Dt Midstream Inc Stock Price, News & Analysis

DT Midstream (NYSE: DTM) has announced it will release its fourth quarter and full year 2024 financial results before market opening on Wednesday, February 26, 2025. The company has scheduled a conference call at 9:00 a.m. ET (8:00 a.m. CT) on the same day to discuss the results.

Investors and interested parties can participate through a live internet broadcast or via telephone. The toll-free number for U.S. and Canada participants is 888.596.4144, while the toll number is 646.968.2525, with passcode 9645886. International access numbers are available on the company's website. The webcast will be archived on DT Midstream's investor relations website.

ONEOK (NYSE: OKE) has completed the sale of its three wholly owned interstate natural gas pipeline systems to DT Midstream for $1.2 billion in cash. The transaction, which closed on December 31, 2024, includes the Guardian Pipeline, Midwestern Gas Transmission, and Viking Gas Transmission systems.

The sale aligns with ONEOK's strategic portfolio optimization and capital allocation priorities. The company plans to use the net proceeds to enhance its financial flexibility as it works toward achieving its leverage target of 3.5 times during 2026. Employees associated with these pipeline systems will transition to DT Midstream and will be instrumental in establishing the company's new Tulsa office.

DT Midstream (NYSE: DTM) has completed the acquisition of three FERC-regulated natural gas transmission pipelines from ONEOK for $1.2 billion in cash, effective December 31, 2024. The acquisition includes Guardian Pipeline, Midwestern Gas Transmission, and Viking Gas Transmission, providing 100% operating ownership of these assets. The combined pipeline network spans 1,300 miles across seven Midwest states with a total capacity exceeding 3.7 Bcf/d. The acquisition aligns with DTM's pure play natural gas strategy and increases pipeline segment revenue, supported by take-or-pay contracts with utility customers.

DT Midstream (NYSE: DTM) has successfully closed its previously announced offering of $650 million of 5.800% Senior Secured Notes due 2034. The Notes are guaranteed by certain DT Midstream subsidiaries and secured by first priority liens on specific company assets.

The proceeds from this offering, combined with proceeds from a recent common stock offering, revolving credit facility borrowings, and cash on hand, will fund the pending acquisition of Guardian Pipeline, L.L.C., Midwestern Gas Transmission Company, and Viking Gas Transmission Company from ONEOK Partners Intermediate Partnership and Border Midwestern Company.

The Notes were privately placed to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S of the Securities Act of 1933.

DT Midstream (NYSE: DTM) has priced an offering of $650 million of 5.800% Senior Secured Notes due 2034. The Notes will be guaranteed by certain subsidiaries and secured by a first priority lien on specific assets. The offering is expected to close on December 6, 2024. The proceeds, combined with recent common stock offering proceeds, revolving credit facility borrowings, and cash on hand, will fund the pending acquisition of Guardian Pipeline, Midwestern Gas Transmission Company, and Viking Gas Transmission Company from ONEOK Partners. The Notes are being sold privately to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S.

DT Midstream announced the pricing of its upsized public offering of common stock at $101 per share, increasing from $300 million to $366.125 million. The company granted underwriters a 30-day option to purchase up to 543,750 additional shares. The offering is expected to close around November 21, 2024. Proceeds will help fund the acquisition of Guardian Pipeline, Midwestern Gas Transmission, and Viking Gas Transmission from ONEOK Partners, along with proceeds from planned $650 million senior secured notes and credit facility borrowings. Barclays Capital leads the offering as book-running manager, joined by J.P. Morgan, PNC Capital Markets, Wells Fargo Securities, TD Securities, Citigroup, and BofA Securities.

DT Midstream (NYSE: DTM) has announced a $1.2 billion acquisition of three FERC-regulated natural gas transmission pipelines from ONEOK. The portfolio includes Guardian Pipeline, Midwestern Gas Transmission, and Viking Gas Transmission, with a total capacity exceeding 3.7 Bcf/d across seven Midwest states. The acquisition represents a 10.5x 2025 EBITDA multiple and will be financed through $900 million in debt and $300 million in common equity. The transaction is expected to increase DTM's pipeline segment to approximately 70% of Adjusted EBITDA in 2025, with about 90% demand-pull customer base and 85% of revenues from investment-grade customers. Closing is anticipated in late 2024 or early 2025.

DT Midstream (NYSE: DTM) has announced a proposed public offering of $300 million of common stock shares, with underwriters having a 30-day option to purchase up to $45 million in additional shares. The company plans to use the proceeds, along with $650 million from new senior secured notes and other funding sources, to finance the acquisition of Guardian Pipeline, Midwestern Gas Transmission Company, and Viking Gas Transmission Company from ONEOK Partners. Barclays Capital is serving as the lead book-running manager for the offering, which is subject to market conditions and not conditioned upon the acquisition's closing.

ONEOK (NYSE: OKE) has agreed to sell its three wholly owned interstate natural gas pipeline systems to DT Midstream for $1.2 billion in cash. The transaction includes Guardian Pipeline, Midwestern Gas Transmission, and Viking Gas Transmission systems. The purchase price represents 10.8x previous 12-month EBITDA as of June 30, 2024. The deal, expected to close in Q4 2024, aims to enhance ONEOK's capital allocation priorities and support its deleveraging target of 3.5x by 2026. The transaction is subject to customary closing conditions, including Hart-Scott-Rodino Act clearance.