DT Midstream, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>DT Midstream, Inc. has submitted its 2023 10-K report detailing fiscal year operations and financial standing.</b>

AI Summary

DT Midstream, Inc. (DTM) filed a Annual Report (10-K) with the SEC on February 16, 2024. DT Midstream, Inc. filed its 2023 Form 10-K on February 16, 2024, reporting on its fiscal year ended December 31, 2023. The filing covers the company's operations in Natural Gas Transmission, classified under SIC code 4922. Key subsidiaries mentioned include NEXUS Gas Transmission LLC and Millennium Pipeline. The company's principal business address is 500 Woodward Avenue, Suite 2900, Detroit, MI 48226-1279. The filing includes financial data for the fiscal years ending December 31, 2020, 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking DT Midstream, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of DT Midstream's financial performance, operational activities, and strategic positioning for the fiscal year 2023, which is crucial for investors to assess the company's health and future prospects. The detailed financial statements and risk factors within the report offer insights into the company's ability to manage its debt, generate revenue, and navigate the regulatory and market landscape of the natural gas transmission industry.

Risk Assessment

Risk Level: medium — DT Midstream, Inc. shows moderate risk based on this filing. The company operates in the natural gas transmission industry, which is subject to significant regulatory oversight and market fluctuations, as indicated by the filing's nature as a 10-K and its SIC code.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand DT Midstream's performance and potential challenges in the natural gas sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-16 — Filing Date (Date of submission)
• 4922 — SIC Code (Natural Gas Transmission)
• 313-402-8532 — Business Phone (Contact number)

Key Players & Entities

• DT Midstream, Inc. (company) — Filer name
• 0001842022-24-000003 (other) — Accession Number
• 20231231 (date) — Conformed Period of Report
• 20240216 (date) — Filed as of Date
• 4922 (other) — Standard Industrial Classification
• DE (other) — State of Incorporation
• NEXUS Gas Transmission LLC (company) — Subsidiary
• Millennium Pipeline (company) — Subsidiary

FAQ

Industry Context

DT Midstream operates in the natural gas transmission sector, a critical part of the energy infrastructure responsible for transporting natural gas from production areas to consumers.

Regulatory Implications

The natural gas transmission industry is subject to regulations from bodies like the Federal Energy Regulatory Commission (FERC) concerning rates, safety, and environmental impact.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management's discussion and analysis.
2. Analyze the company's risk factors section for potential operational, market, and regulatory challenges.
3. Compare DT Midstream's 2023 performance metrics with previous years and industry benchmarks.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-16: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is the annual 10-K report for the fiscal year ending December 31, 2023, providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $0.01 — ich Registered Common stock, par value $0.01 DTM New York Stock Exchange Securitie
• $1.1 billion — 2029 Notes Senior unsecured notes of $1.1 billion in aggregate principal amount due June
• $1.0 billion — 2031 Notes Senior unsecured notes of $1.0 billion in aggregate principal amount due June
• $600 million — 31 2032 Notes Senior secured notes of $600 million in aggregate principal amount due April
• $384 million — Income Attributable to DT Midstream of $384 million; Declared total cash dividends of $2.7
• $2.76 — lion; Declared total cash dividends of $2.76 per common share; Completed the conver

Filing Documents

• dtm-20231231.htm (10-K) — 1999KB
• a12312023ex41.htm (EX-4.1) — 29KB
• a12312023ex101.htm (EX-10.1) — 149KB
• a12312023ex191.htm (EX-19.1) — 30KB
• a12312023ex211.htm (EX-21.1) — 11KB
• a12312023ex231.htm (EX-23.1) — 2KB
• a12312023ex311.htm (EX-31.1) — 10KB
• a12312023ex312.htm (EX-31.2) — 10KB
• a12312023ex321.htm (EX-32.1) — 5KB
• a12312023ex322.htm (EX-32.2) — 6KB
• a12312023ex951.htm (EX-95.1) — 22KB
• a12312023ex971.htm (EX-97.1) — 46KB
• dtm-20231231_g1.gif (GRAPHIC) — 5KB
• dtm-20231231_g2.jpg (GRAPHIC) — 50KB
• dtmlogo.gif (GRAPHIC) — 5KB
• imagea.jpg (GRAPHIC) — 8KB
• 0001842022-24-000003.txt (&nbsp;) — 11309KB
• dtm-20231231.xsd (EX-101.SCH) — 62KB
• dtm-20231231_cal.xml (EX-101.CAL) — 110KB
• dtm-20231231_def.xml (EX-101.DEF) — 321KB
• dtm-20231231_lab.xml (EX-101.LAB) — 863KB
• dtm-20231231_pre.xml (EX-101.PRE) — 608KB
• dtm-20231231_htm.xml (XML) — 1745KB

Forward-Looking Statements

Forward-Looking Statements 4 PART I Items 1. and 2. Business and Properties 6 Item 1A.

Risk Factors

Risk Factors 23 Item 1B. Unresolved Staff Comments 38 Item 1C. Cybersecurity 38 Item 3.

Legal Proceedings

Legal Proceedings 38 Item 4. Mine Safety Disclosures 38 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 39 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 41 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 51 Item 8.

Financial Statements

Financial Statements 52 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 87 Item 9A.

Controls and Procedures

Controls and Procedures 87 Item 9B. Other Information 87 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 87 PART III Item 10. Directors, Executive Officers, and Corporate Governance 88 Item 11.

Executive Compensation

Executive Compensation 88 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 88 Item 13. Certain Relationships and Related Transactions, and Director Independence 88 Item 14. Principal Accountant Fees and Services 88 PART IV Item 15. Exhibits and Financial Statement Schedule s 89 Item 16. Form 10-K Summary 90

Signatures

Signatures 91 DEFINITIONS Unless the context otherwise requires, references to "we," "us," "our," "Registrant," or the "Company" and words of similar importance refer to DT Midstream and, unless otherwise specified, our consolidated subsidiaries and our unconsolidated joint ventures. As used in this Form 10-K, the terms and definitions below have the following meanings: Appalachia Gathering A 149-mile gathering system delivering Marcellus shale natural gas to the Texas Eastern Pipeline and Stonewall ASC 606 The Accounting Standards Codification of Revenue from Contracts with Customers issued by the FASB ASU Accounting Standards Update issued by the FASB Bcf Billion cubic feet of natural gas Bcf/d Billion cubic feet of natural gas per day Birdsboro A 14-mile interstate pipeline transporting gas supply to a gas-fired power plant in Pennsylvania Bluestone A 65-mile lateral pipeline and two compression facilities delivering Marcellus shale natural gas to Millennium and the Tennessee Pipeline Blue Union Gathering A 420-mile gathering system delivering shale natural gas from the Haynesville formation of Louisiana to markets in the Gulf Coast region CERCLA Comprehensive Environmental Response, Compensation, and Liability Act CFTC Commodity Futures Trading Commission Columbia Pipeline Columbia Gas Transmission, LLC, owned by TC Energy Corporation and Global Infrastructure Partners COVID-19 Coronavirus disease of 2019 Credit Agreement DT Midstream's credit agreement provides for the Term Loan Facility and Revolving Credit Facility Distribution Pro rata distribution to DTE Energy shareholders of all the outstanding common stock of DT Midstream upon the Separation DEI Diversity, equity, and inclusion DTE Energy DTE Energy Company, the consolidating entity of DT Midstream prior to the Separation DT Midstream DT Midstream, Inc. and our consolidated subsidiaries EPA U.S. Environmental Protection Agency EPAct 2005 Energy Policy Act of 20

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Certain information presented herein includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, and businesses of DT Midstream. Words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "outlook," "confident," and other words of similar meaning in connection with a discussion of future operating or financial performance may signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact forward-looking statements of DT Midstream including, but not limited to, the following: changes in general economic conditions, including increases in interest rates and associated Federal Reserve policies, a potential economic recession, and the impact of inflation on our business; industry changes, including the impact of consolidations, alternative energy sources, technological advances, infrastructure constraints and changes in competition; global supply chain disruptions; actions taken by third-party operators, processors, transporters and gatherers; changes in expected production from Southwestern Energy and other third parties in our areas of operation; demand for natural gas gathering, transmission, storage, transportation and water services; the availability and price of natural gas to the consumer compared to the price of alternative and competing fuels; our ability to successfully and timely implement our business plan; our ability to complete organic growth projects on time and on budget; our ability to finance, complete, or successfully in

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS ability to develop low carbon business opportunities and deploy GHG reducing technologies; changes in insurance markets impacting costs and the level and types of coverage available; the timing and extent of changes in commodity prices; the success of our risk management strategies; the suspension, reduction or termination of our customers' obligations under our commercial agreements; disruptions due to equipment interruption or failure at our facilities, or third-party facilities on which our business is dependent; and the effects of future litigation. The above list of factors is not exhaustive. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause actual results to vary materially from those stated in forward-looking statements. Any forward-looking statements speak only as of the date on which such statements are made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, subsequent events or otherwise. 5 PART I Items 1. and 2. Business and Properties General DT Midstream was incorporated in the state of Delaware in 2021. Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements, and all amendments to such reports are available free of charge through the Investors Relations page of DT Midstream's website: www.dtmidstream.com , as soon as reasonably practicable after they are filed with or furnished to the SEC. Additionally, the public may read and copy any materials that we file electronically with the SEC at www.sec.gov . The DT Midstream Code of Conduct, Board of Directors' Code of Business Conduct and Ethics, Board of Directors' Governance Guidelines, Board of Directors' Committee Charters, and Categorical Standards for Director Independence are also posted on DT Midstream's website. The information on DT

Properties

Properties The following table presents certain information concerning our principal properties included in the Pipeline segment: Property Classification % Owned Operator Capacity (Bcf/d) Compression Horsepower Description Location Pipeline FERC-Regulated Interstate Pipelines NEXUS (a) 50% No 1.4 99,137 A joint venture that owns a 256-mile pipeline and three compression facilities transporting Utica and Marcellus shale natural gas to Ohio, Michigan and Ontario market centers and Generation OH and MI Vector (a) 40% No 2.8 120,000 A joint venture that owns a 348-mile pipeline and five compression facilities connecting Illinois, Michigan and Ontario market centers IL, IN, MI and Ontario Millennium (a) 52.5% No 1.9 84,389 A joint venture that owns a 263-mile pipeline and compression facilities serving markets in the northeast and supply from the northeast Marcellus region NY Birdsboro 100% Yes 0.2 — A 14-mile pipeline transporting gas supply to a gas-fired power plant in Pennsylvania PA Intrastate Pipelines Generation 50% No 0.4 — A 25-mile pipeline located in northern Ohio and owned by NEXUS OH FERC-Regulated Storage System Washington 10 Storage Complex (b) 91% Yes N/A 26,205 An interstate storage system with 94 Bcf of storage capacity and associated compression facilities MI Lateral Pipelines Bluestone 100% Yes 1.2 36,720 A 65-mile pipeline and two compression facilities delivering Marcellus shale natural gas to Millennium and the Tennessee Pipeline PA and NY LEAP 100% Yes 1.7 18,000 A 209-mile pipeline delivering Haynesville shale natural gas to markets in the Gulf Coast region LA Stonewall 85% Yes 1.5 — A 68-mile pipeline delivering Marcellus and Utica shale natural gas to the Columbia Pipeline WV Michigan System 100% Yes 0.8 2,400 A 335-mile pipeline system in northern Michigan MI __________________________________ (a) We account for our ownership interest in these joint venture properties as equity method investments in accord

View Full Filing

View this 10-K filing on SEC EDGAR