DT Midstream Completes Asset Acquisition
Ticker: DTM · Form: 8-K · Filed: Dec 31, 2024 · CIK: 1842022
Sentiment: neutral
Topics: acquisition, assets, natural-gas
TL;DR
DT Midstream just bought some assets from 01 Energy & Transportation. Details TBD.
AI Summary
DT Midstream, Inc. has completed the acquisition of assets from 01 Energy & Transportation on December 31, 2024. The filing does not disclose specific financial details of the transaction but indicates it is a significant event for the company.
Why It Matters
This acquisition could expand DT Midstream's operational footprint and potentially increase its revenue streams in the natural gas transmission sector.
Risk Assessment
Risk Level: medium — The acquisition of assets carries inherent integration risks and potential financial implications that are not fully detailed in this initial filing.
Key Players & Entities
- DT Midstream, Inc. (company) — Filer
- 01 Energy & Transportation (company) — Seller of acquired assets
- December 31, 2024 (date) — Date of earliest event reported and completion of acquisition
FAQ
What specific assets were acquired by DT Midstream, Inc. from 01 Energy & Transportation?
The filing states that DT Midstream, Inc. completed the acquisition of assets from 01 Energy & Transportation, but does not specify the nature or type of these assets.
What was the financial value of the acquisition?
The filing does not disclose the dollar amount or financial terms of the acquisition.
When did the acquisition officially close?
The acquisition was completed on December 31, 2024, which is also the date of the earliest event reported in this Form 8-K.
What is the primary business of 01 Energy & Transportation?
Based on the filing, 01 Energy & Transportation is involved in the 'Energy & Transportation' sector, and DT Midstream, Inc. is in 'NATURAL GAS TRANSMISSION'.
Are there any financial statements or exhibits attached to this filing that provide more detail?
The filing indicates 'Financial Statements and Exhibits' as an item information, suggesting that further details may be available in the attached documents.
Filing Stats: 1,414 words · 6 min read · ~5 pages · Grade level 16.4 · Accepted 2024-12-31 09:15:40
Key Financial Figures
- $0.01 — ch Registered Common stock, par value $0.01 DTM New York Stock Exchange Indic
- $1.2 billion — ember 31, 2024, for a purchase price of $1.2 billion (the "Transaction"). The foregoing des
Filing Documents
- ss4288402_8k.htm (8-K) — 35KB
- ss4288402_ex9901.htm (EX-99.1) — 14KB
- image_001.jpg (GRAPHIC) — 4KB
- image_002.jpg (GRAPHIC) — 4KB
- 0000947871-24-001058.txt ( ) — 239KB
- dtm-20241231.xsd (EX-101.SCH) — 3KB
- dtm-20241231_lab.xml (EX-101.LAB) — 33KB
- dtm-20241231_pre.xml (EX-101.PRE) — 22KB
- ss4288402_8k_htm.xml (XML) — 3KB
01
Item 2.01 Completion of Acquisition or Disposition of Assets On December 31, 2024, DT Midstream, Inc. (the "Company") successfully closed the previously announced acquisition by the Company and its wholly-owned subsidiary, DTM Interstate Transportation, LLC ("DTM Transportation" and together with the Company, the "DTM Parties") in which, pursuant to the purchase and sale agreement dated November 19, 2024 (the "Purchase Agreement") by and among the DTM Parties, ONEOK Partners Intermediate Limited Partnership ("ONEOK Intermediate") and Border Midwestern Company ("Border Midwestern," and together with ONEOK Intermediate, the "ONEOK Parties"), DTM Transportation acquired 100% of the equity interests of each of Guardian Pipeline, L.L.C., Midwestern Gas Transmission Company and Viking Gas Transmission Company (each of which own certain pipelines and related assets in the Midwestern United States) from the ONEOK Parties, effective as of 11:59 PM Central Time on December 31, 2024, for a purchase price of $1.2 billion (the "Transaction"). The foregoing description of the Purchase Agreement and the Transaction do not purport to be complete and are with the Securities and Exchange Commission as Exhibit 10.1 to the Company's Current Report on Form 8-K filed on November 19, 2024 and is incorporated herein by reference. No pro forma financial statements depicting the Transaction are required to be included as the Transaction does not exceed 20% significance under any of the three significance tests under Regulation S-X 3-05.
01
Item 7.01 Regulation FD Disclosure On December 31, 2024, the Company issued a press release regarding the closing of the Transaction. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. In accordance with General Instruction B.2 of Form 8-K, the information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), except as shall be expressly set forth in such a filing.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. Exhibit Description 99.1 Press Release of DT Midstream, Inc., dated December 31, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
Forward-Looking Statements
Forward-Looking Statements: This Current Report on Form 8-K contains forward-looking statements, within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995, that are subject to various assumptions, risks and uncertainties. It should be read in conjunction with the "Forward-Looking Statements" section in the Company's Form 10-K (which section is incorporated by reference herein), and in conjunction with other SEC reports filed by the Company that discuss important factors that could cause the Company's actual results to differ materially.
Forward-looking statements are not guarantees of future
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 the Company 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 Expand 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 integrate acquisitions; the price and availability of debt and equity financing; our ability to realize the anticipated benefits of the Transaction and our ability to manage the risks of the Transaction; restrictions in our existing and any future credit facilities and indentures; the effectiveness of our information technology and operational technology systems and practices to prevent, detect and defend against evolving cyber attacks on United States critical infrastructure; changing laws regarding cybersecurity and data privacy, and any cybersecurity threat or event; operating hazards, environmental risks, and other risks incide