DT Midstream Inc

For the period ended Jun 30, 2024. Filed Jul 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.

Jun 30, 2024 · Filed Jul 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 · Six Months Ended
	June 30,		June 30,
	2024	2023	2024	2023
(millions, except per share amounts)
Revenues
Operating revenues	$244	$224	$484	$444
Operating Expenses
Operation and maintenance	52	60	106	118
Depreciation and amortization	53	44	103	87
Taxes other than income	9	6	21	15
Asset (gains) losses and impairments, net	—	(3)	—	(3)
Operating Income	130	117	254	227
Other (Income) and Deductions
Interest expense	39	35	79	73
Interest income	—	(1)	(1)	(1)
Earnings from equity method investees	(39)	(41)	(85)	(91)
Other (income) and expense	(3)	—	(3)	(1)
Income Before Income Taxes	133	124	264	247
Income Tax Expense	33	30	64	69
Net Income	100	94	200	178
Less: Net Income Attributable to Noncontrolling Interests	4	3	7	6
Net Income Attributable to DT Midstream	$96	$91	$193	$172
Basic Earnings per Common Share
Net Income Attributable to DT Midstream	$0.99	$0.93	$1.99	$1.77
Diluted Earnings per Common Share
Net Income Attributable to DT Midstream	$0.98	$0.93	$1.97	$1.76
Weighted Average Common Shares Outstanding
Basic	97.1	96.9	97.1	96.9
Diluted	97.9	97.4	97.8	97.4

Consolidated Statements of Comprehensive Income

Three Months Ended · Six Months Ended
	June 30,		June 30,
	2024	2023	2024	2023
(millions)
Net Income	$100	$94	$200	$178
Foreign currency translation and unrealized gain on derivatives, net of tax	—	—	—	1
Other comprehensive income	—	—	—	1
Comprehensive income	100	94	200	179
Less: Comprehensive income attributable to noncontrolling interests	4	3	7	6
Comprehensive Income Attributable to DT Midstream	$96	$91	$193	$173

Consolidated Statements of Financial Position

	June 30,	December 31,
	2024	2023
(millions)
ASSETS
Current Assets
Cash and cash equivalents	$73	$56
Accounts receivable (net of $— allowance for expected credit loss for each period end)	143	154
Deferred property taxes	16	31
Taxes receivable	12	15
Prepaid expenses and other	12	16
	256	272
Investments
Investments in equity method investees	1,725	1,762
Property
Property, plant, and equipment	5,430	5,282
Accumulated depreciation	(922)	(848)
	4,508	4,434
Other Assets
Goodwill	473	473
Long-term notes receivable — related party	4	4
Operating lease right-of-use assets	51	38
Intangible assets, net	1,939	1,968
Other	30	31
	2,497	2,514
Total Assets	$8,986	$8,982

Consolidated Statements of Financial Position

	June 30,	December 31,
	2024	2023
(millions, except shares)
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$59	$94
Short-term borrowings	70	165
Operating lease liabilities	17	13
Dividends payable	71	67
Interest payable	10	10
Property taxes payable	32	34
Accrued compensation	11	18
Contract liabilities	21	18
Other	15	15
	306	434
Long-Term Debt, net	3,068	3,065
Other Liabilities
Deferred income taxes	1,090	1,031
Operating lease liabilities	37	27
Contract liabilities	125	111
Other	23	34
	1,275	1,203
Total Liabilities	4,649	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 June 30, 2024 and December 31, 2023)	—	—
Common stock ($0.01 par value, 550,000,000 shares authorized, and 97,111,676 and 96,971,021 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively)	1	1
Additional paid-in capital	3,494	3,485
Retained earnings	710	661
Accumulated other comprehensive income (loss)	(8)	(8)
Total DT Midstream Equity	4,197	4,139
Noncontrolling interests	140	141
Total Equity	4,337	4,280
Total Liabilities and Equity	$8,986	$8,982

Consolidated Statements of Cash Flows

	Six Months Ended
	June 30,
	2024	2023
(millions)
Operating Activities
Net Income	$200	$178
Adjustments to reconcile Net Income to Net cash and cash equivalents from operating activities:
Depreciation and amortization	103	87
Stock-based compensation	11	10
Amortization of operating lease right-of-use assets	9	9
Deferred income taxes	59	62
Earnings from equity method investees	(85)	(91)
Dividends from equity method investees	88	113
Changes in assets and liabilities:
Accounts receivable, net	11	17
Accounts payable	(4)	(6)
Contract liabilities	16	28
Other current and noncurrent assets and liabilities	(2)	(18)
Net cash and cash equivalents from operating activities	406	389
Investing Activities
Plant and equipment expenditures	(179)	(421)
Distributions from equity method investees	37	396
Contributions to equity method investees	(1)	(6)
Net cash and cash equivalents from (used for) investing activities	(143)	(31)
Financing Activities
Borrowings under the Revolving Credit Facility	155	305
Repayment of borrowings under the Revolving Credit Facility	(250)	(535)
Distributions to noncontrolling interests	(9)	(10)
Dividends paid on common stock	(138)	(129)
Other financing activities	(4)	(5)
Net cash and cash equivalents from (used for) financing activities	(246)	(374)
Net Increase (Decrease) in Cash and Cash Equivalents	17	(16)
Cash and Cash Equivalents at Beginning of Period	56	61
Cash and Cash Equivalents at End of Period	$73	$45
Supplemental disclosure of cash information
Cash paid for:
Interest, net of interest capitalized	$74	$69
Income taxes	3	18
Supplemental disclosure of non-cash investing and financing activities
Plant and equipment expenditures in accounts payable and other accrued liabilities	$48	$111

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
Net Income	—	—	—	96	—	4	100
Dividends declared on common stock ($0.735 per common share)	—	—	—	(71)	—	—	(71)
Distributions to noncontrolling interests	—	—	—	—	—	(5)	(5)
Contributions from noncontrolling interests	—	—	—	—	—	1	1
Stock-based compensation	3	—	7	(1)	—	—	6
Balance, June 30, 2024	97,112	$1	$3,494	$710	$(8)	$140	$4,337

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
Net Income	—	—	—	91	—	3	94
Dividends declared on common stock ($0.69 per common share)	—	—	—	(67)	—	—	(67)
Distributions to noncontrolling interests	—	—	—	—	—	(2)	(2)
Stock-based compensation	12	—	6	(1)	—	—	5
Balance, June 30, 2023	96,902	$1	$3,476	$584	$(9)	$143	$4,195

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