Here are 1-3 brief analogies for DT Midstream:

• It's like UPS or FedEx, but for natural gas, transporting and storing it through a vast network of pipelines.
• Think of it as a railroad company for natural gas, owning the pipelines (tracks) and charging for gas to be moved and stored.
• It's the Amazon Web Services (AWS) of natural gas infrastructure, providing the essential pipelines and storage facilities that energy companies use.

• Natural Gas Transportation: Moving natural gas through a network of interstate, intrastate, and lateral pipelines to various customers.
• Natural Gas Storage: Storing natural gas in underground facilities for intermediate and end users.
• Natural Gas Gathering: Collecting natural gas from points near customers' wells and delivering it to processing plants or pipelines.
• Natural Gas Processing & Treatment: Services including compression, dehydration, and other gas treatment to prepare natural gas for market.
• Water Management: Services encompassing water impoundment, storage, and transportation.
• Sand Mining: Providing sand for various industrial applications, often related to the natural gas extraction process.

DT Midstream (DTM) primarily sells its services to other companies.

Based on the provided description, its major customers fall into the following categories, though specific company names with their symbols are not disclosed in the given information:

• Natural gas producers
• Local distribution companies
• Electric power generators
• Industrials
• National marketers

David Slater, Executive Chairman and Chief Executive Officer

David Slater has over 30 years of executive experience in the energy industry. He has served as Executive Chairman of DT Midstream since 2026 and Chief Executive Officer since 2021. Prior to these roles, he was President and Chief Operating Officer of DTE Gas Storage and Pipelines, a midstream subsidiary of DTE Energy, before DT Midstream's spin-off. His career also includes roles as a Vice President at Goldman Sachs and a Managing Director at Nexen Inc.

Jeff Jewell, Executive Vice President and Chief Financial Officer

Jeff Jewell oversees all financial operations, including capital allocation and investor relations for DT Midstream. He previously served as Vice President, Treasurer, and Chief Risk Officer for DTE Energy. Before that, he was DTE Energy's Corporate Controller and Chief Accounting Officer. His professional background also includes financial and risk management leadership positions with Arthur Andersen and Koch Industries.

Chris Zona, President and Chief Operating Officer

Chris Zona has over three decades of experience in the energy industry. He has served as President of DT Midstream since 2026 and Chief Operating Officer since 2021. Before his current role, he was Executive Vice President of DTE Gas Storage and Pipelines, managing commercial development, project execution, and operations of natural gas assets. Prior to joining DTE Energy, he held various leadership positions in engineering, planning, construction, and operations at ANR Pipeline Company and SEMCO Energy Gas.

Melissa Cox, Executive Vice President and Chief Administrative Officer

Melissa Cox leads DT Midstream's information technology, cybersecurity, human resources, corporate and government affairs, and philanthropy. Her experience spans the automotive, banking, and energy industries, focusing on innovative solutions. She previously held the position of Vice President of Information Technology at DT Midstream.

Wendy Ellis, Executive Vice President, General Counsel and Corporate Secretary

Wendy Ellis is responsible for legal, governance, and compliance matters at DT Midstream. She previously served as Vice President and General Counsel for DTE Energy's non-utility businesses.

The key risks to DT Midstream's business are:

1. Regulatory and Environmental Risks, including Energy Transition: DT Midstream faces significant risks from evolving regulatory landscapes, particularly those related to environmental policies, climate change, and greenhouse gas emissions. Changes in these regulations or stricter enforcement could increase compliance costs and impact operations. The company also encounters opposition from environmental groups and other stakeholders, which can cause delays or disruptions to its projects and operations. Furthermore, an accelerated pace of energy transition or decarbonization policies could lead to a decline in demand for midstream services in the longer term, potentially resulting in stranded assets. Permitting issues and government energy policies also present ongoing challenges to planning and developing long-term assets.
2. Customer Concentration Risk: A significant portion of DT Midstream's operating revenues is derived from a single customer. Southwestern Energy accounted for approximately 60% of operating revenues in 2023 and 65% in 2022. The loss of this key customer or the inability to renew or replace expiring contracts at favorable terms could materially and adversely affect the company's business, financial condition, and results of operations.
3. Execution Risk on Large Capital Projects and Potential Weakness in Natural Gas Demand: DT Midstream has a substantial organic project backlog, valued at approximately $3.4 billion as of early 2026, primarily focused on pipeline expansions. There is an inherent execution risk associated with these large capital commitments, including the possibility of delays, cost overruns, or failure to meet anticipated demand. If future natural gas demand weakens or if these projects do not materialize as planned, it could impact the company's profitability and asset utilization, potentially leading to stranded asset risk.

The accelerated transition to renewable energy sources and the electrification of various sectors, which could lead to a significant long-term decline in natural gas demand and render existing natural gas infrastructure less utilized or obsolete.

DT Midstream (DTM) operates in several key addressable markets within the natural gas industry in the United States, primarily focusing on transportation, storage, and gathering and processing services.

The addressable market sizes for DT Midstream's main products or services are as follows:

• Natural Gas Pipeline Infrastructure (U.S.): The U.S. gas pipeline infrastructure market was valued at approximately USD 1,058.73 billion in 2024 and is projected to reach around USD 2,431.55 billion by 2034.
• Natural Gas Storage (U.S.): The natural gas storage market in the United States was valued at USD 43.8 billion in 2024 and is expected to reach USD 56.57 billion by 2030.
• Natural Gas Gathering and Processing (North America/Global): The global gas processing market size was approximately USD 243.62 billion in 2025 and is predicted to increase to about USD 457.28 billion by 2035. North America accounted for the largest revenue share in the global gas treatment market in 2023.

DT Midstream (DTM) anticipates several key drivers for future revenue growth over the next two to three years, primarily stemming from strategic infrastructure expansions and increasing natural gas demand in its operating regions.

1. Expansion of Organic Project Backlog and Pipeline Systems: DT Midstream has significantly increased its organic project backlog by approximately 50% to $3.4 billion over the next five years, with roughly 75% allocated to pipeline projects. Around $1.6 billion of these projects are already committed. Key initiatives include the Viking Gas Transmission expansion, expected to be in service by Q4 2027, and Phase 2 of the Interstate pipeline modernization program, targeting in-service by the first half of 2028. The company is also advancing other projects such as Vector and Guardian pipeline expansions, along with further LEAP system buildouts and various interstate pipeline and gathering system expansions.

2. Growing Natural Gas Demand from Power Generation and Data Centers in the Midwest: A significant driver is the increasing natural gas demand in the Upper Midwest, presenting what the company calls "generational investment opportunities." This surge in demand is propelled by an estimated 35 gigawatts of coal plant retirements over the next 10-15 years and the rapid expansion of data centers and other large industrial loads. DT Midstream's strategically located assets are well-positioned to meet the escalating need for natural gas volumes into critical hubs like Chicago.

3. Increased LEAP and Storage Revenue: The LEAP (Louisiana Energy Access Project) system and storage assets are expected to continue contributing substantially to revenue growth. The LEAP Phase 4 expansion was completed ahead of schedule and within budget, boosting its capacity to 2.1 Bcf per day. Continued optimization and future expansions of the LEAP system, alongside existing storage infrastructure, are anticipated to drive higher revenues.

4. Benefits from Midwest Pipeline Acquisition Integration: The successful integration of the Midwest pipeline acquisition in 2025 played a significant role in the 27% growth of the Pipeline segment. The company expects to continue realizing integration synergies and enhanced operational capabilities from this acquisition, which fortify its asset base and contribute to sustained revenue generation in the coming years.

5. Stable Revenue from Long-term, Demand-Based Contracts: DT Midstream's revenue stability is underpinned by its robust contracted portfolio, with approximately 95% of its agreements being demand-based and having an average contract tenure of eight years. This contractual structure provides predictable cash flows and insulates the company from the volatility of commodity prices, ensuring consistent revenue streams as new projects from the expanding backlog come online under similar long-term agreements.

Share Issuance

• DT Midstream was spun off from DTE Energy on July 1, 2021, at which point DTE shareholders received one share of DT Midstream common stock for every two shares of DTE common stock they owned.
• As of December 31, 2021, DT Midstream had 96,734,010 shares of common stock issued and outstanding.

Outbound Investments

• The company completed the integration of its Midwest pipelines, contributing to record-high throughput across its footprint in 2025.

Capital Expenditures

• DT Midstream's capital expenditures averaged $423.6 million annually from fiscal years 2020 to 2024, peaking at $772 million in 2023.
• For 2026, DT Midstream guided capital investments between $490 million and $570 million, with growth investments for 2027 expected to exceed 2026 levels, with approximately $430 million already committed.
• The company has an organic project backlog of approximately $3.4 billion over the next five years, with about 75% weighted toward pipeline investments, including an expansion of Viking for Grand Forks, North Dakota, and Phase 2 of the Interstate Pipeline's modernization program.