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Here are 1-3 brief analogies for DT Midstream (DTM):

• A utility company like Duke Energy (DUK), but focused on transporting and processing natural gas instead of delivering electricity.

• Imagine a major freight railroad like Union Pacific (UNP), but they move natural gas through a vast pipeline network instead of goods on trains.

• They are akin to a Kinder Morgan (KMI) or Enbridge (ENB), operating the essential pipelines and facilities that move natural gas from production to market.

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• Gathering Services: Collects natural gas directly from production wells through pipeline networks.
• Processing Services: Separates raw natural gas into dry natural gas and valuable natural gas liquids (NGLs).
• Transportation Services: Moves natural gas and natural gas liquids through extensive pipeline systems to various markets.
• Storage Services: Provides underground facilities for the secure storage of natural gas to meet market demand fluctuations.

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• Natural gas producers
• Marketers (of natural gas)
• Industrial end-users
• Interstate and intrastate pipelines
• Local distribution companies (LDCs)

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• BP plc (BP)
• Southwestern Energy Company (SWN)
• Comstock Resources, Inc. (CRK)
• ConocoPhillips (COP)
• Chesapeake Energy Corporation (CHK)
• Antero Resources Corporation (AR)
• EQT Corporation (EQT)
• Gulfport Energy Corporation (GPOR)

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David Slater, President and Chief Executive Officer

Mr. Slater has over 30 years of executive experience in the energy industry, holding multinational, investment banking, and operational roles. He served as President and Chief Operating Officer of DTE Gas Storage and Pipelines, a wholly-owned midstream subsidiary of DTE Energy, before DT Midstream's spin-off in July 2021. Prior to joining DTE Energy in 2011, he was a Vice President at Goldman Sachs from 2010 to 2011. His career also includes a role as Managing Director at Nexen Inc. from 2002 to 2010. Mr. Slater was involved in the sale of a merchant energy company, where he managed natural gas marketing, to Goldman Sachs.

Jeff Jewell, Executive Vice President and Chief Financial Officer

Mr. Jewell is the Executive Vice President and Chief Financial Officer of DT Midstream, Inc. He previously held positions at DTE Energy as Vice President, Treasurer, and Chief Risk Officer, and before that, as Corporate Controller and Chief Accounting Officer. His professional background includes financial and risk management leadership roles at Arthur Anderson and Koch Industries.

Melissa Cox, Executive Vice President and Chief Administrative Officer

Ms. Cox leads information technology, human resources, supply chain, corporate affairs, business administration, and philanthropy for DT Midstream. She previously served as Vice President of Information Technology at DT Midstream. Her experience spans the automotive, banking, and energy sectors.

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

Ms. Ellis previously served as Vice President and General Counsel for the non-utility business units of DTE Energy, including its power and industrial business units, as well as its gas storage and pipeline subsidiaries. During her tenure at DTE Energy, she managed numerous acquisitions, divestitures, and joint ventures. Earlier in her career, she practiced law at a Detroit law firm.

Chris Zona, Executive Vice President and Chief Operating Officer

Mr. Zona previously served as Executive Vice President of DTE Gas Storage and Pipelines, a wholly-owned midstream subsidiary of DTE Energy, where he was responsible for key aspects of commercial development, project execution, and operations of natural gas assets. Before joining DTE Energy, he held various leadership positions in engineering, planning, construction, and operations at ANR Pipeline Company and SEMCO Energy Gas.

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Key Risks to DT Midstream (DTM)

DT Midstream (DTM) faces several significant risks inherent to the energy infrastructure sector. The most prominent include regulatory and environmental pressures, operational challenges related to its infrastructure, and a degree of customer concentration.

1. Regulatory and Environmental Risks, including Climate Change: DT Midstream is significantly exposed to evolving environmental laws, regulations, and enforcement policies, particularly those concerning climate change and greenhouse gas (GHG) emissions. Changes in these regulations could materially impact the company's business, financial condition, results of operations, and reputation through increased compliance costs, more restrictive requirements for new infrastructure, or limitations on customer operations that could reduce demand for DT Midstream's services. The company has acknowledged the importance of these factors by setting a goal to achieve net-zero carbon emissions by 2050, with an interim target of a 30% reduction by 2030.
2. Operational Risks and Infrastructure Integrity: The company's core business of gathering, storing, and transporting natural gas is subject to various operational hazards. These include risks associated with pipeline safety failures, equipment interruptions or failures, and disruptions caused by natural disasters or severe weather conditions. Non-compliance with pipeline safety regulations, such as those mandated by PHMSA, could lead to substantial costs, operational delays, and other adverse effects on its operations. Such incidents can result in reduced operational efficiency and interruptions in customer service.
3. Customer Concentration and Demand Risk: DT Midstream exhibits a notable concentration of its revenue from a limited number of major customers. For example, in 2024, Expand Energy accounted for approximately 56% of the company's operating revenues. Similarly, in 2021, Southwestern and Antero collectively represented about 77% of operating revenues. Any significant reduction in production or demand from these key customers, or adverse changes in regional policies or economic conditions in the Midwest, Northeast, and Haynesville basins where DT Midstream operates, could materially affect the company's asset utilization, margins, financial health, and overall results. While the company emphasizes long-term contracts and a diversified customer base, this concentration poses a substantial risk should these critical customers face financial difficulties, alter their operational strategies, or if regional demand for natural gas diminishes.

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• Accelerated decarbonization and the rapid adoption of renewable energy sources, alongside increased electrification, pose a clear emerging threat by reducing long-term demand for natural gas. As states and the federal government set more aggressive emissions reduction targets and the cost of renewables (solar, wind) continues to fall, the need for natural gas as a "bridge fuel" is diminishing faster than anticipated in some forecasts. This directly threatens DTM's business model, which relies on the sustained throughput of natural gas and natural gas liquids through its infrastructure.
• Increasing regulatory hurdles and public opposition to new fossil fuel infrastructure development is an emerging threat. Environmental activism, stricter permitting processes, and legal challenges are making it increasingly difficult and costly to build new natural gas pipelines, processing plants, and storage facilities. This limits DTM's ability to expand its asset base, connect to new supply or demand centers, and grow its business in an environment where new infrastructure projects face significant delays or outright cancellations.

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DT Midstream (DTM) primarily operates within the natural gas midstream sector, providing integrated natural gas services that include pipeline transportation, storage, and gathering systems, as well as natural gas processing.

Addressable Market Sizes:

• Natural Gas Pipeline Transportation (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, exhibiting a Compound Annual Growth Rate (CAGR) of 8.67% from 2025 to 2034.
• Natural Gas Storage (U.S.): The U.S. natural gas storage market size is estimated at 13.36 billion cubic meters (bcm) in 2024 and is predicted to be worth approximately 74.91 bcm by 2034, with a CAGR of 18.80% from 2024 to 2034. Another report valued the U.S. natural gas storage market at 132.25 bcm in 2025.
• Natural Gas Gathering Systems (U.S. Midstream Market): Natural gas gathering is a component of the broader U.S. oil and gas midstream market. This market was valued at USD 10.0 billion in 2024 and is projected to reach USD 14.77 billion by 2032, growing at a CAGR of 5.0% from 2026 to 2032. Another source estimates the U.S. oil and gas midstream market at USD 17.10 billion in 2025, expected to reach USD 20.41 billion by 2030.
• Natural Gas Processing (Global): The global gas processing market size was valued at USD 228.66 billion in 2024 and is projected to surpass approximately USD 430.84 billion by 2034, growing at a CAGR of 6.54% from 2024 to 2034. North America held the largest share in the global gas processing market in 2023 due to high demand in the U.S. and Canada.

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• Pipeline Expansions: The company is significantly expanding its pipeline infrastructure. This includes the upsized Guardian Pipeline "G3" expansion, projected to increase capacity by approximately 537 MMcf/d by the fourth quarter of 2028. DT Midstream has also placed the LEAP Phase 4 expansion project into service early and on budget. These projects are part of a larger organic growth backlog, representing 236% of its 2024 Adjusted EBITDA, highlighting substantial expansion potential.
• Growth in Haynesville System Volumes: DT Midstream has observed record-high quarterly gathering volumes for its Haynesville system. In the third quarter of 2025, volumes increased by 35% year-over-year, reaching 2.04 bcf/d. The company's strategic asset positioning in the Haynesville basin, combined with anticipated continued strong production trends in the region, is expected to fuel further growth.
• Increasing Demand for Natural Gas Exports (LNG): DT Midstream is strategically positioned to capitalize on the growing demand for liquefied natural gas (LNG) exports. Its access to multiple LNG facilities along the Gulf Coast allows it to benefit from the projected rise in U.S. natural gas exports, which analysts identify as a significant long-term driver for pipeline utilization and sustainable revenue growth.
• Strategic Organic Growth Projects: The company has made Final Investment Decisions (FID) on approximately $600 million in new organic growth projects, with 90% of this investment allocated to the pipeline segment. The capital plan indicates committed investments of around $665 million over 2025 and 2026 for these strategic growth initiatives.
• Inflation-Based Rate Increases: As a FERC-regulated entity, DT Midstream's contracts may include provisions for annual inflation-based rate adjustments. For example, pipelines utilizing the FERC Pipeline Index were permitted to increase rates by 13% in 2023 due to an adjustment in the inflation input. This mechanism allows for potential price increases on existing services, contributing to revenue growth.

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DT Midstream (DTM) Capital Allocation Decisions (Last 3-5 Years)

1. Share Repurchases

• On February 28, 2022, DT Midstream's Board of Directors authorized the repurchase of up to 125,000 shares of common stock.
• These repurchases were intended to offset an equivalent amount of common shares issued under its 2022 stock-based compensation program.

2. Share Issuance

• In November 2024, DT Midstream announced an underwritten public offering of $300 million of common stock.
• The company granted underwriters a 30-day option to purchase up to an additional $45 million of common shares in connection with this offering.
• The net proceeds from this offering, along with other financing, were intended to fund the acquisition of pipeline assets.

3. Inbound Investments

• DT Midstream became an independent publicly traded company on July 1, 2021, after successfully spinning off from DTE Energy.
• As part of the spin-off, DTE shareholders received one share of DT Midstream common stock for every two shares of DTE common stock owned.

4. Outbound Investments

• On December 31, 2024, DT Midstream closed the acquisition of a portfolio of three FERC-regulated natural gas transmission pipelines from ONEOK, Inc. for a total cash consideration of $1.2 billion.
• The acquired assets include Guardian Pipeline, Midwestern Gas Transmission, and Viking Gas Transmission, with a total capacity of over 3.7 Bcf/d across approximately 1,300 miles.
• This acquisition aims to align with DT Midstream's pure-play natural gas strategy, increase revenue contribution from its pipeline segment, and enhance its organic growth project backlog.

5. Capital Expenditures

• DT Midstream's 2023-2027 capital outlook for growth capital expenditures was estimated to be between $1.7 billion and $2.2 billion, with approximately $0.8 billion committed to projects like LEAP, Blue Union, and Appalachia Gathering expansions.
• For 2025, the growth capital guidance was reduced to a range of $385 million to $415 million.
• The primary focus of capital expenditures includes new energy infrastructure projects, pipeline modernization, and expansions such as the Guardian Pipeline "G3" project and LEAP Phase 4 expansion.