DT Midstream, Inc. (NYSE:DTM) Q2 2022 Earnings Conference Call August 3, 2022 9:00 AM ET

Company Participants

Todd Lohrmann - Director, IR

David Slater - President, CEO & Director

Jeffrey Jewell - EVP, CFO & CAO

Conference Call Participants

John Mackay - Goldman Sachs Group

Michael Blum - Wells Fargo Securities

Robert Mosca - Mizuho Securities

Alexis Kania - Wolfe Research

Operator

Good morning, ladies and gentlemen. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the DT Midstream Second Quarter 2022 Earnings Conference Call. Today's conference is being recorded. [Operator Instructions].

Thank you. And I will now turn the conference over to Todd Lohrmann, Director of Investor Relations. 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 reconciliation to GAAP contained in the appendix. Joining me this morning are David Slater, President and CEO; and Jeffrey 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. Then I will share details on our Phase 2 expansion of our Haynesville system and reflect on some of our key accomplishments as we recently observed our 1-year anniversary as a stand-alone public company. I'll then provide an update on our other major development projects and commercial initiatives before turning it over to Jeff to review our second quarter financial results.

So with that, we had a strong second quarter, and our year-to-date performance is running ahead of plan, putting us firmly on track to achieve our 2022 guidance, and I am highly confident in our ability to achieve our 2023 early outlook. I'm very excited to announce that we have reached a final investment decision on a Phase 2 Haynesville system expansion. The expansion represents 400 million cubic feet a day of incremental capacity on LEAP. Phase 2, along with the Phase 1 expansion that is out way, will result in us expanding LEAP by 70% from its current capacity of 1 Bcf a day to 1.7 Bcf a day.