DT Midstream Earnings Call Transcripts
Fiscal Year 2026
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Q3 adjusted EBITDA was $301 million, and stronger YTD results lifted 2026 guidance to $1.185 billion-$1.225 billion. Three pipeline FIDs and ~ $2.4 billion of committed capital position the portfolio for contracted growth.
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Strong Q2 results driven by robust demand from LNG, power, and data centers, with record Haynesville volumes and $300 million in new organic growth projects. Adjusted EBITDA was $305 million, and full-year guidance is reaffirmed amid a constructive market outlook.
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The meeting confirmed a quorum, elected all board nominees, ratified the auditor, and approved executive compensation. A shareholder proposal was withdrawn, and no questions were submitted during the Q&A session.
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Q1 2026 saw record demand and strong financial results, with Adjusted EBITDA up $15M sequentially and major new pipeline projects approved under long-term contracts. Market fundamentals remain robust, driven by utility, power, and data center demand, supporting a positive outlook.
Fiscal Year 2025
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Record 2025 results featured 17% adjusted EBITDA growth, a 50% increase in organic project backlog to $3.4 billion, and a 7.3% dividend hike. Strong pipeline segment performance and robust market fundamentals support 6% annual EBITDA growth guidance through 2027.
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Raised 2025 adjusted EBITDA guidance to $1.13B and distributable cash flow to $800–$830M, citing strong Haynesville and Northeast volumes, early project completions, and robust demand from LNG, data centers, and industrials. Capital guidance reduced on efficiency gains.
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Q2 adjusted EBITDA was $277 million, with record Haynesville volumes and reaffirmed 2025/2026 guidance. $600 million in new FID projects were announced, capital commitments increased, and investment grade status was achieved. Strong demand growth and favorable regulatory trends support a robust outlook.
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Q1 2025 Adjusted EBITDA rose to $280 million, driven by strong pipeline and gathering performance, with guidance for 2025 and 2026 reaffirmed. Integration of new assets is on track, and robust demand from LNG, data centers, and utilities supports a bullish long-term outlook.
Fiscal Year 2024
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Record 2024 Adjusted EBITDA exceeded guidance, driven by pipeline growth and a major acquisition. 2025–2026 outlook is strong, with double-digit EBITDA growth, a $2.3B project backlog, and increased dividends, supported by robust market demand and favorable industry trends.
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A $1.2 billion acquisition of three Midwest natural gas pipelines will expand the pipeline segment to 70% of 2025 EBITDA, immediately boost distributable cash flow, and support long-term dividend and EBITDA growth. The deal is expected to close by early 2025, with strong regulatory and credit support.
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Q3 2024 saw strong operational results, an investment-grade credit upgrade, and increased 2024 EBITDA guidance. Major expansions in Haynesville and Stonewall were announced, with disciplined capital allocation and a positive outlook for 2025 driven by LNG and data center demand.
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Second quarter results were strong, with Adjusted EBITDA up and guidance reaffirmed for 2024 and 2025. Key growth projects advanced, including LEAP Phase 3 and clean fuels, while capital discipline and a potential investment grade upgrade remain priorities.