(State or other jurisdiction of incorporation or organization) | (I.R.S Employer Identification No.) |
Title of Each Class | Trading Symbol | Name of Exchange on which Registered | ||||||||||||
Accelerated filer | Non-accelerated filer | Smaller reporting company | Emerging growth company | |||||||||||
☒ | ☐ | ☐ |
Description | Shares | |||||||
Common stock, par value $0.01 |
Page | ||||||||
Appalachia Gathering | A 149-mile gathering system that gathers 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 | |||||||
Bluestone | A 65-mile gathering lateral pipeline and two compression facilities that gathers Marcellus shale natural gas to Millennium and the Tennessee Pipeline | |||||||
Blue Union Gathering | A 424-mile gathering system that gathers shale natural gas from the Haynesville formation of Louisiana and Texas 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 which 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 that gathers 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 that transports 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, that gathers 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 | |||||||
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, in which DT Midstream owns an 85% interest, that gathers Marcellus and Utica shale natural gas to the Columbia Pipeline | |||||||
Susquehanna Gathering | A 198-mile gathering system that gathers 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. | |||||||
Tioga Gathering | A 3-mile gathering system that gathers shale natural gas to the Eastern Gas Transmission system | |||||||
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 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(millions, except per share amounts) | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Operating revenues | $ | $ | $ | $ | |||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||
Operation and maintenance | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Taxes other than income | |||||||||||||||||||||||
Asset (gains) losses and impairments, net | ( | ( | |||||||||||||||||||||
Operating Income | |||||||||||||||||||||||
Other (Income) and Deductions | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Interest income | ( | ( | ( | ||||||||||||||||||||
Earnings from equity method investees | ( | ( | ( | ( | |||||||||||||||||||
Other (income) and expense | ( | ( | ( | ||||||||||||||||||||
Income Before Income Taxes | |||||||||||||||||||||||
Income Tax Expense | |||||||||||||||||||||||
Net Income | |||||||||||||||||||||||
Less: Net Income Attributable to Noncontrolling Interests | |||||||||||||||||||||||
Net Income Attributable to DT Midstream | $ | $ | $ | $ | |||||||||||||||||||
Basic Earnings per Common Share | |||||||||||||||||||||||
Net Income Attributable to DT Midstream | $ | $ | $ | $ | |||||||||||||||||||
Diluted Earnings per Common Share | |||||||||||||||||||||||
Net Income Attributable to DT Midstream | $ | $ | $ | $ | |||||||||||||||||||
Weighted Average Common Shares Outstanding | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||
Net Income | $ | $ | $ | $ | |||||||||||||||||||
Foreign currency translation and unrealized gain on derivatives, net of tax | |||||||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interests | |||||||||||||||||||||||
Comprehensive Income Attributable to DT Midstream | $ | $ | $ | $ |
June 30, | December 31, | ||||||||||
2024 | 2023 | ||||||||||
(millions) | |||||||||||
ASSETS | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable (net of $ | |||||||||||
Deferred property taxes | |||||||||||
Taxes receivable | |||||||||||
Prepaid expenses and other | |||||||||||
Investments | |||||||||||
Investments in equity method investees | |||||||||||
Property | |||||||||||
Property, plant, and equipment | |||||||||||
Accumulated depreciation | ( | ( | |||||||||
Other Assets | |||||||||||
Goodwill | |||||||||||
Long-term notes receivable — related party | |||||||||||
Operating lease right-of-use assets | |||||||||||
Intangible assets, net | |||||||||||
Other | |||||||||||
Total Assets | $ | $ |
June 30, | December 31, | ||||||||||
2024 | 2023 | ||||||||||
(millions, except shares) | |||||||||||
LIABILITIES AND EQUITY | |||||||||||
Current Liabilities | |||||||||||
Accounts payable | $ | $ | |||||||||
Short-term borrowings | |||||||||||
Operating lease liabilities | |||||||||||
Dividends payable | |||||||||||
Interest payable | |||||||||||
Property taxes payable | |||||||||||
Accrued compensation | |||||||||||
Contract liabilities | |||||||||||
Other | |||||||||||
Long-Term Debt, net | |||||||||||
Other Liabilities | |||||||||||
Deferred income taxes | |||||||||||
Operating lease liabilities | |||||||||||
Contract liabilities | |||||||||||
Other | |||||||||||
Total Liabilities | |||||||||||
Commitments and Contingencies (Note 10) | |||||||||||
Stockholders' Equity | |||||||||||
Preferred stock ($ | |||||||||||
Common stock ($ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive income (loss) | ( | ( | |||||||||
Total DT Midstream Equity | |||||||||||
Noncontrolling interests | |||||||||||
Total Equity | |||||||||||
Total Liabilities and Equity | $ | $ |
Six Months Ended | |||||||||||
June 30, | |||||||||||
2024 | 2023 | ||||||||||
(millions) | |||||||||||
Operating Activities | |||||||||||
Net Income | $ | $ | |||||||||
Adjustments to reconcile Net Income to Net cash and cash equivalents from operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Stock-based compensation | |||||||||||
Amortization of operating lease right-of-use assets | |||||||||||
Deferred income taxes | |||||||||||
Earnings from equity method investees | ( | ( | |||||||||
Dividends from equity method investees | |||||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable, net | |||||||||||
Accounts payable | ( | ( | |||||||||
Contract liabilities | |||||||||||
Other current and noncurrent assets and liabilities | ( | ( | |||||||||
Net cash and cash equivalents from operating activities | |||||||||||
Investing Activities | |||||||||||
Plant and equipment expenditures | ( | ( | |||||||||
Distributions from equity method investees | |||||||||||
Contributions to equity method investees | ( | ( | |||||||||
Net cash and cash equivalents from (used for) investing activities | ( | ( | |||||||||
Financing Activities | |||||||||||
Borrowings under the Revolving Credit Facility | |||||||||||
Repayment of borrowings under the Revolving Credit Facility | ( | ( | |||||||||
Distributions to noncontrolling interests | ( | ( | |||||||||
Dividends paid on common stock | ( | ( | |||||||||
Other financing activities | ( | ( | |||||||||
Net cash and cash equivalents from (used for) financing activities | ( | ( | |||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | ( | ||||||||||
Cash and Cash Equivalents at Beginning of Period | |||||||||||
Cash and Cash Equivalents at End of Period | $ | $ | |||||||||
Supplemental disclosure of cash information | |||||||||||
Cash paid for: | |||||||||||
Interest, net of interest capitalized | $ | $ | |||||||||
Income taxes | |||||||||||
Supplemental disclosure of non-cash investing and financing activities | |||||||||||
Plant and equipment expenditures in accounts payable and other accrued liabilities | $ | $ |
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 | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||
Net Income | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Dividends declared on common stock ($ | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | ( | — | — | |||||||||||||||||||||||||||||||||||||
Balance, March 31, 2024 | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||
Net Income | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Dividends declared on common stock ($ | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | ( | — | — | |||||||||||||||||||||||||||||||||||||
Balance, June 30, 2024 | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||
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 | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||
Net Income | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Dividends declared on common stock ($ | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||
Net Income | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Dividends declared on common stock ($ | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | ( | — | — | |||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||
2024 | 2023 | ||||||||||
(millions) | |||||||||||
ASSETS (a) | |||||||||||
Cash | $ | $ | |||||||||
Accounts receivable | |||||||||||
Other current assets | |||||||||||
Intangible assets, net | |||||||||||
Property, plant and equipment, net | |||||||||||
Goodwill | |||||||||||
$ | $ | ||||||||||
LIABILITIES (a) | |||||||||||
Accounts payable and other current liabilities | $ | $ | |||||||||
Other noncurrent liabilities | |||||||||||
$ | $ |
Investments As of | % Owned As of | |||||||||||||||||||||||||
June 30, | December 31, | June 30, | December 31, | |||||||||||||||||||||||
Equity Method Investee | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||
NEXUS | $ | $ | ||||||||||||||||||||||||
Vector | ||||||||||||||||||||||||||
Millennium | ||||||||||||||||||||||||||
Total investments in equity method investees | $ | $ |
June 30, | June 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||
Operating revenues | $ | $ | $ | $ | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Net Income | $ | $ | $ | $ |
June 30, | December 31, | ||||||||||
2024 | 2023 | ||||||||||
(millions) | |||||||||||
Pipeline | $ | $ | |||||||||
Gathering | |||||||||||
Total goodwill | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||
Pipeline (a) | $ | $ | $ | $ | |||||||||||||||||||
Gathering | |||||||||||||||||||||||
Total operating revenues | $ | $ | $ | $ |
2024 | |||||
(millions) | |||||
Balance as of January 1 | $ | ||||
Increases due to cash received or receivable, excluding amounts recognized as revenue during the period | |||||
Revenue recognized that was included in the balance at the beginning of the period | ( | ||||
Balance as of June 30 | $ |
(millions) | |||||
Remainder of 2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
2029 and thereafter | |||||
Total | $ |
(millions) | |||||
Remainder of 2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
2029 and thereafter | |||||
Total | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(millions, except per share amounts) | |||||||||||||||||||||||
Basic and Diluted Earnings per Common Share | |||||||||||||||||||||||
Net Income Attributable to DT Midstream | $ | $ | $ | $ | |||||||||||||||||||
Average number of common shares outstanding — basic | |||||||||||||||||||||||
Incremental shares attributable to: | |||||||||||||||||||||||
Average dilutive restricted stock units and performance share awards | |||||||||||||||||||||||
Average number of common shares outstanding — diluted | |||||||||||||||||||||||
Basic Earnings per Common Share | $ | $ | $ | $ | |||||||||||||||||||
Diluted Earnings per Common Share | $ | $ | $ | $ |
Dividends Declared | Dividend Amount | Dividend Payment Date | ||||||||||||||||||
(quarter ended) | (per-share) | (millions) | ||||||||||||||||||
2023 | ||||||||||||||||||||
March 31 | $ | $ | April 2023 | |||||||||||||||||
June 30 | $ | $ | July 2023 | |||||||||||||||||
September 30 | $ | $ | October 2023 | |||||||||||||||||
December 31 | $ | $ | January 2024 | |||||||||||||||||
2024 | ||||||||||||||||||||
March 31 | $ | $ | April 2024 | |||||||||||||||||
June 30 | $ | $ | July 2024 |
June 30, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Amount | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents (a) | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Long-term notes receivable — related party | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings (a) | |||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt (b) | $ | $ | $ | $ | $ | $ | $ | $ |
Maturity | June 30, | December 31, | ||||||||||||||||||||||||||||||
Title | Type | Interest Rate | Date | 2024 | 2023 | |||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
2029 Notes | Senior Notes (a) | 2029 | $ | $ | ||||||||||||||||||||||||||||
2031 Notes | Senior Notes (a) | 2031 | ||||||||||||||||||||||||||||||
2032 Notes | Senior Secured Notes (b) | 2032 | ||||||||||||||||||||||||||||||
Term Loan Facility | Term Loan Facility | Variable (c) | 2028 | |||||||||||||||||||||||||||||
Long-term debt principal | ||||||||||||||||||||||||||||||||
Unamortized debt discount | ( | ( | ||||||||||||||||||||||||||||||
Unamortized debt issuance costs | ( | ( | ||||||||||||||||||||||||||||||
Long-term debt, net | $ | $ |
June 30, | |||||
2024 | |||||
(millions) | |||||
Total availability | |||||
Revolving Credit Facility, expiring October 2027 | $ | ||||
Amounts outstanding | |||||
Revolving Credit Facility borrowings (a) | |||||
Letters of credit | |||||
Net availability | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||
Operating Revenues | |||||||||||||||||||||||
Pipeline | $ | $ | $ | $ | |||||||||||||||||||
Gathering | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||
Net Income Attributable to DT Midstream | |||||||||||||||||||||||
Pipeline | $ | $ | $ | $ | |||||||||||||||||||
Gathering | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | |||||||||||||||||||||||
2024 | 2024 | 2024 | 2023 | |||||||||||||||||||||||
(millions, except per share amounts) | ||||||||||||||||||||||||||
Operating revenues | $ | 244 | $ | 240 | $ | 484 | $ | 444 | ||||||||||||||||||
Net Income Attributable to DT Midstream | 96 | 97 | 193 | 172 | ||||||||||||||||||||||
Diluted Earnings per Common Share | $ | 0.98 | $ | 0.99 | $ | 1.97 | $ | 1.76 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | ||||||||||||||||||||||||||
2024 | 2024 | 2024 | 2023 | ||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||
Net Income Attributable to DT Midstream | |||||||||||||||||||||||||||||
Pipeline | $ | 71 | $ | 74 | $ | 145 | $ | 121 | |||||||||||||||||||||
Gathering | 25 | 23 | 48 | 51 | |||||||||||||||||||||||||
Total | $ | 96 | $ | 97 | $ | 193 | $ | 172 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | |||||||||||||||||||||||
2024 | 2024 | 2024 | 2023 | |||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||
Operating revenues | $ | 109 | $ | 107 | $ | 216 | $ | 175 | ||||||||||||||||||
Operation and maintenance | 15 | 16 | 31 | 25 | ||||||||||||||||||||||
Depreciation and amortization | 19 | 18 | 37 | 33 | ||||||||||||||||||||||
Taxes other than income | 5 | 6 | 11 | 7 | ||||||||||||||||||||||
Asset (gains) losses and impairments, net | — | — | — | (3) | ||||||||||||||||||||||
Operating Income | 70 | 67 | 137 | 113 | ||||||||||||||||||||||
Interest expense | 12 | 13 | 25 | 29 | ||||||||||||||||||||||
Interest income | — | (1) | (1) | (1) | ||||||||||||||||||||||
Earnings from equity method investees | (39) | (46) | (85) | (91) | ||||||||||||||||||||||
Other (income) and expense | (2) | — | (2) | — | ||||||||||||||||||||||
Income tax expense | 24 | 24 | 48 | 49 | ||||||||||||||||||||||
Net Income | 75 | 77 | 152 | 127 | ||||||||||||||||||||||
Less: Net Income Attributable to Noncontrolling Interests | 4 | 3 | 7 | 6 | ||||||||||||||||||||||
Net Income Attributable to DT Midstream | $ | 71 | $ | 74 | $ | 145 | $ | 121 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | |||||||||||||||||||||||
2024 | 2024 | 2024 | 2023 | |||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||
Operating revenues | $ | 135 | $ | 133 | $ | 268 | $ | 269 | ||||||||||||||||||
Operation and maintenance | 37 | 38 | 75 | 93 | ||||||||||||||||||||||
Depreciation and amortization | 34 | 32 | 66 | 54 | ||||||||||||||||||||||
Taxes other than income | 4 | 6 | 10 | 8 | ||||||||||||||||||||||
Operating Income | 60 | 57 | 117 | 114 | ||||||||||||||||||||||
Interest expense | 27 | 27 | 54 | 44 | ||||||||||||||||||||||
Other (income) and expense | (1) | — | (1) | (1) | ||||||||||||||||||||||
Income tax expense | 9 | 7 | 16 | 20 | ||||||||||||||||||||||
Net Income Attributable to DT Midstream | $ | 25 | $ | 23 | $ | 48 | $ | 51 |
Six Months Ended | |||||||||||
June 30, | |||||||||||
2024 | 2023 | ||||||||||
(millions) | |||||||||||
Cash and Cash Equivalents at Beginning of Period | $ | 56 | $ | 61 | |||||||
Net cash and cash equivalents from operating activities | 406 | 389 | |||||||||
Net cash and cash equivalents from (used for) investing activities | (143) | (31) | |||||||||
Net cash and cash equivalents from (used for) financing activities | (246) | (374) | |||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 17 | (16) | |||||||||
Cash and Cash Equivalents at End of Period | $ | 73 | $ | 45 |
Assuming a 10% Increase in Rates | Assuming a 10% Decrease in Rates | Change in the Fair Value of | ||||||||||||||||||
Activity | As of June 30, 2024 | |||||||||||||||||||
(millions) | ||||||||||||||||||||
Interest rate risk | $ | (79) | $ | 82 | Long-term debt |
Exhibit Number | Description | |||||||
(i) Exhibits incorporated by reference: | ||||||||
Amended and Restated Certificate of Incorporation of DT Midstream, Inc., effective July 1, 2021 (Exhibit 3.1 to DT Midstream's Form 8-K filed July 1, 2021) | ||||||||
Amended and Restated Bylaws of DT Midstream, Inc., effective July 1, 2021 (Exhibit 3.2 to DT Midstream's Form 8-K filed July 1, 2021) | ||||||||
Indenture, dated as of June 9, 2021, among DT Midstream, Inc., the Guarantors and U.S. Bank National Association, as trustee (Exhibit 4.1 to DT Midstream's Form 8-K filed June 10, 2021) | ||||||||
Indenture, dated as of April 11, 2022, among DT Midstream, Inc., the Guarantors and U.S. Bank Trust Company, National Association, as trustee (Exhibit 4.1 to DT Midstream's Form 8-K filed April 11, 2022) | ||||||||
Pari Passu Intercreditor Agreement, dated as of April 11, 2022, among DT Midstream, Inc., the Guarantors, Barclays Bank PLC, as Credit Agreement Agent, and U.S. Bank Trust Company, National Association, as Notes Collateral Agent (Exhibit 4.2 to DT Midstream's Form 8-K filed April 11, 2022) | ||||||||
First Incremental Revolving Facility Amendment and Amendment No. 1 to Credit Agreement and Collateral Agreement, by and among DT Midstream, Inc., the lenders and letter of credit issuers party thereto and Barclays Bank PLC, as administrative agent and collateral agent, dated as of October 19, 2022 (Exhibit 10.1 to DT Midstream's Current Report on Form 8-K filed on October 20, 2022) | ||||||||
Amendment No. 2 to Credit Agreement, by and between DT Midstream, Inc., and Barclay's Bank PLC, as administrative agent and collateral agent, dated as of June 27, 2023 (Exhibit 10.1 to DT Midstream's Current Report on Form 8-K filed on June 29, 2023) | ||||||||
(ii) Exhibits filed herewith: | ||||||||
Chief Executive Officer Section 302 Form 10-Q Certification of Periodic Report | ||||||||
Chief Financial Officer Section 302 Form 10-Q Certification of Periodic Report | ||||||||
Mine Safety Disclosure | ||||||||
101.INS | XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||
101.SCH | XBRL Taxonomy Extension Schema | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase | |||||||
101.DEF | XBRL Taxonomy Extension Definition Database | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |||||||
(iii) Exhibits furnished herewith: | ||||||||
Chief Executive Officer Section 906 Form 10-Q Certification of Periodic Report | ||||||||
Chief Financial Officer Section 906 Form 10-Q Certification of Periodic Report |
Date: | July 30, 2024 | ||||||||||
DT MIDSTREAM, INC. | |||||||||||
By: | /S/ JEFFREY A. JEWELL | ||||||||||
Jeffrey A. Jewell Chief Financial and Accounting Officer | |||||||||||
(Duly Authorized Officer) |
/S/ DAVID J. SLATER | Date: | July 30, 2024 | ||||||
David J. Slater President and Chief Executive Officer of DT Midstream, Inc. |
/S/ JEFFREY A. JEWELL | Date: | July 30, 2024 | ||||||
Jeffrey A. Jewell Executive Vice President Chief Financial and Accounting Officer of DT Midstream, Inc. |
Date: | July 30, 2024 | /S/ DAVID J. SLATER | |||||||||
David J. Slater President and Chief Executive Officer of DT Midstream, Inc. |
Date: | July 30, 2024 | /S/ JEFFREY A. JEWELL | |||||||||
Jeffrey A. Jewell Executive Vice President, Chief Financial and Accounting Officer of DT Midstream, Inc. |
Operation (1) | Section 104 S&S Citations | Section 104(b) Orders | Section 104(d) Citations and Orders | Section 110(b)(2) Violations | Section 107(a) Orders | Total Dollar Value of Proposed MSHA Assessments (2) | Total Number of Mining Related Fatalities | Received Notice of Pattern of Violations Under Section 104(e) | Received Notice of Potential to Have Pattern Under Section 104(e) | Legal Actions Pending as of the Last Day of Period | Legal Actions Initiated During Period | Legal Actions Resolved During Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DTM GEN6 Proppants, LLC ID: 1601585 | — | — | — | — | — | $ | — | — | No | No | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | — | — | — | — | — | $ | — | — | No | No | — | — | — |
/=HQ7I*'W-8,Q:K.E*#]26*7QEVMR9WDPITAR M6D+!J7J(J'S*")K.1&Y=Z&M92:/:QW]4I8;3-SYS]!P)Y55$AG4(!4B#E)T0 MFK!(5:$Y1IH/1YT%E)"]R&G_"*).-6]"*T8A9E=K%GHOD_5][R6U:D1?$_B:3_IWW*%8+0EQ?4691 6W+IBH\+F*?\FI'P6 M1*6Z8P1X2S>P&K9-T<=*L(NN&F9Q@/91\'0[-]5[#G2UWSE?]\JM\ .06[4^ M\A1 4)9O+Q8@=D5FF51,48>_L"1V]4M,7E=C[>M[%X:7J'N+EWF/QL=0,$<^ M(/5GTE:B:S:T[%2U(?JNC)BA!7EHRLF3I6='A!7!RAFFE]0B5=9$9\9])R62 M(T1EE7MW5:NH+#@1D]F*'.2'M@FR-GRYLFN]$M&05QE<&[B'E$I\PXB@;F:' 'C$A8 0$ .P$! end
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 100 | $ 94 | $ 200 | $ 178 |
Foreign currency translation and unrealized gain on derivatives, net of tax | 0 | 0 | 0 | 1 |
Other comprehensive income | 0 | 0 | 0 | 1 |
Comprehensive income | 100 | 94 | 200 | 179 |
Less: Comprehensive income attributable to noncontrolling interests | 4 | 3 | 7 | 6 |
Comprehensive Income Attributable to DT Midstream | $ 96 | $ 91 | $ 193 | $ 173 |
Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Current Assets | ||
Allowance for expected credit loss | $ 0 | $ 0 |
Stockholders' Equity | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 550,000,000 | 550,000,000 |
Common stock, shares issued (in shares) | 97,111,676 | 96,971,021 |
Common stock, shares outstanding (in shares) | 97,111,676 | 96,971,021 |
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Jun. 30, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
|
Statement of Stockholders' Equity [Abstract] | ||||||
Dividends declared on common stock (in dollars per share) | $ 0.735 | $ 0.735 | $ 0.69 | $ 0.69 | $ 0.69 | $ 0.69 |
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION | 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 our 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 June 30, 2024, results of operations for the three and six months ended June 30, 2024 and 2023, statement of changes in stockholders' equity for the three and six months ended June 30, 2024 and 2023, and cash flows for the six months ended June 30, 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. The following table summarizes the major line items in the Consolidated Statements of Financial Position for consolidated VIEs as of June 30, 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.
(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 June 30, 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 $344 million and $352 million, respectively. The difference will be amortized over the life of the underlying assets. As of June 30, 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:
In May 2023, NEXUS closed on the sale of $750 million of senior unsecured notes with a weighted-average coupon rate of 5.52%. We received a distribution from NEXUS of $371 million, net of fees and expenses, which reduced our investment balance. We used the proceeds from the distribution to repay borrowings outstanding under our Revolving Credit Facility. 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:
|
SIGNIFICANT ACCOUNTING POLICIES |
6 Months Ended |
---|---|
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents Cash and cash equivalents include cash in banks and highly liquid money market investments with remaining maturities of three months or less, when purchased. Cash equivalents are stated at cost, which approximates fair value. Financing Receivables Financing receivables are primarily composed of trade accounts receivable and notes receivable, which are stated at net realizable value. We regularly monitor the credit quality of our financing receivables by reviewing counterparty credit quality indicators and monitoring for triggering events, such as a credit rating downgrade or bankruptcy. We have three internal grades of credit quality, with internal grade 1 as the lowest risk and internal grade 3 as the highest risk. The related credit quality indicators and risk ratings utilized to develop the internal grades have been updated through June 30, 2024. As of June 30, 2024, the Notes receivable — related party of $4 million, which originated prior to 2021, was classified as internal grade 1. There are no notes receivable on nonaccrual status and no past due financing receivables as of June 30, 2024. For trade accounts receivable, the customer allowance for expected credit loss is calculated based on specific review of future collections based on receivable balances generally in excess of 30 days. Existing and future economic conditions, historical loss rates, customer trends and other relevant factors that may affect our ability to collect are also considered. Receivables are written off on a specific identification basis and determined based on the particular circumstances of the associated receivable. Uncollectible expense (recovery) was zero for each of the three and six months ended June 30, 2024 and 2023. Our collections on accounts receivable from customers are current, and no material rate of historical loss was noted, which resulted in no allowance for expected credit loss as of June 30, 2024 or December 31, 2023. Any balance would be shown as a deduction from the respective financing receivable's balance in the Consolidated Statements of Financial Position. Operation and Maintenance Operation and maintenance is primarily comprised of costs for labor and employee benefits, outside services, materials, compression, purchased natural gas, operating lease costs, office costs, and other operating and maintenance costs.
|
NEW ACCOUNTING PRONOUNCEMENTS |
6 Months Ended |
---|---|
Jun. 30, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
NEW ACCOUNTING PRONOUNCEMENTS | NEW ACCOUNTING PRONOUNCEMENTS Recently Issued Pronouncements In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The amendments improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and interim disclosure requirements. The amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We continue to evaluate the impact of this standard's adoption on our Consolidated Financial Statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The amendments improve transparency of income tax disclosure requirements, primarily through enhanced disclosures of rate reconciliation and income taxes paid. The amendments are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. We continue to evaluate the impact of this standard's adoption on our Consolidated Financial Statements.
|
GOODWILL |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL | GOODWILL We have goodwill that resulted from business combinations. The carrying value of goodwill is evaluated for impairment on an annual basis or whenever events or circumstances indicate that the value of goodwill may be impaired. We performed our prior year annual impairment test as of October 1, 2023 and determined that the estimated fair value of each reporting unit exceeded its carrying value, and no impairment existed. No additions, impairments or other changes occurred during the three and six months ended June 30, 2024. The following is the summary of the carrying value of goodwill:
While we believe the estimates and assumptions in the estimated fair value are reasonable, the actual results may differ from projections. To the extent projected results or cash flows are revised downward, the reporting unit may be required to write down all or a portion of its goodwill, which would adversely impact our earnings. If current expectations of future long-term growth are not met or market factors outside of our control change, such as U.S. Treasury Rates or declines in midstream industry transaction multiples, this may lead to a goodwill impairment in the future.
|
REVENUE |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVENUE | REVENUE Disaggregation of Revenue The following is a summary of revenues disaggregated by segment:
(a)Includes revenues outside the scope of ASC 606 primarily related to contracts accounted for as leases of $2 million for both the three months ended June 30, 2024 and 2023, and $4 million and $3 million for the six months ended June 30, 2024 and 2023, respectively. Nature of Services We primarily provide two types of revenue services: firm service and interruptible service. Firm service revenue contracts provide for fixed revenue commitments regardless of actual volumes of natural gas that flow, which leads to more stable operating performance, revenues and cash flows and limits our exposure to natural gas price fluctuations. Firm service revenue contracts are typically long-term and structured using fixed demand charges or MVCs with fixed deficiency fee rates. Contracts structured using fixed demand charges contain a performance obligation of a stand-ready series of distinct services that are substantially the same with the same pattern of transfer to the customer, therefore revenue is recognized ratably over time. Contracts structured using MVCs with fixed deficiency fee rates require customers to transport or store a minimum volume of natural gas over a specified time period. If a customer fails to meet its MVCs for the specified time period, the contract consideration includes a fixed rate for the actual volumes gathered, transported or stored, and a deficiency fee for the shortfall between the MVCs and the actual volumes gathered, transported, or stored. If a customer exceeds its MVC for the specified time period, the contract consideration is based on fixed rates for the actual volumes gathered, transported, or stored. The contract consideration is allocated to each distinct monthly performance obligation, consistent with the allocation objective and based upon the level of effort required to satisfy the service obligation. Revenues are generally recognized over time based on the output measure of natural gas volumes gathered, transported, or stored, with the recognition of the deficiency fee revenue in the period when it is known the customer cannot make up the deficient volumes in the specified time period. Interruptible service revenue contracts typically contain fixed rates, with total consideration dependent on actual natural gas volumes that flow. Interruptible service revenues are recognized over time based on the output measure of natural gas volumes gathered, transported, or stored. Certain of our gathering contracts allow for the recovery of production-related operating expenses, which are offsetting in revenue and operating expense. Contract Liabilities The following is a summary of contract liability activity:
Contract liabilities generally represent amounts paid by or receivable from customers for which the associated performance obligation has not yet been satisfied. Contract liabilities associated with these services are recognized upon delivery of the service to the customer. The following table presents contract liability amounts as of June 30, 2024 that are expected to be recognized as revenue in future periods:
Transaction Price Allocated to the Remaining Performance Obligations In accordance with optional exemptions available under ASC 606, we do not disclose the value of unsatisfied performance obligations for (1) contracts with an original expected length of one year or less, (2) with the exception of fixed consideration, contracts for which the amount of revenue recognized depends upon our invoices for actual volumes gathered, transported, or stored, and (3) contracts for which variable consideration relates entirely to an unsatisfied performance obligation. Such contracts consist of various types of performance obligations, including providing midstream services. Contracts with variable volumes and/or variable pricing, including those with pricing provisions tied to a consumer price or other index, have also been excluded as the related contract consideration is variable at the contract inception. Contract lengths vary from cancellable to multi-year. The following table presents revenue amounts related to fixed consideration associated with unsatisfied performance obligations as of June 30, 2024 that are expected to be recognized as revenue in future periods:
Costs to Obtain or Fulfill a Contract We recognize an asset from the costs incurred to obtain a revenue contract only if we expect to recover those costs. In addition, the costs to fulfill a revenue contract are capitalized if the costs are specifically identifiable to a revenue contract, would result in enhancing resources that will be used in satisfying performance obligations in the future, and are expected to be recovered. These capitalized costs are amortized on a systematic basis consistent with the pattern of transfer of the services to which such costs relate. As of both June 30, 2024 and December 31, 2023, we had capitalized costs to obtain or fulfill a contract of $18 million, which are included in other current assets and other noncurrent assets in the accompanying Consolidated Statements of Financial Position. During the three and six months ended June 30, 2024 and 2023 we recognized less than $1 million of amortization expense related to such capitalized costs.
|
EARNINGS PER SHARE AND DIVIDENDS |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE AND DIVIDENDS | EARNINGS PER SHARE AND DIVIDENDS Basic earnings per share is calculated by dividing Net Income attributable to DT Midstream by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflect the dilution that would occur if any potentially dilutive instruments were exercised or converted into common shares, using the treasury stock method. Restricted stock units and performance share awards, including dividend equivalents on those grants, are potentially dilutive and, if dilutive, are included in the determination of weighted-average shares outstanding. Restricted stock units and performance share awards do not receive cash dividends, as such, these awards are not considered participating securities. The following is a reconciliation of basic and diluted earnings per share:
We declared the following cash dividends:
|
INCOME TAXES |
6 Months Ended |
---|---|
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Effective Tax Rates We record income taxes during the interim period using an estimated annual ETR and recognize specific events discretely as they occur. The interim period ETRs of DT Midstream were 25% and 24% for the three months ended June 30, 2024 and 2023, respectively, and 24% and 28% for the six months ended June 30, 2024 and 2023, respectively. The difference between the interim period ETR and federal statutory rate of 21% is primarily related to state income taxes. The decrease in the interim ETR for the comparative six-month period is driven by the remeasurement of state deferred taxes recognized in 2023 due to changes in tax status and apportionment rates, resulting in a lower ETR in 2024.
|
FAIR VALUE |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE | FAIR VALUE Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in a principal or most advantageous market. Fair value is a market-based measurement that is determined based on inputs, which refer broadly to assumptions that market participants use in pricing assets or liabilities. These inputs can be readily observable, market corroborated, or generally unobservable inputs. We make certain assumptions we believe that market participants would use in pricing assets or liabilities, including assumptions about risk, and the risks inherent in the inputs to valuation techniques. We believe we use valuation techniques that maximize the use of observable market-based inputs and minimize the use of unobservable inputs. A fair value hierarchy has been established that prioritizes the inputs to valuation techniques used to measure fair value in three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. All assets and liabilities are required to be classified in their entirety based on the lowest level of input that is significant to the fair value measurement in its entirety. Assessing the significance of a particular input may require judgment considering factors specific to the asset or liability and may affect the valuation of the asset or liability and its placement within the fair value hierarchy. We classify fair value balances based on the fair value hierarchy defined as follows: •Level 1 — Consists of unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access as of the reporting date. •Level 2 — Consists of inputs other than quoted prices included within Level 1 that are directly observable for the assets or liabilities or indirectly observable through corroboration with observable market data. •Level 3 — Consists of unobservable inputs for assets or liabilities whose fair value is estimated based on internally developed models or methodologies using inputs that are generally less readily observable and supported by little, if any, market activity at the measurement date. Unobservable inputs are developed based on the best available information and subject to cost-benefit constraints. Fair Value of Financial Instruments The following table presents the carrying amount and fair value of financial instruments:
(a)Short-term borrowings and money market cash equivalents are stated at cost, which approximates fair value. (b)Carrying value represents principal of $3,099 million, net of unamortized debt discounts and issuance costs.
|
DEBT |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT | DEBT Long-Term Debt The following is a summary of long-term debt:
(a) Interest payable semi-annually in arrears each June 15 and December 15. (b) Interest payable semi-annually in arrears each April 15 and October 15. (c) Variable rate is SOFR plus 2.11% for a one-month interest period as of June 30, 2024. Short-Term Credit Arrangements and Borrowings The following table presents the availability under the Revolving Credit Facility:
______________________________ (a) The weighted average interest rate for Revolving Credit Facility borrowings outstanding was 6.69% as of June 30, 2024. Borrowings under the Revolving Credit Facility are used for general corporate purposes, acquisitions, and letter of credit issuances to support our operations and liquidity. Revolving Credit Facility related issuance and amendment costs, net of amortization, were $5 million and $6 million as of June 30, 2024 and December 31, 2023, respectively. These costs are included in other noncurrent assets in our Consolidated Statements of Financial Position and are being amortized over the remaining term of the Revolving Credit Facility. The Credit Agreement covering the Term Loan Facility and Revolving Credit Facility includes financial covenants that we must maintain. These covenants restrict the ability of DT Midstream and our subsidiaries to incur additional indebtedness and guarantee indebtedness, create or incur liens, engage in mergers, consolidations, liquidations or dissolutions, sell, transfer or otherwise dispose of assets, make investments, acquisitions, loans or advances, pay dividends and distributions or repurchase capital stock, prepay, redeem or repurchase certain junior indebtedness, enter into agreements that limit the ability of the restricted subsidiaries to make distributions to DT Midstream or the ability of DT Midstream and our restricted subsidiaries to incur liens on assets and enter into certain transactions with affiliates. The Term Loan Facility requires the maintenance of a minimum debt service coverage ratio of 1.1 to 1, and the Revolving Credit Facility requires maintenance of (i) a maximum consolidated net leverage ratio of 5 to 1, and (ii) a minimum interest coverage ratio of no less than 2.5 to 1. The debt service coverage ratio means the ratio of annual consolidated EBITDA to debt service, as defined in the Credit Agreement. The consolidated net leverage ratio means the ratio of net debt determined in accordance with GAAP to annual consolidated EBITDA. The interest coverage ratio means the ratio of annual consolidated EBITDA to annual interest expense, as defined in the Credit Agreement. The Credit Agreement definition of annual consolidated EBITDA excludes EBITDA from equity method investees, but includes dividends and distributions from equity method investees. As of June 30, 2024, the debt service coverage ratio, the consolidated net leverage ratio and the interest coverage ratio was 6.3 to 1, 3.1 to 1 and 5.9 to 1, respectively, and we were in compliance with these financial covenants.
|
COMMITMENTS AND CONTINGENCIES |
6 Months Ended |
---|---|
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES From time to time, we are subject to legal, administrative and environmental proceedings before various courts, arbitration panels and governmental agencies concerning claims arising in the ordinary course of business. These proceedings include certain contract disputes, additional environmental reviews and investigations, audits and pending judicial matters. We cannot predict the final disposition of such proceedings. We regularly review legal matters and record provisions for claims that we can estimate and are considered probable of loss. The amount or range of reasonably possible losses is not anticipated to, either individually or in the aggregate, materially adversely affect our business, financial condition and results of operations. Guarantees In certain limited circumstances, we enter into contractual guarantees. We may guarantee another entity's obligation in the event it fails to perform and may provide guarantees in certain indemnification agreements. We did not have any guarantees of other parties' obligations as of June 30, 2024. Surety Bonds In certain limited circumstances, we enter into contracts that require us to obtain external surety bonds to secure our payment and performance. We agree to indemnify the issuers of these surety bonds for amounts, if any, paid by them under these agreements. In the event that any surety bonds are called for non-performance, we would be obligated to reimburse the issuer of the surety bond. The maximum potential indemnification under our surety bond agreements as of June 30, 2024 is $31 million. Vector Line of Credit We are the lender under a revolving term credit facility to Vector, the borrower, in the amount of Canadian $70 million. The credit facility was executed in response to the passage of Canadian regulations requiring oil and gas pipelines to demonstrate their financial ability to respond to a catastrophic event and exists for the sole purpose of satisfying these regulations. Vector may only draw upon the facility if the funds are required to respond to a catastrophic event. The maximum potential payout as of June 30, 2024 is USD $51 million. The funding of a loan under the terms of the revolving term credit facility is considered remote. Contingent Liability In order to comply with certain state environmental regulations, we have an obligation to restore pipeline right-of-way slope failures that may arise in the ordinary course of business in the Utica and Marcellus formations. We completed evaluations of all locations, which were prioritized based on the severity and proximity of the slope failures, and used updated cost information to assess the adequacy of the estimate for the contingent liability accrual. Based on these evaluations, we recorded a reduction to the contingent liability accrual and decrease to operation and maintenance expense of $9 million during the three months ended June 30, 2024. As of June 30, 2024 and December 31, 2023, we had accrued contingent liabilities of $4 million and $13 million, respectively, for future slope restoration expenditures. The accrual is included in other current liabilities and other liabilities in the Consolidated Statements of Financial Position. While restoration is ongoing, we believe the accrued amounts are sufficient to cover estimated future expenditures.
|
SEGMENT AND RELATED INFORMATION |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT AND RELATED INFORMATION | SEGMENT AND RELATED INFORMATION We set strategic goals, allocate resources, and evaluate performance based on the following structure: The Pipeline segment owns and operates interstate and intrastate natural gas pipelines, storage systems, and natural gas gathering lateral pipelines. The segment also has interests in equity method investees that own and operate interstate natural gas pipelines. The Pipeline segment is also engaged in the transportation and storage of natural gas for intermediate and end user customers. The Gathering segment owns and operates gas gathering systems. The segment is engaged in collecting natural gas from points at or near customers’ wells for delivery to plants for treating, to gathering pipelines for further gathering, or to pipelines for transportation, as well as associated ancillary services, including compression, dehydration, gas treatment, water impoundment, water transportation, water disposal, and sand mining. Inter-segment billing for goods and services exchanged between segments is based upon contracted prices of the provider. Inter-segment billings were not significant for the three and six months ended June 30, 2024 and 2023. The following tables present financial data by business segment:
|
SUBSEQUENT EVENTS |
6 Months Ended |
---|---|
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Dividend Declaration On July 30, 2024, we announced that our Board of Directors declared a quarterly dividend of $0.735 per share of common stock. The dividend is payable to our stockholders of record as of September 16, 2024 and is expected to be paid on October 15, 2024. Clean Fuels Gathering Project Acquisition On July 1, 2024, DT Midstream closed on the purchase of a clean fuels gathering project from a privately-held coal mine methane producer for a cash payment of $12 million. The acquisition was comprised of gathering and treating assets that process coal mine methane into pipeline quality natural gas. The acquisition aligns with our strategy to pursue economically attractive opportunities and deploy GHG reducing technologies and is expected to generate carbon offsets and federal income tax credits for clean fuel production. A contingent payment of $10 million is expected to be paid within the next 12 months upon the completion of a milestone. Additionally, if certain cumulative production and income tax credit milestones are achieved, DT Midstream will be required to make incremental contingent payments in future years of up to $24 million and variable payments under a sharing mechanism that could be material. Due to the timing of the acquisition subsequent to June 30, 2024, certain accounting and disclosures, including whether the acquisition will be treated as a business combination or asset acquisition, and the allocation of purchase price, will be finalized and recorded in our subsequent quarterly report on the Form 10-Q.
|
Pay vs Performance Disclosure - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Pay vs Performance Disclosure | ||||
Net Income Attributable to DT Midstream | $ 96 | $ 91 | $ 193 | $ 172 |
Insider Trading Arrangements |
3 Months Ended |
---|---|
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
SIGNIFICANT ACCOUNTING POLICIES (Policies) |
6 Months Ended |
---|---|
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 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 our 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 June 30, 2024, results of operations for the three and six months ended June 30, 2024 and 2023, statement of changes in stockholders' equity for the three and six months ended June 30, 2024 and 2023, and cash flows for the six months ended June 30, 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 | 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.
|
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash in banks and highly liquid money market investments with remaining maturities of three months or less, when purchased. Cash equivalents are stated at cost, which approximates fair value.
|
Financing Receivables | Financing Receivables Financing receivables are primarily composed of trade accounts receivable and notes receivable, which are stated at net realizable value. We regularly monitor the credit quality of our financing receivables by reviewing counterparty credit quality indicators and monitoring for triggering events, such as a credit rating downgrade or bankruptcy. We have three internal grades of credit quality, with internal grade 1 as the lowest risk and internal grade 3 as the highest risk. The related credit quality indicators and risk ratings utilized to develop the internal grades have been updated through June 30, 2024. As of June 30, 2024, the Notes receivable — related party of $4 million, which originated prior to 2021, was classified as internal grade 1. There are no notes receivable on nonaccrual status and no past due financing receivables as of June 30, 2024. For trade accounts receivable, the customer allowance for expected credit loss is calculated based on specific review of future collections based on receivable balances generally in excess of 30 days. Existing and future economic conditions, historical loss rates, customer trends and other relevant factors that may affect our ability to collect are also considered. Receivables are written off on a specific identification basis and determined based on the particular circumstances of the associated receivable.
|
Operation and Maintenance | Operation and Maintenance Operation and maintenance is primarily comprised of costs for labor and employee benefits, outside services, materials, compression, purchased natural gas, operating lease costs, office costs, and other operating and maintenance costs.
|
Recently Issued Pronouncements | Recently Issued Pronouncements In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The amendments improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and interim disclosure requirements. The amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We continue to evaluate the impact of this standard's adoption on our Consolidated Financial Statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The amendments improve transparency of income tax disclosure requirements, primarily through enhanced disclosures of rate reconciliation and income taxes paid. The amendments are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. We continue to evaluate the impact of this standard's adoption on our Consolidated Financial Statements.
|
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities | The following table summarizes the major line items in the Consolidated Statements of Financial Position for consolidated VIEs as of June 30, 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.
(a)Amounts shown are 100% of the consolidated VIEs' assets and liabilities.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments | Equity method investees are described below:
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:
|
GOODWILL (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | The following is the summary of the carrying value of goodwill:
|
REVENUE (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following is a summary of revenues disaggregated by segment:
(a)Includes revenues outside the scope of ASC 606 primarily related to contracts accounted for as leases of $2 million for both the three months ended June 30, 2024 and 2023, and $4 million and $3 million for the six months ended June 30, 2024 and 2023, respectively.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Contact Liability Activity | The following is a summary of contract liability activity:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Expected to be Recognized in Future Periods | The following table presents contract liability amounts as of June 30, 2024 that are expected to be recognized as revenue in future periods:
The following table presents revenue amounts related to fixed consideration associated with unsatisfied performance obligations as of June 30, 2024 that are expected to be recognized as revenue in future periods:
|
EARNINGS PER SHARE AND DIVIDENDS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Basic and Diluted Earnings Per Share | The following is a reconciliation of basic and diluted earnings per share:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Dividends Declared | We declared the following cash dividends:
|
FAIR VALUE (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount of Fair Value of Financial Instruments | The following table presents the carrying amount and fair value of financial instruments:
(a)Short-term borrowings and money market cash equivalents are stated at cost, which approximates fair value. (b)Carrying value represents principal of $3,099 million, net of unamortized debt discounts and issuance costs.
|
DEBT (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Outstanding | The following is a summary of long-term debt:
(a) Interest payable semi-annually in arrears each June 15 and December 15. (b) Interest payable semi-annually in arrears each April 15 and October 15. (c) Variable rate is SOFR plus 2.11% for a one-month interest period as of June 30, 2024.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Availability Under the Revolving Credit Facility | The following table presents the availability under the Revolving Credit Facility:
______________________________ (a) The weighted average interest rate for Revolving Credit Facility borrowings outstanding was 6.69% as of June 30, 2024.
|
SEGMENT AND RELATED INFORMATION (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Data by Business Segment | The following tables present financial data by business segment:
|
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION - Narrative (Details) $ in Millions |
1 Months Ended | 6 Months Ended | |
---|---|---|---|
May 31, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
segment
|
Dec. 31, 2023
USD ($)
|
|
Related Party Transaction [Line Items] | |||
Number of segments | segment | 2 | ||
Amount by which the carrying amounts of equity method investments exceeds share of underlying equity in the net assets | $ 344 | $ 352 | |
Senior Notes | NEXUS Senior Unsecured Notes | |||
Related Party Transaction [Line Items] | |||
Amount of debt sold | $ 750 | ||
Weighted-average coupon rate | 5.52% | ||
Distributions received from sale of debt | $ 371 | ||
Stonewall VIE | |||
Related Party Transaction [Line Items] | |||
VIE ownership percentage | 85.00% | ||
South Romeo VIE | |||
Related Party Transaction [Line Items] | |||
VIE ownership percentage | 50.00% |
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION - Consolidated VIEs (Details) - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
ASSETS | ||
Cash | $ 73 | $ 56 |
Accounts receivable | 143 | 154 |
Intangible assets, net | 1,939 | 1,968 |
Property, plant and equipment, net | 4,508 | 4,434 |
Goodwill | 473 | 473 |
Total Assets | 8,986 | 8,982 |
LIABILITIES | ||
Other noncurrent liabilities | 1,275 | 1,203 |
Total Liabilities | 4,649 | 4,702 |
Variable interest entity, primary beneficiary | ||
ASSETS | ||
Cash | 18 | 13 |
Accounts receivable | 11 | 10 |
Other current assets | 1 | 2 |
Intangible assets, net | 476 | 483 |
Property, plant and equipment, net | 387 | 391 |
Goodwill | 25 | 25 |
Total Assets | 918 | 924 |
LIABILITIES | ||
Accounts payable and other current liabilities | 5 | 4 |
Other noncurrent liabilities | 3 | 3 |
Total Liabilities | $ 8 | $ 7 |
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION - Equity Method Investees (Details) - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Schedule of Equity Method Investments [Line Items] | ||
Investments As of | $ 1,725 | $ 1,762 |
NEXUS | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments As of | $ 881 | $ 900 |
% Owned As of | 50.00% | 50.00% |
Vector | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments As of | $ 134 | $ 135 |
% Owned As of | 40.00% | 40.00% |
Millennium | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments As of | $ 710 | $ 727 |
% Owned As of | 52.50% | 52.50% |
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION - Summarized Income Statement Data (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Schedule of Equity Method Investments [Line Items] | ||||||
Operating revenues | $ 244 | $ 224 | $ 484 | $ 444 | ||
Net Income | 100 | $ 100 | 94 | $ 84 | 200 | 178 |
Equity method investment, non-consolidated investees | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Operating revenues | 198 | 199 | 412 | 410 | ||
Operating expenses | 94 | 94 | 188 | 188 | ||
Net Income | $ 91 | $ 91 | $ 194 | $ 201 |
SIGNIFICANT ACCOUNTING POLICIES (Details) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2024
USD ($)
internal_grade
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
internal_grade
|
Jun. 30, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
|
Financing Receivable, Past Due [Line Items] | |||||
Number of internal grades of credit quality | internal_grade | 3 | 3 | |||
Specific review of probable future collections based on receivable balances, threshold duration | 30 days | ||||
Uncollectible expense (recovery) | $ 0 | $ 0 | $ 0 | $ 0 | |
Allowance for expected credit loss related to accounts receivable | 0 | 0 | $ 0 | ||
Past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Financing receivables | 0 | 0 | |||
Notes receivable | |||||
Financing Receivable, Past Due [Line Items] | |||||
Notes receivables on nonaccrual status | 0 | 0 | |||
Notes receivable | Internal grade 1 | Related Party | |||||
Financing Receivable, Past Due [Line Items] | |||||
Notes receivable, originated prior to 2021 | $ 4,000,000 | $ 4,000,000 |
GOODWILL (Details) - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Goodwill [Line Items] | ||
Goodwill | $ 473 | $ 473 |
Pipeline | ||
Goodwill [Line Items] | ||
Goodwill | 53 | 53 |
Gathering | ||
Goodwill [Line Items] | ||
Goodwill | $ 420 | $ 420 |
REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | $ 244 | $ 224 | $ 484 | $ 444 |
Pipeline | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 109 | 90 | 216 | 175 |
Revenue outside scope of ASC 606 | 2 | 2 | 4 | 3 |
Gathering | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | $ 135 | $ 134 | $ 268 | $ 269 |
REVENUE - Contract Liabilities (Details) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2024
USD ($)
| |
Change In Contract With Customer, Liability [Roll Forward] | |
Beginning balance | $ 129 |
Increases due to cash received or receivable, excluding amounts recognized as revenue during the period | 29 |
Revenue recognized that was included in the balance at the beginning of the period | (12) |
Ending balance | $ 146 |
REVENUE - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
|
Revenue from Contract with Customer [Abstract] | |||||
Capitalized costs to obtain or fulfill contracts | $ 18 | $ 18 | $ 18 | ||
Amortization expense related to capitalized costs (less than) | $ 1 | $ 1 | $ 1 | $ 1 |
EARNINGS PER SHARE AND DIVIDENDS - Reconciliation of Basic and Diluted Earnings Per Share Calculation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Basic and Diluted Earnings per Common Share | ||||
Net Income Attributable to DT Midstream | $ 96 | $ 91 | $ 193 | $ 172 |
Average number of common shares outstanding — basic (in shares) | 97.1 | 96.9 | 97.1 | 96.9 |
Incremental shares attributable to: | ||||
Average dilutive restricted stock units and performance share awards (in shares) | 0.8 | 0.5 | 0.7 | 0.5 |
Average number of common shares outstanding — diluted (in shares) | 97.9 | 97.4 | 97.8 | 97.4 |
Basic earnings per common share (in dollars per share) | $ 0.99 | $ 0.93 | $ 1.99 | $ 1.77 |
Diluted earnings per common share (in dollars per share) | $ 0.98 | $ 0.93 | $ 1.97 | $ 1.76 |
EARNINGS PER SHARE AND DIVIDENDS - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Jun. 30, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
|
Earnings Per Share [Abstract] | ||||||
Quarterly Dividend (in dollars per share) | $ 0.735 | $ 0.735 | $ 0.69 | $ 0.69 | $ 0.69 | $ 0.69 |
Dividend Amount | $ 71 | $ 71 | $ 67 | $ 67 | $ 67 | $ 67 |
INCOME TAXES (Details) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 25.00% | 24.00% | 24.00% | 28.00% |
DEBT - Long-term Debt Outstanding (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2024 |
Dec. 31, 2023 |
|
Debt Instrument [Line Items] | ||
Long-term debt principal | $ 3,099 | $ 3,099 |
Unamortized debt discount | (2) | (2) |
Unamortized debt issuance costs | (29) | (32) |
Long-term debt, net | $ 3,068 | 3,065 |
2029 Notes | Senior Notes | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.125% | |
Long-term debt principal | $ 1,100 | 1,100 |
2031 Notes | Senior Notes | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.375% | |
Long-term debt principal | $ 1,000 | 1,000 |
2032 Notes | Senior Notes | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.30% | |
Long-term debt principal | $ 600 | 600 |
Term Loan Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt principal | $ 399 | $ 399 |
Basis spread on variable rate | 2.11% |
DEBT - Availability Under the Revolving Credit Facility (Details) - Revolving Credit Facility, expiring October 2027 $ in Millions |
Jun. 30, 2024
USD ($)
|
---|---|
Line of Credit Facility [Line Items] | |
Amounts outstanding | $ 86 |
Net availability | 914 |
Revolving Credit Facility | |
Line of Credit Facility [Line Items] | |
Total availability | 1,000 |
Amounts outstanding | $ 70 |
Weighted average interest rate | 6.69% |
Letters of credit | |
Line of Credit Facility [Line Items] | |
Amounts outstanding | $ 16 |
DEBT - Narrative (Details) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
|
Debt Instrument [Line Items] | ||
Debt related to issuance and amendment costs, net of amortization | $ 5 | $ 6 |
Debt service coverage ratio | 6.3 | |
Consolidated net leverage ratio | 3.1 | |
Interest coverage ratio | 5.9 | |
Term Loan Facility | ||
Debt Instrument [Line Items] | ||
Minimum debt service coverage ratio | 1.1 | |
Revolving Credit Facility, expiring October 2027 | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Maximum consolidated net leverage ratio | 5 | |
Minimum interest coverage ratio | 2.5 |
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions, $ in Millions |
3 Months Ended | ||
---|---|---|---|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2024
CAD ($)
|
Dec. 31, 2023
USD ($)
|
|
Loss Contingencies [Line Items] | |||
Reduction to contingent liability accrual and decrease to operation and maintenance expense | $ 9 | ||
Accrued contingent liabilities | 4 | $ 13 | |
Revolving Term Credit Facility | Vector | |||
Loss Contingencies [Line Items] | |||
Financing receivables | $ 70 | ||
Maximum potential payout | 51 | ||
Performance surety bonds | |||
Loss Contingencies [Line Items] | |||
Maximum potential indemnification | $ 31 |
SEGMENT AND RELATED INFORMATION (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating revenues | $ 244 | $ 224 | $ 484 | $ 444 |
Net Income Attributable to DT Midstream | 96 | 91 | 193 | 172 |
Pipeline | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating revenues | 109 | 90 | 216 | 175 |
Net Income Attributable to DT Midstream | 71 | 64 | 145 | 121 |
Gathering | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating revenues | 135 | 134 | 268 | 269 |
Net Income Attributable to DT Midstream | $ 25 | $ 27 | $ 48 | $ 51 |
SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Jul. 30, 2024 |
Jul. 01, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
|
Subsequent Event [Line Items] | ||||||||
Dividends declared on common stock (in dollars per share) | $ 0.735 | $ 0.735 | $ 0.69 | $ 0.69 | $ 0.69 | $ 0.69 | ||
Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Dividends declared on common stock (in dollars per share) | $ 0.735 | |||||||
Subsequent Event | Clean Fuels Gather Project Asset Acquisition | ||||||||
Subsequent Event [Line Items] | ||||||||
Cash payment to purchase project | $ 12 | |||||||
Contingent payment to purchase project, expected to be paid within the next 12 months | 10 | |||||||
Incremental contingent payments to purchase project in future years | $ 24 |
0\@SH\+WP=F(D'R7IB46GGX3JW
MK^0Q\$&"L^B*S&*OA< Y=N%Y=AT\T!,2.HZ9/KPB"PT#C A)IB*)M3S MU_*
M7*%^>X=!GAFS4P?RE7V0F0_C+5@%7DJ*]'"%I-MOTF[7'72Q>>#0@I#6(9SX
M/ABCNCI=D =XCWR-RW.'2W9LFWP3PM\SZ9/)CK>@6Y( NH4.;!N#+@J"@_KY
M_Z"GY@XZ_57LXU)@7.Z6:RD"C:$5M<#!W?PS6CX@YU+L@M@K3RBN^3C#T(H"
MX>"V_AEM+I1F(?DSV%Z>);ABNT]IM^G0W@ #+.J%@]M\VHT3\(G+/+B Z[@8
M2%$='-S2'X0'B9EO1(Q9<85(VZ;-?L?%K-@I:H.#&_MKH*$LB!5QZ(_+G\B"
M>XF$;)5BX4I3$47@/[ H]=ZOR)9)LF-APLGW=LMV,-:B;CBXX4--]8-X31:'
M:"G"4L2JBO&(K4:+$D%Q$S]EB=Q]>!L6K_G%"E8A]/2VP.H!+>H!K54/IHF4
M9O61+3G27(%-)*H4#5=\0Y?8M*@#M%8=F,6P=,QV66:MQDZHI62X8@598?:T
MEMF;=1&4=7#3M9"E []"YX%)& $3SX/=)"P7N)])8HR%Z]-:KK^(6!B2FT3!
MSZJ\-W&=JK4D+ +L">B6@EQLM
ME.6V+JFF_EB*-9$F&MG,3;XV.1K=L,2D<:XESC+$:7\J$B4X"ZF&D,PU7C!'
M6A&Q(% - 628 4V0'29<_/
M(P+6&,_/[9Y[!P^ZA^Z< V!0EQREI@9:4J[(OC7N6<_/(W,?V)6^6-/NOW>X
MH:@*JL:@:MQ^;M5H2P 5V0'4K(WL(=IW5;GN%V]B<9,>;BB?@JK%4#4&5>/6
M4ZM&^^BCQNW0Z=+5$G;9WL,T '5
MH1\^PIUQSHVT;Y[ZMTA-_*&!F53Q(UWJEH67](;VY^GR04DI KV83>/_%QLP
MH.UTW]#B[7RXWE0:>NT9XZXU*/-DY6JSQ2;V/70)Z7IZ4@B!/(=^?BX(-^\^9:\(8R3
M>U84N-YJZFJ
?6S7:DAL%EW&C4S31+MO[QDVLH0HF
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MD8>B(Z@:@ZIQE)H:>C@G@!NVPY:%=.K6Y%]TZE?7@_.!2%4F
MZ]Q_-)N_J\:>$Y*7F-SQI]B$9^=G Y'4SINB60P-"EV&;_G0X-!;<#YY9,&L
M63!CO<-&K.4/TLN;*VLVPM+3D$8';"JOAG*Z)*?<>XN[&NO\S<>WG]_^_.O;
MJ[&',+HT3IJ%;\+"V2,+3\4'4_J5$V_+5*6[Z\=0(FHR:S5Y,WM2X$]U.1+'
MDZ&836;S)^0=1\N.6=[Q8Y:IM2IK)3)K"G$+72TB .CZE;AE7)45_WR]<'S]
M7X< "/+GA^53MERZ2B;J>H!T<,JNU>#FKW^9GD[^]H3V\ZC]_"GI3_GER86'
MU6JDB1^TD\NE54O)*6$RT:+T:06D3(X52:"=DFZ?TE U/.9%V E0J%EOA
MU!(IZB\AP"JU$Q/B7C_L7H"+%;LX'I"OZ>.X=W14Z#R'>NZEN-.5(@/%D7PI
M7HCIY *?%Q-\S*:G=.'L1/PH_4I9TGIZ?()_2#D]Q_^%^&2\S 7XR\)
Z(D/Y;K6VG! <6:U@9Z\D7N([[DNJ^+NJB"=/]*&65 !X24V>:
MZ$63U<#/I"/QGH!MMQ"9U'D(8&KX* 99U<@#AV0, U1M!<4!<9T-?M,M%\HV
MYV!;E+>77DNF:D426S.QHC4T#6PE]]&*RJWP? 9/BX7R&Z5*OLKZT[KG[C?L
M-MQ'1STD2B'!&US^&U@<]XHPKNSAXOX4,#N*?GIR+X!BDK:T* FFBDG#M$Y<
M?##OAD&6\^#&+FT:<9R7B_\$OF>,@TUU90+V.5(EIW!4648AVT0T:^&PWF5-
M4C:4U>T[:AN/P%I+5<*:G$MD3+F8:AV4) RUMJIA%ZID4WSZR?!<1(>=M
Z.S$SI-1Q.
P/W,&-^>T ;Q5ZJ;/P!02P,$% @ K%K^6,5&
M$*RS! L0L !D !X;"]W;W)K
1 UAAF;7>
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M!E@OK0W="P?H;ZK3?P%02P,$% @ K%K^6 G!#"V* @ R@< !D !X
M;"]W;W)K;00;@A!\
MP\FRX1/[?LM9WF8?&WRJ0S@WNM@(XHP7IN9+[OP_97H^;V"_D'G.D #*/LY/I8(:R7(GEP6P U86NA,ZMJY,&-:O[GM
M%R8:3Z+H2(R!C@O]<2TPPVJ%&I)!>W9N2."HHC1RH#F&):_1<8*/,$K:X9(1
MOG;0PSCRSZ.R3/3XE#4\2[IQWX<,=W[^"G7A+6X@4XVTK0_ZU?X6F;7F^9?>
M7D&W3!=<&A"XIM+HY&P4@&YMW096U=Y**V7)F'Y:TDV(VB70_EHINPU<@_YN
M3?\"4$L#!!0 ( *Q:_EB*L!:6AP0 +P+ 9 >&PO=V]R:W-H965T
M