eine Quartalsdividende von 0,82 US-Dollar pro Aktie an, zahlbar am 15. Juli 2025.
Unter der Leitung von CEO David Slater erreichte das Unternehmen mehrere wichtige Meilensteine:
- Erfolgreiche Integration neuer zwischenstaatlicher Pipelines in die Finanzsysteme
- Beginn des Baus eines Anschlusses zur Kraftwerksleitung von Midwestern Gas Transmission
- Fortsetzung der Umsetzung eines organischen Projektbestands von etwa 2,3 Milliarden US-Dollar
CFO Jeff Jewell bestätigte, dass das Unternehmen auf Kurs für seine Ziele im Jahr 2025 ist. Eine Telefonkonferenz wurde angesetzt, um diese Ergebnisse zu besprechen, mit gebührenfreiem und internationalem Zugang für Investoren und Interessengruppen.
- Q1 2025 net income of $108 million ($1.06 per diluted share)
- Strong Q1 Adjusted EBITDA of $280 million
- Quarterly dividend of $0.82 per share declared
- Successful integration of new interstate pipelines
- Large $2.3 billion organic project backlog under execution
- None.
Insights
DT Midstream reports solid Q1 with $108M net income, continuing execution on $2.3B project backlog amid infrastructure expansion.
DT Midstream's Q1 2025 results demonstrate stable financial performance with reported net income of
On the operational front, management highlighted three key developments: successful integration of new interstate pipelines into financial systems, commencement of construction for a power plant lateral from Midwestern Gas Transmission, and continued execution on their approximately
Management's commentary suggests satisfaction with quarterly performance, with CEO David Slater characterizing results as giving them "a great start to the year" and CFO Jeff Jewell stating they are "firmly on track for 2025." This indicates the company is executing according to its internal plans and timeline.
The substantial organic project backlog represents significant growth potential through capital deployment, which could drive future revenue expansion once these projects reach completion and begin generating returns. The power plant lateral project specifically highlights DT Midstream's continued participation in natural gas infrastructure supporting the power generation sector.
The successful integration of interstate pipelines marks an important operational milestone that could enhance system efficiency and create potential for increased throughput and service offerings in their pipeline network.
DETROIT, April 30, 2025 (GLOBE NEWSWIRE) -- DT Midstream, Inc. (NYSE: DTM) today announced first quarter 2025 reported net income of
Reconciliations of Operating Earnings and Adjusted EBITDA (non-GAAP measures) to reported net income are included at the end of this news release.
The company also announced that the DT Midstream Board of Directors declared a
“Our first quarter results give us a great start to the year,” said David Slater, President and CEO. “I am especially pleased with the progress our team has made with the integration of our new interstate pipelines.”
Slater noted the following significant business updates:
- Completed successful integration of new interstate pipelines into DT Midstream’s financial system
- Started construction activities for the new power plant lateral from Midwestern Gas Transmission
- Continued to execute and advance on our ~
$2.3 billion organic project backlog
“Our first quarter results place us firmly on track for 2025,” said Jeff Jewell, Executive Vice President and CFO.
The company has scheduled a conference call to discuss results for 9:00 a.m. ET (8:00 a.m. CT) today. Investors, the news media and the public may listen to a live internet broadcast of the call at this link. The participant toll-free telephone dial-in number in the U.S. and Canada is 888.596.4144, and the toll number is 646.968.2525; the passcode is 9881735. International access numbers are available here. The webcast will be archived on the DT Midstream website at investor.dtmidstream.com.
About DT Midstream
DT Midstream (NYSE: DTM) is an owner, operator and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, treatment and surface facilities. The company transports clean natural gas for utilities, power plants, marketers, large industrial customers and energy producers across the Southern, Northeastern and Midwestern United States and Canada. The Detroit-based company offers a comprehensive, wellhead-to-market array of services, including natural gas transportation, storage and gathering. DT Midstream is transitioning towards net zero greenhouse gas emissions by 2050, including a plan of achieving
Why DT Midstream Uses Operating Earnings, Adjusted EBITDA and Distributable Cash Flow
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 Earnings provide a more meaningful representation of the company’s earnings from ongoing operations and uses Operating Earnings as the primary performance measurement for external communications with analysts and investors. Internally, DT Midstream uses Operating Earnings to measure performance against budget and to report to the Board of Directors.
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 to include the proportional share of net income from equity method investees (excluding interest, taxes, depreciation and amortization), and to exclude certain items the company considers non-routine. DT Midstream believes Adjusted EBITDA is useful to the company and external users of DT Midstream’s financial statements in understanding operating results and the ongoing performance of the underlying business because it allows management and investors to have a better understanding of actual operating performance unaffected by the impact of interest, taxes, depreciation, amortization and non-routine charges noted in the table below. We believe the presentation of Adjusted EBITDA is meaningful to investors because it is frequently used by analysts, investors and other interested parties in the midstream industry to evaluate a company’s operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending on accounting methods, book value of assets, capital structure and the method by which assets were acquired, among other factors. DT Midstream uses Adjusted EBITDA to assess the company’s performance by reportable segment and as a basis for strategic planning and forecasting.
Distributable Cash Flow (DCF) is calculated by deducting earnings from equity method investees, depreciation and amortization attributable to noncontrolling interests, cash interest expense, maintenance capital investment (as defined below), and cash taxes from, and adding interest expense, income tax expense, depreciation and amortization, certain items we consider non-routine and dividends and distributions from equity method investees to, Net Income Attributable to DT Midstream. Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings. We believe DCF is a meaningful performance measurement because it is useful to us and external users of our financial statements in estimating the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and making maintenance capital investments, which could be used for discretionary purposes such as common stock dividends, retirement of debt or expansion capital expenditures.
In this release, DT Midstream provides 2025 and 2026 Adjusted EBITDA guidance. The reconciliation of net income to Adjusted EBITDA as projected for full-year 2025 and 2026 is not provided. DT Midstream does not forecast net income as it cannot, without unreasonable efforts, estimate or predict with certainty the components of net income. These components, net of tax, may include, but are not limited to, impairments of assets and other charges, divestiture costs, acquisition costs, or changes in accounting principles. All of these components could significantly impact such financial measures. At this time, DT Midstream is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, DT Midstream is not able to provide a corresponding GAAP equivalent for Adjusted EBITDA.
Forward-looking Statements
This release 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 plans for our future operating and financial performance, business prospects, outcomes of regulatory proceedings, market conditions, and other matters, based on what we believe to be reasonable assumptions and on information currently available to us.
Forward-looking statements can be identified by the use of words such as “believe,” “expect,” “expectations,” “plans,” “strategy,” “prospects,” “estimate,” “project,” “target,” “anticipate,” “will,” “should,” “see,” “guidance,” “outlook,” “confident” and other words of similar meaning. The absence of such words, expressions or statements, however, does not mean that the statements are not forward-looking. In particular, express or implied statements relating to future earnings, cash flow, results of operations, uses of cash, tax rates and other measures of financial performance, future actions, conditions or events, potential future plans, strategies or transactions of DT Midstream, and other statements that are not historical facts, are forward-looking statements.
Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact forward-looking statements of DT Midstream including, but not limited to, the following: changes in general economic conditions, including increases in interest rates and associated Federal Reserve policies, a potential economic recession, and the impact of inflation on our business; industry changes, including the impact of consolidations, alternative energy sources, technological advances, infrastructure constraints and changes in competition; changes in global trade policies and tariffs; global supply chain disruptions; actions taken by third-party operators, producers, processors, transporters and gatherers; changes in expected production from Expand Energy and other third parties in our areas of operation; demand for natural gas gathering, transmission, storage, transportation and water services; the availability and price of natural gas to the consumer compared to the price of alternative and competing fuels; our ability to successfully and timely implement our business plan; our ability to complete organic growth projects on time and on budget; our ability to finance, complete, or successfully integrate acquisitions; our ability to realize the anticipated benefits of the Midwest Pipeline Acquisition and our ability to manage the risks of the Midwest Pipeline Acquisition; the price and availability of debt and equity financing; restrictions in our existing and any future credit facilities and indentures; the effectiveness of our information technology and operational technology systems and practices to detect and defend against evolving cyber attacks on United States critical infrastructure; changing laws regarding cybersecurity and data privacy, and any cybersecurity threat or event; operating hazards, environmental risks, and other risks incidental to gathering, storing and transporting natural gas; geologic and reservoir risks and considerations; natural disasters, adverse weather conditions, casualty losses and other matters beyond our control; the impact of outbreaks of illnesses, epidemics and pandemics, and any related economic effects; the impacts of geopolitical events, including the conflicts in Ukraine and the Middle East; labor relations and markets, including the ability to attract, hire and retain key employee and contract personnel; large customer defaults; changes in tax status, as well as changes in tax rates and regulations; the effects and associated cost of compliance with existing and future laws and governmental regulations, such as the Inflation Reduction Act; changes in environmental laws, regulations or enforcement policies, including laws and regulations relating to pipeline safety, climate change and greenhouse gas emissions; changes in laws and regulations or enforcement policies, including those relating to construction and operation of new interstate gas pipelines, ratemaking to which our pipelines may be subject, or other non-environmental laws and regulations; our ability to qualify for federal income tax credits by Clean Fuels Gathering; our ability to develop low carbon business opportunities and deploy greenhouse gas reducing technologies; changes in insurance markets impacting costs and the level and types of coverage available; the timing and extent of changes in commodity prices; the success of our risk management strategies; the suspension, reduction or termination of our customers’ obligations under our commercial agreements; disruptions due to equipment interruption or failure at our facilities, or third-party facilities on which our business is dependent; the effects of future litigation; and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2024 and our reports and registration statements filed from time to time with the SEC.
The above list of factors is not exhaustive. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause actual results to vary materially from those stated in forward-looking statements, see the discussion under the section entitled “Risk Factors” in our Annual Report for the year ended December 31, 2024, filed with the SEC on Form 10-K and any other reports filed with the SEC. Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, you should not put undue reliance on any forward-looking statements.
Any forward-looking statements speak only as of the date on which such statements are made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, subsequent events or otherwise.
| DT Midstream, Inc. Reconciliation of Reported to Operating Earnings (non-GAAP, unaudited) | ||||||||||||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||||||||
| March 31, | December 31, | |||||||||||||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||||||||||||||
| Reported Earnings | Pre-tax Adjustments | Income Taxes (1) | Operating Earnings | Reported Earnings | Pre-tax Adjustments | Income Taxes (1) | Operating Earnings | |||||||||||||||||||||||||
| (millions) | ||||||||||||||||||||||||||||||||
| Midwest Pipeline Acquisition Tax Impact | $ | — | $ | — | $ | — | $ | 22 | A | |||||||||||||||||||||||
| Louisiana Tax Impact | — | — | — | (4 | ) | B | ||||||||||||||||||||||||||
| Bridge Facility | — | — | 4 | C | (1 | ) | ||||||||||||||||||||||||||
| Net Income Attributable to DT Midstream | $ | 108 | $ | — | $ | — | $ | 108 | $ | 73 | $ | 4 | $ | 17 | $ | 94 | ||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||||||||
| March 31, | March 31, | |||||||||||||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||||||||||||||
| Reported Earnings | Pre-tax Adjustments | Income Taxes (1) | Operating Earnings | Reported Earnings | Pre-tax Adjustments | Income Taxes (1) | Operating Earnings | |||||||||||||||||||||||||
| (millions) | ||||||||||||||||||||||||||||||||
| Adjustments | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
| Net Income Attributable to DT Midstream | $ | 108 | $ | — | $ | — | $ | 108 | $ | 97 | $ | — | $ | — | $ | 97 | ||||||||||||||||
| (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 operating adjustments | |||||||||||||||||||||||||||||||
| Adjustments Key | ||||||||||||||||||||||||||||||||
| A | State tax rate increase impact to deferred income tax expense due to Midwest Pipeline Acquisition | |||||||||||||||||||||||||||||||
| B | State tax rate reduction impact to deferred income tax expense due to enacted tax legislation | |||||||||||||||||||||||||||||||
| C | Bridge Facility interest expense related to funding Midwest Pipeline Acquisition | |||||||||||||||||||||||||||||||
| DT Midstream, Inc. Reconciliation of Reported to Operating Earnings per diluted share (1) (non-GAAP, unaudited) | ||||||||||||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||||||||
| March 31, | December 31, | |||||||||||||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||||||||||||||
| Reported Earnings | Pre-tax Adjustments | Income Taxes (2) | Operating Earnings | Reported Earnings | Pre-tax Adjustments | Income Taxes (2) | Operating Earnings | |||||||||||||||||||||||||
| (per share) | ||||||||||||||||||||||||||||||||
| Midwest Pipeline Acquisition Tax Impact | $ | — | $ | — | $ | — | $ | 0.22 | A | |||||||||||||||||||||||
| Louisiana Tax Impact | — | — | — | (0.04 | ) | B | ||||||||||||||||||||||||||
| Bridge Facility | — | — | 0.04 | C | (0.01 | ) | ||||||||||||||||||||||||||
| Net Income Attributable to DT Midstream | $ | 1.06 | $ | — | $ | — | $ | 1.06 | $ | 0.73 | $ | 0.04 | $ | 0.17 | $ | 0.94 | ||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||||||||
| March 31, | March 31, | |||||||||||||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||||||||||||||
| Reported Earnings | Pre-tax Adjustments | Income Taxes (2) | Operating Earnings | Reported Earnings | Pre-tax Adjustments | Income Taxes (2) | Operating Earnings | |||||||||||||||||||||||||
| (per share) | ||||||||||||||||||||||||||||||||
| Adjustments | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
| Net Income Attributable to DT Midstream | $ | 1.06 | $ | — | $ | — | $ | 1.06 | $ | 0.99 | $ | — | $ | — | $ | 0.99 | ||||||||||||||||
| (1) | Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements of Operations | |||||||||||||||||||||||||||||||
| (2) | 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 operating adjustments | |||||||||||||||||||||||||||||||
| Adjustments Key | ||||||||||||||||||||||||||||||||
| A | State tax rate increase impact to deferred income tax expense due to Midwest Pipeline Acquisition | |||||||||||||||||||||||||||||||
| B | State tax rate reduction impact to deferred income tax expense due to enacted tax legislation | |||||||||||||||||||||||||||||||
| C | Bridge Facility interest expense related to funding Midwest Pipeline Acquisition | |||||||||||||||||||||||||||||||
| DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA (non-GAAP, unaudited) | ||||||||||||
| Three Months Ended | ||||||||||||
| March 31, | December 31, | March 31, | ||||||||||
| 2025 | 2024 | 2024 | ||||||||||
| Consolidated | (millions) | |||||||||||
| Net Income Attributable to DT Midstream | $ | 108 | $ | 73 | $ | 97 | ||||||
| Plus: Interest expense | 40 | 36 | 40 | |||||||||
| Plus: Income tax expense | 35 | 43 | 31 | |||||||||
| Plus: Depreciation and amortization | 63 | 53 | 50 | |||||||||
| Plus: Loss from financing activities | — | 1 | — | |||||||||
| Plus: EBITDA from equity method investees (1) | 73 | 72 | 75 | |||||||||
| Less: Interest income | (1 | ) | (5 | ) | (1 | ) | ||||||
| Less: Earnings from equity method investees | (37 | ) | (37 | ) | (46 | ) | ||||||
| Less: Depreciation and amortization attributable to noncontrolling interests | (1 | ) | (1 | ) | (1 | ) | ||||||
| Adjusted EBITDA | $ | 280 | $ | 235 | $ | 245 | ||||||
| (1) | Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows: | |||||||||||
| Three Months Ended | ||||||||||||
| March 31, | December 31, | March 31, | ||||||||||
| 2025 | 2024 | 2024 | ||||||||||
| (millions) | ||||||||||||
| Earnings from equity method investees | $ | 37 | $ | 37 | $ | 46 | ||||||
| Plus: Depreciation and amortization attributable to equity method investees | 22 | 21 | 20 | |||||||||
| Plus: Interest expense attributable to equity method investees | 14 | 14 | 9 | |||||||||
| EBITDA from equity method investees | $ | 73 | $ | 72 | $ | 75 | ||||||
| DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Pipeline Segment (non-GAAP, unaudited) | ||||||||||||
| Three Months Ended | ||||||||||||
| March 31, | December 31, | March 31, | ||||||||||
| 2025 | 2024 | 2024 | ||||||||||
| Pipeline | (millions) | |||||||||||
| Net Income Attributable to DT Midstream | $ | 92 | $ | 60 | $ | 74 | ||||||
| Plus: Interest expense | 13 | 10 | 13 | |||||||||
| Plus: Income tax expense | 30 | 35 | 24 | |||||||||
| Plus: Depreciation and amortization | 28 | 19 | 18 | |||||||||
| Plus: Loss from financing activities | — | 1 | — | |||||||||
| Plus: EBITDA from equity method investees (1) | 73 | 72 | 75 | |||||||||
| Less: Interest income | (1 | ) | (3 | ) | (1 | ) | ||||||
| Less: Earnings from equity method investees | (37 | ) | (37 | ) | (46 | ) | ||||||
| Less: Depreciation and amortization attributable to noncontrolling interests | (1 | ) | (1 | ) | (1 | ) | ||||||
| Adjusted EBITDA | $ | 197 | $ | 156 | $ | 156 | ||||||
| (1) | Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows: | |||||||||||
| Three Months Ended | ||||||||||||
| March 31, | December 31, | March 31, | ||||||||||
| 2025 | 2024 | 2024 | ||||||||||
| (millions) | ||||||||||||
| Earnings from equity method investees | $ | 37 | $ | 37 | $ | 46 | ||||||
| Plus: Depreciation and amortization attributable to equity method investees | 22 | 21 | 20 | |||||||||
| Plus: Interest expense attributable to equity method investees | 14 | 14 | 9 | |||||||||
| EBITDA from equity method investees | $ | 73 | $ | 72 | $ | 75 | ||||||
| DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Gathering Segment (non-GAAP, unaudited) | |||||||||||
| Three Months Ended | |||||||||||
| March 31, | December 31, | March 31, | |||||||||
| 2025 | 2024 | 2024 | |||||||||
| Gathering | (millions) | ||||||||||
| Net Income Attributable to DT Midstream | $ | 16 | $ | 13 | $ | 23 | |||||
| Plus: Interest expense | 27 | 26 | 27 | ||||||||
| Plus: Income tax expense | 5 | 8 | 7 | ||||||||
| Plus: Depreciation and amortization | 35 | 34 | 32 | ||||||||
| Less: Interest income | — | (2 | ) | — | |||||||
| Adjusted EBITDA | $ | 83 | $ | 79 | $ | 89 | |||||
| DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Distributable Cash Flow (non-GAAP, unaudited) | ||||||||||||
| Three Months Ended | ||||||||||||
| March 31, | December 31, | March 31, | ||||||||||
| 2025 | 2024 | 2024 | ||||||||||
| Consolidated | (millions) | |||||||||||
| Net Income Attributable to DT Midstream | $ | 108 | $ | 73 | $ | 97 | ||||||
| Plus: Interest expense | 40 | 36 | 40 | |||||||||
| Plus: Income tax expense | 35 | 43 | 31 | |||||||||
| Plus: Depreciation and amortization | 63 | 53 | 50 | |||||||||
| Plus: Loss from financing activities | — | 1 | — | |||||||||
| Less: Earnings from equity method investees | (37 | ) | (37 | ) | (46 | ) | ||||||
| Less: Depreciation and amortization attributable to noncontrolling interests | (1 | ) | (1 | ) | (1 | ) | ||||||
| Plus: Dividends and distributions from equity method investees | 48 | 43 | 75 | |||||||||
| Less: Cash interest expense | — | (60 | ) | (10 | ) | |||||||
| Less: Cash taxes | 2 | (5 | ) | (2 | ) | |||||||
| Less: Maintenance capital investment (1) | (8 | ) | (13 | ) | (7 | ) | ||||||
| Distributable Cash Flow | $ | 250 | $ | 133 | $ | 227 | ||||||
| (1) | Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings. | |||||||||||
Investor Relations Todd Lohrmann, DT Midstream, 313.774.2424 investor_relations@dtmidstream.com
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