DT Midstream DTM Q4 2025 Earnings Call Transcript

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Thursday, February 19, 2026 astatine 9 a.m. ET

• President and Chief Executive Officer — David Slater

• Executive Vice President and Chief Financial Officer — Jeffrey Jewell

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David Slater: Thanks, Todd, and bully morning, everyone, and convey you for joining. During today's call, I'll sermon our 2025 accomplishments, recap the strategical milestones DTM has achieved since our spin-off astir 5 years agone and supply an update connected our integrated maturation task backlog and our outlook for 2026 and beyond. I'll past adjacent with immoderate observations connected the existent earthy state marketplace fundamentals earlier turning it implicit to Jeff to reappraisal our fiscal show and guidance. So with that, 2025 was different grounds twelvemonth for DTM.

Our adjusted EBITDA exceeded our accrued guidance midpoint and represents a 17% summation from the anterior year, driven by important maturation successful the Pipeline segment, which has been a strategical absorption for the institution since we spun. The extremity of 2025 besides marked 1 twelvemonth since our Midwestp pipeline acquisition, and I'm precise pleased to study that we person successfully completed the integration of these assets. And I'd similar to instrumentality a infinitesimal to admit and convey the squad for their hard enactment connected this effort. From a commercialized perspective, past year, we precocious much than $1 cardinal of integrated opportunities from our backlog, of which 80% is for pipeline projects.

On the operation front, we continued our palmy way grounds of task execution. Most notably, our operation squad placed the LEAP Phase 4 enlargement into work aboriginal and connected budget, expanding the capableness of LEAP to 2.1 Bcf per day. Additionally, we placed respective gathering projects into work crossed our footprint, which enabled america to execute grounds precocious throughput successful 2025. We besides continued our disciplined fiscal management, prioritizing a beardown equilibrium expanse and achieved investment-grade recognition ratings crossed each 3 standing agencies.

So I americium precise pleased with our wide show past year, which reflects the continued focused execution of our halfway strategy, pure-play earthy gas, starring publication from the pipeline conception semipermanent demand-based contracts and a high-quality portfolio of strategically located assets. Since we spun the institution astir 5 years ago, DTM has consistently outperformed the broader marketplace and our midstream peers, delivering full shareholder instrumentality of astir 280%, including 12% compounded yearly adjusted EBITDA maturation and a consistently increasing and durable dividend. Our high-quality earthy state pipeline conception has driven this growth, expanding from 50% of our concern to 70% today, the highest among our adjacent group.