DT Midstream, Inc.

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. With that, I'll go ahead and turn the call over to David.

Thanks, Todd, and good morning, everyone, and thank you for joining. During today's call, I'll touch on our financial results, share details on the latest commercial activity, and provide a status update on our key growth initiatives. 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 had another strong quarter financially in our year to date performance is enabling us to increase the midpoint of our 2025 adjusted EBITDA guidance range to 1.13 billion. An 18% increase from the prior year adjusted EBITDA guidance. We are also reaffirming our 2026 adjusted EBITDA early outlook range. The third quarter was another active quarter for us commercially. and the team continues to advance incremental organic opportunities that support our future growth. We are announcing today that we've reached FID on a larger G3 Plus expansion on Guardian Pipeline. This upsize expansion increases the total capacity of Guardian by approximately 537 million cubic feet per day, which is a 40% increase in the total capacity of the pipeline. and the overall project is anchored by five investment grade utilities under 20 year negotiated rate contracts. This investment is supported by strong fundamentals as there is robust gas and power demand growth throughout the region. We are also advancing potential upstream network opportunities given the connectivity to DTM's broader portfolio, including pathways from vector and Midwestern pipelines, as well as supply options from our natural gas storage facility and Nexus in order to offer our customers greater flexibility and reliability to meet their growing demand. Turning to our construction activity, our LEED Phase 4 expansion facilities were placed into service early and on budget, increasing the capacity from 1.9 to 2.1 BCF per day and providing reliable, timely access to rapidly growing Gulf Coast LNG markets. This expansion is underpinned by long-term demand-based contracts that will start in the first quarter of 2026. And I'd like to take a moment to recognize and thank our construction team for delivering another project early and on budget. During the quarter, we also placed our Clean Fuels Gathering project into service, and initial volumes are ramping as planned. I'd also like to address our Louisiana CCS project that remains pre-FID. As we've disclosed in prior quarters, we have progressed this project to be shovel-ready while minimizing capital investment. The Louisiana Department responsible for reviewing permit applications has recently reorganized, and a moratorium has been announced on accepting new applications. Our project remains under formal technical review and is not subject to the moratorium. But at this point, the permit timeline is too uncertain to provide an updated date when we expect to reach FID. It remains an attractive project economically and strategically, leveraging our existing Hainesville assets and expertise. We will keep you updated as our application advances through the review process. Finally, I'd like to take a moment to address the current natural gas market fundamentals and why I feel DTM is so well positioned. We have seen a positive shift in Haynesville over the last few quarters, and the record high throughput on our Haynesville system this quarter demonstrates the ability of producers to respond quickly to LNG demand signals. With the recent commercial announcements of multiple LNG terminals, we certainly see opportunity for future expansions of our Haynesville network including LEAP, which is in a strong competitive position given our connectivity to both basin supply and downstream demand markets. In addition to the growing momentum in the LNG market, we continue to have a very constructive view on gas and power demand growth in the country, fueled by increasing power generation needs from AI computing and data centers, along with industrial demand growth from onshoring of manufacturing. Moving to the regulatory framework, the recent Senate confirmation of two new FERC members was an encouraging sign and continued government agency initiatives that streamline approval processes while maintaining high quality reviews give us increased confidence in a constructive permitting process for our key interstate growth projects. I'll now pass over to Jeff to walk you through our quarterly financials and outlook.

Thanks, David, and good morning, everyone. In the third quarter, we delivered adjusted EBITDA of $288 million, representing an $11 million increase from the prior quarter. Our pipeline segment results were in line with the second quarter. Gathering segment results were $10 million higher than the second quarter, driven by higher volumes on our Haynesville system, where production ramped faster than expected. Operationally, total gathering volumes for the Haynesville averaged 2.04 BCF per day, setting an all-time record throughput for a quarter and a 35% increase over the third quarter 2024. In the Northeast, volumes averaged 1.09 BCF per day, driven by the timing of maintenance and producer activity primarily on our Appalachia gathering system. As expected, we are seeing Northeast volumes ramp higher into the fourth quarter, with September averaging 1.17 BCF per day, driven by incremental production on our Tioga system. And we continue to expect average fourth quarter volumes to be in line with the first quarter. As David stated in his opening remarks, following our strong year-to-date performance and considering our expectations for the fourth quarter, we are raising our 2025 adjusted EBITDA guidance midpoint to 1.13 billion and narrowing the range to 1.115 to 1.145 billion. In addition, we are reaffirming our 2026 adjusted EBITDA early outlook and plan to provide our formal 2026 guidance on our year-end call. We are also raising our distributable cash flow guidance range to $800 to $830 million, a midpoint increase of $45 million due to lower maintenance capital, interest, and cash taxes. On the capital front, Due to capital efficiency and project timing, we are reducing our 2025 growth capital guidance range to $385 million to $415 million, which represents a $30 million reduction to the midpoint of our range. With the improvements in our distributable cash flow and capital expenditures, we expect lower year-end leverage of approximately 3.1 for on-balance sheet and approximately 3.8 for proportionally consolidated. For 2026, we are increasing our committed capital to $280 million, which reflects the upsized Guardian G3 expansion reaching FID. For our upsized Guardian expansion project, We expect to invest a total of 850 to 930 million at a five to six times billed multiple. With the project expected to be in service in the fourth quarter of 2028. So overall, our committed capital has increased for the 25 to 29 time period to 1.6 billion. which reflects 70% of our 2.3 billion backlog advancing to execution within just nine months. We will provide an updated look at our overall backlog on our year-end call. Finally, today we also announced that our Board of Directors approved our third quarter dividend of 82 cents per share, unchanged from the prior quarter And we remain committed to grow the dividend 5% to 7% per year in line with our long-term adjusted EBITDA growth. I'll now pass it back over to David for closing remarks.