DT Midstream, Inc. Q4 FY2024 earnings call

• 2024 was a strong year with adjusted EBITDA of $969 million, exceeding guidance. • Completed acquisition of One Oak's Midwest pipeline, integrating assets. • Solid execution of construction projects, including Haynesville and Ohio Utica systems. • Advanced commercial opportunities, reaching FID on LEAP phase four expansion and expanding systems. • Disciplined financial management with goal of investment-grade rating, upgraded by Fitch in Oct 2024. • Positive outlooks from S&P and Moody's for 2025.

In 2024, DT Midstream delivered adjusted EBITDA of $969 million, a record high. The pipeline segment saw 7% growth year over year, driven by new LEAP expansions and higher storage revenue. The gathering segment had results $6 million lower than the prior quarter due to producer deferrals and a key customer outage. The pipeline segment contributed significantly to the overall performance, with its growth supporting the company's financials.

• 2025 adjusted EBITDA guidance range: $1.95 billion to $2.155 billion (18% growth from 2024 original guidance). • 2026 early outlook range for adjusted EBITDA: $2.155 billion to $2.225 billion (midpoint 6% increase over 2025 midpoint). • 2025 growth capital guidance: $400 million to $460 million; 2026 growth investments expected in line with 2025. • Quarterly dividend increased to $0.82 per share, 12% increase. • Target adjusted EBITDA growth of 5% to 7% supported by $2.3 billion organic backlog.

• Macro sector headwinds including depressed natural gas prices causing producer slowdowns. • Pause in approval of new LNG export permits. • Uncertain political environment throughout 2024.

Q: On Midwestern lateral and FERC blanket authorization?

A: Every FERC asset has blanket authorization capability, projects under blanket can go swifter than full FERC process.

Q: On rate case cadence for new assets?

A: Rate case cadence for assets is different, details to be provided offline.

Q: On HES lateral projects and CCS potential?

A: Had CCS conversations with power developers in Appalachia, developers pivoting to conventional combined cycle with optionality for decarbonization over time.

Q: On Haynesville producer flexibility and production plans?

A: Expect volumes to grow over 2025, seen growth since 2024 exit rate, but producers are patient waiting for confirmed demand before deploying capital.