dtm-20240331

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________________________

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period ended March 31, 2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-40392

DT Midstream, Inc.


Delaware						38-2663964
(State or other jurisdiction of incorporation or organization)						(I.R.S Employer Identification No.)

Registrant's address of principal executive offices: 500 Woodward Ave., Suite 2900, Detroit, Michigan 48226-1279

Registrant's telephone number, including area code: (313) 402-8532

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Exchange on which Registered

Common stock, par value $0.01

DTM

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

☒

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Number of shares of common stock outstanding as of March 31, 2024:


Description						Shares
Common stock, par value $0.01						97,109,100

TABLE OF CONTENTS


		Page
	Definitions	1
	Filing Format	3
	Forward-Looking Statements	3
PART I — FINANCIAL INFORMATION
Item 1.	Financial Statements
	DT Midstream Con solidated Financial Stateme nts (Unaudited)	5
	Notes to Consolidated Financial Statements (Unaudited)	11
	Note 1 — Description of the Business and Basis of Presentation	11
	Note 2 — Significant Accounting Policies	13
	Note 3 — New Accounting Pronouncements	14
	Note 4 — Goodwill	14
	Note 5 — Revenue	15
	Note 6 — Earnings Per Share and Dividends	17
	Note 7 — Income Taxes	17
	Note 8 — Fair Value	18
	Note 9 — Debt	19
	Note 10 — Commitments and Contingencies	20
	Note 11 — Segment and Related Information	21
	Note 12 — Subsequent Event	21
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	29
Item 4.	Controls and Procedures	30
PART II — OTHER INFORMATION
Item 1.	Legal Proceedings	30
Item 1A.	Risk Factors	30

Item 4.	Mine Safety Disclosure	30
Item 5.	Other Information	30
Item 6.	Exhibits	31
	Signature	32

DEFINITIONS

Unless the context otherwise requires, references to "we," "us," "our," "Registrant," or the "Company" and words of similar importance refer to DT Midstream and, unless otherwise specified, our consolidated subsidiaries and our unconsolidated joint ventures. As used in this Form 10-Q, the terms and definitions below have the following meanings:


Appalachia Gathering						A 149-mile gathering system delivering Marcellus shale natural gas to the Texas Eastern Pipeline and Stonewall

ASC 606						The Accounting Standards Codification of Revenue from Contracts with Customers issued by the FASB

ASU						Accounting Standards Update issued by the FASB

Bcf						Billion cubic feet of natural gas

Bcf/d						Billion cubic feet of natural gas per day

Bluestone						A 65-mile gathering lateral pipeline and two compression facilities delivering Marcellus shale natural gas to Millennium and the Tennessee Pipeline

Blue Union Gathering						A 424-mile gathering system delivering shale natural gas from the Haynesville formation of Louisiana to markets in the Gulf Coast region

Columbia Pipeline						Columbia Gas Transmission, LLC, owned by TC Energy Corporation and Global Infrastructure Partners

Credit Agreement						DT Midstream's credit agreement provides for the Term Loan Facility and Revolving Credit Facility

DT Midstream						DT Midstream, Inc. and our consolidated subsidiaries

ETR						Effective tax rate

FASB						Financial Accounting Standards Board

FERC						Federal Energy Regulatory Commission

GAAP						Generally Accepted Accounting Principles in the United States

Generation						A 25-mile intrastate pipeline in northern Ohio and owned by NEXUS

GHG						Greenhouse gas

Haynesville System						Pipeline and gathering system which is comprised of LEAP, Blue Union Gathering and associated facilities

Inflation Reduction Act						The Inflation Reduction Act of 2022 (H.R. 5374)

LEAP						Louisiana Energy Access Project, a 210-mile gathering lateral pipeline delivering Haynesville shale natural gas to markets in the Gulf Coast region

LNG						Liquefied natural gas

Michigan System						A 335-mile pipeline system in northern Michigan

Millennium						Millennium Pipeline Company, LLC, a joint venture that owns a 263-mile interstate transportation pipeline and compression facilities serving markets in the northeast and supply from the northeast Marcellus region, in which DT Midstream owns a 52.5% interest

MVC						Minimum volume commitment

NEXUS						NEXUS Gas Transmission, LLC, a joint venture that owns (i) a 256-mile interstate transportation pipeline and three compression facilities transporting Utica and Marcellus shale natural gas to Ohio, Michigan and Ontario market centers and (ii) Generation, in which DT Midstream owns a 50% interest

Ohio Utica Gathering						A 20-mile gathering system, including compression and dehydration facilities, delivering Utica shale natural gas from producer wells to a nearby processing plant

Revolving Credit Facility						DT Midstream's secured revolving credit facility issued under the Credit Agreement

DEFINITIONS



SEC						Securities and Exchange Commission

SOFR						Secured Overnight Financing Rate

South Romeo						South Romeo Gas Storage Company, LLC, a joint venture which owns the Washington 28 Storage Complex, in which DT Midstream owns a 50% interest

Southwestern Energy						Southwestern Energy Company and/or its affiliates

Stonewall						A 68-mile gathering lateral pipeline delivering Marcellus and Utica shale natural gas to the Columbia Pipeline, in which DT Midstream owns an 85% interest

Susquehanna Gathering						A 198-mile gathering system delivering Marcellus shale natural gas to Bluestone

Tennessee Pipeline						Tennessee Gas Pipeline Company, LLC, owned by Kinder Morgan, Inc.

Term Loan Facility						DT Midstream's term loan facility issued under the Credit Agreement

Texas Eastern Pipeline						Texas Eastern Transmission, LP, owned by Enbridge Inc.

U.S.						United States of America

USD						United States Dollar ($)

Vector						Vector Pipeline LP, a joint venture that owns a 348-mile interstate transportation pipeline and five compression facilities connecting Illinois, Michigan, and Ontario market centers, in which DT Midstream owns a 40% interest

VIE						Variable Interest Entity

Washington 10 Storage Complex						An interstate storage system located in Michigan with 94 Bcf of storage capacity and associated compression facilities, in which DT Midstream owns a 91% interest

2029 Notes						Senior unsecured notes of $1.1 billion in aggregate principal amount due June 2029

2031 Notes						Senior unsecured notes of $1.0 billion in aggregate principal amount due June 2031

2032 Notes						Senior secured notes of $600 million in aggregate principal amount due April 2032

FILING FORMAT

This Form 10-Q should be read in its entirety. This Form 10-Q should be read in conjunction with the Consolidated Financial Statements and Notes to Consolidated Financial Statements and with Management's Discussion and Analysis included in DT Midstream's 2023 Annual Report on Form 10-K.

FORWARD-LOOKING STATEMENTS

Certain information presented herein includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, and businesses of DT Midstream. Words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "outlook," "confident," and other words of similar meaning in connection with a discussion of future operating or financial performance may signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact forward-looking statements of DT Midstream including, but not limited to, the following:

•changes in general economic conditions, including increases in interest rates and associated Federal Reserve policies, a potential economic recession, and the impact of inflation on our business;

•industry changes, including the impact of consolidations, alternative energy sources, technological advances, infrastructure constraints and changes in competition;

•global supply chain disruptions;

•actions taken by third-party operators, processors, transporters and gatherers;

•changes in expected production from Southwestern Energy and other third parties in our areas of operation;

•demand for natural gas gathering, transmission, storage, transportation and water services;

•the availability and price of natural gas to the consumer compared to the price of alternative and competing fuels;

•our ability to successfully and timely implement our business plan;

•our ability to complete organic growth projects on time and on budget;

•our ability to finance, complete, or successfully integrate acquisitions;

•the price and availability of debt and equity financing;

•restrictions in our existing and any future credit facilities and indentures;

•the effectiveness of the Company's information technology and operational technology systems and practices to detect and defend against evolving cyber attacks on United States critical infrastructure;

•changing laws regarding cybersecurity and data privacy, and any cybersecurity threat or event;

•operating hazards, environmental risks and other risks incidental to gathering, storing and transporting natural gas;

•geologic and reservoir risks and considerations;

•natural disasters, adverse weather conditions, casualty losses and other matters beyond our control;

•the impact of outbreaks of illnesses, epidemics and pandemics, and any related economic effects;

•the impacts of geopolitical events, including the conflicts in Ukraine and the Middle East;

•labor relations and markets, including the ability to attract, hire and retain key employee and contract personnel;

•large customer defaults;

•changes in tax status, as well as changes in tax rates and regulations;

•the effects and associated cost of compliance with existing and future laws and governmental regulations, such as the Inflation Reduction Act;

•changes in environmental laws, regulations or enforcement policies, including laws and regulations relating to climate change and GHG emissions;

•ability to develop low carbon business opportunities and deploy GHG reducing technologies;

•changes in insurance markets impacting costs and the level and types of coverage available;

•the timing and extent of changes in commodity prices;

•the success of our risk management strategies;

•the suspension, reduction or termination of our customers’ obligations under our commercial agreements;

•disruptions due to equipment interruption or failure at our facilities, or third-party facilities on which our business is dependent;

•the effects of future litigation; and

•the risks described in our Annual Report on Form 10-K for the year ended December 31, 2023 and our reports and registration statements filed from time to time with the SEC.

The above list of factors is not exhaustive. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause actual results to vary materially from those stated in forward-looking statements. Any forward-looking statements speak only as of the date on which such statements are made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, subsequent events or otherwise.

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

DT Midstream, Inc.

Consolidated Statements of Operations

(Unaudited)


	Three Months Ended
	March 31,
	2024		2023
	(millions, except per share amounts)
Revenues
Operating revenues	$	240	$	220
Operating Expenses
Operation and maintenance	54		58
Depreciation and amortization	50		43
Taxes other than income	12		9

Operating Income	124		110
Other (Income) and Deductions
Interest expense	40		38
Interest income	(1)		—
Earnings from equity method investees	(46)		(50)

Other (income) and expense	—		(1)
Income Before Income Taxes	131		123
Income Tax Expense	31		39
Net Income	100		84
Less: Net Income Attributable to Noncontrolling Interests	3		3
Net Income Attributable to DT Midstream	$	97	$	81

Basic Earnings per Common Share
Net Income Attributable to DT Midstream	$	1.00	$	0.84

Diluted Earnings per Common Share
Net Income Attributable to DT Midstream	$	0.99	$	0.84

Weighted Average Common Shares Outstanding
Basic	97.0		96.8
Diluted	97.7		97.4

See Notes to Consolidated Financial Statements (Unaudited)

DT Midstream, Inc.

Consolidated Statements of Comprehensive Income

(Unaudited)


	Three Months Ended
	March 31,
	2024		2023
	(millions)
Net Income	$	100	$	84
Foreign currency translation and unrealized gain on derivatives, net of tax	—		1
Other comprehensive income	—		1
Comprehensive income	100		85
Less: Comprehensive income attributable to noncontrolling interests	3		3
Comprehensive Income Attributable to DT Midstream	$	97	$	82

See Notes to Consolidated Financial Statements (Unaudited)

DT Midstream, Inc.

Consolidated Statements of Financial Position

(Unaudited)


	March 31,		December 31,

	2024		2023
	(millions)
ASSETS
Current Assets
Cash and cash equivalents	$	41	$	56
Accounts receivable (net of $— allowance for expected credit loss for each period end)	136		154



Deferred property taxes	24		31
Taxes receivable	14		15
Prepaid expenses and other	14		16
	229		272
Investments
Investments in equity method investees	1,735		1,762

Property
Property, plant, and equipment	5,359		5,282
Accumulated depreciation	(884)		(848)
	4,475		4,434
Other Assets
Goodwill	473		473
Long-term notes receivable — related party	4		4
Operating lease right-of-use assets	50		38
Intangible assets, net	1,953		1,968
Other	32		31
	2,512		2,514
Total Assets	$	8,951	$	8,982

See Notes to Consolidated Financial Statements (Unaudited)

DT Midstream, Inc.

Consolidated Statements of Financial Position

(Unaudited)


	March 31,		December 31,

	2024		2023
	(millions, except shares)
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	68	$	94

Short-term borrowings	55		165
Operating lease liabilities	15		13
Dividends payable	71		67
Interest payable	38		10
Property taxes payable	32		34
Accrued compensation	6		18
Contract liabilities	21		18
Other	16		15
	322		434

Long-Term Debt, net	3,067		3,065

Other Liabilities
Deferred income taxes	1,060		1,031
Operating lease liabilities	38		27
Contract liabilities	125		111
Other	33		34
	1,256		1,203
Total Liabilities	4,645		4,702

Commitments and Contingencies (Note 10)

Stockholders' Equity
Preferred stock ($0.01 par value, 50,000,000 shares authorized, and no shares issued or outstanding as of March 31, 2024 and December 31, 2023)	—		—
Common stock ($0.01 par value, 550,000,000 shares authorized, and 97,109,100 and 96,971,021 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively)	1		1
Additional paid-in capital	3,487		3,485
Retained earnings	686		661
Accumulated other comprehensive income (loss)	(8)		(8)
Total DT Midstream Equity	4,166		4,139
Noncontrolling interests	140		141
Total Equity	4,306		4,280
Total Liabilities and Equity	$	8,951	$	8,982

See Notes to Consolidated Financial Statements (Unaudited)

DT Midstream, Inc.

Consolidated Statements of Cash Flows

(Unaudited)


	Three Months Ended
	March 31,
	2024		2023
	(millions)
Operating Activities
Net Income	$	100	$	84
Adjustments to reconcile Net Income to Net cash and cash equivalents from operating activities:
Depreciation and amortization	50		43
Stock-based compensation	5		5
Amortization of operating lease right-of-use assets	4		5
Deferred income taxes	29		36
Earnings from equity method investees	(46)		(50)
Dividends from equity method investees	47		68


Changes in assets and liabilities:
Accounts receivable, net	19		39
Accounts payable	(6)		(8)
Interest payable	28		29
Contract liabilities	17		4
Other current and noncurrent assets and liabilities	(6)		(11)
Net cash and cash equivalents from operating activities	241		244
Investing Activities
Plant and equipment expenditures	(98)		(228)

Distributions from equity method investees	28		14
Contributions to equity method investees	(1)		(2)



Net cash and cash equivalents from (used for) investing activities	(71)		(216)
Financing Activities



Borrowings under the Revolving Credit Facility	50		195
Repayment of borrowings under the Revolving Credit Facility	(160)		(115)


Distributions to noncontrolling interests	(4)		(8)

Dividends paid on common stock	(67)		(62)
Other financing activities	(4)		(4)
Net cash and cash equivalents from (used for) financing activities	(185)		6
Net Increase (Decrease) in Cash and Cash Equivalents	(15)		34
Cash and Cash Equivalents at Beginning of Period	56		61
Cash and Cash Equivalents at End of Period	$	41	$	95

Supplemental disclosure of cash information
Cash paid for:
Interest, net of interest capitalized	$	10	$	6
Income taxes	2		—
Supplemental disclosure of non-cash investing and financing activities
Plant and equipment expenditures in accounts payable and other accrued liabilities	$	60	$	95

See Notes to Consolidated Financial Statements (Unaudited)

DT Midstream, Inc.

Consolidated Statements of Changes in Stockholders' Equity

(Unaudited)


				Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests
	Common Stock
	Shares	Amount										Total
	(dollars in millions, shares in thousands)
Balance, December 31, 2023	96,971	$	1	$	3,485	$	661	$	(8)	$	141	$	4,280
Net Income	—	—		—		97		—		3		100
Dividends declared on common stock ($0.735 per common share)	—	—		—		(71)		—		—		(71)
Distributions to noncontrolling interests	—	—		—		—		—		(4)		(4)
Stock-based compensation	138	—		2		(1)		—		—		1


Balance, March 31, 2024	97,109	$	1	$	3,487	$	686	$	(8)	$	140	$	4,306


				Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests
	Common Stock
	Shares	Amount										Total
	(dollars in millions, shares in thousands)
Balance, December 31, 2022	96,755	$	1	$	3,469	$	547	$	(10)	$	147	$	4,154
Net Income	—	—		—		81		—		3		84
Dividends declared on common stock ($0.69 per common share)	—	—		—		(67)		—		—		(67)
Distributions to noncontrolling interests	—	—		—		—		—		(8)		(8)
Stock-based compensation	135	—		1		—		—		—		1
Other comprehensive income, net of tax	—	—		—		—		1		—		1
Balance, March 31, 2023	96,890	$	1	$	3,470	$	561	$	(9)	$	142	$	4,165

See Notes to Consolidated Financial Statements (Unaudited)

DT Midstream, Inc.

Notes to Consolidated Financial Statements

(Unaudited)

NOTE 1 — DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION

Description of the Business

DT Midstream is an owner, operator, and developer of an integrated portfolio of natural gas midstream assets. We provide multiple, integrated natural gas services to customers through two segments: (i) Pipeline, which includes interstate pipelines, intrastate pipelines, storage systems, gathering lateral pipelines including related treatment plants and compression and surface facilities, and (ii) Gathering, which includes gathering systems, related treatment plants, and compression and surface facilities. Our Pipeline segment also includes joint venture interests in equity method investees which own and operate interstate pipelines that connect to our wholly owned assets.

Our core assets strategically connect key demand centers in the Midwestern U.S., Eastern Canada and Northeastern U.S. regions to the premium production areas of the Marcellus/Utica natural gas formation in the Appalachian Basin, and connect key demand centers and LNG export terminals in the Gulf Coast region to premium production areas of the Haynesville natural gas formation.

Basis of Presentation

The DT Midstream Consolidated Financial Statements and Notes to Consolidated Financial Statements are prepared under GAAP. These accounting principles require management to use estimates and assumptions that impact reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results may differ from our estimates. We believe the assumptions underlying these financial statements are reasonable.

In DT Midstream's opinion, the accompanying unaudited Consolidated Financial Statements include all adjustments, consisting of normal recurring adjustments, necessary to present a fair statement of our financial position as of March 31, 2024, results of operations for the three months ended March 31, 2024 and 2023, statement of changes in stockholders' equity for the three months ended March 31, 2024 and 2023, and cash flows for the three months ended March 31, 2024 and 2023. The balance sheet as of December 31, 2023 was derived from audited annual financial statements but does not include all disclosures required by GAAP. Financial results for this interim period are not necessarily indicative of results that may be expected for any other interim period or for the year ending December 31, 2024. The Consolidated Financial Statements should be read in conjunction with DT Midstream's Consolidated Financial Statements and Notes to Consolidated Financial Statements included in DT Midstream's 2023 Annual Report on Form 10-K.

Principles of Consolidation

We consolidate all majority-owned subsidiaries and investments in entities in which we have a controlling influence. Non-controlled investments are accounted for using the equity method of accounting when we are able to significantly influence the operating policies of the investee. When we do not influence the operating policies of an investee, the equity investment is measured at fair value, if readily determinable, or if not readily determinable, at cost less impairment, if applicable. We eliminate all intercompany balances and transactions.

We evaluate whether an entity is a VIE whenever reconsideration events occur. We consolidate VIEs for which we are the primary beneficiary. When assessing the determination of the primary beneficiary, we consider all relevant facts and circumstances, including: the power, through voting or similar rights, to direct the activities of the VIE that most significantly impact the VIE's economic performance and the obligation to absorb the expected losses and/or the right to receive the expected returns of the VIE. We perform ongoing reassessments of all VIEs to determine if the primary beneficiary status has changed.

We own an 85% interest in the Stonewall VIE and are the primary beneficiary, therefore Stonewall is consolidated. We own a 50% interest in the South Romeo VIE and are the primary beneficiary, therefore South Romeo is consolidated.

DT Midstream, Inc.

Notes to Consolidated Financial Statements

(Unaudited)

The following table summarizes the major line items in the Consolidated Statements of Financial Position for consolidated VIEs as of March 31, 2024 and December 31, 2023. All assets and liabilities of a consolidated VIE are included in the table when it has been determined that a consolidated VIE has either (1) assets that can be used only to settle obligations of the VIE or (2) liabilities for which creditors do not have recourse to the general credit of the primary beneficiary. The assets and liabilities of consolidated VIEs that meet the definition of a business and whose assets can be used for purposes other than the settlement of the VIEs' obligations have been excluded from the table below.


	March 31,		December 31,

	2024		2023
	(millions)
ASSETS (a)
Cash	$	13	$	13
Accounts receivable	10		10
Other current assets	1		2
Intangible assets, net	479		483
Property, plant and equipment, net	388		391
Goodwill	25		25
	$	916	$	924

LIABILITIES (a)
Accounts payable and other current liabilities	$	4	$	4
Other noncurrent liabilities	3		3
	$	7	$	7

_____________________________________

(a)Amounts shown are 100% of the consolidated VIEs' assets and liabilities.

Related Parties

Transactions between DT Midstream and our equity method investees have been presented as related party transactions in the accompanying Consolidated Financial Statements.

Equity Method Investments

Non-controlled investments are accounted for using the equity method of accounting when we are able to significantly influence the operating policies of the investee. Under the equity method of accounting, investments are recorded at historical cost as an asset and adjusted for capital contributions, dividends and distributions received, and our share of the investee's earnings or losses, which are recorded as earnings from equity method investees on the Consolidated Statements of Operations. Our equity method investments are periodically evaluated for certain factors that may be indicative of other-than-temporary impairment. As of March 31, 2024 and December 31, 2023, our carrying amounts of investments in equity method investees exceeded our share of the underlying equity in the net assets of the investees by $348 million and $352 million, respectively. The difference will be amortized over the life of the underlying assets. As of March 31, 2024 and December 31, 2023, our consolidated retained earnings balance did not have undistributed earnings from equity method investments. We use the cumulative earnings approach to classify proceeds received from equity method investees as dividends or distributions on the Consolidated Statements of Cash Flows.

Equity method investees are described below:


	Investments As of				% Owned As of
	March 31,		December 31,		March 31,	December 31,

Equity Method Investee	2024		2023		2024	2023


	(millions)
NEXUS	$	884	$	900	50%	50%
Vector	135		135		40%	40%
Millennium	716		727		52.5%	52.5%
Total investments in equity method investees	$	1,735	$	1,762

DT Midstream, Inc.

Notes to Consolidated Financial Statements

(Unaudited)

The following table presents summarized financial information of our non-consolidated equity method investees. The amounts included below represent 100% of the results of continuing operations of such entities, including the portion owned by other parties.

Summarized income statement data is as follows:



	March 31,
	2024		2023
	(millions)
Operating revenues	$	214	$	211
Operating expenses	94		94
Net Income	$	103	$

SEC Form 10-Q filed by DT Midstream Inc.