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- **Record Growth and Expansion**: 18% YoY EBITDA increase, with $1.13 billion 2025 guidance. Guardian G3 expansion adds 537 MMcf/d capacity, targeting 2028 in-service date.
- **Louisiana CCS and Low-Carbon Strategy**: $850M-$930M investment in CCS project, aligning with growing demand for low-carbon molecules.
- **Capital Efficiency and Dividend Growth**: 2025 distributable cash flow raised to $800M-$830M, with 5%-7% annual dividend growth.
- **Market Leadership**: Strong position in Northeast and Midwest with LEAP and Midwestern pipelines, capturing LNG and industrial demand growth.

**【CEO Summary Section】**
- **Revenue Growth and AI Investment**: CEO highlights 18% year-over-year increase in adjusted EBITDA, driven by strong commercial activity. Emphasizes continued investment in AI to enhance operational efficiency and expects gross margin improvement in the second half of 2025.
- **Guardian G3 Expansion**: Announces FID on a 537 million cubic feet per day (MMcf/d) expansion, a 40% increase in capacity, supported by 20-year contracts with investment-grade utilities. Project to be in service by Q4 2028 with a build multiple of 5-6x.
- **Louisiana CCS Project**: Shovel-ready with $850 million-$930 million investment, targeting 2026 FID. Highlights strategic importance for low-carbon molecule demand.
- **Market Fundamentals**: Robust gas and power demand growth, particularly in the Northeast and upper Midwest, driven by LNG exports and data center activity.

**【CFO Financial Commentary】**
- **Financial Performance**: Q3 2025 adjusted EBITDA of $288 million, up $11 million from Q2. Raises 2025 adjusted EBITDA guidance to $1.13 billion midpoint, with distributable cash flow guidance increased to $800 million-$830 million.
- **Capital Efficiency**: Reduces 2025 growth capital guidance to $385 million-$415 million, driven by project efficiencies. Leverage expected to decline to 3.1x on balance sheet.
- **Dividend Policy**: Maintains 5%-7% annual dividend growth, aligned with EBITDA growth, with Q3 dividend of $0.82 per share.

**【Q&A Key Highlights】**
- **Louisiana Demand Growth**: CEO notes significant industrial and LNG demand, with LEAP pipeline positioned to capture incremental volumes. Louisiana CCS project expected to meet growing demand for low-carbon molecules.
- **Haynesville Volumes**: Q3 2025 Haynesville gathering volumes set a record at 2.04 Bcf/d, driven by producer responsiveness to market signals. Expect similar volumes in Q4 2025.
- **Vector Expansion**: Announces 400 MMcf/d expansion to serve Chicago-area demand, with open season expected in the next month. Midwestern pipeline flexibility to support both northern and southern expansions.
- **LNG Capacity Needs**: CFO highlights incremental capacity requirements for Gulf Coast LNG terminals, with LEAP and other expansions prepositioned to meet demand. Competitive tension expected but confident in securing fair share of growth.
- **Capital Allocation**: CFO emphasizes disciplined execution, with 70% of $2.3 billion backlog advancing to execution within 9 months. Focus on FERC-regulated assets with attractive returns and contract structures.

DT Midstream, Inc. (DTM) Q3 2025 Earnings Call Transcript

- **$600M Growth Projects FID**: Guardian Pipeline expansion (15% capacity) and interstate modernization program launched. 
- **Record Haynesville Volumes**: 1.74 Bcf/day (16% YoY), LEAP Phase 4 in-service date moved up. 
- **Investment Grade Status**: Upgraded by Moody's and S&P, solidifying balance sheet strength. 
- **LNG and Power Growth**: 16 Bcf/day LNG demand by 2035, PJM auction price up 22% YoY. 
- **Dividend Stability**: $0.82 per share maintained, targeting 5-7% annual growth. 


**【CEO Summary Section】**
- Reaffirmed 2025 adjusted EBITDA guidance and 2026 early outlook, with $600 million of new organic growth projects reaching Final Investment Decision (FID). 
- Guardian Pipeline expansion will increase capacity by 15% via a 20-year contract with an investment-grade utility. 
- First phase of interstate pipeline modernization program ($130-150 million) to improve reliability in Wisconsin. 
- Haynesville LEAP Phase 4 in-service date moved up to Q1 2026, with record 1.74 Bcf/day throughput. 
- LNG export demand expected to grow by 16 Bcf/day through 2035, driven by FID-ed terminals. 
- PJM capacity auction cleared at $329/MW-day, up 22% YoY, signaling power demand growth. 

**【CFO Financial Commentary】**
- Q2 2025 adjusted EBITDA of $277 million, slightly down from Q1 due to planned rate step-down and seasonal pipeline activity. 
- Gathering segment volumes: Haynesville at 1.74 Bcf/day (16% YoY increase), Northeast at 1.17 Bcf/day (lower due to maintenance). 
- Upgraded to investment grade by Moody's and S&P, joining Fitch. 
- 2025-2029 committed capital increased to $1.1 billion from $2.3 billion backlog. 
- Dividend of $0.82 per share maintained, with 5-7% annual growth target. 

**【Q&A Key Highlights】**
- **New York Power Demand**: Millennium Pipeline serving high-load plants; state support for infrastructure needed for expansion. 
- **Haynesville Activity**: Private producers leading rig activity, with public producers expected to follow as LNG demand ramps. 
- **Data Center Lateral Investments**: Utility-scale projects dominate, but behind-the-meter opportunities emerging. 
- **CapEx Execution**: Confident in 2025 guidance, with $385 million committed in 2025 and $230 million in 2026. 
- **Regulatory Environment**: Federal admin streamlining approvals, reducing permit times for energy infrastructure. 
- **NEXUS Pipeline**: Expansion potential up to 2.5 Bcf/day, with bite-sized increments for shippers. 
- **Storage and Interconnects**: Evaluating greenfield storage in Haynesville and last-mile solutions for LNG. 


DT Midstream (DTM)-31 Jul 25-2025 Q2 Earnings call transcript

- **Guidance Reaffirmed**: 2025 and 2026 EBITDA targets maintained amid $2.3 billion organic growth pipeline.
- **Market Tailwinds**: LNG exports (+19 Bcf/day by 2030), data center power demand (+25% in key regions), and industrial reshoring driving long-term growth.
- **Financial Strength**: Q1 EBITDA up 18%, pipeline segment dominates (70%), with 80% investment-grade customers.
- **Resilience in Volatility**: No commodity exposure, minimal volume risk, and $1 billion liquidity buffer protect against macroeconomic headwinds.

**【CEO Summary Section】**
- DT Midstream reaffirmed 2025 and 2026 adjusted EBITDA guidance, maintaining confidence in $2.3 billion organic growth projects.
- Integration of newly acquired interstate pipelines is on track, with commercial opportunities exceeding initial assessments.
- Long-term natural gas demand growth driven by LNG exports (+19 Bcf/day by 2030), data centers (+25% in PJM/MISO regions), and industrial reshoring.
- Pipeline segment accounts for 70% of EBITDA, with 80% of customers rated investment-grade and average contract terms of seven years.

**【CFO Financial Commentary】**
- Q1 2025 adjusted EBITDA: $280 million (+$45 million vs. Q4 2024), driven by pipeline contributions from acquired assets and Haynesville gathering volumes.
- Gathering volumes: 1.67 Bcf/day (Haynesville) and 1.3 Bcf/day (Northeast), aligning with full-year plans.
- Q2 2025 EBITDA expected to decline due to seasonal pipeline activity and Guardian pipeline rate step-down, but full-year guidance remains unchanged.
- Committed capital for 2025: $365 million; 2026: $100 million, reflecting new projects.
- Dividend policy: $0.82 per share (unchanged), with 5-7% annual growth target.

**【Q&A Key Highlights】**
- **Haynesville Activity**: Private producers responding quickly to price signals, with volumes expected to ramp through 2025. Appalachia volumes aligned with seasonal expectations.
- **Data Center & Power Generation**: Multiple proposals across footprint, with behind-the-meter and utility-scale projects advancing. West Virginia utility-scale project on track for 2026 FID.
- **Millennium Pipeline Open Season**: Reflects growing demand for capacity in New York/New England, with potential for future expansions.
- **LEAP Expansion**: Bite-sized incremental growth expected, with Woodside LNG FID as a positive catalyst.
- **Macroeconomic Resilience**: Portfolio durability in volatile markets due to demand-based contracts, minimal volumetric exposure, and strong balance sheet (investment-grade on positive outlook).

DT Midstream (DTM)-30 Apr 25-2025 Q1 Earnings call transcript

The company has received FID for the project, and the company is confident in the progress of the pipeline.

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