DT Midstream, Inc.

Second-quarter adjusted EBITDA was $305 million, down $3 million from the prior quarter. Pipeline segment results were $14 million lower sequentially, driven by seasonally lower revenues from joint venture pipelines and higher revenue on Stonewall, while Gathering segment results were $11 million higher, reflecting higher volumes on Blue Union. Growth capital investment was $86 million, in line with plan. Haynesville gathering volumes averaged 2.2 Bcf per day, a quarterly record, and Northeast volumes averaged 1.38 Bcf per day. For outlook, management said third-quarter results should be in line with full-year guidance but lower than the strong second quarter due to maintenance on the gathering network and lower Northeast volumes from producer timing. The company reaffirmed its 2026 adjusted EBITDA guidance range and its 2027 adjusted EBITDA early outlook. New FID projects increase committed capital to approximately $425 million in 2026 and approximately $560 million in 2027. The board approved a second-quarter dividend of $0.88 per share, unchanged sequentially.

David Slater emphasized that the company is executing a focused strategy against a very strong demand backdrop, especially from LNG, power generation, and data centers. He said the footprint is “lit up like a Christmas tree” and framed the opportunity as durable, long-term, and supported by regulatory processes across multiple states. His tone was confident and upbeat, but he repeatedly avoided overcommitting on project size or timing until customer demand and regulations crystallize.

Jeff Jewell highlighted adjusted EBITDA of $305 million, down $3 million sequentially, and said the quarter’s move was driven mainly by lower Pipeline results offset by better Gathering performance. He noted $86 million of growth capex in the quarter, said spending should ramp over the rest of the year, and tied the new FIDs to higher committed capital of about $425 million in 2026 and about $560 million in 2027. He also pointed to a healthy balance sheet and said Moody’s raised its leverage downgrade threshold to 4.25x on a proportionate basis while Fitch raised its threshold to 4.5x on an on-balance-sheet basis. He reaffirmed the dividend at $0.88 per share and said the company remains committed to growing it in line with adjusted EBITDA.

Analysts focused on MIST, Guardian, NEXUS, and Haynesville. Management said MIST is still early, likely phased southbound and northbound, with the first phase possibly in service as early as end-2029 and size/scale still fluid, though comparable to G3 in broad terms. On Midwestern and MIST supply, they said the asset benefits from multiple supply paths and they are agnostic to whether supply comes from REX, Borealis, Vector, or other sources. They also said NEXUS is about 1.4 Bcf per day and effectively fully contracted, but can be expanded with compression, while Haynesville remains flat into Q3 with no material curtailment issues and further LEAP bite-size expansions remain possible. Analysts also asked about G4/greater Wisconsin-Iowa demand and consolidation in Haynesville; management said those opportunities depend heavily on utility regulatory processes and that consolidation would mostly reduce competition, but M&A is a high bar because organic opportunities are very robust.