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DT Midstream Inc
NYSE:DTM

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DT Midstream Inc
NYSE:DTM
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Price: 136.15 USD -1.18% Market Closed
Market Cap: $13.8B

DT Midstream Inc
Investor Relations

DT Midstream Inc. stands as a pivotal player in the realm of energy infrastructure, strategically positioned in the heart of North America's natural gas industry. Emerging from the well-established roots of DTE Energy, the company was spun off in 2021, taking with it a rich lineage of experience and expertise. DT Midstream's operations are intricately woven around the transportation and storage of natural gas, a critical component for ensuring energy reliability and delivery across vast regions. With an extensive network of natural gas pipelines and storage systems, the company effectively connects major supply basins with key markets and customers. This comprehensive infrastructure network enables it to facilitate the seamless movement of gas, providing essential services to various stakeholders including utilities, power plants, and industrial facilities.

Revenue generation for DT Midstream is predominantly driven by its fee-based business model, where the company earns from capacity reservations and volumetric throughput. This stable income stream is structured through long-term contracts, insulating the company from the volatile swings of commodity prices. By focusing on expanding and optimizing its existing assets, DT Midstream seeks to capture growth opportunities that align with increasing demand for cleaner energy sources. As natural gas continues to play a significant role in the transition toward a low-carbon future, DT Midstream is poised to maintain and potentially grow its position as a vital conduit within the energy sector, combining strategic operations with forward-thinking initiatives to cater to evolving market needs.

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Last Earnings Call
Fiscal Period
Q4 2025
Call Date
Feb 19, 2026
AI Summary
Q4 2025

Record Year: DT Midstream delivered record adjusted EBITDA in 2025, exceeding its increased guidance midpoint and achieving 17% year-over-year growth, mainly driven by pipeline segment expansion.

Strong Backlog: The company increased its organic project backlog by about 50% to $3.4 billion over the next 5 years, with 75% focused on pipeline projects.

Dividend Growth: The quarterly dividend was raised by 7.3% to $0.88 per share, maintaining a strong 2.6x coverage ratio and consistent dividend growth in line with EBITDA.

2026-2027 Guidance: Adjusted EBITDA guidance for 2026 is $1.155–$1.225 billion, and for 2027 is $1.225–$1.295 billion, both representing 6% growth at the midpoint over prior years.

Investment Grade: The company achieved investment-grade credit ratings from all three agencies in 2025 and plans to maintain on-balance sheet leverage at 2.9x for 2026.

Project Execution: All major projects, including LEAP Phase 4 and Stonewall Mountain Valley expansions, came online early and on budget, supporting future growth.

Robust Demand Drivers: Management highlighted accelerating demand from power, data centers, and LNG exports, underpinned by planned coal retirements and significant utility investments in the Upper Midwest.

Key Financials
Adjusted EBITDA
$1.138 billion
Adjusted EBITDA (Q4)
$293 million
Quarterly Dividend per Share
$0.88
Dividend Coverage Ratio
2.6x
On-balance Sheet Leverage (2026 forecast)
2.9x
Proportional Leverage (2026 forecast)
3.5x
Organic Project Backlog
$3.4 billion
Growth Capital Guidance (2026)
$420–$480 million
Growth Capital Guidance (2027)
above 2026
Total Shareholder Return (since spin)
approximately 280%
Contracted Agreements
95% demand-based agreements
Haynesville Gathering Volume (Q4)
above 1.9 Bcf per day
Northeast Gathering Volume (Q4)
approximately 1.3 Bcf per day
Earnings Call Recording
Other Earnings Calls

Management

Mr. Robert C. Skaggs Jr.
Chairman
No Bio Available
Mr. David J. Slater
President, CEO & Director
No Bio Available
Mr. Jeffrey A. Jewell
Executive VP, CFO & Chief Accounting Officer
No Bio Available
Mr. Christopher Zona
Executive VP & COO
No Bio Available
Ms. Melissa Cox
Executive VP & Chief Administrative Officer
No Bio Available
Ms. Wendy A.T. Ellis
Executive VP, General Counsel & Corporate Secretary
No Bio Available

Contacts

Address
MICHIGAN
Detroit
One Energy Plaza
Contacts
+13132354000.0
dtmidstream.com
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