DT Midstream (DTM) J.P. Morgan Natural Resources Conference Presentation summary

Investment highlights

• $3.4 billion project backlog supports strong growth through the end of the decade, with a focus on organic, demand-driven capital investments.

• Approximately 70% of the business is pipeline-based, anchored by long-term, take-or-pay contracts and significant minimum volume commitments.

• Peer-leading dividend and Adjusted EBITDA growth, with an 8% dividend CAGR and 12% Adjusted EBITDA CAGR from 2021 to 2025.

• Investment grade leverage metrics, with 2.9x on-balance sheet and 3.5x proportional 2026E year-end leverage.

• Durable contract portfolio with ~95% demand-based contracts and an average contract tenor of ~8 years.

Asset portfolio and network

• Integrated pipeline network spans over 2,200 miles of FERC-regulated interstate pipelines and 900+ miles of gathering pipelines.

• 94 Bcf of gas storage capacity enhances reliability and balancing for customers.

• Diversified asset base with major contributions from LEAP, Millennium, NEXUS, Stonewall, and other key pipelines.

• Assets are strategically located to serve growing LNG, power, and industrial demand, especially in the Midwest and Gulf Coast regions.

• Modernization projects underway to enhance system efficiency and reliability, with capital recovery planned through future rate cases.

Growth strategy and capital plan

• 2026 capital plan is largely committed, with ~$840 million in investments planned for 2026 and 2027.

• $1.7 billion of projects have reached final investment decision (FID) through 2030.

• Multiple pipeline expansion projects advancing, including the Guardian "G3" expansion and Vector 2030 expansion, both supported by strong customer interest.

• LEAP Haynesville system can expand from 2.1 Bcf/d to ~4 Bcf/d to meet rising LNG and industrial corridor demand.

• Growth investments are consistently completed on time and on budget, supporting a strong track record.