DT Midstream (DTM) Q4 2024 earnings summary

Executive summary

• Achieved record 2024 Adjusted EBITDA of $969 million, exceeding guidance midpoint and up 5% year-over-year, marking a 10% CAGR since 2021 spin-off.

• Completed the largest acquisition in company history, a $1.2B Midwest pipeline deal, expanding the FERC interstate network and integrating new employees.

• Upgraded to investment-grade by Fitch, with positive outlooks from S&P and Moody's.

• Maintained zero OSHA recordable safety incidents in 2024.

• Announced new agreements to serve utility-scale power generation projects.

Financial highlights

• 2024 Adjusted EBITDA: $969M (+5% year-over-year); Pipeline segment $621M (+7%), Gathering segment $348M (+2%).

• 2024 Operating Earnings: $375M (-2% year-over-year); Operating EPS: $3.81 (-3%).

• Distributable Cash Flow for 2024 was $727 million, up from $700 million in 2023.

• Growth capital investment: $1.5B in 2024, including $1.2B for Midwest Pipeline Acquisition.

• 2024 Total Shareholder Return: ~88%.

Outlook and guidance

• 2025 Adjusted EBITDA guidance: $1.095B–$1.155B, representing 18% growth over 2024 original guidance.

• 2026 early Adjusted EBITDA outlook: $1.155B–$1.225B, midpoint up 6% over 2025 guidance.

• Organic project backlog increased to $2.3B (2025–2029), supporting long-term 5–7% Adjusted EBITDA growth.

• 2025 growth capital guidance: $400M–$460M, fully funded by cash flow.

• Quarterly dividend increased to $0.82/share, up 12%, with commitment to annual growth and coverage ratio above 2x.