DT Midstream Earnings Call Transcripts
Fiscal Year 2026
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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 A shareholder proposal was withdrawn, and no questions were submitted during the Q&A session.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. Robust demand from LNG, data centers, and utility-scale power supports a bullish long-term outlook, while the balance sheet remains strong and resilient.
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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Strong Q3 performance led to increased 2024 EBITDA guidance and new project FIDs, with investment grade credit rating achieved. Growth is underpinned by long-term contracts, disciplined capital allocation, and positive market outlook 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.