DT Midstream, Inc.

Good day and welcome to the DT Midstream third quarter 2022 earnings conference call. Please note, today's conference is being recorded. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star followed by the number one again. Thank you. At this time, I would like to turn the conference over to Todd Lorman, Director of Investor Relations. Mr. Lorman, you may begin your conference.

Good morning and welcome, everyone. Before we get started, I would like to remind you to read the Safe Harbor Statement on page two of the presentation, including the reference to forward-looking statements. Our presentation also includes references to non-GAAP financial measures. Please refer to the reconciliations to GAAP contained in the appendix. Joining me this morning are David Slater, President and CEO, and Jeff Jewell, Executive Vice President and CFO. I'll now turn it over to David to start the call. Thanks, Todd, and good morning, everyone, and thank you for joining.

I'll start today's call by discussing your financial performance. Then review our key growth initiatives that we executed during the quarter and provide an update on our other major development projects and commercial initiatives. Then I'll turn it over to Jeff to review our third quarter financial results and outlooks. So with that, we had another strong quarter with both business segments delivering great results. As I communicated on our second quarter call, the business was running ahead of planned. And we expect a growth to be weighted towards the second half of the year. As you can see, in our third quarter results, we are delivering that growth. And as a result, we are increasing our 2022 adjusted EBITDA guidance range to $810 to $825 million, which reflects the strong performance from our base business and the uplift from our recent Millennium Pipeline acquisitions. We continue our focus on organic growth opportunities. I'm excited to report that we reached a final investment decision on a phase three Hainesville system expansion, which will add another 200 million cubic feet a day of capacity on LEAP backed by a long-term firm contract. This is another example of our ability to add timely and efficient increments of capacity to LEAP and provide a low risk economic pathway for our customers to access attractive domestic and LNG export markets on the Gulf Coast. This latest phase, combined with the previously announced expansions, will increase the capacity of LEAP by 90%, from one BCF a day to 1.9 BCF a day, and we remain in active commercial discussions for further expansions. A few weeks ago, we closed on the Millennium Pipeline acquisition that resulted in us doubling our ownership interest in the asset. This transaction is immediately accretive, significantly accelerates our growth plan, and directly aligns with our core investment thesis. This was a great opportunity for us to increase our ownership in this fully contracted pipeline, and we are very pleased to be the majority owner of this premier asset, which we helped develop and have owned since 2008 and successfully expanded in 2019. With our additional ownership of Millennium, we are further increasing the contribution from our pipeline segment, which was approximately 55% this quarter and will be close to 60% in 2023. Now, for an update on our ongoing growth projects, all projects remain solidly on track, both from a cost and schedule perspective, and we have been successful in optimizing our capital outlays for these projects this year. During the third quarter, we completed a portion of our Blue Union expansion, which will continue to phase in through the first quarter of 2024, supporting our customers' drilling plan and our LEAP expansions. We also placed in service our Phase 1 Appalachian Gathering System expansion during the third quarter, which supported incremental volume growth. We continue to see strong interest for capacity out of Appalachia on Stonewall, as well as Nexus, as takeaway constraints remain an issue for producers. And on Nexus, we recently executed another new five-year agreement at attractive rates. We are also advancing our CCS opportunity in Louisiana and are finalizing our Class 6 well permit application, which we plan to file with the EPA by the end of November, representing an acceleration from our previous filing target. I'll now pass it over to Jeff to walk you through our quarterly financials and outlook.