DT Midstream Inc
For the period ended Sep 30, 2024. Filed Oct 29, 2024.
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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.
Sep 30, 2024 · Filed Oct 29, 2024
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period ended September 30, 2024
Or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number:001-40392
| Delaware | 38-2663964 |
|---|---|
| (State or other jurisdiction of incorporation or organization) | (I.R.S Employer Identification No.) |
Registrant's address of principal executive offices:500 Woodward Ave., Suite 2900, Detroit, Michigan 48226-1279
Registrant's telephone number, including area code: (313)402-8532
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol | Name of Exchange on which Registered |
|---|---|---|
| Common stock, par value $0.01 | DTM | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | Accelerated filer | Non-accelerated filer | Smaller reporting company | Emerging growth company |
|---|---|---|---|---|
| ☒ | ☐ | ☐ | ☐ | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ No☒
Number of shares of common stock outstanding as of September 30, 2024:
| Description | Shares |
|---|---|
| Common stock, par value $0.01 | 97,156,144 |
TABLE OF CONTENTS
| Page | ||
|---|---|---|
| Definitions | 1 | |
| Filing Format | 3 | |
| Forward-Looking Statements | 3 | |
| PART I — FINANCIAL INFORMATION | ||
| Item 1. | Financial Statements | |
| DT Midstream Consolidated Financial Statements (Unaudited) | 5 | |
| Notes to Consolidated Financial Statements (Unaudited) | 12 | |
| Note 1 — Description of the Business and Basis of Presentation | 12 | |
| Note 2 — Significant Accounting Policies | 14 | |
| Note 3 — New Accounting Pronouncements | 15 | |
| Note 4 — Goodwill | 15 | |
| Note 5 — Revenue | 16 | |
| Note 6 — Earnings Per Share and Dividends | 18 | |
| Note 7 — Income Taxes | 18 | |
| Note 8 — Fair Value | 19 | |
| Note 9 — Debt | 20 | |
| Note 10 — Commitments and Contingencies | 21 | |
| Note 11 — Segment and Related Information | 22 | |
| Note 12 — Acquisition | 22 | |
| Note 13 — Subsequent Event | 23 | |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 24 |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 32 |
| Item 4. | Controls and Procedures | 33 |
| PART II — OTHER INFORMATION | ||
| Item 1. | Legal Proceedings | 33 |
| Item 1A. | Risk Factors | 33 |
| Item 4. | Mine Safety Disclosure | 33 |
| Item 5. | Other Information | 33 |
| Item 6. | Exhibits | 34 |
| Signature | 35 | |
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