DT Midstream, Inc. has just released its second quarter 2024 results, showcasing strong performance across various metrics. The reported net income for the quarter was $96 million, or $0.98 per diluted share. This figure aligns with the operating earnings for the same period, also at $96 million, or $0.98 per diluted share. Adjusted EBITDA for the quarter stood at $248 million.
The company's board of directors has declared a dividend of $0.735 per share on its common stock, payable on October 15, 2024, to stockholders of record at the close of business on September 16, 2024.
DT Midstream's president and CEO, David Slater, highlighted the company's achievements, including placing the Leap Phase 3 expansion project in-service ahead of schedule and on budget, as well as executing new agreements to connect three producers in East Texas to the Haynesville system. Additionally, the detailed evaluation of the Class V test well for the carbon capture and sequestration project in Louisiana confirmed the suitability of the formation.
Jeff Jewell, the executive vice president and CFO, reiterated the company's strong position to meet its financial goals for 2024 based on the second quarter results, which demonstrate the durability of the business.
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 serves various customers across the southern, northeastern, and midwestern United States and Canada, offering natural gas transportation, storage, and gathering services. DT Midstream is also focused on transitioning towards net-zero greenhouse gas emissions by 2050, with a goal of achieving a 30% reduction in carbon emissions by 2030. Today the company's shares have moved 0.7% to a price of $74.22. If you want to know more, read the company's complete 8-K report here.
