DT Midstream, Inc. (NYSE: DTM) has reported strong first quarter 2024 results, with reported net income of $97 million, or $0.99 per diluted share. Operating earnings for the same period were $97 million, or $0.99 per diluted share, while adjusted EBITDA stood at $245 million.
The company's board of directors declared a $0.735 per share dividend on its common stock, payable on July 15, 2024, to stockholders of record at the close of business on June 17, 2024.
DT Midstream President and CEO, David Slater, expressed satisfaction with the first quarter results, describing them as a great start to the year. He also highlighted the progress made in advancing new organic projects to support future growth. Significant business updates included a new expansion of the Stonewall gas gathering system, the completion of a new 1 BCF/D interconnect between the Haynesville system and the Gillis Access project, and the completion of the class V test well for the carbon capture and sequestration project in Louisiana.
Executive Vice President and CFO, Jeff Jewell, emphasized that the first quarter results position the company firmly on track for 2024.
DT Midstream is an owner, operator, and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, treatment, and surface facilities. The company transports clean natural gas for utilities, power plants, marketers, large industrial customers, and energy producers across the southern, northeastern, and midwestern United States and Canada. DT Midstream is also transitioning towards net zero greenhouse gas emissions by 2050, with a goal of achieving 30% of its carbon emissions reduction by 2030. Today the company's shares have moved 0.3% to a price of $63.41. For the full picture, make sure to review DT Midstream's 8-K report.
