DT Midstream, Inc. reported a net income of $354 million for the fiscal year ending December 31, 2024, a decrease from $384 million in the previous year. The company's operating revenues increased to $981 million, up from $922 million in 2023, primarily driven by new long-term firm service contracts and higher volumes in its Pipeline segment. The diluted earnings per share for 2024 were $3.60, compared to $3.94 in 2023. The decline in profitability was attributed to increased operational costs and lower earnings from equity method investees, particularly from Millennium and NEXUS.
Significant strategic developments included the completion of the Midwest Pipeline Acquisition on December 31, 2024, where DT Midstream acquired three FERC-regulated natural gas transmission pipelines—Guardian, Midwestern, and Viking—from ONEOK for $1.2 billion. This acquisition added approximately 3.7 billion cubic feet per day (Bcf/d) of capacity across 1,300 miles in seven states, enhancing the company's footprint in the Midwest market. Additionally, the company completed the Clean Fuels Acquisition, which aligns with its strategy to pursue carbon-reducing technologies.
Operationally, DT Midstream's Pipeline segment generated $443 million in revenue, while the Gathering segment reported $538 million. The company’s average throughput from the Gathering segment was 2.9 Bcf/d, slightly down from 3.0 Bcf/d in 2023. The total employee headcount increased to 556, reflecting the integration of new personnel from the Midwest Pipeline Acquisition. The company also reported a credit rating upgrade to investment-grade by Fitch Ratings, with a positive outlook from Moody's and S&P.
Looking ahead, DT Midstream aims to continue its focus on disciplined capital deployment and expansion opportunities, particularly in its Pipeline and Gathering segments. The company plans to invest between $470 million and $550 million in capital expenditures for 2025, with a strategic emphasis on projects that leverage its existing asset footprint. The management expressed confidence in achieving long-term growth through firm service revenue contracts and the development of low-carbon business opportunities, including carbon capture initiatives.
About DT Midstream, Inc.
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