DT Midstream reported its first quarter 2022 results. The company reported a net income of $81 million or $0.84 per diluted share.
Highlights
The company stated and adjusted EBITDA of $191 million; reaffirmed 2022 adjusted EBITDA guidance of $770 to $810 million. It also reaffirmed 2023 adjusted EBITDA early outlook of $810 to $850.
In addition, DT Midstream reached agreements for a significant expansion of the Appalachia Gathering System; it also awarded a new five-year contract on NEXUS for 100 MMcf/d of capacity. Moreover, the company joined with Cheniere to deploy emissions monitoring equipment.
CEO and CFO statements
“We are off to a strong start in 2022,” said David Slater, President and CEO. “Our team continues to advance new growth investment opportunities in both the Haynesville and Appalachia. Our assets are well-positioned to support America’s efforts to deliver incremental gas supplies to Europe.”
Jeff Jewell, Executive Vice President and CFO commented that their first quarter financial results give them high confidence in meeting their financial goals, “major investments for 2022 remain well on track and will provide strong growth this year. Additionally, our commercial progress has us in a great position to achieve our goals in 2023 and beyond.”
DT Midstream and Cheniere Energy
DT Midstream announced it had joined Cheniere Energy, Inc. This collaborative has the objective of improving the overall understanding of CHG emissions and further deployment of advanced monitoring technologies; operating protocols throughout the natural gas supply chain.
Cheniere Energy Inc, is the largest U.S. producer of liquified natural gas, other midstream companies, technology providers. The company also leads academic institutions to implement quantification, monitoring, reporting and verification of greenhouse emissions from midstream systems serving Cheniere’s LNG terminal.
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About DT Midstream
DT Midstream is a Detroit-based company. It is the owner, operator, and developer of natural gas interstate and intrastate pipelines; storage and gathering systems, compression, treatment, and surface facilities.
Additionally, the company transports clean natural gas for utilities, power plants, marketers, large industrial customers and energy producers. These customers are located across Southern, Northeastern and Midwestern United States and Canada. Furthermore, DT Midstream offers other services such as natural gas transportation, storage and gathering.
The company is transitioning towards net zero greenhouse gas emissions by 2050. Moreover, DT Midstream expects to achieve a 30% reduction in the next decade.
