DT Midstream Inc
For the period ended Sep 30, 2024. Filed Oct 29, 2024.
View on SEC.govAbout 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.
Sep 30, 2024 · Filed Oct 29, 2024
DTM$116.48+2.5%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
DT Midstream Consolidated Financial Statements (Unaudited)
Item 1. Financial Statements
Consolidated Statements of Operations
| Three Months Ended · Nine Months Ended | ||||
|---|---|---|---|---|
| September 30, | September 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| (millions, except per share amounts) | ||||
| Revenues | ||||
| Operating revenues | $248 | $234 | $732 | $678 |
| Operating Expenses | ||||
| Operation and maintenance | 63 | 58 | 169 | 176 |
| Depreciation and amortization | 53 | 46 | 156 | 133 |
| Taxes other than income | 10 | 7 | 31 | 22 |
| Asset (gains) losses and impairments, net | — | (1) | — | (4) |
| Operating Income | 122 | 124 | 376 | 351 |
| Other (Income) and Deductions | ||||
| Interest expense | 38 | 38 | 117 | 111 |
| Interest income | (1) | — | (2) | (1) |
| Earnings from equity method investees | (40) | (41) | (125) | (132) |
| Loss from financing activities | 4 | — | 4 | — |
| Other (income) and expense | — | — | (3) | (1) |
| Income Before Income Taxes | 121 | 127 | 385 | 374 |
| Income Tax Expense | 30 | 33 | 94 | 102 |
| Net Income | 91 | 94 | 291 | 272 |
| Less: Net Income Attributable to Noncontrolling Interests | 3 | 3 | 10 | 9 |
| Net Income Attributable to DT Midstream | $88 | $91 | $281 | $263 |
| Basic Earnings per Common Share | ||||
| Net Income Attributable to DT Midstream | $0.91 | $0.94 | $2.90 | $2.72 |
| Diluted Earnings per Common Share | ||||
| Net Income Attributable to DT Midstream | $0.90 | $0.94 | $2.87 | $2.70 |
| Weighted Average Common Shares Outstanding | ||||
| Basic | 97.1 | 97.0 | 97.1 | 96.9 |
| Diluted | 98.0 | 97.5 | 97.8 | 97.4 |
Consolidated Statements of Comprehensive Income
| Three Months Ended · Nine Months Ended | ||||
|---|---|---|---|---|
| September 30, | September 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| (millions) | ||||
| Net Income | $91 | $94 | $291 | $272 |
| Foreign currency translation and unrealized gain on derivatives, net of tax | 1 | — | 1 | 1 |
| Other comprehensive income | 1 | — | 1 | 1 |
| Comprehensive income | 92 | 94 | 292 | 273 |
| Less: Comprehensive income attributable to noncontrolling interests | 3 | 3 | 10 | 9 |
| Comprehensive Income Attributable to DT Midstream | $89 | $91 | $282 | $264 |
Consolidated Statements of Financial Position
| September 30, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| (millions) | ||
| ASSETS | ||
| Current Assets | ||
| Cash and cash equivalents | $77 | $56 |
| Accounts receivable (net of $— allowance for expected credit loss for each period end) | 137 | 154 |
| Deferred property taxes | 8 | 31 |
| Taxes receivable | 6 | 15 |
| Prepaid expenses and other | 21 | 16 |
| 249 | 272 | |
| Investments | ||
| Investments in equity method investees | 1,301 | 1,762 |
| Property | ||
| Property, plant, and equipment | 5,508 | 5,282 |
| Accumulated depreciation | (959) | (848) |
| 4,549 | 4,434 | |
| Other Assets | ||
| Goodwill | 473 | 473 |
| Long-term notes receivable — related party | 4 | 4 |
| Operating lease right-of-use assets | 47 | 38 |
| Intangible assets, net | 1,925 | 1,968 |
| Other | 39 | 31 |
| 2,488 | 2,514 | |
| Total Assets | $8,587 | $8,982 |
Consolidated Statements of Financial Position
| September 30, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| (millions, except shares) | ||
| LIABILITIES AND EQUITY | ||
| Current Liabilities | ||
| Accounts payable | $67 | $94 |
| Short-term borrowings | — | 165 |
| Operating lease liabilities | 15 | 13 |
| Dividends payable | 71 | 67 |
| Interest payable | 38 | 10 |
| Property taxes payable | 25 | 34 |
| Accrued compensation | 14 | 18 |
| Contract liabilities | 18 | 18 |
| Other | 14 | 15 |
| 262 | 434 | |
| Long-Term Debt, net | 2,674 | 3,065 |
| Other Liabilities | ||
| Deferred income taxes | 1,108 | 1,031 |
| Operating lease liabilities | 34 | 27 |
| Contract liabilities | 128 | 111 |
| Other | 25 | 34 |
| 1,295 | 1,203 | |
| Total Liabilities | 4,231 | 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 September 30, 2024 and December 31, 2023) | — | — |
| Common stock ($0.01 par value, 550,000,000 shares authorized, and 97,156,144 and 96,971,021 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively) | 1 | 1 |
| Additional paid-in capital | 3,498 | 3,485 |
| Retained earnings | 726 | 661 |
| Accumulated other comprehensive income (loss) | (7) | (8) |
| Total DT Midstream Equity | 4,218 | 4,139 |
| Noncontrolling interests | 138 | 141 |
| Total Equity | 4,356 | 4,280 |
| Total Liabilities and Equity | $8,587 | $8,982 |
Consolidated Statements of Cash Flows
| Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| 2024 | 2023 | |
| (millions) | ||
| Operating Activities | ||
| Net Income | $291 | $272 |
| Adjustments to reconcile Net Income to Net cash and cash equivalents from operating activities: | ||
| Depreciation and amortization | 156 | 133 |
| Stock-based compensation | 17 | 15 |
| Amortization of operating lease right-of-use assets | 13 | 14 |
| Deferred income taxes | 78 | 91 |
| Earnings from equity method investees | (125) | (132) |
| Dividends from equity method investees | 123 | 152 |
| Loss from financing activities | 4 | — |
| Changes in assets and liabilities: | ||
| Accounts receivable, net | 16 | 15 |
| Accounts payable | 6 | (4) |
| Interest payable | 28 | 29 |
| Contract liabilities | 16 | 60 |
| Other current and noncurrent assets and liabilities | (12) | (31) |
| Net cash and cash equivalents from operating activities | 611 | 614 |
| Investing Activities | ||
| Plant and equipment expenditures | (260) | (622) |
| Distributions from equity method investees | 467 | 405 |
| Contributions to equity method investees | (4) | (6) |
| Net cash and cash equivalents from (used for) investing activities | 203 | (223) |
| Financing Activities | ||
| Repayment of long-term debt | (399) | — |
| Borrowings under the Revolving Credit Facility | 195 | 390 |
| Repayment of borrowings under the Revolving Credit Facility | (360) | (595) |
| Distributions to noncontrolling interests | (14) | (14) |
| Contributions from noncontrolling interests | 1 | — |
| Dividends paid on common stock | (209) | (196) |
| Other financing activities | (7) | (7) |
| Net cash and cash equivalents from (used for) financing activities | (793) | (422) |
| Net Increase (Decrease) in Cash and Cash Equivalents | 21 | (31) |
| Cash and Cash Equivalents at Beginning of Period | 56 | 61 |
| Cash and Cash Equivalents at End of Period | $77 | $30 |
| Supplemental disclosure of cash information | ||
| Cash paid for: | ||
| Interest, net of interest capitalized | $80 | $76 |
| Income taxes | 7 | 21 |
| Supplemental disclosure of non-cash investing and financing activities | ||
| Plant and equipment expenditures in accounts payable and other accrued liabilities | $47 | $109 |
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 |
| Net Income | — | — | — | 88 | — | 3 | 91 |
| Dividends declared on common stock ($0.735 per common share) | — | — | — | (71) | — | — | (71) |
| Distributions to noncontrolling interests | — | — | — | — | — | (5) | (5) |
| Stock-based compensation | 44 | — | 4 | (1) | — | — | 3 |
| Other comprehensive income, net of tax | — | — | — | — | 1 | — | 1 |
| Balance, September 30, 2024 | 97,156 | $1 | $3,498 | $726 | $(7) | $138 | $4,356 |
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, 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 |
| Net Income | — | — | — | 91 | — | 3 | 94 |
| Dividends declared on common stock ($0.69 per common share) | — | — | — | (67) | — | — | (67) |
| Distributions to noncontrolling interests | — | — | — | — | — | (4) | (4) |
| Stock-based compensation | 69 | — | 3 | — | — | — | 3 |
| Balance, September 30, 2023 | 96,971 | $1 | $3,479 | $608 | $(9) | $142 | $4,221 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.