Welcome to our dedicated page for DTE Energy Company news (Ticker: DTE), a resource for investors and traders seeking the latest updates and insights on DTE Energy Company stock.
DTE Energy Company (NYSE: DTE) is a Detroit-based diversified energy company committed to the development and management of energy-related businesses and services across the United States. DTE's primary subsidiaries, DTE Electric and DTE Gas, serve over three million customers in Michigan, providing essential electric and gas services. DTE Electric caters to about 2.3 million customers in Southeastern Michigan, including Detroit, while DTE Gas serves around 1.3 million customers statewide.
The company has a workforce of more than 10,400 employees who are dedicated to maintaining and improving the reliability, safety, and affordability of energy services. DTE's operations extend beyond utility services, leveraging its expertise through non-utility businesses including energy marketing and trading, renewable natural gas facilities, and on-site industrial energy projects.
Recently, DTE Energy announced its third quarter earnings for 2023, with reported earnings of $332 million. Despite facing challenges like severe weather conditions, the company continues to focus on strategic investments aimed at enhancing grid reliability and transitioning to cleaner energy. DTE has committed to reducing CO2 emissions by 90% and methane emissions by 80% by 2040, aspiring to achieve net-zero carbon emissions by 2050.
DTE's commitment to sustainability is evident through significant investments in infrastructure improvements. In 2023, the company invested a record $3.8 billion into its electric and natural gas infrastructure. This includes $3.1 billion by DTE Electric for generating cleaner energy and improving reliability, and $750 million by DTE Gas for upgrading main gas lines and other infrastructure enhancements.
Through its partnerships, such as with Motor City Electric, DTE continues to drive economic progress and community engagement. The company spent $2.7 billion with Michigan suppliers in 2023, creating over 12,000 jobs. DTE's dedication to local supplier diversity is reflected in its $988 million spend with diverse suppliers, fostering economic growth and stability in Michigan.
For investors and stakeholders, DTE Energy provides a transparent financial outlook, confirming its 2024 operating EPS guidance of $6.54 - $6.83. The company continues to prioritize investments in modernizing its electric system and meeting aggressive carbon reduction goals, ensuring long-term sustainable growth.
DTE Energy announced the full redemption of its 2016 Series B 5.375% Junior Subordinated Debentures on June 30, 2021. The redemption price will be 100% of the unpaid principal, plus accrued interest. Holders can redeem these debentures in minimum denominations of $25. For inquiries, holders should contact their broker or the paying agent, Bank of New York Mellon Trust Company. This announcement reflects DTE's ongoing commitment to managing its financial obligations effectively.
DTE Energy announced the pricing of DT Midstream's $1.1 billion offering of 4.125% Senior Notes due 2029 and $1 billion of 4.375% Senior Notes due 2031. Proceeds will be used for intercompany obligations and dividends to DTE Energy. The Notes will be privately placed under SEC regulations and have not been registered. The spin-off of DT Midstream, which is undergoing SEC review, aims to be tax-free for DTE Energy shareholders, who will receive a pro-rata dividend of DT Midstream stock.
DTE Energy announced plans for a spin-off of its non-utility natural gas pipeline business, DT Midstream. The new independent company will offer senior notes to repay short-term borrowings owed to DTE Energy. The offering will be conducted under Rule 144A and Regulation S, targeting qualified institutional buyers and non-U.S. persons. Successful completion of the spin-off is contingent on several approvals, with shareholders receiving pro-rata shares of DT Midstream. The transaction aims to be tax-free under U.S. federal income tax.
DTE Energy announced the planned spin-off of its non-utility natural gas pipeline, storage, and gathering business into a new independent entity, DT Midstream. DT Midstream has initiated syndication of a new senior secured credit facility with a total capacity of up to $1.75 billion, comprising a $1 billion term loan and a $750 million revolving credit facility. Proceeds will repay intercompany obligations and pay a dividend to DTE Energy. The spin-off is subject to approval by DTE Energy's Board and regulatory bodies, expected to be tax-free for shareholders.
DTE Energy (NYSE: DTE) has announced the formation of the Board of Directors for DT Midstream, a new independent company to be established from its non-utility natural gas pipeline, storage, and gathering business. This spin-off is projected to be completed in July 2021. The board will consist of seven members, including five independent directors, with Robert Skaggs, Jr. as executive chair and David Slater as president and CEO. A Form 10 registration statement has been filed with the SEC, and the separation is expected to be tax-free for shareholders. Shareholders will receive a pro-rata dividend of DT Midstream shares.
DTE Energy has declared a $1.085 per share dividend on its common stock, continuing a tradition of over 100 years of cash dividends. The dividend is payable on July 15, 2021, to shareholders of record as of June 21, 2021. DTE's president, Jerry Norcia, emphasized the importance of this dividend for shareholders, reflecting the company's commitment to delivering consistent returns. The company continues to enhance its portfolio in energy-related services, aiming for significant reductions in carbon emissions by 2040 and net-zero emissions by 2050.
DTE Energy declared a cash dividend of $1.085 per share on May 6, 2021, continuing its century-long practice of issuing dividends. This payment will be made on July 15, 2021, to shareholders of record as of June 30, 2021. DTE Energy's president, Jerry Norcia, emphasized the importance of dividends for shareholders and the company's dedication to providing consistent above-average returns. The company also underlines its commitment to sustainability, with goals to significantly reduce emissions by 2040.
Copper Hop Brewing Co., based in St. Clair Shores, Michigan, has enrolled in DTE Energy's MIGreenPower program, committing to attribute 100% of its energy use to renewable sources from Michigan's wind and solar projects. This makes Copper Hop the first brewery to join the program, aimed at achieving sustainability goals. Since its opening shortly before the pandemic, the brewery has thrived, adapting its space and enhancing environmental initiatives, including recycling water and donating spent grain. DTE supports over 300 businesses in creating a cleaner energy future.
DTE Energy has launched a new solar array at the Ford Research & Engineering Center, featuring 2,159 panels. This array, equipped with a battery storage system, will produce 1,127 megawatt hours of clean energy, equivalent to avoiding 880 tons of CO2 emissions. DTE plans to double its renewable energy capacity by 2023, aiming for net-zero carbon emissions by 2050. This marks the third collaboration with Ford, which is also part of DTE's MIGreenPower program, emphasizing both companies' commitment to sustainability.
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