DT Midstream, Inc.

Previous wording

For purposes of the following discussion, any increases or decreases refer to the comparison of the three months ended March 31, 2025 to the three months ended December 31, 2024, and the three months ended March 31, 2025 to the three months ended March 31, 2024, as applicable. The following table summarizes our consolidated financial results:

Current wording

For purposes of the following discussion, any increases or decreases refer to the comparison of the three months ended June 30, 2025 to the three months ended March 31, 2025, and the six months ended June 30, 2025 to the six months ended June 30, 2024, as applicable. The following table summarizes our consolidated financial results:

Previous wording

Operating revenues increased $54 million compared to the three months ended December 31, 2024 primarily due to activity from the interstate pipelines acquired in the Midwest Pipeline Acquisition. Operating revenues increased $62 million compared to the three months ended March 31, 2024 primarily due to activity from the interstate pipelines acquired in the Midwest Pipeline Acquisition and new LEAP long-term firm service revenue contracts.

Current wording

Operating revenues increased $7 million for the three months ended June 30, 2025 primarily due to new contracts on LEAP of $4 million and higher Stonewall volumes of $3 million. Operating revenues increased $129 million for the six months ended June 30, 2025 primarily due to activity from the interstate pipelines acquired in the Midwest Pipeline Acquisition, new LEAP contracts and higher long term storage revenue.

Previous wording

Operation and maintenance expense increased $12 million compared to the three months ended December 31, 2024 primarily due to activity from the interstate pipelines acquired in the Midwest Pipeline Acquisition and the impact of a change in segment mix on corporate overhead allocated to the Pipeline segment. Operation and maintenance expense increased $16 million compared to the three months ended March 31, 2024 primarily due to activity from the interstate pipelines acquired in the Midwest Pipeline Acquisition, production-related operating expenses from the LEAP expansion, and the impact of a change in segment mix on corporate overhead allocated to the Pipeline segment.

Current wording

Operation and maintenance expense increased $35 million for the six months ended June 30, 2025 primarily due to activity from the interstate pipelines acquired in the Midwest Pipeline Acquisition, production-related operating expenses from the LEAP expansion and the impact of a change in segment mix on corporate overhead allocated to the Pipeline segment as a result of the Midwest Pipeline Acquisition.

Previous wording

Earnings from equity method investees decreased $9 million compared to the three months ended March 31, 2024 primarily due to higher interest expense from senior unsecured notes issued in the third quarter of 2024 at Millennium.

Current wording

Earnings from equity method investees decreased $7 million for the three months ended June 30, 2025 primarily due to lower seasonal short-term contract revenues of $3 million each at Millennium and Vector. Earnings from equity method investees decreased $18 million for the six months ended June 30, 2025 primarily due to higher interest expense from senior unsecured notes issued in the third quarter of 2024 of $12 million and higher property taxes, lower short-term revenue and higher maintenance expenses in 2025 at Millennium of $6 million.

Previous wording

Operating revenues increased $1 million compared to the three months ended March 31, 2024 primarily due to higher Ohio Utica Gathering volumes of $5 million and higher Blue Union Gathering revenues of $2 million, partially offset lower Susquehanna Gathering volumes of $6 million.

Current wording

Operating revenues decreased $1 million for the six months ended June 30, 2025 primarily due to lower Susquehanna Gathering volumes of $12 million and lower Appalachia Gathering volumes of $4 million, partially offset by higher firm revenue and a full six months of operations at Ohio Utica Gathering (which was placed into service in the second quarter of 2024) of $8 million, and higher Blue Union Gathering volumes of $7 million.

Previous wording

Operation and maintenance expense decreased $9 million compared to the three months ended December 31, 2024 primarily due to the impact of a change in segment mix on corporate overhead allocated to the Gathering segment, lower planned maintenance and production-related operating expenses on Blue Union Gathering of $1 million, lower planned maintenance at Susquehanna Gathering of $1 million and timing of planned maintenance at Appalachia Gathering of $2 million. Operation and maintenance expense increased $8 million compared to the three months ended March 31, 2024 primarily due to new assets placed into service and higher production-related operating expenses on Blue Union Gathering of $4 million and Ohio Utica Gathering operations of $1 million, partially offset by the impact of a change in segment mix on corporate overhead allocated to the Gathering segment.

Current wording

Operation and maintenance expense increased $17 million for the six months ended June 30, 2025 primarily due to a reduction in environmental contingent liabilities of $9 million in Q2 2024 at Appalachia Gathering, new assets placed into service and higher production-related operating expenses on Blue Union Gathering of $3 million and Clean Fuels Gathering operations of $3 million, partially offset by the impact of a change in segment mix on corporate overhead allocated to the Gathering segment.

Previous wording

Depreciation and amortization expense increased $3 million compared to the three months ended March 31, 2024 primarily due to assets placed into service at Ohio Utica Gathering during the second quarter of 2024.

Current wording

Depreciation and amortization expense increased $4 million for the six months ended June 30, 2025 primarily due to assets placed into service at Ohio Utica Gathering, Blue Union Gathering and Clean Fuels Gathering.

Previous wording

Interest expense increased $3 million compared to the three months ended December 31, 2024 primarily due to a full quarter of interest related to the 2034 Notes and higher borrowings under the Revolving Credit Facility, partially offset by lower Bridge Facility interest than in 2024. Interest expensewas unchanged compared to the three months ended March 31, 2024 primarily due to a full quarter of interest related to the 2034 Notes offset by repayment of the Term Loan Facility during 2024.

Current wording

Interest expense increased $2 million for the six months ended June 30, 2025 primarily due to higher interest related to the 2034 Notes, partially offset by repayment of the Term Loan Facility during 2024.

Previous wording

We believe our long-term agreements with producers and the quality of the natural gas reserves in the Marcellus/Utica and Haynesville formations position the business for future growth. We will continue to pursue economically attractive expansion opportunities that leverage our current asset footprint and strategic relationships. These growth opportunities include further expansions at Blue Union Gathering, Appalachia Gathering, Ohio Utica Gathering, Tioga Gathering and Clean Fuels Gathering.

Current wording

We believe our long-term agreements with producers and the quality of the natural gas reserves in the Marcellus/Utica and Haynesville formations position the business for future growth. We will continue to pursue economically attractive expansion opportunities that leverage our current asset footprint and strategic relationships. These growth opportunities include further expansions at Blue Union Gathering, Appalachia Gathering, Ohio Utica Gathering, and Tioga Gathering.

Previous wording

For purposes of the following discussion, any increases or decreases refer to the comparison of the three months ended March 31, 2025 to the three months ended March 31, 2024.

Current wording

For purposes of the following discussion, any increases or decreases refer to the comparison of the six months ended June 30, 2025 to the six months ended June 30, 2024.

Previous wording

Net cash and cash equivalents from operating activities increased $6 million for the three months ended March 31, 2025 primarily due to an increase in operating income after adjustment for non-cash items including depreciation and amortization expense, stock-based compensation, and amortization of operating lease right-of-use assets, a decrease in cash paid for income taxes, partially offset by decreases in net working capital changes and dividends received from equity method investees.

Current wording

Net cash and cash equivalents from operating activities increased $26 million for the six months ended June 30, 2025 primarily due to an increase in operating income after adjustment for non-cash items including depreciation and amortization expense, stock-based compensation, and amortization of operating lease right-of-use assets, partially offset by decreases in dividends received from equity method investees and decreases in net working capital changes.

Previous wording

Net cash and cash equivalents used for investing activities decreased $17 million for the three months ended March 31, 2025 primarily due to a decrease in cash used for plant and equipment expenditures, partially offset by lower distributions received from equity method investees.

Current wording

Net cash and cash equivalents used for investing activities decreased $19 million for the six months ended June 30, 2025 primarily due to a decrease in cash used for plant and equipment expenditures and a purchase price adjustment for the Midwest Pipeline Acquisition, partially offset by lower distributions received from equity method investees.

Previous wording

DT Midstream paid cash dividends on common stock of $75 million and $67 million during the three months ended March 31, 2025 and 2024, respectively. See Note 6, "Earnings Per Share and Dividends" to the Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.

Current wording

DT Midstream paid cash dividends on common stock of $158 million and $138 million during the six months ended June 30, 2025 and 2024, respectively. See Note 6, "Earnings Per Share and Dividends" to the Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.

Previous wording

Net cash and cash equivalents used for financing activities decreased $7 million for the three months ended March 31, 2025 primarily due to lower net repayments of borrowings under the Revolving Credit Facility, partially offset by higher payroll taxes paid related to vested stock-based compensation and higher dividends paid on common stock.

Current wording

Net cash and cash equivalents used for financing activities increased $56 million for the six months ended June 30, 2025 primarily due to higher net repayments of borrowings under the Revolving Credit Facility, higher dividends paid on common stock and higher payroll taxes paid related to vested stock-based compensation.

Previous wording

Our sources of liquidity include cash and cash equivalents generated from operating activities and available borrowings under our Revolving Credit Facility. As of March 31, 2025, we had $16 million of letters of credit outstanding and $65 million borrowings outstanding under our Revolving Credit Facility. We had approximately $1.0 billion of available liquidity as of March 31, 2025, consisting of cash and cash equivalents and available borrowings under our Revolving Credit Facility.

Current wording

Our sources of liquidity include cash and cash equivalents generated from operating activities and available borrowings under our Revolving Credit Facility. As of June 30, 2025, we had $16 million of letters of credit outstanding and $25 million borrowings outstanding under our Revolving Credit Facility. We had approximately $1.0 billion of available liquidity as of June 30, 2025, consisting of cash and cash equivalents and available borrowings under our Revolving Credit Facility.

Previous wording

The Credit Agreement covering the Revolving Credit Facility includes financial covenants that DT Midstream must maintain. See Note 9, "Debt" and Note 10, "Commitments and Contingencies" to the Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.

Current wording

The Credit Agreement covering the Revolving Credit Facility includes a maximum consolidated net leverage ratio covenant that DT Midstream must maintain. An Investment Grade Event under the Credit Agreement occurred on May 16, 2025. See Note 9, "Debt" and Note 10, "Commitments and Contingencies" to the Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.

Previous wording

Capital spending within our Company is primarily for ongoing maintenance and expansion of our existing assets, and if identified, attractive growth opportunities. We have been disciplined in our capital deployment and make growth investments that meet our criteria in terms of strategy, management skills, and identified risks and expected returns. All potential investments are analyzed for their rates of return and cash payback on a risk-adjusted basis. Our total capital expenditures, inclusive of $1 million in contributions to equity method investees, were $72 million for the three months ended March 31, 2025 primarily for expansions on Blue Union Gathering, Appalachia Gathering, Stonewall, LEAP and Clean Fuels Gathering. We anticipate total capital expenditures, inclusive of contributions to equity method investees, for the year ended December 31, 2025 of approximately $470 million to $550 million.

Current wording

Capital spending within our Company is primarily for ongoing maintenance and expansion of our existing assets, and if identified, attractive growth opportunities. We have been disciplined in our capital deployment and make growth investments that meet our criteria in terms of strategy, management skills, and identified risks and expected returns. All potential investments are analyzed for their rates of return and cash payback on a risk-adjusted basis. Our total capital expenditures, inclusive of $2 million in contributions to equity method investees, were $154 million for the six months ended June 30, 2025 primarily for expansions on Blue Union Gathering, Appalachia Gathering, Clean Fuels Gathering, Stonewall and LEAP. We anticipate total capital expenditures, inclusive of contributions to equity method investees, for the year ended December 31, 2025 of approximately $470 million to $550 million.