DT Midstream, Inc. (NYSE:DTM) Q2 2024 Earnings Conference Call July 30, 2024 9:00 AM ET

Company Participants

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

Conference Call Participants

Jeremy Tonet - JP Morgan
Michael Blum - Wells Fargo
John Mackay - Goldman Sachs
Keith Stanley - Wolfe Research
Spiro Dounis - Citi
Sunil Sibal - Seaport Global Securities
Robert Mosca - Mizuho Securities

Operator

Good morning and welcome to DT Midstream Second Quarter 2024 Earnings Conference Call. all participants are in a listen-only mode. After the speaker's remarks, we will have a question-and-answer session. [Operator Instructions] As a reminder, this conference call is being recorded.

I would now like to turn the call over to 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 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, 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 initiatives. I'll then close with some commentary on gas market fundamentals before turning it over to Jeff to review our financial performance and outlook.

So with that, we had another strong quarter and the business continues to perform in line with 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 are making great strides in advancing our backlog of organic growth projects, positioning the company for continued success.

This morning, we are pleased to announce that our LEAP Phase 3 expansion was placed into service early and on budget, increasingly capacity from 1.7 bcf to 1.9 bcf per day and further expanding our Haynesville System's wellhead to water connectivity. As a reminder, this expansion was underpinned by long-term take or pay contracts and leverages incremental looping and compression providing reliable, timely access to growing Gulf Coast LNG demand. We continue to be in active discussions for a LEAP Phase 4 expansion, with strong recognition by producers of the coming demand starting next year and the long-term value for production access to Gulf Coast markets.