DT Midstream, Inc. (NYSE:DTM) Q3 2024 Earnings Conference Call October 29, 2024 9:00 AM ET

Company Participants

Todd Lohrmann - Director of IR
David Slater - President and CEO
Jeff Jewell - EVP and CFO

Conference Call Participants

Jeremy Tonet - JP Morgan
Michael Blum - Wells Fargo
Theresa Chen - Barclays
John Mackay - Goldman Sachs
Keith Stanley - Wolfe Research
Spiro Dounis - Citi
Robert Mosca - Mizuho Securities

Operator

Thank you for standing by. And welcome to the DT Midstream’s Third Quarter 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session [Operator Instructions]. I'd now like to turn the call over to Todd Lohrmann, Director of Investor Relations. You may begin.

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. During today's call, I'll touch on our financial results, provide an update on the latest commercial development activity and progress on our growth initiatives. I'll then close with some observations on the overall gas market before turning it over to Jeff to review our financial performance and outlook. So starting off, we had another strong quarter operationally and the team continues to commercialize new organic projects that support our future growth. Our strong year-to-date performance is enabling us to increase our 2024 adjusted EBITDA guidance range to $950 million to $980 million. We are also reaffirming our 2025 adjusted EBITDA early outlook range. By continuing to advance projects from our organic project backlog and leveraging the scale from our existing integrated asset platforms, we are well positioned for continued growth in '25 and beyond. Our track record of strong performance was also recognized earlier this month by Finch ratings who upgraded us to investment grade, a strategic goal that we have had since we spun the company in 2021. This morning, we are excited to announce that we have reached a final investment decision on a LEAP Phase 4 expansion, which will increase capacity by 200 million cubic feet per day and further expand our integrated wellhead to water system to the LNG corridor.