DT Midstream raises 2026 outlook with US$2.4B of projects committed
Three investments reached final investment decision, including a Midwestern Gas Transmission expansion and an Indiana power-plant lateral.
Ines Halvorsen
During the third quarter of 2026, three growth projects reached final investment decision at DT Midstream, Inc. NYSEDTM, the natural-gas pipeline operator said on Thursday. The company raised its 2026 adjusted EBITDA guidance to US$1.185 billion to US$1.225 billion.
The approvals cover an expansion of Midwestern Gas Transmission, a new lateral to an Indiana utility-scale power plant and the second phase of Guardian Pipeline modernization. Together, they advance a business that transports gas for utilities, power plants, industrial customers and producers.
DT Midstream said on Oct. 29 that its committed growth projects now total US$2.4 billion. The next dividend record date is Dec. 15, with payment scheduled for Jan. 15, 2027.
Shares rose to US$128.73 on the New York Stock Exchange at 11:23 a.m. EDT on Oct. 29, according to NYSEDTM. The Detroit-based company owns, operates and develops pipelines, storage and gathering systems across the United States and Canada.
Third-quarter adjusted EBITDA was US$301 million, while reported net income was US$118 million, DT Midstream said in its Oct. 29 release. Reported earnings and operating earnings were both US$1.16 per diluted share for the quarter.
The higher full-year outlook concerns adjusted EBITDA, a measure that excludes interest, taxes, depreciation, amortization and specified adjustments. It is distinct from the reported net income available to shareholders and from the cash required to construct the approved infrastructure.
“We are also advancing our organic growth backlog, with $2.4 billion of projects now committed,” chairman and chief executive David Slater said in the Oct. 29 release.
DT Midstream defines distributable cash flow after cash interest, maintenance capital investment and cash taxes. The measure helps assess cash available for expansion, dividends and debt reduction, but differs from adjusted EBITDA. The company cautions that these measures supplement its results under generally accepted accounting principles.
Midwestern Expansion Adds Gas Transport Capacity
The MIST Southbound Phase 1 expansion is designed to add approximately 300 million cubic feet per day of capacity, according to the Oct. 29 announcement. DT Midstream described that as a 20 per cent increase in Midwestern Gas Transmission's total pipeline capacity.
The separate Midwestern lateral will supply a utility-scale power plant in Indiana. The release identifies the plant's location and the pipeline connection, while the Guardian investment advances the next phase of an existing modernization program.
Final investment decisions establish the company's commitment to those investments. They are a different stage from regulatory authorization, construction completion and the start of service, so the approvals alone do not establish when customers can begin receiving gas.
Permitting remains a separate step for gas infrastructure, as Mugglehead's coverage of a New Jersey pipeline dispute illustrates.
Read more: Williams loses NESE rehearing bid over New Jersey water permit
For shareholders, the next dated cash-distribution milestone in the Oct. 29 release is the Dec. 15, 2026 record date. The board declared a quarterly dividend of US$0.88 per share, payable Jan. 15, 2027.
