DT Midstream, Inc.

Welcome to the DT Midstream second quarter 2026 earnings call. 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 one again. Thank you. I will now turn it over to our speaker today, Todd Lohrmann, Director of Investor Relations. Thank you. 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, Executive Chairman and CEO, Chris Zona, President and COO, and Jeff Jewell, Executive Vice President and CFO. So 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 highlight our key accomplishments for the quarter and discuss the constructive market fundamentals driving demand across our footprint. I'll then turn it over to Chris and Jeff to review our commercial activity, project execution, and financial performance and outlook. So with that, midway through the year, we continue to execute our focused strategy while delivering strong results. The organization is firing on all cylinders, giving us confidence in our full-year plan and the future. We're successfully converting strong demand from LNG, power generation, and data center development into new commercial opportunities and organic growth across our footprint. With today's announcements, we have now commercialized 60% of our 3.4 billion organic project backlog, with more than 80% of this being committed to pipeline projects. The momentum we're seeing across our business is underpinned by durable market fundamentals that will support growth for many years to come. The market environment continues to reinforce the critical role of natural gas infrastructure, with both domestic and global demand growth highlighting the importance of reliable, secure, and affordable energy supply. A study released earlier this year by the Inca Foundation concluded that North America will require over $1 trillion of new pipeline infrastructure investment over the next 25 years, highlighting the significant need to connect supply to growing demand centers and supporting the strong investment thesis in natural gas pipeline infrastructure in North America. Internationally, growing LNG demand and ongoing supply disruptions are favoring U.S.-sourced LNG exports as a secure and reliable procurement strategy. We continue to believe this dynamic will support additional LNG-related infrastructure investment along the Gulf Coast, creating expansion opportunities across the natural gas value chain, including on our Haynesville system. Natural gas also remains the most reliable and affordable domestic energy source available at scale and plays a critical role in supporting future power demand growth. Our interstate gas pipeline footprint is strategically located to serve this growth, and we continue to advance multiple opportunities across our system supported by these favorable market fundamentals. I'll now turn it over to Chris to walk you through the commercial activity and construction projects that are converting this demand into growth across our footprint.

Thanks, David. Good morning, everyone. As David indicated, the second quarter was another active quarter for us commercially, and we are announcing today that we've reached FID and approximately $300 million of new organic growth projects from our capital project backlog. Unpacking the new investment projects, the first is an expansion of our Hainesville system, which increases our access to effects of supply, expands our LEAP pipeline by 200 mmCF per day, and is supported by new long-term agreements with two producer customers. The expansion brings total capacity of LEAP to 2.3 BCF per day through a combination of incremental compression and looping with an expected in-service date during the second half of 2028. This project highlights our commercial capability to provide timely, competitive customer solutions and the unique advantages of our Hainesville system, which combines premier basin connectivity, direct LNG market access, and efficient, scalable infrastructure. The next project we are moving forward with is the first phase of modernization on Viking, which will improve the reliability of this critical capacity serving the Twin Cities in Minnesota and is expected to be in service in Q4 2028. This investment reflects the continued modernization opportunities we see across our interstate pipelines, with the first phases of Guardian and Western advancing as planned, including the recent FERC approval of the filing for Guardian Phase 1. During the quarter, we also executed a new long-term gathering agreement supporting a 100 MMCF per day expansion of our Appalachia Gathering System, which will be in service in Q4 of 2027, delivering supply into Nexus and Texas Eastern. This is a demand-based contract reflecting growing producer activity in the region. Finally, we commercialized another new interconnect on Nexus this quarter, which will have a capacity of 380 mm CF per day and will provide supply for a natural gas fired power generation facility to power a new data center in Ohio. Combined with the interconnect we announced on the first quarter call, we are adding over half a BCF of demand pool to the main line of Nexus. Taken together, these new projects highlight the breadth of organic opportunities we continue to see across our footprint and our ability to commercialize these, all of which are supported by long-term contracts and durable customer demand. Looking beyond today's announcements, we continue to see a robust set of future expansion opportunities across our footprint. Projects such as the MIST expansion on our Midwestern pipeline and Vector 2030 expansion are advancing through the commercialization process, and we remain encouraged by ongoing customer discussions and the demand outlook supporting these opportunities. On MIST specifically, we see the project likely coming in multiple phases with southbound and northbound expansions. We are advanced in the process of commercializing binding agreements, with the next milestone being a binding open season. Overall, these opportunities reinforce our confidence in the long-term growth potential around our assets reflected in our capital project backlog, and we will keep you updated as we continue to move them forward. Turning to our construction projects, we successfully filed the ERC-7C application for our Guardian G3 expansion projects in June, and all of our other in-flight growth investments remain on track and on budget. Finally, operationally for the quarter, Thank you, Chris, and good morning, everyone. In the second quarter,

We delivered adjusted EBITDA of $305 million, representing a $3 million decrease from the prior quarter. Our pipeline segment results were $14 million lower than the prior quarter, driven by seasonally lower revenues from our joint venture pipelines and higher revenue on Stonewall. Gathering segment results were $11 million greater than the prior quarter, reflecting higher volumes on Blue Union. Growth capital investment for the second quarter was $86 million, which is in line with our plan, and we expect a ramp in growth capital over the balance of this year. As you look to the second half of the year, we expect the third quarter to be in line with our full year guidance, but to be lower than the strong second quarter. Driven by maintenance across our gathering network, and as Chris noted, Northeast volumes are expected to be lower due to timing of producer activity, we are confident in our full year outlook and thus are reaffirming Our 2026 Adjusted EBITDA Guidance Range and Our 2027 Adjusted EBITDA Early Outlook The new investments that reached FID this quarter will increase our 2026 and 2027 Committee Capital to approximately $425 million in 2026 and approximately $560 million in 2027. Our balance sheet is very healthy and in a strong position. with two of the rating agencies recently raising our leveraged downgrade thresholds, Moody's from 4.0 to 4.25 times on a proportionate basis, and Fitch from 4.0 to 4.5 for an on-balance sheet. Finally, today we also announced that our Board of Directors approved our second quarter dividend of $0.88 per share, unchanged from the prior quarter, and we remain committed to grow the dividend in line with adjusted EBITDA. I'll now pass it back over to David for closing remarks.

Thanks, Jeff. So, in summary, we remain confident in delivering on our guidance, continuing our strong track record of disciplined execution while advancing organic growth opportunities across our footprint. Our team is executing well, focusing on our customers' growing needs, which our high-quality pure-plain natural gas pipeline portfolio is positioned to serve. The long-term outlook for natural gas infrastructure in North America remains highly constructive, supported by growing LNG and power demand and the increasing need for reliable, affordable, and secure energy. And with that, we can now open up the line for questions.

At this time, I would like to remind everyone... In order to ask a question, press star, then the number one on your telephone keypad. We'll pause for a moment to compile the Q&A roster. And your first question comes from the line of Theresa Chin. Your line is open.

Good morning, and thank you for taking my questions. Would you elaborate on the commercialization progress and process or missed at this point? specifically on the size and scope of the basing approach and how you see the competitive landscape evolving over the next few months.

Good morning, Theresa. This is David, and good to hear from you. And I'll start, and Chris, maybe you can jump in and fill it in a bit. But I'd say I'm just going to elevate the conversation for a second and just remind everybody We're focused on the customer need, and the customer need is the ultimate driver. So that demand growth and the timing of that demand growth is the driver behind the commercialization timeline for MIST. I think as Chris alluded, and I think as we've discussed in the past, the project seems to be phasing into a southerly and an orderly type expansion. In terms of size, scale, Chris, maybe you want to add a little color to that?

Yeah, sure, David. I would say that it's a bit early here for us to really disclose anything related to size and scope of that. I mean, as David mentioned, you know, we're really focused on the customer needs. And I think in our view remains, you know, the first phase could be in service as early as end of 2029. But again, that's all going to be dictated by what the customer needs are. And the commercialization process, you know, we are working on the binding precedent agreements, and that's going well. I'll just say, you know, given the amount of demand in the area, we remain very encouraged by, you know, what we're seeing and the conversations that are ongoing. So I think that's kind of what we said today.

Yeah, Teresa, I think we've said in the past, and maybe I'll just reiterate it here, is that from a size and scale perspective, I think we've always compared this to G3 as something similar in size and scale as G3. But like Chris said, this is very fluid, and as it crystallizes or as the mist rises, we'll give you more detail. So stay tuned.

Understood. and maybe on the supply options for this project, what factors are influencing your decisions and development process here? Can you just help lay out the different options between REX, Borealis or other alternatives and what you're seeing there and then maybe specific to Borealis relative to this in particular given its potential role as but at the same time there's the debate on future PGT lateral expansions that could also expand into some of the similar markets targeted by NIST South. So can you just help clarify to what extent you see NIST and Borealis as complementary versus competitive over the long term?

Yeah, I think that here's how to think about it, Teresa, is that Midwestern is the last mile to the low center and the one and so forth. So, the benefit or positioning that Midwestern has in the market is as multiple supply sources into that pipe, right? It's a north-south pipe, Chicago to Nashville. It can be fed by Vector, it can be fed by Alliance, it can be fed by Rex, it can be fed by Texas Gas and it can also be fed in the south by Tennessee Gas. We've got a very diverse supply path optionality that's embedded in the pipeline. That's one of the features that makes this asset very attractive from a customer perspective, a lot of supply optionality and flexibility. So that's how the pipe operates today. That's how I expect it will continue to operate in the future. So we're somewhat agnostic to the supply pathway. You know, so if Borealis commercializes, that's great. We would expect that that would add additional supply for the southern end of the system. Rex does an expansion. That's great, too. It'll put supply right in the middle of the system. And obviously, we're working on, you know, a vector expansion that puts supply on the north end of the system. That's a feature that I think puts us in good standing with the customers in terms of as they look at developing and as the demand grows, obviously customers want to have multiple supply optionality to serve their demand, and Midwestern offers that.

Thank you very much for the color.

Your next question comes from the line of Jean-Anne Salisbury. Your line is open.

Hi, good morning. If Enbridge's project beacon to expand Algonquin into New England moves forward, does that materially increase the need for Millennium Pro or maybe another third-party pipeline option that versus gas from Appalachia?

Hey, good morning, Jean-Anne. Great question. Beacon is sourcing its supply from Millennium, a point called Ramapo on Millennium. So, you know, we're very supportive of the Beacon project. As that project commercializes, those shippers are speaking directly with Millennium to bring incremental supply to the receipt point on that project. So You know, you can almost think of the two projects as tandem projects. They're very complementary to each other. So I think the short answer is yes. As Beacon commercializes, that's going to drive incremental opportunity on Millennium.

Very clear. Thank you. And then as the gas pipelines and the Permian come online over the next couple of years, there could be a lot more Permian gas coming to the LNG corridor. Is there some risk that you see that maybe less Hainesville Gas will need to go to the LNG than was previously thought and more will kind of go towards the southeast? And does that change your outlook for getting to the full four BCSD on LEAP over time?

I think our view on the Permian is supported by some of our actions here over the last couple years where we've been really intentional about enhancing our connectivity to Carthage. We believe Carthage will be one of the landing zones for Permian Gas as it pushes easterly. And the Permian Gas is chasing both LNG demand, but it's also chasing domestic demand as well. That, you know, the expansion that Chris talked about this morning is going to enhance our connectivity to Carthage, kind of for the reason that you just described. You know, in terms of the demand growth over the next five to ten years, it's incredibly robust. And it's going to need all of that Permian gas, and it's going to need significant incremental Hainesville gas. So we're in a robust demand environment right now where all basins will need to grow, and I believe that will drive opportunities across the entire pipeline ecosystem.

That makes sense. Thank you.

Your next question comes from the line of Spiro Dunas. Your line is open.

Thanks, Alfred. Good morning, James. I wanted to start with 27 CapEx quickly. The slide seems to point to maybe a step change there. I realize no members are involved, but it seems like a nice gap up. So I'm curious, what's changed since your last update? How much of that is an acceleration of projects into 27 versus maybe new opportunities you're potentially seeking here?

Good morning, Sparrow. I think it's as simple as the projects that we FID'd. We give two years forward detailed view of the CapEx. And what you're seeing here on that slide is really the portion of CapEx related to those projects that we announced today and how much of that falls in 26 and 27. Understood.

Second question. Hoping to not get you to repeat yourself, but just wanted to go back to your competitive advantage in and around this and in that region. A lot of in-flight projects from competitors kind of announced in that neck of the woods. So I'm just curious, not that you're a Gnostic in some cases, but could you maybe just put a finer point on how you see your competitive advantage there? Maybe what more of a blue sky scenario is for DTM? Is this in a situation where everybody wins, or is this not really sort of more of a net zero game?

Yeah, that's an interesting question. I mean, I'm probably going to repeat what I said earlier, is that, you know, for existing infrastructure, it's kind of like real estate, location, location, location, right? So where the demand manifests, if you're the asset in the ground that's nearest to that demand, you're going to have an advantage. And, you know, so again, I view Midwestern as sort of the last mile. Thank you for joining us today. Got it. I'll leave it there. Thank you, David.

Your next question comes from the line of Keith Stanley. Your line is open.

Hi, good morning. First, I wanted to clarify on MIST. David, when you say you expect it to be comparable to G3 in size and scale, are you referring to the capacity of the project or more the amount of capital investment?

Yes and yes. I think that's how I framed it probably two quarters ago. It's, you know, size and scale similar to G3 on a lot of different metrics.

Okay. Second question. Any early conversations you could point to with utilities on the need for a Guardian G4? I think WECC has said they plan to update next quarter on some of their plans around the nuclear plant and the like. Do you think, I guess, G4 could start to get commercialized later this year once the utilities update their plans or is that more likely a 2027 event?

Yeah, I think if we talk about that Wisconsin, that greater Wisconsin market, they're following a very rigorous regulatory process right now. I think I would point investors to that regulatory process and I think you're saying it correctly that we're somewhat of a derivative of that regulatory process. So, yeah, I mean, I think you said it well. And, you know, that's a fairly true statement across our footprint. You know, when I look at slide eight in our deck, you know, our entire asset footprint is kind of lit up like a Christmas tree right now. And we've never seen that before. while we've owned these assets. It's just such a strong demand-pull market environment right now, and the regulatory processes that are unfolding across all these states, across our entire footprint, are very foundational to our assets and all these expansion opportunities, whether it be what's happening in New England, in New York, or our conversation here about Wisconsin. what's going on in Michigan, Ohio. It's all being kind of framed and driven around the regulatory processes because the vast majority of our demand pull interest is coming from regulated entities. So it's a very exciting time. Those investments, once they move through the regulatory framework, are incredibly durable. We're very excited about what's unfolding right now around our footprint. Great. Thank you.

Your next question comes from the line of Julian Dumoulin-Smith. Your line is open.

Hey, guys. This is Alex Obermeyer on for Julian. Just a question on Haynesville and, you know, where Henry Hub is currently. Are you guys seeing anything in the way of price-related curtailments in Haynesville, or are you mostly insulated through MVCs? And then, you know, maybe just like generally how are conversations trending post-Iran, and, you know, could you see a potential for leap expansions beyond these kind of 200Ms that you've historically done? Thank you.

Hey, Alex. Chris here. Yeah, I'll take that one. So let me start with, do I keep a ton for incremental LEAP expansions? And I'd say absolutely. I think I would say, you know, based on the project here that we just announced on the expansion on the Hainesville system, it's pretty clear that, you know, the optionality that we have from the supply side in the Gulf Coast market access, you know, with LEAP, and the ability to expand that in these bite-sized increments, right? I don't mean huge obligations here to incrementally expand that. It is very attractive to the market, and I expect that's going to continue going forward as well. I will say this. On the volume side, again, you know, we see on volumes of our Hainesville system, You know, there'll be some producers will decline, but there's a lot of other producers that are going to keep their volumes high and actually achieve a little bit of growth. So we're going to be flat going into Q3. And I don't see that changing right now. Again, you know, we've got all of our customers forecast based into our guidance here, and I don't see any material changes to that.

Got it. That's helpful. And then just switching gears to Guardians. You guys have talked about Iowa being a state to watch for data center demand and how that could be beneficial for Guardian. Do you see that as a potential avenue to necessitate an expansion that's sort of separate to a G4? And from your perspective, what do you think you would need to get more constructive on the Iowa backdrop generally?

Yeah, I think when we say the greater Wisconsin area, maybe we should say Iowa and Wisconsin. But that's what I was referring to when we make those comments. So I would just mirror the comments that maybe had the Wisconsin label on it. It's really Wisconsin and Iowa. We need to monitor and observe the regulatory process there with the utilities. I think, like I said earlier, we are a derivative of that activity. Perfect. Thank you.

Your next question comes from the line of Jeremy Tunitt. Your line is open.

Hi. Good morning.

Morning, Jeremy.

Maybe picking up on Guardian and appreciate there's a lot of uncertainties as you outlined there, but if I'm thinking, you know, The possibility of order of magnitude of what this could look like. With G4, you know, if I'm thinking about scope, CapEx, EBITDA, and so on, could that look like G3? Or how should we think about the, you know, the realm of possibility here?

Yeah, you're asking me to look in the crystal ball again, Jeremy. I mean, we are very bullish what's happening in that part of the country right now. But I don't want to get ahead of it. I think if you observe, and I know you do, you observe the utility conversations very closely, I'd say the market share that we were able to acquire through this round of expansions, I would expect we would be able to hold a similar market share in the next round of expansions. Maybe that's the way I'll describe it, but I don't want to get too too far over the horizon to try to predict the exact numbers or size and scale. I can tell you that capital costs of projects are going up over time, not down. But we'll let the demand crystallize first in those geographies, and then we'll look forward to the competition to get our fair share of that demand.

Got it. That's helpful. That sounds pretty similar to me, so appreciate the color. Maybe if we just turn to Nexus here, seems like a pretty, you know, a good time to interconnect as you talk about for the quarter. If you could just remind us, I guess, where the pipe's at capacity-wise, where it could go to in the future, and how we should think about, you know, I guess, growth, even a growth in the future here.

Sure. So, you know, the capacity of the pipe today is about 1.4 BCF per day. and the pipe is effectively fully contracted today. There are some shorter-term contracts that roll every couple years, which has Nexus in this enviable position as one of, you know, maybe the only or very limited available capacity out of the Appalachia Basin that's available to be contracted for longer term. Nexus sits on probably the vast majority of that. So it's in a pretty attractive spot. So, you know, we've been sort of working that northwestern Ohio market, you know, bringing demand to the mainline. You know, that's step number one is get it connected to the mainline. Step number two is, you know, then provide service to that demand center off the mainline. So it's, again, that domino effect where you just do the first step, you know, get the last mile connected. and then that demand comes on the network and then over time you're going to generate opportunities on the network to service that demand. So that's really been the strategy in terms of Nexus in particular. You know, we can expand Nexus quite easily with compression. Just to remind the audience, you know, I think when we built the asset eight years ago, We did not construct one of the compressor stations, but the yards there, the headers are sitting there. So we're in a really good position to drop incremental compression on the asset to expand it. And we would hope that as we monetize the existing capacity that's available to be monetized long-term, that that would be step one. Step two would be triggering an expansion. So the market is... Ripening, I'll say it that way. And I think we want to just be strategic and patient as we address the market demand that's materializing.

Got it. Appreciate the comment. Thank you.

Your next question comes from the line of Samia Jang. Your line is open.

Hi, good morning. So, following the prior re-contracting of the Midwestern pipeline capacity, what percentage of the remaining portfolio is up for renewal over the next 12 to 24 months, and how do the pricing dynamics look for that?

I'm going to pass that one over to Chris, because I don't know the answer to that.

Yeah, no, good question. I know our current capacity, we've completely resubscribed, but I'd have to go back on us and look and see what's coming up in the next 24 months. I don't have that in front of me here. But I will tell you this, in our last renewal period, you know, we had a lot of contracts that were year to year, you know, very short term. You know, we did some tariff modification. We modernized our tariff on Midwestern, and subsequently to that, you know, we were basically five to 25 year extensions and so I'll say this my expectation is that the market completely understands the value of that capacity longer term and I expect my renewal penner to continue to increase in term and I think that's the way that I would look at it.

Yeah Midwestern is a great example of the value of assets in the ground and the fact that we had one customer in particular want a 25-year renewal on their contract capacity as a strong indication of what's evolving in the market area and how some of these assets, they truly are irreplaceable. And if you did replace it, the cost would be 3, 4x versus the asset that's in the ground today. So the market is acknowledging that and recognizing that. And Like I said earlier on the call, it's just this incredible demand pull opportunity that's manifesting across the entire footprint. And again, we just need to be thoughtful and strategic about how we contract into that strong demand pull.

Okay, great. Thank you. And then your recent Guardian expansion filing noted the project serving five local utility shippers. is there any more color you can provide on these customers and would you likely pursue similar customers and also 20-year contracts with G4?

Sure. So I would say on G3, I mean, our customers, you know, we're pretty much set on that customer base for G3. But absolutely, I think G4, you know, a lot of the market support and the market need is going to be, again, utility-based. So I would view G4 I think we expect G4 market support to look very similar to G3 is the way I would put it.

Thank you.

Your next question comes from the line of John Mackey. Your line is open.

Hey, Steve. Thank you for the time. David, you mentioned a lot of the kind of supply for the Midwest project. It's still TBD. But I'd love to hear your thoughts on whether there's any opportunity for you to feed some of that with Haynesville supply and or maybe helping to reroute some supply coming from farther west.

Yeah, that's a really perceptive question, John, and that's a question strategically that we spend a lot of time thinking about. So, number one, thanks for asking it. And I'm going to maybe elevate that question a little bit to kind of make the point is that if the forecasters are even close to right, there's like 30 to 40 BCF of demand that's going to manifest in North America over the next 20 years. And that's going to, you know, cause all the current basins to have to dispatch and, you know, lift the production, right? So that's Appalachia, that's Hainesville, that's Permian, that's probably other basins as well. So how do you get that supply from those basins to where the demand is? That's a material uplift in demand that sort of goes to my opening remarks on the Inga Foundation study. The purpose of that study was to try to understand that at the macro level and understand the magnitude of the investment required to achieve that and serve that demand reliably. So it will drive expansions on major interstate pipe freeways out of these basins. We obviously want to participate in that either directly with our assets or potentially with other new projects. So that's very much strategically on our mind and on the agenda. It's very early days to talk about that, but I can assure you that that is one of my top priorities. And Chris is smiling right now, so he understands that that usually means that I'm talking to him a lot about this. So we're super excited about that. I mean, that is probably the footprint is lit up right now, like I said earlier, with opportunities all over the place. What we aren't showing is what you're asking, which is how do you get that Thank you for joining us. I'll just leave my comments there. We're very focused on that, but it's still very early. And that is an opportunity set that is yet to be eliminated.

Thank you for that, David. It makes a lot of sense. Maybe my quick follow-up and second question will just be understanding its early days. It is effectively a, you know, a problem that you're pointing to that needs to be resolved. In your mind, from this kind of top-down macro perspective, so not necessarily DCM projects, when do you need to see the market coming out with these solutions? Is this a 2030 in-service type of thing? Maybe just frame that piece up for us.

Yeah, I think you're correct, is that those projects likely are going to be large FERC projects that require significant contractual support and commitment and now we're going to run through the full-blown regulatory process. And if we look back to a decade ago, the last time we did this, like with Nexus or with Rover or with Mountain Valley, well, maybe we don't want to talk about Mountain Valley, but it's a multi-year journey to go from concept to commercialization to to actually construction and turning the valve. I always remind everybody that Nexus was conceived in 2011 on a napkin, and we didn't turn the valve, you know, it was seven or eight years later when the valve turned. So these projects can take a long time to percolate and mature, but The demand is showing up. The market is real. And as the demand shows up, the forces of supply and demand kick in. And, you know, these projects are going to start to percolate and going to start to, you know, become real. And, you know, it's probably, you know, Quickest is three to four years is the way I would say it. So your estimate is pretty much spot on that the earliest these projects could click in is, you know, early 2030s.

Thank you very much. Appreciate it.

Your final question comes to the line of Teresa Chin. Your line is open.

Thank you for letting me back on. I just wanted to go back to the Hainesville quickly. Given recent consolidation-related headlines across the Hainesville to Gulf Coast corridor, how do you view the strategic merit and probability of further consolidation in the region in general? How do you view the market evolving from here, and how would this potentially impact future expansions on existing assets, including their own?

Yeah, that's an interesting question, Teresa. And it's only because you're our favorite analyst that we let you back on. I'm just kidding. But, yeah, if there is additional consolidation, you know, what do I think about that? The highest level that shrinks the competitive landscape. You know, we're very confident in our competitive position, and we're not afraid of competition. and, you know, I guess if the landscape shrinks, that's one less competitor that's on the playing field. But, you know, we're in an environment right now where everything is growing, right? So it just feels like we're not in like a consolidation M&A environment right now. Right now we're, you know, I'll speak maybe for DTM, you know, like I said, the... The opportunity set, the organic opportunity set that's presenting in front of us is as robust as I've ever seen it in my entire career. We're super focused on commercializing that. That adds a lot of value to the equity very quickly. M&A in this environment is a higher bar, I'll just say it that way. It's a much higher bar to do M&A in this environment. So I guess those are my thoughts on consolidation at the highest level.

That's very clear. Thank you.

I will now turn the call back over to David Slater for closing remarks.

Well, thanks so much for joining us today. These were just a series of great questions, some really good macro strategic questions. I think the message here is that we continue to experience an incredibly robust market. And we so much appreciate our investors and your interest and the support that you've had for us over the years. So thank you very much and have a good day.

Ladies and gentlemen that concludes today's call. Thank you all for joining. You may now disconnect.