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SEGMENT AND RELATED INFORMATION | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
SEGMENT AND RELATED INFORMATION | SEGMENT AND RELATED INFORMATION We set strategic goals, allocate resources, and evaluate performance based on the following two segments: Pipeline and Gathering. The Pipeline segment owns and operates interstate and intrastate natural gas pipelines, storage systems, and natural gas gathering lateral pipelines. The Pipeline segment also has interests in equity method investees that own and operate interstate natural gas pipelines. The segment is engaged in the transportation and storage of natural gas for intermediate and end user customers. The Midwest Pipeline Acquisition assets and results of operations after the December 31, 2024 acquisition date are presented in our Pipeline segment. 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. The Clean Fuels Gathering assets and results of operations after the July 1, 2024 acquisition date are presented in our Gathering segment. 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 nine months ended September 30, 2025 and 2024. Financial data for our business segments follows:
| Three Months Ended September 30, 2025
| Pipeline |  | Gathering |  | Total Reportable Segments |  | Eliminations |  | Total Consolidated
| (millions)
Revenues |  |  |  |  |  |  |  |  |
Operating revenues | $ | 169 |  |  | $ | 145 |  |  | $ | 314 |  |  | $ | — |  |  | $ | 314 |
Operating Expenses |  |  |  |  |  |  |  |  |
Operation and maintenance | 32 |  |  | 52 |  |  | 84 |  |  | — |  |  | 84 |
Depreciation and amortization | 27 |  |  | 38 |  |  | 65 |  |  | — |  |  | 65 |
Taxes other than income | 7 |  |  | 3 |  |  | 10 |  |  | — |  |  | 10 |
Other (Income) and Deductions |  |  |  |  |  |  |  |  |
Interest expense | 14 |  |  | 26 |  |  | 40 |  |  | — |  |  | 40 |
Interest income | — |  |  | (1) |  |  | (1) |  |  | — |  |  | (1) |
Earnings from equity method investees | (34) |  |  | — |  |  | (34) |  |  | — |  |  | (34) |
Other income | — |  |  | (3) |  |  | (3) |  |  | — |  |  | (3) |
Income tax expense | 28 |  |  | 7 |  |  | 35 |  |  | — |  |  | 35 |
Less: Net Income Attributable to Noncontrolling Interests | 3 |  |  | — |  |  | 3 |  |  | — |  |  | 3 |
Net Income Attributable to DT Midstream | $ | 92 |  |  | $ | 23 |  |  | $ | 115 |  |  | $ | — |  |  | $ | 115 |
Capital expenditures | $ | 63 |  |  | $ | 80 |  |  | $ | 143 |  |  | $ | — |  |  | $ | 143 |
| Three Months Ended September 30, 2024
| Pipeline |  | Gathering |  | Total Reportable Segments |  | Eliminations |  | Total Consolidated
| (millions)
Revenues |  |  |  |  |  |  |  |  |
Operating revenues | $ | 112 |  |  | $ | 136 |  |  | $ | 248 |  |  | $ | — |  |  | $ | 248 |
Operating Expenses |  |  |  |  |  |  |  |  |
Operation and maintenance | 17 |  |  | 46 |  |  | 63 |  |  | — |  |  | 63 |
Depreciation and amortization | 18 |  |  | 35 |  |  | 53 |  |  | — |  |  | 53 |
Taxes other than income | 5 |  |  | 5 |  |  | 10 |  |  | — |  |  | 10 |
Other (Income) and Deductions |  |  |  |  |  |  |  |  |
Interest expense | 12 |  |  | 26 |  |  | 38 |  |  | — |  |  | 38 |
Interest income | — |  |  | (1) |  |  | (1) |  |  | — |  |  | (1) |
Earnings from equity method investees | (40) |  |  | — |  |  | (40) |  |  | — |  |  | (40) |
Loss from financing activities | 2 |  |  | 2 |  |  | 4 |  |  | — |  |  | 4 |
Income tax expense | 24 |  |  | 6 |  |  | 30 |  |  | — |  |  | 30 |
Less: Net Income Attributable to Noncontrolling Interests | 3 |  |  | — |  |  | 3 |  |  | — |  |  | 3 |
Net Income Attributable to DT Midstream | $ | 71 |  |  | $ | 17 |  |  | $ | 88 |  |  | $ | — |  |  | $ | 88 |
Capital expenditures | $ | 14 |  |  | $ | 67 |  |  | $ | 81 |  |  | $ | — |  |  | $ | 81 |
| Nine Months Ended September 30, 2025
| Pipeline |  | Gathering |  | Total Reportable Segments |  | Eliminations |  | Total Consolidated
| (millions)
Revenues |  |  |  |  |  |  |  |  |
Operating revenues | $ | 514 |  |  | $ | 412 |  |  | $ | 926 |  |  | $ | — |  |  | $ | 926 |
Operating Expenses |  |  |  |  |  |  |  |  |
Operation and maintenance | 98 |  |  | 144 |  |  | 242 |  |  | — |  |  | 242 |
Depreciation and amortization | 83 |  |  | 108 |  |  | 191 |  |  | — |  |  | 191 |
Taxes other than income | 23 |  |  | 12 |  |  | 35 |  |  | — |  |  | 35 |
Other (Income) and Deductions |  |  |  |  |  |  |  |  |
Interest expense | 38 |  |  | 82 |  |  | 120 |  |  | — |  |  | 120 |
Interest income | (1) |  |  | (1) |  |  | (2) |  |  | — |  |  | (2) |
Earnings from equity method investees | (101) |  |  | — |  |  | (101) |  |  | — |  |  | (101) |
Other income | — |  |  | (3) |  |  | (3) |  |  | — |  |  | (3) |
Income tax expense | 87 |  |  | 17 |  |  | 104 |  |  | — |  |  | 104 |
Less: Net Income Attributable to Noncontrolling Interests | 10 |  | — |  |  | 10 |  |  | — |  |  | 10 |
Net Income Attributable to DT Midstream | $ | 277 |  |  | $ | 53 |  |  | $ | 330 |  |  | $ | — |  |  | $ | 330 |
Capital expenditures | $ | 107 |  |  | $ | 188 |  |  | $ | 295 |  |  | $ | — |  |  | $ | 295 |
| September 30, 2025
Investments in equity method investees | $ | 1,262 |  |  | $ | — |  |  | $ | 1,262 |  |  | $ | — |  |  | $ | 1,262 |
Total Assets | $ | 5,299 |  |  | $ | 4,762 |  |  | $ | 10,061 |  |  | $ | — |  |  | $ | 10,061 |
| Nine Months Ended September 30, 2024
| Pipeline |  | Gathering |  | Total Reportable Segments |  | Eliminations |  | Total Consolidated
| (millions)
Revenues |  |  |  |  |  |  |  |  |
Operating revenues | $ | 328 |  |  | $ | 404 |  |  | $ | 732 |  |  | $ | — |  |  | $ | 732 |
Operating Expenses |  |  |  |  |  |  |  |  |
Operation and maintenance | 48 |  |  | 121 |  |  | 169 |  |  | — |  |  | 169 |
Depreciation and amortization | 55 |  |  | 101 |  |  | 156 |  |  | — |  |  | 156 |
Taxes other than income | 16 |  |  | 15 |  |  | 31 |  |  | — |  |  | 31 |
Other (Income) and Deductions |  |  |  |  |  |  |  |  |
Interest expense | 37 |  |  | 80 |  |  | 117 |  |  | — |  |  | 117 |
Interest income | (1) |  |  | (1) |  |  | (2) |  |  | — |  |  | (2) |
Earnings from equity method investees | (125) |  |  | — |  |  | (125) |  |  | — |  |  | (125) |
Loss from financing activities | 2 |  |  | 2 |  |  | 4 |  |  | — |  |  | 4 |
Other income | (2) |  |  | (1) |  |  | (3) |  |  | — |  |  | (3) |
Income tax expense | 72 |  |  | 22 |  |  | 94 |  |  | — |  |  | 94 |
Less: Net Income Attributable to Noncontrolling Interests | 10 |  |  | — |  |  | 10 |  |  | — |  |  | 10 |
Net Income Attributable to DT Midstream | $ | 216 |  |  | $ | 65 |  |  | $ | 281 |  |  | $ | — |  |  | $ | 281 |
Capital expenditures | $ | 53 |  |  | $ | 207 |  |  | $ | 260 |  |  | $ | — |  |  | $ | 260 |
| December 31, 2024
Investments in equity method investees | $ | 1,297 |  |  | $ | — |  |  | $ | 1,297 |  |  | $ | — |  |  | $ | 1,297 |
Total Assets | $ | 5,274 |  |  | $ | 4,661 |  |  | $ | 9,935 |  |  | $ | — |  |  | $ | 9,935 |

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