DT Midstream Reports 26.25% Revenue Growth to $303 Million in Q1 2025

DT Midstream, Inc. reported a significant increase in financial performance for the first quarter of 2025, with operating revenues reaching $303 million, up from $240 million in the same period last year, marking a 26.25% increase. The company's net income attributable to DT Midstream also rose to $108 million, compared to $97 million in the first quarter of 2024, resulting in a basic earnings per share of $1.07, up from $1.00. This growth is attributed to the successful integration of the Midwest Pipeline Acquisition, which added substantial revenue from newly acquired interstate pipelines.

The financial results reflect a notable operational shift, with the Pipeline segment generating $169 million in revenues, a 58% increase from $107 million in the prior year, primarily due to contributions from the recently acquired assets. The Gathering segment's revenues remained relatively stable at $134 million, slightly up from $133 million year-over-year. The increase in operating expenses, which rose to $78 million from $54 million, was largely driven by the operational costs associated with the new pipelines and increased maintenance activities.

In terms of strategic developments, DT Midstream completed the Midwest Pipeline Acquisition on December 31, 2024, acquiring three FERC-regulated interstate natural gas transmission pipelines for approximately $1.2 billion. This acquisition is expected to enhance the company's operational footprint and revenue-generating capabilities. The company also reported a total capital expenditure of $72 million for the quarter, focusing on expansions in various gathering systems, including Blue Union Gathering and Clean Fuels Gathering.

Operationally, DT Midstream's total assets as of March 31, 2025, stood at $9.932 billion, slightly down from $9.935 billion at the end of 2024. The company maintained a strong liquidity position with $83 million in cash and cash equivalents and approximately $1 billion available under its Revolving Credit Facility. The company’s employee headcount increased to 101.6 million shares outstanding, reflecting a growing workforce aligned with its expansion strategy.

Looking ahead, DT Midstream remains optimistic about its growth trajectory, emphasizing its commitment to disciplined capital deployment and the development of low-carbon business opportunities. The company aims to leverage its strategic asset locations and long-term customer agreements to drive future revenue growth. Management anticipates continued operational improvements and is focused on maintaining a flexible balance sheet to support ongoing investments and shareholder returns.