DT Midstream, Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsDT Midstream, Inc. is an owner, operator and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, treatment and surface facilities across the Southern, Northeastern and Midwestern United States and Canada.
What they do
DT Midstream transports and gathers natural gas for utilities, power plants, marketers, large industrial customers and energy producers. Its assets include the Haynesville System (LEAP and Blue Union Gathering), the Midwest Pipeline Acquisition systems (Guardian, Midwestern and Viking), and interests in joint ventures like Millennium and NEXUS. The company generates revenue primarily through long-term, fee-based transportation and gathering contracts, including minimum volume commitments.
Revenue drivers
- Haynesville System (LEAP and Blue Union Gathering) — Gathers and delivers Haynesville shale natural gas to Gulf Coast markets; expansion projects like Phase 5 of LEAP add capacity and contracted revenues.
- Midwest Pipeline Systems (Guardian, Midwestern, Viking) — Interstate pipelines connecting supply to the Chicago Hub and Upper Midwest demand centers; modernization and expansion projects underpin growth.
- Marcellus Gathering (Appalachia Gathering, Bluestone) — Gathering systems delivering Marcellus shale gas to interstate pipelines, generating fee-based revenues from producer contracts.
- Other Pipelines (Birdsboro, Clean Fuels Gathering, Generation) — Smaller pipeline and gathering assets serving specific power plants and coal mine methane producers, contributing diversified revenue.
Recent performance
For Q2 2026, DT Midstream reported net income of $112 million, or $1.09 per diluted share, and Adjusted EBITDA of $305 million. Revenue increased sequentially from $336 million in Q1 2026 to $343 million in Q2 2026. Full-year 2025 revenue was $1.24 billion with net income of $441 million and diluted EPS of $4.30. Operating cash flow for 2025 was $867 million.
Strategy
Management is advancing an organic growth backlog with $2 billion of projects now commercialized. Key initiatives include executing long-term contracts for a Haynesville system expansion with Phase 5 of LEAP adding 200 MMcf/d of capacity, reaching a final investment decision on the first phase of Viking Gas Transmission modernization, and filing a FERC 7(c) application for the Guardian Pipeline 'G3' expansion project. The company continues to target dividend growth, declaring a $0.88 per share dividend payable October 15, 2026.
Risks
- Production and demand declines — Lower natural gas production in its basins or reduced demand in its markets could reduce throughput and service revenues, adversely affecting results.
- Customer supply and competition — Failure to secure new supplies to replace natural declines or compete for volumes from new wells could reduce volumes on its systems.
- Alternative energy and regulation — Competition from coal, fuel oils, nuclear, renewables, or government constraints such as regulatory permitting and environmental limits could reduce gas demand.
- Macroeconomic and political factors — Tariffs, inflation and other national, regional and local economic or political factors could reduce production or demand in its operating footprint.
Outlook
Management reaffirmed 2026 Adjusted EBITDA guidance of $1.155 to $1.225 billion and provided an early 2027 Adjusted EBITDA outlook of $1.225 to $1.295 billion. Q2 performance is described as in line with the full-year plan. Growth is driven by the $2 billion commercialized backlog, including LEAP Phase 5, Viking modernization, and the Guardian G3 expansion.