Welcome to our dedicated page for DT Midstream news (Ticker: DTM), a resource for investors and traders seeking the latest updates and insights on DT Midstream stock.
DT Midstream, Inc. (NYSE: DTM) is a leading provider of natural gas infrastructure, owning and operating an extensive network of interstate and intrastate pipelines, storage, and gathering systems across the Southern, Northeastern, and Midwestern United States and Canada. Headquartered in Detroit, the company plays a crucial role in transporting clean natural gas to utilities, power plants, marketers, large industrial customers, and energy producers. DT Midstream's integrated services span natural gas transportation, storage, gathering, compression, treatment, and surface facilities.
Recent Achievements and Projects
- The LEAP Phase 1 expansion was commissioned early in August 2023, boosting capacity from 1.0 Bcf/d to 1.3 Bcf/d ahead of schedule. Phases 2 and 3 are on track for early 2024 and late 2024, respectively.
- In November 2023, DT Midstream reported a net income of $91 million for Q3, alongside a $0.69 per share dividend declared for January 2024.
- The company completed Phase 2 of the LEAP expansion in December 2023, raising capacity to 1.7 Bcf/d, expected to be available from January 2024.
- February 2024 saw DT Midstream achieving a net income of $121 million for Q4 and surpassing its annual guidance.
- For Q1 2024, the company reported a net income of $97 million, maintaining a strong start with plans for further growth projects.
Financial Performance
DT Midstream consistently demonstrates robust financial performance, with significant revenue generated from its pipeline, storage, and gathering systems. The company reported a series of strong quarterly results in 2023 and early 2024, reflecting its capacity to meet and exceed financial goals.
Sustainability Initiatives
DT Midstream is committed to achieving net-zero greenhouse gas emissions by 2050, with interim targets of a 30% reduction by 2030. The company continuously invests in low-carbon technologies and sustainable practices to align with global energy transition goals.
For more details about DT Midstream's latest updates, financial performance, and sustainability initiatives, please visit the DT Midstream website.
DT Midstream (NYSE: DTM) has successfully closed its previously announced offering of $650 million of 5.800% Senior Secured Notes due 2034. The Notes are guaranteed by certain DT Midstream subsidiaries and secured by first priority liens on specific company assets.
The proceeds from this offering, combined with proceeds from a recent common stock offering, revolving credit facility borrowings, and cash on hand, will fund the pending acquisition of Guardian Pipeline, L.L.C., Midwestern Gas Transmission Company, and Viking Gas Transmission Company from ONEOK Partners Intermediate Partnership and Border Midwestern Company.
The Notes were privately placed to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S of the Securities Act of 1933.
DT Midstream (NYSE: DTM) has priced an offering of $650 million of 5.800% Senior Secured Notes due 2034. The Notes will be guaranteed by certain subsidiaries and secured by a first priority lien on specific assets. The offering is expected to close on December 6, 2024. The proceeds, combined with recent common stock offering proceeds, revolving credit facility borrowings, and cash on hand, will fund the pending acquisition of Guardian Pipeline, Midwestern Gas Transmission Company, and Viking Gas Transmission Company from ONEOK Partners. The Notes are being sold privately to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S.
DT Midstream announced the pricing of its upsized public offering of common stock at $101 per share, increasing from $300 million to $366.125 million. The company granted underwriters a 30-day option to purchase up to 543,750 additional shares. The offering is expected to close around November 21, 2024. Proceeds will help fund the acquisition of Guardian Pipeline, Midwestern Gas Transmission, and Viking Gas Transmission from ONEOK Partners, along with proceeds from planned $650 million senior secured notes and credit facility borrowings. Barclays Capital leads the offering as book-running manager, joined by J.P. Morgan, PNC Capital Markets, Wells Fargo Securities, TD Securities, Citigroup, and BofA Securities.
DT Midstream (NYSE: DTM) has announced a $1.2 billion acquisition of three FERC-regulated natural gas transmission pipelines from ONEOK. The portfolio includes Guardian Pipeline, Midwestern Gas Transmission, and Viking Gas Transmission, with a total capacity exceeding 3.7 Bcf/d across seven Midwest states. The acquisition represents a 10.5x 2025 EBITDA multiple and will be financed through $900 million in debt and $300 million in common equity. The transaction is expected to increase DTM's pipeline segment to approximately 70% of Adjusted EBITDA in 2025, with about 90% demand-pull customer base and 85% of revenues from investment-grade customers. Closing is anticipated in late 2024 or early 2025.
DT Midstream (NYSE: DTM) has announced a proposed public offering of $300 million of common stock shares, with underwriters having a 30-day option to purchase up to $45 million in additional shares. The company plans to use the proceeds, along with $650 million from new senior secured notes and other funding sources, to finance the acquisition of Guardian Pipeline, Midwestern Gas Transmission Company, and Viking Gas Transmission Company from ONEOK Partners. Barclays Capital is serving as the lead book-running manager for the offering, which is subject to market conditions and not conditioned upon the acquisition's closing.
ONEOK (NYSE: OKE) has agreed to sell its three wholly owned interstate natural gas pipeline systems to DT Midstream for $1.2 billion in cash. The transaction includes Guardian Pipeline, Midwestern Gas Transmission, and Viking Gas Transmission systems. The purchase price represents 10.8x previous 12-month EBITDA as of June 30, 2024. The deal, expected to close in Q4 2024, aims to enhance ONEOK's capital allocation priorities and support its deleveraging target of 3.5x by 2026. The transaction is subject to customary closing conditions, including Hart-Scott-Rodino Act clearance.
DT Midstream (NYSE: DTM) has announced a $1.2 billion acquisition of three FERC-regulated natural gas transmission pipelines from ONEOK. The portfolio includes Guardian Pipeline, Midwestern Gas Transmission, and Viking Gas Transmission, totaling over 3.7 Bcf/d capacity across 1,300 miles in seven Midwest states. The acquisition, representing a 10.5x 2025 EBITDA multiple, will be financed with approximately $900 million in debt and $300 million in equity. The transaction is expected to increase DTM's pipeline segment to about 70% of Adjusted EBITDA in 2025, with approximately 90% demand-pull customer base and 85% of revenues from investment-grade customers.
DT Midstream reported strong Q3 2024 results with net income of $88 million, or $0.90 per diluted share. Adjusted EBITDA reached $241 million for the quarter. The company declared a dividend of $0.735 per share, payable January 15, 2025. Key business updates include the Phase 4 expansion of LEAP system to 2.1 Bcf/d by first half of 2026, upsizing of Stonewall System-Mountain Valley Pipeline interconnect, and an upgrade to investment-grade by Fitch Ratings. Due to strong performance, management increased 2024 Adjusted EBITDA guidance to $950-$980 million.
DT Midstream (NYSE: DTM) has announced plans to release its third quarter 2024 financial results on Tuesday, October 29, 2024, before the market opens. The company has scheduled a conference call to discuss the results at 9:00 a.m. ET (8:00 a.m. CT) on the same day. Investors, news media, and the public can access the live internet broadcast of the call through a provided link. For those who prefer to dial in, toll-free and toll numbers are available for U.S. and Canadian participants, along with international access numbers. The webcast will be archived on the DT Midstream website for future reference.
DT Midstream (NYSE: DTM) reported strong second quarter 2024 results, with net income of $96 million, or $0.98 per diluted share. Operating Earnings and Adjusted EBITDA were $96 million and $248 million, respectively. The company declared a $0.735 per share dividend payable on October 15, 2024.
Key business updates include:
- Early and on-budget completion of LEAP Phase 3 expansion project
- New agreements to connect three East Texas producers to the Haynesville System
- Successful evaluation of a Class V test well for carbon capture and sequestration in Louisiana
CEO David Slater expressed confidence in meeting full-year plans and future growth prospects.
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