DT Midstream Inc

For the period ended Mar 31, 2024. Filed Apr 30, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed Apr 30, 2024

DTM$116.48+2.5%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

DT Midstream Consolidated Financial Statements (Unaudited)

Item 1. Financial Statements

Consolidated Statements of Operations

	Three Months Ended
	March 31,
	2024	2023
(millions, except per share amounts)
Revenues
Operating revenues	$240	$220
Operating Expenses
Operation and maintenance	54	58
Depreciation and amortization	50	43
Taxes other than income	12	9
Operating Income	124	110
Other (Income) and Deductions
Interest expense	40	38
Interest income	(1)	—
Earnings from equity method investees	(46)	(50)
Other (income) and expense	—	(1)
Income Before Income Taxes	131	123
Income Tax Expense	31	39
Net Income	100	84
Less: Net Income Attributable to Noncontrolling Interests	3	3
Net Income Attributable to DT Midstream	$97	$81
Basic Earnings per Common Share
Net Income Attributable to DT Midstream	$1.00	$0.84
Diluted Earnings per Common Share
Net Income Attributable to DT Midstream	$0.99	$0.84
Weighted Average Common Shares Outstanding
Basic	97.0	96.8
Diluted	97.7	97.4

Consolidated Statements of Comprehensive Income

	Three Months Ended
	March 31,
	2024	2023
(millions)
Net Income	$100	$84
Foreign currency translation and unrealized gain on derivatives, net of tax	—	1
Other comprehensive income	—	1
Comprehensive income	100	85
Less: Comprehensive income attributable to noncontrolling interests	3	3
Comprehensive Income Attributable to DT Midstream	$97	$82

Consolidated Statements of Financial Position

	March 31,	December 31,
	2024	2023
(millions)
ASSETS
Current Assets
Cash and cash equivalents	$41	$56
Accounts receivable (net of $— allowance for expected credit loss for each period end)	136	154
Deferred property taxes	24	31
Taxes receivable	14	15
Prepaid expenses and other	14	16
	229	272
Investments
Investments in equity method investees	1,735	1,762
Property
Property, plant, and equipment	5,359	5,282
Accumulated depreciation	(884)	(848)
	4,475	4,434
Other Assets
Goodwill	473	473
Long-term notes receivable — related party	4	4
Operating lease right-of-use assets	50	38
Intangible assets, net	1,953	1,968
Other	32	31
	2,512	2,514
Total Assets	$8,951	$8,982

Consolidated Statements of Financial Position

	March 31,	December 31,
	2024	2023
(millions, except shares)
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$68	$94
Short-term borrowings	55	165
Operating lease liabilities	15	13
Dividends payable	71	67
Interest payable	38	10
Property taxes payable	32	34
Accrued compensation	6	18
Contract liabilities	21	18
Other	16	15
	322	434
Long-Term Debt, net	3,067	3,065
Other Liabilities
Deferred income taxes	1,060	1,031
Operating lease liabilities	38	27
Contract liabilities	125	111
Other	33	34
	1,256	1,203
Total Liabilities	4,645	4,702
Commitments and Contingencies (Note 10)
Stockholders' Equity
Preferred stock ($0.01 par value, 50,000,000 shares authorized, and no shares issued or outstanding as of March 31, 2024 and December 31, 2023)	—	—
Common stock ($0.01 par value, 550,000,000 shares authorized, and 97,109,100 and 96,971,021 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively)	1	1
Additional paid-in capital	3,487	3,485
Retained earnings	686	661
Accumulated other comprehensive income (loss)	(8)	(8)
Total DT Midstream Equity	4,166	4,139
Noncontrolling interests	140	141
Total Equity	4,306	4,280
Total Liabilities and Equity	$8,951	$8,982

Consolidated Statements of Cash Flows

	Three Months Ended
	March 31,
	2024	2023
(millions)
Operating Activities
Net Income	$100	$84
Adjustments to reconcile Net Income to Net cash and cash equivalents from operating activities:
Depreciation and amortization	50	43
Stock-based compensation	5	5
Amortization of operating lease right-of-use assets	4	5
Deferred income taxes	29	36
Earnings from equity method investees	(46)	(50)
Dividends from equity method investees	47	68
Changes in assets and liabilities:
Accounts receivable, net	19	39
Accounts payable	(6)	(8)
Interest payable	28	29
Contract liabilities	17	4
Other current and noncurrent assets and liabilities	(6)	(11)
Net cash and cash equivalents from operating activities	241	244
Investing Activities
Plant and equipment expenditures	(98)	(228)
Distributions from equity method investees	28	14
Contributions to equity method investees	(1)	(2)
Net cash and cash equivalents from (used for) investing activities	(71)	(216)
Financing Activities
Borrowings under the Revolving Credit Facility	50	195
Repayment of borrowings under the Revolving Credit Facility	(160)	(115)
Distributions to noncontrolling interests	(4)	(8)
Dividends paid on common stock	(67)	(62)
Other financing activities	(4)	(4)
Net cash and cash equivalents from (used for) financing activities	(185)	6
Net Increase (Decrease) in Cash and Cash Equivalents	(15)	34
Cash and Cash Equivalents at Beginning of Period	56	61
Cash and Cash Equivalents at End of Period	$41	$95
Supplemental disclosure of cash information
Cash paid for:
Interest, net of interest capitalized	$10	$6
Income taxes	2	—
Supplemental disclosure of non-cash investing and financing activities
Plant and equipment expenditures in accounts payable and other accrued liabilities	$60	$95

Consolidated Statements of Changes in Stockholders' Equity

Additional Paid-In Capital · Retained Earnings · Accumulated Other Comprehensive Income (Loss) · Noncontrolling Interests
	Common Stock
Shares · Amount · Total
(dollars in millions, shares in thousands)
Balance, December 31, 2023	96,971	$1	$3,485	$661	$(8)	$141	$4,280
Net Income	—	—	—	97	—	3	100
Dividends declared on common stock ($0.735 per common share)	—	—	—	(71)	—	—	(71)
Distributions to noncontrolling interests	—	—	—	—	—	(4)	(4)
Stock-based compensation	138	—	2	(1)	—	—	1
Balance, March 31, 2024	97,109	$1	$3,487	$686	$(8)	$140	$4,306

Additional Paid-In Capital · Retained Earnings · Accumulated Other Comprehensive Income (Loss) · Noncontrolling Interests
	Common Stock
Shares · Amount · Total
(dollars in millions, shares in thousands)
Balance, December 31, 2022	96,755	$1	$3,469	$547	$(10)	$147	$4,154
Net Income	—	—	—	81	—	3	84
Dividends declared on common stock ($0.69 per common share)	—	—	—	(67)	—	—	(67)
Distributions to noncontrolling interests	—	—	—	—	—	(8)	(8)
Stock-based compensation	135	—	1	—	—	—	1
Other comprehensive income, net of tax	—	—	—	—	1	—	1
Balance, March 31, 2023	96,890	$1	$3,470	$561	$(9)	$142	$4,165

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