DT Midstream Inc: Thoughts into 2Q26: Focus Remains on Robust Backlog Commercialization Amidst a Quiet Quarter

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DT Midstream Inc: Thoughts into 2Q26: Focus Remains on Robust Backlog Commercialization Amidst a Quiet Quarter

J P M O R G A N North America Equity Research

07 July 2026

DT Midstream Inc Neutral

DTM, DTM US

Thoughts into 2Q26: Focus Remains on Robust Price (06 Jul 26):$144.23

Backlog Commercialization Amidst a Quiet Quarter ▲Price Target (Dec-27):$154.00 Prior (Dec-26):$146.00

After catching up ahead of the quarter, we model $303mm 2Q26 adj EBITDA

versus a $293mm prior JPMe and $298mm Street median. We model a $208mm Head of North America Power,

Utilities, Midstream, LNG, andPipeline contribution (-$6mm QoQ) weighing the absence of Fern benefits and

Nuclear

typical seasonal softness. For Gathering, we model $96mm, a touch higher QoQ

to account for growth initiatives. Turning to the call, we await commentary on Jeremy Tonet, CFA AC

MIST commercial discussions and scope refinement toward FID, alongside Vector (1-212) 622-4915

jeremy.b.tonet@jpmorgan.com

2030 commercialization. With regards to BWP’s Borealis project, we await any

Vrathan Reddy

color on whether DTM gathering assets could feed Borealis and whether DTM

(1-212) 622-4692

could leverage downstream needs. We also track developments on the Guardian vrathan.reddy@jpmchase.com

G3 FERC application status. Lastly, Millennium R2R remains on track (1Q27 Eli Jossen, CFA

ISD), however we look for color on the ability to upsize on account of Algonquin/ (1-212) 622-4113

Beacon demand pull. Weighing the above, we establish a $154 Dec-27 PT. eli.jossen@jpmchase.com

Francina Kolluri

• MIST well positioned to win. At the JPM Natural Resources Conference, (1-212) 270-5796

DTM pushed back on the idea that Boardwalk’s Borealis directly competes francina.kolluri@jpmchase.com

with MIST.