DT Midstream, Inc.

Previous 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:

Current wording

For purposes of the following discussion, any increases or decreases refer to the comparison of the three months ended September 30, 2026 to the three months ended June 30, 2026, and the nine months ended September 30, 2026 to the nine months ended September 30, 2025, as applicable. The following table summarizes our consolidated financial results:

Previous 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.

Current wording

Income tax expense decreased $8 million for the three months ended September 30, 2026 primarily due to a decrease in the effective tax rate. Income tax expense increased $17 million for the nine months ended September 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 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.

Current wording

Operating revenues decreased $7 million for the three months ended September 30, 2026 primarily due to lower Appalachia Gathering volumes of $4 million. Operating revenues increased $73 million for the nine months ended September 30, 2026 primarily due to higher volumes of $34 million and higher recovery of production-related operating expenses of $6 million on Blue Union Gathering, higher Appalachia Gathering volumes of $23 million, higher Tioga Gathering volumes of $8 million, and higher volumes on Ohio Utica Gathering of $7 million, partially offset by lower Susquehanna Gathering volumes of $7 million.

Previous 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.

Current wording

Operation and maintenance expense increased $30 million for the nine months ended September 30, 2026 primarily due to higher inter-segment fees at Appalachia Gathering from the MVP expansion of $20 million and higher production-related operating expenses at Blue Union Gathering of $13 million.

Previous 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.

Current wording

Depreciation and amortization expense increased $14 million for the nine months ended September 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 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.

Current wording

Income tax expense decreased $4 million for the three months ended September 30, 2026 due to a decrease in the effective tax rate and lower income before income taxes. Income tax expense increased $9 million for the nine months ended September 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 six months ended June 30, 2026 to the six months ended June 30, 2025.

Current wording

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

Previous 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.

Current wording

Net cash and cash equivalents from operating activities increased $71 million for the nine months ended September 30, 2026 primarily due to an increase in operating income of $64 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 $8 million, and increases in net working capital changes of $5 million, partially offset by an increase in cash paid for income taxes, net of refunds received, of $6 million.

Previous 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.

Current wording

Net cash and cash equivalents used for investing activities decreased $10 million for the nine months ended September 30, 2026 primarily due to a decrease in plant and equipment expenditures of $21 million, and higher distributions received from equity method investees of $13 million, partially offset by higher contributions to equity method investees of $14 million, and a purchase price adjustment for the Midwest Pipeline Acquisition in 2025 of $10 million.

Previous 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.

Current wording

DT Midstream paid cash dividends on common stock of $262 million and $241 million during the nine months ended September 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 $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.

Current wording

Net cash and cash equivalents used for financing activities decreased $66 million for the nine months ended September 30, 2026 primarily due to lower net repayments under the Revolving Credit Facility of $150 million, and net proceeds received from the issuance of the Guardian Term Loan of $149 million, partially offset by repurchases of the 2029 Notes and 2031 Notes of $197 million, higher dividends paid on common stock of $21 million, higher stock-based compensation tax withholding payments of $8 million, and lower contributions from noncontrolling interests of $6 million.

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 $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.

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 $291 million for the nine months ended September 30, 2026, inclusive of $17 million in contributions to equity method investees and $274 million in plant and equipment expenditures. These were primarily related to investments on Guardian, Blue Union Gathering, 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 $450 million to $510 million.

Previous wording

The preparation of our Consolidated Financial Statements in conformity with GAAP requires that management apply accounting policies and makes estimates and assumptions that affect results of operations and the amounts of assets and liabilities reported in the Consolidated Financial Statements. There have been no significant changes to our critical accounting estimates from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.

Current wording

The preparation of our Consolidated Financial Statements in conformity with GAAP requires that management apply accounting policies and make estimates and assumptions that affect results of operations and the amounts of assets and liabilities reported in the Consolidated Financial Statements. There have been no significant changes to our critical accounting estimates from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.

Previous wording

We are party to off-balance sheet arrangements, which include our equity method investments. See Note 1, "Description of the Business and Basis of Presentation—Principles of Consolidation" to the Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further discussion of the nature, purpose and other details of such agreements.

Current wording

We are party to off-balance sheet arrangements, which include our equity method investments. See Note 1, "Description of the Business and Basis of Presentation—Equity Method Investments" to the Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further discussion of the nature, purpose and other details of such agreements.