DT Midstream, Inc. (NYSE:DTM) Q4 2022 Earnings Conference Call February 16, 2023 9:00 AM ET

Company Participants

Todd Lohrmann - Director, IR

David Slater - President and Chief Executive Officer

Jeff Jewell - Chief Financial Officer

Conference Call Participants

Michael Blum - Wells Fargo

Marc Solecitto - Barclays

John Mackay - Goldman Sachs

Jeremy Tonet - JP Morgan

Alex Kania - Wolfe Research

Operator

Ladies and gentlemen, thank you for standing by. My name is Brent and I will be your conference operator today. At this time, I would like to welcome everyone to the DT Midstream Fourth Quarter 2022 Earnings Conference Call. [Operator Instructions] Thank you.

I would now like to turn the call over to Mr. Todd Lohrmann, Director of Investor Relations. Sir, 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 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.

David Slater

Thanks Todd, and good morning, everyone, and thank you for joining and for your interest in DT Midstream.

During today's call, I'll recap our major accomplishments in 2022, highlight our new disclosures and provide an update on our major development projects that we are currently executing on. I'll close with some remarks on the macro fundamentals and then turn it over to Jeff to review our financial results and new disclosure details.

So with that, we had a very successful year in 2022, and I'd like to thank all of our employees for their exceptional performance throughout the year. We delivered full year adjusted EBITDA of $830 million, which exceeded our revised guidance range, and represents 14% growth from our 2021 original guidance.

Commercially, we executed on numerous organic growth opportunities that will deliver long-term growth and value creation. Foremost, among these are expanding our LEAP asset in the Haynesville by 90% to 1.9 Bcf a day, expanding our Appalachia gathering system by 20% terming out contracts on NEXUS and our Washington 10 Storage complex at attractive rates and filing our Class VI well permit for our Louisiana CCS project. We also closed on the Millennium pipeline acquisition, which makes us a majority owner in the asset.