DT Midstream, Inc. (NYSE:DTM) Q2 2023 Results Conference Call August 1, 2023 9:00 AM ET

Company Participants

Todd Lohrmann - Director of Investor Relations

David Slater - President and CEO

Jeff Jewell - Executive Vice President and CFO

Conference Call Participants

Ratan Reddy - JPMorgan

Michael Blum - Wells Fargo

Spiro Dounis - Citi

Keith Stanley - Wolfe Research

Robert Mosca - Mizuho Securities

Operator

Welcome to the DT Midstream Second Quarter 2023 Earnings Call.

I will now turn it over to our speaker today, Todd Lohrmann, Director of Investor Relations. Please go ahead.

Todd Lohrmann

Good morning, and welcome, everyone. Before we get started, I would like to remind you to read the safe harbor on Page 2 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 containing these.

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.

David Slater

Thanks, Todd, and good morning, everyone, and thank you for joining. During today's call, I'll touch on our financial results and provide an update on our growth projects, including our CCS project in Louisiana. I'll then close on some commentary on the current market fundamentals before turning it over to Jeff to review our financial performance.

So with that, we had another strong quarter and the business continues to perform in line with our full year plan, giving us confidence in our full year adjusted EBITDA for 2023 and early outlook for 2024. As a reminder, we expect growth to be weighted towards the second half of the year as we bring new projects online.

I am very excited to announce that we made a final investment decision on a new greenfield gathering opportunity, in the Ohio, Utica. This opportunity originated from an acreage dedication we held with a small private producer. That acreage has since been acquired by a large cap investment grade producer, who is committed to move it to developing this area.

This opportunity has always been in our plan for 2024. And now with the development schedule finalized and a restructured commercial agreement in place, we are shifting approximately $100 million of committed capital forward a few months from early 2024 into the second half of 2023. The initial backbone build-out of this natural gas gathering system will provide over 200 million cubic feet a day of capacity and go into service in the first half of 2024.