DT Midstream, Inc., Inc. (NYSE:DTM) Q3 2022 Earnings Conference Call October 28, 2022 9:00 AM ET
Company Participants
Todd Lohrmann - Director, IR
David Slater - President, CEO & Director
Jeffrey Jewell - EVP, CFO & CAO
Conference Call Participants
Jeremy Tonet - JPMorgan Chase & Co.
John Mackay - Goldman Sachs
Marc Solecitto - Barclays Bank
Robert Mosca - Mizuho Securities
Michael Blum - Wells Fargo Securities
Alexis Kania - Wolfe Research
Operator
Good day, and welcome to the DT Midstream Third Quarter 2022 Earnings Conference Call. Please note, today's conference is being recorded. [Operator Instructions].
At this time, I would like to turn the conference over to Todd Lohrmann, Director of Investor Relations. Mr. Lohrmann, you may begin your conference.
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 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 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. I'll start today's call by discussing our financial performance and review our key growth initiatives that we executed during the quarter, and provide an update on our other major development projects and commercial initiatives. Then I'll turn it over to Jeff to review our third quarter financial results and outlooks.
So with that, we had another strong quarter with both business segments delivering great results. As I communicated on our second quarter call, the business was running ahead of plan. And we expect the growth to be weighted towards the second half of the year. As you can see in our third quarter results, we are delivering that growth.
And as a result, we are increasing our 2022 adjusted EBITDA guidance range to $810 million to $825 million, which reflects the strong performance from our base business, and the uplift from our recent Millennium Pipeline acquisition. We continue to focus on organic growth opportunities and I'm excited to report that we've reached the final investment decision on our phase 3 Haynesville system expansion, which will add another 300 million cubic feet a day of capacity on LEAP impact by a long term firm contract. This is another example of our ability to add timely and efficient incremental capacity to LEAP and provide a low risk economic pathway for our customers to access attractive domestic and LNG export markets on the Gulf Coast.