DT Midstream, Inc.

At this time, I'd like to turn the conference over to Todd Lorman, Director of Investor Relations. Please go ahead.

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, everybody, and thank you for joining. During today's call, I'll touch on our financial results, provide an update on the latest commercial activity, and construction progress on our growth projects. I'll then close with some commentary on the current market fundamentals before turning it over to Jeff to review our financial performance and outlook. So with that, we're off to a great start in 2024, giving us confidence in our full year plan. We are reaffirming our 2024 adjusted EBITDA guidance range and our 2025 adjusted EBITDA early outlook range. Our construction and commercial teams continue to make great progress on our backlog of organic growth projects, setting the company up for continued success. This morning, we are excited to announce a new expansion on our Stonewall system, which includes additional mainline capacity, incremental compression, and a new interconnect with Mountain Valley Pipeline. This project will provide a new production outlet to the Mid-Atlantic market. which we expect will become a fast-growing region with new data center and AI-powered demand load emerging. The project is anchored by a 15-year agreement with a large investment grade producer, which includes an acreage dedication and a minimum volume commitment. In conjunction with our new Stonewall development, we have also upsized our Appalachia Gathering System Phase 3 expansion. The capital investment to support both these projects was already contemplated as highly probable as part of our capital guidance. And our capital plan for the year remains within our free cash flow after dividends. Staying in Appalachia, initial volumes began flowing on our Ohio Utica system in March. As a reminder, we expect production volume to ramp over an 18 to 24 month period as our customer executes on its development plan and delineates this emerging play. And our revenues are fully protected under a take or pay contract structure. The liquids rich Ohio Utica resource play is highly economic in today's price environment and further diversifies our gathering segment. We expect this emerging basin to continue to grow and are observing increased drilling activity from both our anchor customer as well as other producers in the region. Turning from Appalachia to the Haynesville, we are pleased to announce the completion of our new interconnect between our Haynesville system and the Gillis Access project. This strategic interconnect will provide greater optionality to lead customers, directly connecting the system to approximately six BCF a day of expected new LNG export demand growth, and further strengthening our competitive position. Our Blue Union Carthage area connection was also completed in mid-April, offering additional supply access, increasing our ability to further diversify customers on our Hainesville system. Our LEAP Phase 3 expansion remains ahead of schedule and on budget, and once completed, will bring the system's total capacity to 1.9 BCF a day. We remain in active discussions for LEAP Phase 4 expansion and are well positioned in the basin to grow and have proven our ability to serve our customers in a timely and efficient manner. While Hainesville producers have acted rationally to respond to short-term prices, there is strong recognition of the coming demand starting next year and the long-term need for production access to the Gulf Coast markets. Turning to our energy transition platform and our carbon capture and sequestration project in Louisiana. In the first quarter, we successfully drilled our Class 5 test well. Completing the Class 5 test well was an important milestone in the development process as we continue to de-risk the project with minimal capital spent. Early results indicate that the sequestration site meets or exceeds our initial view of the geology. and we remain on track for our second half 2024 FID. Following the recent EPA announcement of new regulations mandating a 90% reduction or capture of CO2 emissions from new natural gas plants, we are poised to capitalize on this rapidly expanding market for carbon capture and sequestration. Our Louisiana carbon capture and sequestration projects methodical approach underscores our proficiency in development and execution and establishes us as a credible first mover capable of providing complete source to sink carbon capture solutions. Finally, I want to take a moment to address the natural gas market fundamentals and producer activity across our footprint. As we described on our year-end call, our guidance for 2024 was based on producers' plans that reflected the gas price environment at the time. which was impacted by warm winter weather. The activity that we are observing to this point remains in line with our plan for the year. In Haynesville, drilling has commenced on 90% of the wells that we've included in our 2024 plan. And in Appalachia, drilling has commenced on nearly 60% of the wells included in our 2024 plan. Looking ahead, gas prices in 2025 and 2026 remain in the $3.50 to $4 range, which we believe reflects the new LNG demand and will support production growth on our assets as we close in on 2025, with potential for an earlier response if hot summer weather increases a call on natural gas for power demand. Like the rest of the sector, we're closely monitoring the developments around expanding demand to support data center and AI growth. While it's still early days, it's an exciting development, as emerging power demand is expected to increase the call on natural gas fire generation, supporting the need for natural gas and natural gas infrastructure for decades to come. Additionally, many of our assets serve the regions that are expected to see this power demand growth fueled by data centers and AI deployment. I'll now pass it over to Jeff to walk you through our quarterly financials and outlook.