DT Midstream Raises 2026 EBITDA Guidance Floor to $1.185 Billion

DT Midstream, Inc. raised the low end of its 2026 adjusted EBITDA guidance by $30 million to $1.185 billion, while holding the ceiling at $1.225 billion. The adjustment increases the midpoint to $1.205 billion from $1.190 billion.

Adjusted EBITDA is a non-GAAP measure. DT Midstream’s third-quarter earnings and dividend update included $301 million in adjusted EBITDA for the three months ended Sept. 30.

The company reached final investment decision on three pipeline projects valued at about $400 million. The commitments brought project capital to approximately $2.4 billion, or 70% of the five-year organic project backlog. The disclosed investment ranges put the MIST expansion and Indiana lateral at a combined $275 million to $325 million, with Guardian Pipeline Phase 2 adding $130 million to $150 million. Together, those ranges imply total investment of $405 million to $475 million.

Midwestern Gas Transmission’s MIST Southbound Phase 1 expansion is expected to add about 300 million cubic feet per day of capacity. That would increase Midwestern Gas Transmission’s total pipeline capacity by 20%. The expansion has 20-year negotiated-rate contracts with investment-grade utilities.

A new lateral will serve a 900-megawatt power plant under development in Indiana. It has a 20-year demand-based contract with a utility offtaker. Guardian Pipeline Phase 2 is a modernization project.

DT Midstream lowered its 2026 growth-capital guidance to $375 million to $425 million from $420 million to $480 million. It raised its distributable cash flow outlook to $860 million to $890 million from $830 million to $890 million and reaffirmed its early 2027 adjusted EBITDA outlook of $1.225 billion to $1.295 billion.

Management expects fourth-quarter adjusted EBITDA to fall below the third-quarter result because of unavailable capacity, higher Stonewall expenses and reduced Northeast volumes during producer curtailments.

The Indiana lateral is expected to enter service in the first half of 2028, MIST Southbound Phase 1 in the fourth quarter of 2029 and Guardian Phase 2 in the third quarter of 2030.