DT Midstream (DTM) Citi Natural Resources Conference presentation summary

Investment highlights

• $3.4 billion project backlog supports elevated growth through the end of the decade, with 75% of backlog and 70% of 2025 EBITDA from the pipeline segment.

• Portfolio is anchored by highly contracted, regulated pipeline assets with long-term take-or-pay and minimum volume commitment contracts.

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

• Investment grade balance sheet with 2.9x on-balance sheet leverage and strong dividend coverage ratio of ~2.6x in 2025.

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.

• Strategic presence in key basins and markets, including Haynesville and Appalachia, with direct connections to LNG and power demand centers.

Growth projects and capital plan

• $3.4 billion organic project backlog for 2026-2030, with 60% of projects having reached FID and over $2.0 billion committed.

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

• Multiple expansion projects underway across the footprint, including Millennium R2R, Viking, Guardian, Haynesville, and Appalachia system expansions.