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DT Midstream Inc. has reported a net income of $91 million for the third quarter, the same level as the corresponding quarter of 2022.
The company said in a media release that net earnings for the first nine months totaled $263 million, 7.7 percent down from the $285 million net earnings reported for the first nine months of 2022. Adjusted EBITDA for the quarter was $236 million.
The company declared a $0.69 per share dividend on its common stock payable January 15, 2024 to stockholders of record at the close of business December 18, 2023.
“We had another great quarter, and we remain confident in our ability to deliver on our full-year plan,” said David Slater, President and CEO. “Our construction team continues to make great progress on our short-cycle growth projects”.
Slater noted that the company placed the LEAP Phase 1 expansion project in service ahead of schedule in late August. LEAP currently provides interconnectivity between Haynesville production and growing Gulf Coast markets. The company said that the expansion increased LEAP’s capacity from one billion cubic feet per day (Bcfpd) to 1.3 Bcfpd.
Furthermore, Slater noted that the Ohio Utica System construction is progressing ahead of schedule, with an expected in-service date of the first quarter of 2024. Additionally, NEXUS Pipeline added approximately 50 million cubic feet per day of additional leased capacity.
“Our third quarter financial results increase our confidence in meeting our financial goals for the year,” said Jeff Jewell, Executive Vice-President and CFO. “We are also in a strong position to achieve our goals in 2024 and beyond”.
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