DT Midstream, Inc. (NYSE:DTM) Q1 2024 Results Earnings Conference Call April 30, 2024 9:00 AM ET

Company Participants

Todd Lohrmann - Director, Investor Relations
David Slater - President and Chief Executive Officer
Jeffrey Jewell - Chief Financial Officer

Conference Call Participants

Jeremy Tonet - J.P. Morgan
Olivia Halferty - Goldman Sachs
Spiro Dounis - Citigroup
Keith Stanley - Wolfe Research
Robert Mosca - Mizuho Securities
Sunil Sibal - Seaport Global

Operator

Good morning. My name is Audra and I will be your conference operator today. At this time, I would like to welcome everyone to the DT Midstream First Quarter 2024 Earnings Conference Call. Today's conference is being recorded. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. [Operator Instructions].

At this time, I would like to turn the conference over to 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 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, everybody. And thank you for joining. During today's call, I'll touch on our financial results, provide an update on the latest commercial activity and construction progress on our growth projects. I'll then close with some commentary on the current market fundamentals before turning it over to Jeff to review our financial performance and outlook.

So with that, we're off to a great start in 2024, giving us confidence in our full year plan. We are reaffirming our 2024 adjusted EBITDA guidance range and our 2025 adjusted EBITDA early outlook range. Our construction and commercial teams continue to make great progress on our backlog of organic growth projects, setting the company up for continued success.

This morning, we are excited to announce a new expansion on our Stonewall system, which includes additional mainline capacity, incremental compression, and a new interconnect with Mountain Valley Pipeline. This project will provide a new production outlet to the mid-Atlantic market, which we expect will become a fast growing region with new data center and AI powered demand load emerging. The project is anchored by a 15-year agreement with a large investment grade producer, which includes an acreage dedication and a minimum volume commitment.