DT Midstream, Inc. (NYSE:DTM) Q3 2023 Earnings Conference Call November 1, 2023 9:00 AM ET
Company Participants
Todd Lohrmann - Director of Investor Relations
David Slater - President & Chief Executive Officer
Jeff Jewell - Executive Vice President & Chief Financial Officer
Conference Call Participants
Vrathan Reddy - JPMorgan
Michael Blum - Wells Fargo
John Mackay - Goldman Sachs
Spiro Dounis - Citi
Keith Stanley - Wolfe Research
Operator
Welcome to the DT Midstream third Quarter 2023 Earnings Call.
I will now turn it over to our speaker today, Todd Lohrmann, Director of Investor Relations. Thank you. 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 provide an update on construction of our growth projects and latest commercial activity. I'll then close with some commentary fundamentals before turning it over to Jeff to review our financial performance and outlook.
So with that, we had another strong quarter and business continues to perform in line with our full year plan giving us confidence in our full year adjusted EBITDA guidance for 2023, and early outlook for 2024. We are reaffirming our 2023 adjusted EBITDA guidance midpoint of $915 million and narrowing the range to $905 million to $925 million reflecting the solid business performance to date.
Our construction team continues to make great progress on our growth projects and I wanted to commend them for all their hard work this year, as they overcame many supply chain and weather challenges.
In late August, we placed our LEAP Phase 1 expansion in service which was well ahead of schedule and on budget. The expansion capacity immediately filled up and has been running flat out since the in-service date. The team has quickly turned its attention to our Phase 2 expansion which remains on track for a Q1 2024 in service and will be followed by our Phase 3 expansion in Q3 2024.