DT Midstream Reports Strong Second Quarter 2024 Results
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.
DT Midstream (NYSE: DTM) ha riportato forti risultati del secondo trimestre 2024, con un reddito netto di 96 milioni di dollari, ovvero 0,98 dollari per azione diluita. Gli utili operativi e l'EBITDA rettificato sono stati rispettivamente di 96 milioni di dollari e 248 milioni di dollari. L'azienda ha dichiarato un dividendo di 0,735 dollari per azione che sarà pagato il 15 ottobre 2024.
Le principali novità aziendali includono:
- Completamento anticipato e nei limiti di budget del progetto di espansione LEAP Fase 3
- Nuovi accordi per collegare tre produttori dell'Est Texas al Haynesville System
- Valutazione positiva di un pozzo di prova di Classe V per la cattura e il sequestro del carbonio in Louisiana
Il CEO David Slater ha espresso fiducia nel raggiungimento dei piani annuali e delle prospettive di crescita future.
DT Midstream (NYSE: DTM) reportó sólidos resultados del segundo trimestre de 2024, con un ingreso neto de 96 millones de dólares, o 0.98 dólares por acción diluida. Las ganancias operativas y el EBITDA ajustado fueron de 96 millones de dólares y 248 millones de dólares, respectivamente. La empresa declaró un dividendo de 0.735 dólares por acción que se pagará el 15 de octubre de 2024.
Las actualizaciones clave del negocio incluyen:
- Finalización anticipada y dentro del presupuesto del proyecto de expansión LEAP Fase 3
- Nuevos acuerdos para conectar a tres productores del Este de Texas con el Sistema Haynesville
- Evaluación exitosa de un pozo de prueba de Clase V para captura y secuestro de carbono en Luisiana
El CEO David Slater expresó confianza en cumplir con los planes anuales y en las perspectivas de crecimiento futuro.
DT Midstream (NYSE: DTM)는 2024년 2분기 실적이 강력하다고 보고하며, 순이익이 9,600만 달러, 즉 희석 주당 0.98달러로 나타났습니다. 운영 수익과 조정 EBITDA는 각각 9,600만 달러 및 2억 4,800만 달러였습니다. 회사는 주당 0.735달러의 배당금을 선언하였으며, 이는 2024년 10월 15일에 지급될 예정입니다.
주요 비즈니스 업데이트는 다음과 같습니다:
- LEAP 3단계 확장 프로젝트의 조기 및 예산 내 완료
- 동부 텍사스의 세 생산자를 Haynesville 시스템에 연결하는 새로운 계약
- 루이지애나에서 탄소 포집 및 저장을 위한 클래스 V 시험 우물의 성공적인 평가
CEO David Slater는 연간 계획을 충족하고 향후 성장 가능성에 대해 자신감을 표현했습니다.
DT Midstream (NYSE: DTM) a annoncé de solides résultats du deuxième trimestre 2024, avec un revenu net de 96 millions de dollars, soit 0,98 dollar par action diluée. Les bénéfices d'exploitation et l'EBITDA ajusté s'élevaient respectivement à 96 millions de dollars et 248 millions de dollars. L'entreprise a déclaré un dividende de 0,735 dollar par action payable le 15 octobre 2024.
Les mises à jour commerciales clés comprennent :
- Achèvement anticipé et dans le budget du projet d'expansion LEAP Phase 3
- Nouveaux accords pour connecter trois producteurs de l'Est du Texas au système Haynesville
- Évaluation réussie d'un puits de test de Classe V pour la capture et le stockage de carbone en Louisiane
Le PDG David Slater a exprimé sa confiance dans la réalisation des plans annuels et les perspectives de croissance futures.
DT Midstream (NYSE: DTM) meldete starke Ergebnisse des zweiten Quartals 2024, mit einem Nettogewinn von 96 Millionen Dollar, oder 0,98 Dollar pro verwässerter Aktie. Die operativen Erträge und das bereinigte EBITDA betrugen 96 Millionen Dollar bzw. 248 Millionen Dollar. Das Unternehmen erklärte eine Dividende von 0,735 Dollar pro Aktie, die am 15. Oktober 2024 gezahlt wird.
Wichtige Unternehmensupdates umfassen:
- Frühzeitige und budgetgerechte Fertigstellung des LEAP-Phase-3-Erweiterungsprojekts
- Neue Vereinbarungen, um drei Hersteller aus Osttexas mit dem Haynesville-System zu verbinden
- Erfolgreiche Bewertung eines Klasse-V-Testbrunnens zur Kohlenstoffabscheidung und -speicherung in Louisiana
CEO David Slater äußerte sich zuversichtlich bezüglich der Erreichung der Jahresziele und der zukünftigen Wachstumsperspektiven.
- Reported net income of $96 million, or $0.98 per diluted share
- Adjusted EBITDA of $248 million for Q2 2024
- Declared dividend of $0.735 per share
- Early and on-budget completion of LEAP Phase 3 expansion project
- New agreements with three producers in East Texas
- Successful evaluation of carbon capture and sequestration project in Louisiana
- None.
Insights
DT Midstream's Q2 2024 results showcase a robust financial performance, with reported net income and Operating Earnings both at
A key highlight is the declared dividend of
The early and on-budget completion of the LEAP Phase 3 expansion project is a significant operational achievement. Such timely project deliveries can lead to faster revenue recognition and potentially improved returns on invested capital. The new agreements to connect three producers in East Texas to the Haynesville System indicate growing demand for DT Midstream's services, which could translate into increased throughput and revenues in future quarters.
The progress on the carbon capture and sequestration project in Louisiana demonstrates DT Midstream's forward-thinking approach to environmental concerns. This initiative could position the company favorably in a market increasingly focused on ESG factors, potentially attracting environmentally conscious investors and partners.
While the results are strong, investors should note that the company didn't provide specific guidance for the full year. This lack of forward-looking quantitative information might create some uncertainty about future performance. However, the CEO's statement that the business is performing on track with the full-year plan provides some reassurance.
Overall, DT Midstream's Q2 2024 results paint a picture of a company with solid financial health, operational efficiency and strategic foresight, positioning it well in the competitive midstream sector.
DT Midstream's Q2 2024 performance reflects the resilience and growth potential of the midstream energy sector. The company's ability to maintain strong financial results amidst the evolving energy landscape is commendable.
The early completion of the LEAP Phase 3 expansion project is particularly noteworthy. In the midstream sector, timely project delivery is important for capitalizing on market opportunities and maintaining a competitive edge. This achievement not only demonstrates DT Midstream's operational efficiency but also positions the company to potentially capture additional market share in the regions served by this expansion.
The new agreements to connect producers in East Texas to the Haynesville System are strategically significant. The Haynesville Shale has been experiencing a resurgence in recent years due to its proximity to LNG export terminals and industrial demand centers. By expanding its footprint in this region, DT Midstream is positioning itself to benefit from the ongoing natural gas production growth in the area.
The company's progress on the carbon capture and sequestration (CCS) project in Louisiana is a forward-looking move. As the energy sector faces increasing pressure to reduce carbon emissions, CCS technology is gaining importance. By investing in this area, DT Midstream is not only preparing for potential future regulations but also opening up new revenue streams in the evolving energy market.
However, investors should be aware of the broader challenges facing the midstream sector, including the long-term shift towards renewable energy sources and potential regulatory changes. While DT Midstream's current performance is strong, its ability to adapt to these long-term trends will be important for sustained success.
In conclusion, DT Midstream's Q2 2024 results and strategic initiatives demonstrate a company that is effectively navigating the current market while preparing for future challenges and opportunities in the energy sector.
DETROIT, July 30, 2024 (GLOBE NEWSWIRE) -- DT Midstream, Inc. (NYSE: DTM) today announced second quarter 2024 reported net income of
Reconciliations of Operating Earnings and Adjusted EBITDA (non-GAAP measures) to reported net income are included at the end of this news release.
The company also announced that the DT Midstream Board of Directors declared a
“We had another strong quarter, and the business is performing on track with our full-year plan,” said David Slater, President and CEO. “We continue to make great progress on our active construction projects and advancing new opportunities which will support our future growth.”
Slater noted the following significant business updates:
- Placed the LEAP Phase 3 expansion project in-service early and on budget
- Executed new agreements to connect three producers located in East Texas to our Haynesville System
- Completed the detailed evaluation of the Class V test well for our carbon capture and sequestration project in Louisiana, confirming the suitability of the formation
“Our second quarter results demonstrate the durability of our business and put us in a strong position to meet our financial goals for 2024,” said Jeff Jewell, Executive Vice President and CFO.
The company has scheduled a conference call to discuss results for 9:00 a.m. ET (8:00 a.m. CT) today. Investors, the news media and the public may listen to a live internet broadcast of the call at this link. The participant toll-free telephone dial-in number in the U.S. and Canada is 888.596.4144, and the toll number is 646.968.2525; the passcode is 4749988. International access numbers are available here. The webcast will be archived on the DT Midstream website at investor.dtmidstream.com.
About DT Midstream
DT Midstream (NYSE: DTM) is an owner, operator and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, treatment and surface facilities. The company transports clean natural gas for utilities, power plants, marketers, large industrial customers and energy producers across the Southern, Northeastern and Midwestern United States and Canada. The Detroit-based company offers a comprehensive, wellhead-to-market array of services, including natural gas transportation, storage and gathering. DT Midstream is transitioning towards net zero greenhouse gas emissions by 2050, including a goal of achieving
Why DT Midstream Uses Operating Earnings, Adjusted EBITDA and Distributable Cash Flow
Use of Operating Earnings Information – Operating Earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. DT Midstream management believes that Operating Earnings provide a more meaningful representation of the company’s earnings from ongoing operations and uses Operating Earnings as the primary performance measurement for external communications with analysts and investors. Internally, DT Midstream uses Operating Earnings to measure performance against budget and to report to the Board of Directors.
Adjusted EBITDA is defined as GAAP net income attributable to DT Midstream before expenses for interest, taxes, depreciation and amortization, and loss from financing activities, further adjusted to include the proportional share of net income from equity method investees (excluding interest, taxes, depreciation and amortization), and to exclude certain items the company considers non-routine. DT Midstream believes Adjusted EBITDA is useful to the company and external users of DT Midstream’s financial statements in understanding operating results and the ongoing performance of the underlying business because it allows management and investors to have a better understanding of actual operating performance unaffected by the impact of interest, taxes, depreciation, amortization and non-routine charges noted in the table below. We believe the presentation of Adjusted EBITDA is meaningful to investors because it is frequently used by analysts, investors and other interested parties in the midstream industry to evaluate a company’s operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending on accounting methods, book value of assets, capital structure and the method by which assets were acquired, among other factors. DT Midstream uses Adjusted EBITDA to assess the company’s performance by reportable segment and as a basis for strategic planning and forecasting.
Distributable Cash Flow (DCF) is calculated by deducting earnings from equity method investees, depreciation and amortization attributable to noncontrolling interests, cash interest expense, maintenance capital investment (as defined below), and cash taxes from, and adding interest expense, income tax expense, depreciation and amortization, certain items we consider non-routine and dividends and distributions from equity method investees to, Net Income Attributable to DT Midstream. Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings. We believe DCF is a meaningful performance measurement because it is useful to us and external users of our financial statements in estimating the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and making maintenance capital investments, which could be used for discretionary purposes such as common stock dividends, retirement of debt or expansion capital expenditures.
DT Midstream does not forecast net income as it cannot, without unreasonable efforts, estimate or predict with certainty the components of net income. These components, net of tax, may include, but are not limited to, impairments of assets and other charges, divestiture costs, acquisition costs, or changes in accounting principles. All of these components could significantly impact such financial measures. At this time, DT Midstream is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, DT Midstream is not able to provide a corresponding GAAP equivalent for Adjusted EBITDA.
Forward-looking Statements
This release contains statements which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” under the securities laws. These forward-looking statements are intended to provide management’s current expectations or plans for our future operating and financial performance, business prospects, outcomes of regulatory proceedings, market conditions, and other matters, based on what we believe to be reasonable assumptions and on information currently available to us.
Forward-looking statements can be identified by the use of words such as “believe,” “expect,” “expectations,” “plans,” “strategy,” “prospects,” “estimate,” “project,” “target,” “anticipate,” “will,” “should,” “see,” “guidance,” “outlook,” “confident” and other words of similar meaning. The absence of such words, expressions or statements, however, does not mean that the statements are not forward-looking. In particular, express or implied statements relating to future earnings, cash flow, results of operations, uses of cash, tax rates and other measures of financial performance, future actions, conditions or events, potential future plans, strategies or transactions of DT Midstream, and other statements that are not historical facts, are forward-looking statements.
Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact forward-looking statements of DT Midstream including, but not limited to, the following: changes in general economic conditions, including increases in interest rates and associated Federal Reserve policies, a potential economic recession, and the impact of inflation on our business; industry changes, including the impact of consolidations, alternative energy sources, technological advances, infrastructure constraints and changes in competition; global supply chain disruptions; actions taken by third-party operators, processors, transporters and gatherers; changes in expected production from Southwestern Energy and other third parties in our areas of operation; demand for natural gas gathering, transmission, storage, transportation and water services; the availability and price of natural gas to the consumer compared to the price of alternative and competing fuels; our ability to successfully and timely implement our business plan; our ability to complete organic growth projects on time and on budget; our ability to finance, complete, or successfully integrate acquisitions; the price and availability of debt and equity financing; restrictions in our existing and any future credit facilities and indentures; the effectiveness of our information technology and operational technology systems and practices to detect and defend against evolving cyber attacks on United States critical infrastructure; changing laws regarding cybersecurity and data privacy, and any cybersecurity threat or event; operating hazards, environmental risks, and other risks incidental to gathering, storing and transporting natural gas; geologic and reservoir risks and considerations; natural disasters, adverse weather conditions, casualty losses and other matters beyond our control; the impact of outbreaks of illnesses, epidemics and pandemics, and any related economic effects; the impacts of geopolitical events, including the conflicts in Ukraine and the Middle East; labor relations and markets, including the ability to attract, hire and retain key employee and contract personnel; large customer defaults; changes in tax status, as well as changes in tax rates and regulations; the effects and associated cost of compliance with existing and future laws and governmental regulations, such as the Inflation Reduction Act; changes in environmental laws, regulations or enforcement policies, including laws and regulations relating to climate change and greenhouse gas emissions; ability to develop low carbon business opportunities and deploy greenhouse gas reducing technologies; changes in insurance markets impacting costs and the level and types of coverage available; the timing and extent of changes in commodity prices; the success of our risk management strategies; the suspension, reduction or termination of our customers’ obligations under our commercial agreements; disruptions due to equipment interruption or failure at our facilities, or third-party facilities on which our business is dependent; the effects of future litigation; and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2023 and our reports and registration statements filed from time to time with the SEC.
The above list of factors is not exhaustive. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause actual results to vary materially from those stated in forward-looking statements, see the discussion under the section entitled “Risk Factors” in our Annual Report for the year ended December 31, 2023, filed with the SEC on Form 10-K and any other reports filed with the SEC. Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, you should not put undue reliance on any forward-looking statements.
Any forward-looking statements speak only as of the date on which such statements are made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, subsequent events or otherwise.
| DT Midstream, Inc. Reconciliation of Reported to Operating Earnings (non-GAAP, unaudited) | |||||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||
| June 30, | March 31, | ||||||||||||||||||||||||||
| 2024 | 2024 | ||||||||||||||||||||||||||
| Reported Earnings | Pre-tax Adjustments | Income Taxes (1) | Operating Earnings | Reported Earnings | Pre-tax Adjustments | Income Taxes (1) | Operating Earnings | ||||||||||||||||||||
| (millions) | |||||||||||||||||||||||||||
| Adjustments | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
| Net Income Attributable to DT Midstream | $ | 96 | $ | — | $ | — | $ | 96 | $ | 97 | $ | — | $ | — | $ | 97 | |||||||||||
| Six Months Ended | |||||||||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||||||||
| 2024 | 2023 | ||||||||||||||||||||||||||
| Reported Earnings | Pre-tax Adjustments | Income Taxes (1) | Operating Earnings | Reported Earnings | Pre-tax Adjustments | Income Taxes (1) | Operating Earnings | ||||||||||||||||||||
| (millions) | |||||||||||||||||||||||||||
| Adjustments | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
| Net Income Attributable to DT Midstream | $ | 193 | $ | — | $ | — | $ | 193 | $ | 172 | $ | — | $ | — | $ | 172 | |||||||||||
| (1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments | |||||||||||||||||||||||||||
| DT Midstream, Inc. Reconciliation of Reported to Operating Earnings per diluted share (2) (non-GAAP, unaudited) | |||||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||
| June 30, | March 31, | ||||||||||||||||||||||||||
| 2024 | 2024 | ||||||||||||||||||||||||||
| Reported Earnings | Pre-tax Adjustments | Income Taxes (1) | Operating Earnings | Reported Earnings | Pre-tax Adjustments | Income Taxes (1) | Operating Earnings | ||||||||||||||||||||
| (per share) | |||||||||||||||||||||||||||
| Adjustments | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
| Net Income Attributable to DT Midstream | $ | 0.98 | $ | — | $ | — | $ | 0.98 | $ | 0.99 | $ | — | $ | — | $ | 0.99 | |||||||||||
| Six Months Ended | |||||||||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||||||||
| 2024 | 2023 | ||||||||||||||||||||||||||
| Reported Earnings | Pre-tax Adjustments | Income Taxes (1) | Operating Earnings | Reported Earnings | Pre-tax Adjustments | Income Taxes (1) | Operating Earnings | ||||||||||||||||||||
| (per share) | |||||||||||||||||||||||||||
| Adjustments | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
| Net Income Attributable to DT Midstream | $ | 1.97 | $ | — | $ | — | $ | 1.97 | $ | 1.76 | $ | — | $ | — | $ | 1.76 | |||||||||||
| (1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments | |||||||||||||||||||||||||||
| (2) Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements of Operations | |||||||||||||||||||||||||||
| DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA (non-GAAP, unaudited) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | March 31, | June 30, | June 30, | |||||||||||||
| 2024 | 2024 | 2024 | 2023 | |||||||||||||
| Consolidated | (millions) | |||||||||||||||
| Net Income Attributable to DT Midstream | $ | 96 | $ | 97 | $ | 193 | $ | 172 | ||||||||
| Plus: Interest expense | 39 | 40 | 79 | 73 | ||||||||||||
| Plus: Income tax expense | 33 | 31 | 64 | 69 | ||||||||||||
| Plus: Depreciation and amortization | 53 | 50 | 103 | 87 | ||||||||||||
| Plus: EBITDA from equity method investees (1) | 67 | 75 | 142 | 142 | ||||||||||||
| Less: Interest income | — | (1 | ) | (1 | ) | (1 | ) | |||||||||
| Less: Earnings from equity method investees | (39 | ) | (46 | ) | (85 | ) | (91 | ) | ||||||||
| Less: Depreciation and amortization attributable to noncontrolling interests | (1 | ) | (1 | ) | (2 | ) | (2 | ) | ||||||||
| Adjusted EBITDA | $ | 248 | $ | 245 | $ | 493 | $ | 449 | ||||||||
| (1) Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows: | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | March 31, | June 30, | June 30, | |||||||||||||
| 2024 | 2024 | 2024 | 2023 | |||||||||||||
| (millions) | ||||||||||||||||
| Earnings from equity method investees | $ | 39 | $ | 46 | $ | 85 | $ | 91 | ||||||||
| Plus: Depreciation and amortization attributable to equity method investees | 21 | 20 | 41 | 41 | ||||||||||||
| Plus: Interest expense attributable to equity method investees | 7 | 9 | 16 | 10 | ||||||||||||
| EBITDA from equity method investees | $ | 67 | $ | 75 | $ | 142 | $ | 142 | ||||||||
| DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Pipeline Segment (non-GAAP, unaudited) | |||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | ||||||||||||||
| 2024 | 2024 | 2024 | 2023 | ||||||||||||||
| Pipeline | (millions) | ||||||||||||||||
| Net Income Attributable to DT Midstream | $ | 71 | $ | 74 | $ | 145 | $ | 121 | |||||||||
| Plus: Interest expense | 12 | 13 | 25 | 29 | |||||||||||||
| Plus: Income tax expense | 24 | 24 | 48 | 49 | |||||||||||||
| Plus: Depreciation and amortization | 19 | 18 | 37 | 33 | |||||||||||||
| Plus: EBITDA from equity method investees (1) | 67 | 75 | 142 | 142 | |||||||||||||
| Less: Interest income | — | (1 | ) | (1 | ) | (1 | ) | ||||||||||
| Less: Earnings from equity method investees | (39 | ) | (46 | ) | (85 | ) | (91 | ) | |||||||||
| Less: Depreciation and amortization attributable to noncontrolling interests | (1 | ) | (1 | ) | (2 | ) | (2 | ) | |||||||||
| Adjusted EBITDA | $ | 153 | $ | 156 | $ | 309 | $ | 280 | |||||||||
| (1) Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows: | |||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | ||||||||||||||
| 2024 | 2024 | 2024 | 2023 | ||||||||||||||
| (millions) | |||||||||||||||||
| Earnings from equity method investees | $ | 39 | $ | 46 | $ | 85 | $ | 91 | |||||||||
| Plus: Depreciation and amortization attributable to equity method investees | 21 | 20 | 41 | 41 | |||||||||||||
| Plus: Interest expense attributable to equity method investees | 7 | $ | 9 | 16 | 10 | ||||||||||||
| EBITDA from equity method investees | $ | 67 | $ | 75 | $ | 142 | $ | 142 | |||||||||
| DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Gathering Segment (non-GAAP, unaudited) | |||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||
| June 30, | March 31, | June 30, | June 30, | ||||||||||
| 2024 | 2024 | 2024 | 2023 | ||||||||||
| Gathering | (millions) | ||||||||||||
| Net Income Attributable to DT Midstream | $ | 25 | $ | 23 | $ | 48 | $ | 51 | |||||
| Plus: Interest expense | 27 | 27 | 54 | 44 | |||||||||
| Plus: Income tax expense | 9 | 7 | 16 | 20 | |||||||||
| Plus: Depreciation and amortization | 34 | 32 | 66 | 54 | |||||||||
| Adjusted EBITDA | $ | 95 | $ | 89 | $ | 184 | $ | 169 | |||||
| DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Distributable Cash Flow (non-GAAP, unaudited) | |||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | ||||||||||||||
| 2024 | 2024 | 2024 | 2023 | ||||||||||||||
| Consolidated | (millions) | ||||||||||||||||
| Net Income Attributable to DT Midstream | $ | 96 | $ | 97 | $ | 193 | $ | 172 | |||||||||
| Plus: Interest expense | 39 | 40 | 79 | 73 | |||||||||||||
| Plus: Income tax expense | 33 | 31 | 64 | 69 | |||||||||||||
| Plus: Depreciation and amortization | 53 | 50 | 103 | 87 | |||||||||||||
| Plus: Adjustments for non-routine items (1) | — | — | — | (371 | ) | ||||||||||||
| Less: Earnings from equity method investees | (39 | ) | (46 | ) | (85 | ) | (91 | ) | |||||||||
| Less: Depreciation and amortization attributable to noncontrolling interests | (1 | ) | (1 | ) | (2 | ) | (2 | ) | |||||||||
| Plus: Dividends and distributions from equity method investees | 50 | 75 | 125 | 509 | |||||||||||||
| Less: Cash interest expense | (64 | ) | (10 | ) | (74 | ) | (69 | ) | |||||||||
| Less: Cash taxes | (1 | ) | (2 | ) | (3 | ) | (18 | ) | |||||||||
| Less: Maintenance capital investment (1) | (6 | ) | (7 | ) | (13 | ) | (11 | ) | |||||||||
| Distributable Cash Flow | $ | 160 | $ | 227 | $ | 387 | $ | 348 | |||||||||
| (1) Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings. | |||||||||||||||||
FAQ
What were DT Midstream's (DTM) Q2 2024 financial results?
What dividend did DT Midstream (DTM) declare for Q2 2024?
What major projects did DT Midstream (DTM) complete in Q2 2024?
What new business agreements did DT Midstream (DTM) secure in Q2 2024?
