DT Midstream (DTM) Barclays Energy-Power Conference presentation summary

Investment highlights

• $3.4 billion project backlog supports strong growth through the end of the decade, with 60% of projects having reached final investment decision (FID).

• Portfolio is approximately 70% pipeline segment, with highly contracted, long-term take-or-pay agreements and significant minimum volume commitments.

• Peer-leading dividend and Adjusted EBITDA growth, with a 12% Adjusted EBITDA CAGR from 2021 to 2025 and an 8% dividend CAGR.

• Investment grade leverage metrics, with 2.9x on-balance sheet and 3.5x proportional 2026E year-end leverage.

• Durable contract structure with ~95% demand-based contracts and an average contract tenor of ~8 years.

Asset base and network

• Integrated pipeline network spans over 2,200 miles of FERC-regulated interstate pipelines, 700 miles of intrastate, and 900 miles of gathering pipelines.

• 94 Bcf of gas storage capacity enhances reliability and balancing for customers.

• Diversified asset base anchored by regulated pipelines, with pipeline segment contributing 70% of 2025 Adjusted EBITDA.

• Assets are strategically located to serve growing power and LNG demand, especially in the Haynesville and Appalachia basins.

Growth projects and capital plan

• $3.4 billion organic project backlog for 2026-2030, with over 80% of commitments in the pipeline segment.

• 2026 capital plan is largely committed, with $985 million in investments over 2026 and 2027.

• Multiple expansion projects underway across the network, including Millennium R2R, Viking, Guardian, Appalachia Gathering, and Haynesville System expansions.

• Modernization projects on Guardian, Midwestern, and Viking pipelines to enhance efficiency and reliability.