DT Midstream officially debuts as independent company separate from DTE Energy
As of this month, DT Midstream officially spun off from DTE Energy and became its own independent, publicly traded company focused on owning, operating, and developing natural gas pipelines, storage, compression, and treatment facilities.
“This is a historic day for DTM as we begin our journey as a premier, independent midstream company,” David Slater, president and CEO of DT Midstream, said. “I am incredibly excited about our opportunities going forward. DTM will be distinctive in the sector connecting world-class natural gas basins to high-quality markets.”
Based in Detroit, the company has begun trading on the New York Stock Exchange as DTM. Its operations handle the transportation, storage, and gathering of natural gas for customers and partners across Southern, Northeastern, and Midwestern North America. Despite its Michigan origins, much of its portfolio is located in the Marcellus, Utica, and Haynesville dry gas basins. It also owns 900 miles of Federal Energy Regulatory Commission (FERC)-regulated interstate gas pipelines, 290 miles of intrastate lateral pipelines, and more than 1,000 miles of gathering lines.
On the clean energy front, DTM hopes to reach net zero carbon, eliminate excess greenhouse gas emissions by 2050 and reduce overall emissions by 30 percent as of 2030. It is working on low carbon initiatives to that end.
DTM expects to operate earnings of between $296 million and $312 million for its debut year of independence.
