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, 2026 to the three months ended December 31, 2025, and the three months ended March 31, 2026 to the three months ended March 31, 2025, 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, 2026 to the three months ended March 31, 2026, and the six months ended June 30, 2026 to the six months ended June 30, 2025, as applicable. The following table summarizes our consolidated financial results:

Previous wording

Operating revenues increased $12 million compared to the three months ended December 31, 2025 primarily due to higher revenue on LEAP of $7 million, of which $4 million was production-related and $3 million was from recovery of operational flow order fees, which are offset in operation and maintenance expense, and higher Stonewall inter-segment revenue from the MVP expansion of $5 million. Operating revenues increased $16 million compared to the three months ended March 31, 2025 primarily due to new contracts for the LEAP expansion of $6 million and production-related revenue of $5 million and higher Stonewall inter-segment revenue from the MVP expansion of $5 million.

Current wording

Operating revenues decreased $2 million for the three months ended June 30, 2026 primarily due to lower short-term contract revenue and lower recovery of operational flow order fees, which are offset in operation and maintenance expense, on LEAP of $4 million, partially offset by higher Stonewall inter-segment revenue from the MVP expansion of $3 million. Operating revenues increased $23 million for the six months ended June 30, 2026 primarily due to higher LEAP revenue of $14 million from new customer contracts and higher recovery of operational flow order fees, which are offset in operation and maintenance expense, higher Stonewall inter-segment revenue from the MVP expansion of $12 million, and higher Viking short-term firm service revenue contracts of $3 million, partially offset by lower Stonewall volumes of $5 million.

Previous wording

Operation and maintenance expense decreased $1 million compared to the three months ended December 31, 2025 primarily due to lower operating expenses on DTM Interstate Transportation of $3 million, partially offset by higher operational flow order fees on LEAP of $3 million. Operation and maintenance expense increased $3 million compared to the three months ended March 31, 2025 primarily due to higher operational flow order fees on LEAP of $3 million.

Current wording

Operation and maintenance expense increased $4 million for the three months ended June 30, 2026 primarily due to timing of pipeline integrity evaluations, partially offset by higher operational flow order fees on LEAP in the prior period. Operation and maintenance expense increased $8 million for the six months ended June 30, 2026 primarily due to higher production-related operating expenses and operational flow order fees on LEAP of $5 million.

Previous wording

Earnings from equity method investees increased $6 million compared to the three months ended December 31, 2025 primarily due to higher seasonal short-term contract revenues and lower expenses of $3 million at Millennium and higher seasonal short-term contract revenues of $2 million at Vector. Earnings from equity method investees increased $6 million compared to the three months ended March 31, 2025 primarily due to higher seasonal short-term contract revenues of $4 million at Millennium and higher seasonal short-term contract revenues of $3 million at Nexus.

Current wording

Earnings from equity method investees decreased $10 million for the three months ended June 30, 2026 primarily due to lower seasonal short-term contract revenues of $7 million at Millennium and higher operating expenses of $3 million at NEXUS. Earnings from equity method investees increased $9 million for the six months ended June 30, 2026 primarily due to higher seasonal short-term contract revenues at Millennium of $5 million and at NEXUS of $3 million.

Previous wording

Income tax expensewas unchanged compared to the three months ended December 31, 2025 primarily due to a decrease in the effective tax rate, offset by higher income before income taxes. Income tax expense increased $1 million compared to the three months ended March 31, 2025 primarily due to higher income before income taxes, partially offset by a decrease in the effective tax rate.

Current wording

Income tax expense increased $11 million for the three months ended June 30, 2026 due to an increase in the effective tax rate, partially offset by lower income before income taxes. Income tax expense increased $12 million for the six months ended June 30, 2026 due to an increase in the effective tax rate and higher income before income taxes. See Note 7, "Income Taxes" to the Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.

Previous wording

Operating revenues increased $12 million compared to the three months ended December 31, 2025 primarily due to higher Appalachia Gathering volumes of $7 million, higher volumes and deficiency fees at Ohio Utica Gathering of $4 million and higher Blue Union Gathering volumes of $2 million. Operating revenues increased $22 million compared to the three months ended March 31, 2025 primarily due to higher volumes of $8 million and new contracts of $4 million at Blue Union Gathering, higher Appalachia Gathering volumes of $5 million, higher Tioga Gathering volumes of $4 million and higher volumes and deficiency fees at Ohio Utica Gathering of $3 million.

Current wording

Operating revenues increased $12 million for the three months ended June 30, 2026 primarily due to higher volumes of $6 million and higher recovery of production-related operating expenses of $4 million on Blue Union Gathering, and higher Appalachia Gathering volumes due to the MVP expansion of $5 million, partially offset by lower Susquehanna Gathering volumes of $2 million. Operating revenues increased $57 million for the six months ended June 30, 2026 primarily due to higher volumes of $27 million and higher recovery of production-related operating expenses of $4 million on Blue Union Gathering, higher Appalachia Gathering volumes of $16 million, higher Tioga Gathering volumes of $7 million, and higher volumes and deficiency fees on Ohio Utica Gathering of $5 million, partially offset by lower Susquehanna Gathering volumes of $4 million.

Previous wording

Operation and maintenance expense increased $4 million compared to the three months ended December 31, 2025 primarily due to higher inter-segment fees at Appalachia Gathering from the MVP expansion of $5 million, partially offset by lower operating expenses at Blue Union Gathering of $3 million. Operation and maintenance expense increased $9 million compared to the three months ended March 31, 2025 primarily due to higher inter-segment fees at Appalachia Gathering from the MVP expansion of $5 million and maintenance expenses at Blue Union Gathering of $4 million.

Current wording

Operation and maintenance expense increased $4 million for the three months ended June 30, 2026 primarily due to higher production-related operating expenses at Blue Union Gathering of $3 million. Operation and maintenance expense increased $22 million for the six months ended June 30, 2026 primarily due to higher inter-segment fees at Appalachia Gathering from the MVP expansion of $12 million and higher production-related operating expenses at Blue Union Gathering of $10 million.

Previous wording

Depreciation and amortization expense increased $5 million compared to the three months ended March 31, 2025 primarily due to assets placed into service at Blue Union Gathering, Clean Fuels Gathering and Ohio Utica Gathering.

Current wording

Depreciation and amortization expense increased $10 million for the six months ended June 30, 2026 primarily due to assets placed into service at Blue Union Gathering, Clean Fuels Gathering, Ohio Utica Gathering, and Appalachia Gathering.

Previous wording

Income tax expense decreased $4 million compared to the three months ended December 31, 2025 primarily due to a decrease in the effective tax rate, partially offset by higher income before income taxes. Income tax expensewas unchanged compared to the three months ended March 31, 2025 primarily due to a decrease in the effective tax rate, offset by higher income before income taxes.

Current wording

Income tax expense increased $6 million for the three months ended June 30, 2026 due to an increase in the effective tax rate and higher income before income taxes. Income tax expense increased $8 million for the six months ended June 30, 2026 due to higher income before income taxes and an increase in the effective tax rate. See Note 7, "Income Taxes" to the Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.

Previous wording

For purposes of the following discussion, any increases or decreases refer to the comparison of the three months ended March 31, 2026 to the three months ended March 31, 2025.

Current wording

For purposes of the following discussion, any increases or decreases refer to the comparison of the six months ended June 30, 2026 to the six months ended June 30, 2025.

Previous wording

Net cash and cash equivalents from operating activities increased $33 million for the three months ended March 31, 2026 primarily due to an increase in operating income of $24 million after adjustment for non-cash items including depreciation and amortization expense, stock-based compensation, and amortization of operating lease right-of-use assets, and a decrease in dividends received from equity method investees of $11 million, partially offset by a decrease in cash paid for income taxes, net of refunds received, of $4 million.

Current wording

Net cash and cash equivalents from operating activities increased $70 million for the six months ended June 30, 2026 primarily due to an increase in operating income of $47 million after adjustment for non-cash items including depreciation and amortization expense, stock-based compensation, and amortization of operating lease right-of-use assets, an increase in dividends received from equity method investees of $16 million, and increases in net working capital changes of $8 million, partially offset by an increase in cash paid for income taxes, net of refunds received, of $3 million.

Previous wording

Net cash and cash equivalents used for investing activities increased $14 million for the three months ended March 31, 2026 primarily due to an increase in plant and equipment expenditures of $7 million, higher contributions to equity method investees of $4 million and lower distributions received from equity method investees of $3 million.

Current wording

Net cash and cash equivalents used for investing activities increased $48 million for the six months ended June 30, 2026 primarily due to an increase in plant and equipment expenditures of $31 million, a purchase price adjustment for the Midwest Pipeline Acquisition in 2025 of $10 million, and higher contributions to equity method investees of $8 million.

Previous wording

DT Midstream paid cash dividends on common stock of $83 million and $75 million during the three months ended March 31, 2026 and 2025, 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 $172 million and $158 million during the six months ended June 30, 2026 and 2025, 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 $62 million for the three months ended March 31, 2026 primarily due to lower net repayments under the Revolving Credit Facility of $85 million, partially offset by higher payroll taxes paid related to vested stock-based compensation of $13 million and higher dividends paid on common stock of $8 million.

Current wording

Net cash and cash equivalents used for financing activities decreased $90 million for the six months ended June 30, 2026 primarily due to proceeds received from the issuance of the Guardian Term Loan of $149 million and lower net repayments under the Revolving Credit Facility of $125 million, partially offset by repurchases of the 2029 Notes and 2031 Notes of $148 million, higher payroll taxes paid related to vested stock-based compensation of $18 million, higher dividends paid on common stock of $14 million, and lower contributions from noncontrolling interests of $4 million.

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, 2026, we had $17 million of letters of credit outstanding and no borrowings outstanding under our Revolving Credit Facility. We had approximately $1.1 billion of available liquidity as of March 31, 2026, 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, 2026, we had $17 million of letters of credit outstanding and no borrowings outstanding under our Revolving Credit Facility. We had approximately $1.2 billion of available liquidity as of June 30, 2026, 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 a financial covenant that DT Midstream must maintain. We are in compliance with this covenant as of March 31, 2026. See Note 9, "Debt" to the Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q.

Current wording

The credit agreements covering the Revolving Credit Facility and Guardian Term Loan include financial covenants that must be maintained. We are in compliance with these covenants as of June 30, 2026. See Note 9, "Debt" 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 investments were $83 million for the three months ended March 31, 2026, inclusive of $5 million in contributions to equity method investees and $78 million in plant and equipment expenditures. These were primarily related to investments on Blue Union Gathering, Midwestern, Appalachia Gathering, and Guardian. We anticipate total capital investments, inclusive of contributions to equity method investees and plant and equipment expenditures, for the year ended December 31, 2026 of approximately $490 million to $570 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 investments were $193 million for the six months ended June 30, 2026, inclusive of $10 million in contributions to equity method investees and $183 million in plant and equipment expenditures. These were primarily related to investments on Blue Union Gathering, Guardian, Appalachia Gathering, Midwestern, Viking and Ohio Utica Gathering. We anticipate total capital investments, inclusive of contributions to equity method investees and plant and equipment expenditures, for the year ended December 31, 2026 of approximately $490 million to $570 million.