[Form 4] DT Midstream, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Q2 2025 results: Operating revenue climbed 16% YoY to $192.8 m, led by Regulated Energy (+18%) and Unregulated Energy (+16%). Operating income rose 23% to $50.3 m. Net income increased 31% to $23.9 m; diluted EPS $1.02, up 25%.

Six-month view: Revenue grew 19% to $491.5 m; net income $74.8 m (+16%); diluted EPS $3.22 (+11%). Operating cash flow fell 17% to $139.2 m while capex expanded 35% to $213.9 m, generating negative free cash flow.

Balance sheet: Equity $1.50 bn; long-term debt $1.25 bn; short-term borrowing $245 m (up $49 m YTD). Cash declined to $1.5 m. Construction work-in-progress reached $199 m, reflecting accelerated project spend.

Regulatory & strategic updates: Delaware and Maryland gas rate orders add ~$9.6 m of annual revenue; Florida electric settlement to contribute ~$8.6 m starting 3Q25. Multiple pipeline, storm-hardening and RNG projects underpin growth. The November-23 Florida City Gas acquisition continues to be integrated with residual transition costs ($0.8 m YTD).

Capital actions: 486 k new shares issued through ATM raised $61.2 m. Total shares outstanding 23.5 m (+5% YoY).

Positive

• EPS up 25% YoY to $1.02 in Q2 2025
• Revenue grew 16% on both regulated and unregulated strength
• Successful rate cases in DE, MD and FL add ~$18 m annual revenue
• ATM equity raise of $61.2 m bolsters capital for growth projects

Negative

• Operating cash flow down 17%, creating negative free cash flow
• Short-term borrowing rose 25% to $245 m, increasing leverage
• Share dilution of 486 k shares issued YTD
• Cash balance only $1.5 m, raising liquidity attention

Insights

Financial Analyst

TL;DR: Strong top-line and EPS growth plus regulatory wins; near-term cash flow tightness manageable.

Chesapeake Utilities posted double-digit revenue and EPS gains, outpacing typical utility peer growth thanks to customer additions, the FCG acquisition and timely rate relief. Operating margin improved 160 bps as fuel costs normalized. Approved rate cases in DE, MD and FL lock in roughly $18 m incremental annual revenue, supporting future earnings visibility. Equity raised via ATM minimizes refinancing risk and keeps total-capital leverage near 46%, below many regulated peers. Overall trajectory remains earnings-accretive.

Risk Analyst

TL;DR: Earnings up, but free-cash-flow deficit and higher short-term debt temper credit outlook.

Despite robust earnings, operating cash fell 17% and capex surged, producing a ~$75 m free-cash deficit that was bridged by revolver draws. Short-term borrowings now exceed 9% of capitalization, exposing the company to interest-rate volatility. The share count rose 5%, diluting future per-share gains. Liquidity is thin with only $1.5 m cash on hand, heightening reliance on external funding until new projects enter service. Risk profile remains stable but warrants monitoring.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Jewell Jeffrey A

(Last) (First) (Middle)

500 WOODWARD AVE., SUITE 2900

(Street)

DETROIT MI 48226

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
DT Midstream, Inc. [ DTM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Executive V.P., CFO

3. Date of Earliest Transaction (Month/Day/Year)
08/07/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/07/2025		P		150	A	$104.38	64,380	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	/s/ Andrew Hayner, Attorney-in-Fact	08/07/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What was Chesapeake Utilities' (CPK) diluted EPS for Q2 2025?

Diluted EPS was $1.02, up 25% from $0.82 in Q2 2024.

How much did CPK's Q2 2025 revenue increase year over year?

Total operating revenue rose 16% to $192.8 million.

What capital expenditures did Chesapeake Utilities incur in the first half of 2025?

Capex totaled $213.9 million, a 35% increase versus the prior-year period.

How will recent rate cases impact Chesapeake Utilities' earnings?

Approved rate cases in Delaware, Maryland and Florida add approximately $18 million of annualized revenue beginning in 2025.

What is Chesapeake Utilities' current debt position?

As of June 30 2025, long-term debt was $1.25 billion and short-term borrowing was $245 million.