Welcome to the DT Midstream Third Quarter 2025 Earnings Call. As a reminder, today's call is being recorded. I will now turn it over to our speaker today, Todd Lohrmann, Director of Investor Relations. Please go ahead.

Good morning, and welcome, everyone. Before we get started, I would like to remind you to read the Safe Harbor Statement on Page 2 of the presentation, including the reference to forward-looking statements. Our presentation also includes references to non-GAAP financial measures. Please refer to the reconciliations to GAAP contained in the appendix. Joining me this morning are David Slater, President and CEO; and Jeff Jewell, Executive Vice President and CFO. So with that, I'll go ahead and turn the call over to David.

Thanks, Todd, and good morning, everyone, and thank you for joining. During today's call, I'll touch on our financial results, share details on the latest commercial activity and provide a status update on our key growth initiatives. I'll then close with some commentary on the current market fundamentals before turning it over to Jeff to review our financial performance and outlook. So with that, we had another strong quarter financially, and our year-to-date performance is enabling us to increase the midpoint of our 2025 adjusted EBITDA guidance range to $1.13 billion, an 18% increase from the prior year adjusted EBITDA guidance. We are also reaffirming our 2026 adjusted EBITDA early outlook range. The third quarter was another active quarter for us commercially, and the team continues to advance incremental organic opportunities that support our future growth. We are announcing today that we've reached FID on a larger G3+ expansion on Guardian Pipeline. This upsized expansion increases the total capacity of Guardian by approximately 537 million cubic feet per day, which is a 40% increase in the total capacity of the pipeline, and the overall project is anchored by five investment-grade utilities under 20-year negotiated rate contracts. This investment is supported by strong fundamentals as there is robust gas and power demand growth throughout the region. We are also advancing potential upstream network opportunities given the connectivity to DTM's broader portfolio, including pathways from Vector and Midwestern pipelines as well as supply options from our natural gas storage facility and NEXUS in order to offer our customers greater flexibility and reliability to meet their growing demand. Turning to our construction activity. Our LEAP Phase 4 expansion facilities were placed into service early and on budget, increasing the capacity from 1.9 to 2.1 Bcf per day and providing reliable, timely access to rapidly growing Gulf Coast LNG markets. This expansion is underpinned by long-term demand-based contracts that will start in the first quarter of 2026. And I'd like to take a moment to recognize and thank our construction team for delivering another project early and on budget. During the quarter, we also placed our Clean Fuels Gathering project into service and initial volumes are ramping as planned. I'd also like to address our Louisiana CCS project that remains pre-FID. As we've disclosed in prior quarters, we have progressed this project to be shovel-ready while minimizing capital investment. The Louisiana Department responsible for reviewing permit applications has recently reorganized and a moratorium has been announced on accepting new applications. Our project remains under formal technical review and is not subject to the moratorium. But at this point, the permit timeline is too uncertain to provide an updated date when we expect to reach FID. It remains an attractive project economically and strategically, leveraging our existing Haynesville assets and expertise. We will keep you updated as our application advances through the review process. Finally, I'd like to take a moment to address the current natural gas market fundamentals and why I feel DTM is so well positioned. We have seen a positive shift in the Haynesville over the last few quarters and the record high throughput on our Haynesville system this quarter demonstrates the ability of producers to respond quickly to LNG demand signals. With the recent commercial announcements of multiple LNG terminals, we certainly see opportunity for future expansions of our Haynesville network, including LEAP, which is in a strong competitive position given our connectivity to both basin supply and downstream demand markets. In addition to the growing momentum in the LNG market, we continue to have a very constructive view on gas and power demand growth in the country, fueled by increasing power generation needs from AI computing and data centers, along with industrial demand growth from onshoring of manufacturing. Moving to the regulatory framework. The recent Senate confirmation of two new FERC members was an encouraging sign and continued government agency initiatives that streamline approval processes while maintaining high-quality reviews give us increased confidence in a constructive permitting process for our key interstate growth projects. I'll now pass over to Jeff to walk you through our quarterly financials and outlook.

Thanks, David, and good morning, everyone. In the third quarter, we delivered adjusted EBITDA of $288 million, representing an $11 million increase from the prior quarter. Our Pipeline segment results were in line with the second quarter. Gathering segment results were $10 million higher than the second quarter, driven by higher volumes on our Haynesville system, where production ramped faster than expected. Operationally, total gathering volumes for the Haynesville averaged 2.04 Bcf per day, setting an all-time record throughput for a quarter and a 35% increase over the third quarter 2024. In the Northeast, volumes averaged 1.09 Bcf per day, driven by the timing of maintenance and producer activity, primarily on our Appalachia gathering system. As expected, we are seeing Northeast volumes ramp higher into the fourth quarter with September averaging 1.17 Bcf per day, driven by incremental production on our Tioga system. And we continue to expect average fourth quarter volumes to be in line with the first quarter. As David stated in his opening remarks, following our strong year-to-date performance and considering our expectations for the fourth quarter, we are raising our 2025 adjusted EBITDA guidance midpoint to $1.13 billion and narrowing the range to $1.115 billion to $1.145 billion. In addition, we are reaffirming our 2026 adjusted EBITDA early outlook and plan to provide our formal 2026 guidance on our year-end call. We are also raising our distributable cash flow guidance range to $800 million to $830 million, a midpoint increase of $45 million due to lower maintenance capital, interest, and cash taxes. On the capital front, due to capital efficiency and project timing, we are reducing our 2025 growth capital guidance range to $385 million to $415 million, which represents a $30 million reduction to the midpoint of our range. With the improvements in our distributable cash flow and capital expenditures, we expect lower year-end leverage of approximately 3.1x for the balance sheet and approximately 3.8x for proportionally consolidated. For 2026, we are increasing our committed capital to $280 million, which reflects the upsized Guardian G3 expansion reaching FID. For our upsized Guardian expansion project, we expect to invest a total of $850 million to $930 million at a 5 to 6x build multiple with the project expected to be in service in the fourth quarter of 2028. So overall, our committed capital has increased for the '25 to '29 time period to $1.6 billion, which reflects 70% of our $2.3 billion backlog advancing to execution within just nine months. We will provide an updated look at our overall backlog on our year-end call. Finally, today, we also announced that our Board of Directors approved our third quarter dividend of $0.82 per share, unchanged from the prior quarter, and we remain committed to grow the dividend 5% to 7% per year, in line with our long-term adjusted EBITDA growth. I'll now pass it back over to David for closing remarks.

Thanks, Jeff. So in summary, we are very pleased with how the year is continuing to progress and are confident in our increased guidance for 2025, early outlook range for 2026 and long-term organic growth target of 5% to 7%. We are excited about the future opportunities ahead for the company as we remain focused on execution of our pure-play natural gas pipeline strategy and are well positioned with a strong balance sheet to fund incremental investments in this favorable market environment. And with that, we can now open up the line for questions.

We'll go first to Jeremy Tonet at JPMorgan.

I wanted to kind of maybe dive into the details a little bit more, if we could. Louisiana has been a hotbed for data center activity. And just wanted to know if you could expand a bit, I guess, on the potential for your network to support some of this demand as it comes together for gas-fired generation in the upcoming years?

Yes. Thanks for the question, Jeremy. There's a lot of demand materializing in Louisiana right now. I think the data center is one piece. The LNG demand is manifesting and lots of announcements this past quarter with incremental LNG demand. So we just see a robust market demand growth across the state, holistically. We're obviously pursuing all of those markets, Jeremy, as you'd expect. So again, as I've said in the past, we expect to get our fair share of the market there. There's competition in the region, as we all know, but there's extremely robust demand growth in that region. And we're aggressively pursuing that right now.

Got it. That's helpful. And I was just wondering if you could provide maybe a little bit more color on Haynesville and growth trajectory there, the volume jump. Just do you expect that to continue? What could that mean for LEAP expansions and particularly, I guess, West Haynesville potential?

Yes, there's lots of development happening there. We're really excited to see some of our customers getting excited about Western Haynesville. So that's an emerging play that's going to add, in our view, significant runway to the Haynesville basin, which I think is strategically important for long-term LNG sourcing and supply sourcing. So we're excited about that. It's very new, Jeremy. So I think that's going to be an area of focus over the next 12 to 18 months as we start to get a better sense of how those producers plan to develop that acreage and how the existing infrastructure fits into that plan. So more to come on that. In terms of our volume ramp, I think we had been foreshadowing to our investors that we were expecting volume ramps in the second half of the year. To be honest with you, I was expecting it to come maybe a month or two later than it came, but I think it's a good example of the producers' nimbleness to respond to physical market realities on the ground. And we certainly saw that response in the third quarter. I expect the fourth quarter to have a similar volume as the third quarter. But yes, the nimbleness and quickness of the response, I think, is just a reflection of the new era that we're in and how producers have readjusted their business to be very responsive to demand signals.

Got it. That's very helpful. One last question, as you discuss opportunities in upstream Chicago, are you referring to Vector, NEXUS, or something in the Midwest? I'm curious if you could provide more details about what that looks like and the expected timeline for this. Additionally, could you elaborate more on gas storage? Is that located in the Gulf Coast or Ohio?

There are many positive developments happening in the upper Midwest right now. The expanded Guardian project has significantly increased demand in the Chicago hub region, which is likely to attract additional supply to that area. We are looking at Midwestern, Vector, and NEXUS as possible routes to bring more supply to this market. Vector is currently discussing a $400 million expansion to the west towards Chicago from the Greater Michigan area, and this has been communicated to shippers. We expect the Vector program will have an open season in the next few weeks, likely within the next month. While we are exploring these three pathways, we are particularly focused on how Midwestern can increase volumes into Chicago and how our storage business fits into this demand, including NEXUS. We aim to provide our customers with a complete solution from wellhead to market, which represents the next phase of growing demand in the upper Wisconsin region. Additionally, there are numerous other opportunities outside of Wisconsin that are also developing. Recent announcements are promising, and we are concentrating on our core Pipeline business. We are committed to disciplined execution as the market presents a unique chance for expansion, and we want to ensure we capitalize on it.

We'll go next to Spiro Dounis at Citi.

I want to pick up on some of those comments just around Wisconsin, David. It seems like there could be some more opportunities there just with some utility announcements. And so curious how you're thinking about Guardian's ability to maybe even push further north into Wisconsin. And are you sort of separately seeing any sort of increased interest to connect Guardian with Viking?

Spiro, that's a great question. Yes, there is significant activity and market growth happening in the Minnesota, Wisconsin, and Iowa corridor, particularly in the upper Northern Midwest. One positive aspect for us is that Guardian has the potential for further expansion. We can continue to develop Guardian in a manner similar to what we have already announced. Viking also occupies a strategic location in the upper part of Minnesota, where we see additional activity. This reflects the strong demand fundamentals we are witnessing in these key areas where our main assets are situated. We are very focused on this market right now and are adopting a disciplined approach, aiming to expand these pipelines beyond our current announcements.

Great. I appreciate that color. Second question, maybe just going to the sanctioned backlog. I think you had another $500 million of projects to your backlog here. So I want to see another, what, $600 million or more so coming. Curious on two fronts. One, it looks like the recent addition increased the amount of, I guess, gathering projects within the sanctioned list. But just curious on that sort of last $600 million or so, is that mostly pipeline gathering mix in between? Just curious to get some color on what's left to be sanctioned here.

Yes, that's a great question. To start, we're very pleased with how far along we are in the backlog after nine months. We are particularly encouraged by the backlog's focus on the FERC pipeline segment, which is the most valuable part of our business. I'm confident about the remaining backlog and, while we won't discuss unannounced projects now, the speed at which we're progressing through the backlog reflects a favorable market environment. This is happening faster than we anticipated. To address your next inquiry, we will provide an update on the backlog during our year-end call, highlighting our successes and the ongoing fundamentals related to our assets.

Next, we'll move to Michael Blum at Wells Fargo.

I wanted to ask about the change in CapEx for the year. I think both on growth and maintenance, how much of the growth is timing versus real efficiencies? And then for maintenance capital specifically, I'm just wondering if we should be assuming a lower run rate going forward because the pattern every year seems to be that you put a number out in guidance, then you end up landing either at the bottom of that range or even below in this case. So I just wanted to understand what's going on there.

I'm really pleased with our construction team. I highlighted their performance earlier, both in terms of timing and capital efficiency. Overall, they've had excellent performance this year across all our projects, including maintenance. This efficiency is crucial for our plan as it allows us to spend less capital than initially expected. While there are timing elements to consider, such as LEAP Phase 4 arriving earlier than anticipated, which we expected to see in the first quarter of next year, these timing factors often contribute to reduced capital expenditures. So I'm very satisfied with the results, and Jeff, feel free to elaborate further.

No, David, you're correct. It mainly involves efficiency, and there has been some timing adjustments with the components. Regarding your question about maintenance, I believe our guidance reflects this. We can achieve some efficiencies and optimizations, but I would expect a stable run rate for maintenance capital. We will provide an update during the year-end call, but for now, I anticipate a flat run rate for that maintenance capital.

Perfect. And then I just wanted to ask if you had any updated thoughts on the Millennium open season and where that project stands?

Yes. That's an area of focus for the Millennium team. We continue to work our way through it. As you know, it's complex, and there's lots of moving parts in New York. There's an evolution happening in New York in terms of recognition of supply needs. So that's taking hold, and we have to let that process unfold. Both R2R, the team is working on both these projects, and I want to make sure we don't confuse the investors. R2R is being actively worked and Pro is being actively worked. R2R is a much more near term, what I'll call low-hanging fruit opportunity for Millennium and Pro is going to be a heavier, bigger lift and will involve what I'll call the regulatory complexities of New York and New England. And we talked about that in the past. So I won't repeat all that on the call here. But it's still moving, but it will move at a very patient pace. And again, when I talk about disciplined execution, this is a good example of we have to have all the boxes checked and all your ducks in a row here before we would be comfortable FID-ing these projects given the history with New York. So stay tuned and be patient, and we'll keep the investors apprised as we hit significant milestones here.

Our next question comes from Theresa Chen at Barclays.

David, going back to your comments on the extremely robust demand growth, this generational opportunity, especially related to the gas-to-power theme as a tailwind for your Northeast and upper Midwest Pipeline assets. Across these regions, your customers do have other transmission options. For the incremental expansion opportunities under development across your regions right now, how do you think your assets and projects compare versus your competitors' assets? What will it take to win these projects? Is it the wellhead to market solution? And how do you plan to sustain the strong returns and keep the build multiples low? How much economically efficient expansion opportunities are there within your assets?

Theresa, that's an important question, and I'll do my best to address it. Yes, there is competition in this region, with many other pipelines involved. However, I believe there is a significant opportunity, and there will be enough for everyone. Our competitive stance in these markets largely depends on geography and the proximity of our assets to demand, which can either benefit us or favor our competitors. Nonetheless, the market opportunities are robust, providing ample prospects for growth. Regarding returns, it’s important to remember these are FERC-regulated assets. The returns must be attractive enough to draw capital and compete with other investment opportunities in our portfolio. The market recognizes this, and we are quite satisfied with the return profile of the projects announced so far. We are committed to identifying the right projects with the appropriate return characteristics and contract structures that align with our strategy, and we are very disciplined about this approach. I believe I've covered most of your question, but if there's anything you feel I missed, please follow up.

Understood. Maybe pivoting to NEXUS specifically. On the heels of some of the recent developments out of Northwest Ohio, for example, what is your appetite and outlook for additional DTM opportunities off of NEXUS?

Yes. NEXUS is in a great spot for that Northwestern Ohio corridor. There's lots of activity there. There may have been some announcements recently that may have just come out. But yes, I feel really confident that NEXUS is going to pick up some market share on the data center/power demand side. And it's concentrated in that area of the state, and we're very well positioned in that area of the state. Just reminding everybody, it's a new pipeline. It's a high-pressure pipeline. All these power demand facilities want high-pressure gas, and they want a corridor back into the basin, which obviously NEXUS provides. So I think NEXUS is in a really strong position to compete for that business.

We'll go next to Manav Gupta at UBS.

My question is related to your prepared comments where you mentioned the intention to raise the dividend by 5% to 7%. I would like to understand the factors that could enable that number to lean closer to 7% rather than 5%. Could you elaborate on what might drive dividend growth towards 7% over the next couple of years?

I’ll start, and Jeff can add any details I might miss. Let’s look back for a moment. When we made the acquisition, we increased the dividend. During a period of significant growth that exceeded our long-term target growth rate of 5% to 7%, we adjusted the dividend. In response to your question about what could push us to the higher end of that range, a year of very strong growth that surpasses the top of that range would likely lead to a corresponding increase in the dividend growth rate. Jeff, you would likely agree with that.

Yes, David, you're spot on, right. And our guidance has been as we're going to grow the dividend in line with our cash flows, EBITDA growth. The other statement we've made is that we want to make sure that we maintain a very strong coverage above the 2x, which we are. So I think that's the guidance is, really look at our EBITDA growth and what we've communicated there, the 5% to 7% long term. That's how we'll drive the dividend.

Last year, we experienced remarkable growth due to a combination of the acquisition and organic growth. Achieving that 18% growth was a significant milestone for us. We're eager to see what the future holds. However, we aim for the higher end of our expectations and beyond, as we have shown in the past.

Perfect. My quick follow-up here is you have been involved with data center providers for both front of the meter and behind the meter. I think at points of time, you indicated given the quality of the customer, there's a slight preference for front-of-the-meter solutions, but we're seeing this massive explosive growth from behind-the-meter solutions now with even fuse cells coming in. And I'm just trying to understand for the right customer and the right guarantee, would you be more open to behind-the-meter solutions also? And I'll turn it over.

Yes. The short answer is yes. And the art of that transaction is in how it's structured and the quality of the counterparty and having the right commercial structure. And yes, we are open to both in front of and behind-the-meter opportunities. And I am sure that we are going to bring home some behind-the-meter opportunities in addition to what we've done to date, which is predominantly in front of the meter.

Our next question comes from Keith Stanley at Wolfe Research.

Wanted to ask on Vector. David, I think you alluded to discussing a 400 million cubic feet a day expansion opportunity with customers. Would that primarily go to serve Guardian? Or how much of that might be needed to serve Indiana power demand? And then separately, how much could you ultimately increase capacity by on Vector?

Yes, thank you for the question, Keith. Vector has introduced the project to its customer base recently. It's quite versatile, as it can accommodate a variety of egress options in the greater Chicago area. It can serve Guardian directly, as well as Midwestern, and can connect with major utility loads in that region. Additionally, it can interact with some of our competitors' interstate pipelines in Chicago that transport the supply across the state, as you inquired. Essentially, we are exploring the entire market in the Greater Chicago area. There are certainly customers interested in this capacity, and I believe the team will follow a standard process in communicating the project to customers. This will include discussions regarding rates, terms, and durations. The aim will be to initiate a binding open season fairly quickly.

Okay. Great. Second one, just a quick one with Haynesville volumes up so much in the quarter. Is it fair to say at this point, we're now past the MVC levels completely? And so incremental volume growth on your Haynesville system should boost EBITDA on a one-for-one basis?

Yes, we don't disclose the MVC levels in our Gathering business. However, if you look back over the last four or five quarters, and consider the volumes along with the Gathering segment EBITDA, you can likely answer that question by doing the math.

We'll take our next question from Jean Ann Salisbury at Bank of America.

I wanted to zoom in on Midwestern pipeline. You mentioned, obviously, that it could be one option for feeder to Guardian going northbound. I believe you've also mentioned before that it could theoretically support a southbound expansion of a third-party Appalachia pipeline. Can you just talk about if those opportunities could potentially both happen, which would obviously be amazing or if they would be mutually exclusive, I guess, based on how much gas you could source?

That's a great question, Jean Ann. The Midwestern pipeline operates in both directions depending on the time of year and where the demand is located; it can transport gas north or south. We've already announced plans to build a lateral to a new power plant connected to Midwestern. There is currently a lot of activity related to power plants in and around the Midwestern area. This puts us in a unique position where we can expand the pipeline northward towards Chicago and possibly southward towards Nashville, where there is significant power demand. In summary, the pipeline is capable of serving both directions. As I mentioned earlier, there are many market opportunities available right now, so we're working to capitalize on them, and we're quite enthusiastic about these prospects. Now we need to move forward with commercialization.

That's great. I wanted to follow up on your earlier comment that Haynesville volume in the fourth quarter would likely be similar to the third quarter. Given the significant outpacing of your Haynesville volumes compared to the basin over the last year, it seems that this was primarily due to leg pull-through. Since that has already occurred, it appears you wouldn't expect to outpace the basin unless you build more leg, right?

I believe that our performance exceeding the basin is truly a reflection of our core customers and the high quality of the resource we have. This is likely the best way to characterize it. We surpassed the basin because of the resource quality, which is among the best in the area, making it the first to be drilled. We had a mix of private and public companies involved. As I mentioned earlier, the private companies moved fairly quickly throughout the year, and the public companies adapted rapidly between the second and third quarters, as demonstrated in our results. This new behavior I've mentioned shows that all producers are now much more disciplined, monitoring physical demand more closely and developing the ability to be agile, which is evident in our figures.

We'll take our next question from John Mackay at Goldman Sachs.

I want to spend some more time talking about some of the projects up in the upper Midwest. One of them you guys have been kind of alluding to a little bit as a broader answer maybe via Nexus, a couple of other pipes to get gas down to the Gulf Coast. It looked like a Wave 3 LNG project or a couple of projects that needed to be kind of the anchors on something like that. I'd love to hear any color from you on if you're seeing that kind of shipper engaging with you in that market right now.

Yes, that's a great question. I'm thinking about where that additional 15 to 20 Bcf will come from in five years and how it will reach the coast. A few players are trying to initiate some large projects, but I'm not seeing much momentum with them at the moment. Currently, there seems to be increasing demand in the Midwest, which is likely to prioritize getting additional gas from the Appalachian region first. It seems more economical to meet that demand locally rather than transporting Appalachian gas all the way to the Gulf, at least for now. I believe we will continue exploring the longer-term Gulf demand that needs to be addressed, but I don’t think the market is fully prepared yet. This is just my perspective for now. Nevertheless, these discussions are ongoing, and as you might expect, we are involved in them. It appears to be a bit further off before there is significant commitment to any of these initiatives.

That's clear. That makes sense. My second one would just be a quick follow-up. I think it was to Manav's second question. When you guys are talking about getting involved in the behind-the-meter side, makes sense. It's in line with what you guys have talked about before. Are you exploring any potential projects where you'd be providing the power there as well? Or is your line still on, hey, we want to provide the gas and the pipe to get it there?

Yes, John, we're not going to change our strategic focus, right? I think we're really focused on our core business right now, and we have this generational opportunity in our core business, and I want to be 100% focused on that right now. And I want the entire organization focused on it, and I don't want to distract the organization with a similar but different line of business that we would embark into. My whole organization is very familiar with that business, John, given that we spun out of DTE. As you know, DTE, we built lots of generation, utility and behind-the-fence generation. So we're resisting the temptation to go there because we have such a robust opportunity set in our core business, and we're going to stay focused on that right now. So yes, we will go to a behind-the-meter opportunity, but our role will be expanding the freeway to that location or building the pipeline lateral from our big freeway pipes to the site, but we won't go behind the meter into the power generation component of that.

Next, we'll go to Gabe Moreen at Mizuho.

I just had a quick question on the next potential LEAP expansion here. And to the extent that you view the recent egress project completions, including LEAP 4 as maybe satisfying this next round of LNG projects that are basically going into service? Or do you think there's still more gas that needs to go down south? And then also strategically speaking, there's been some consolidation, I guess, of gathering systems. Do you think there maybe need to be some inorganic growth to drive volumes in order for another expansion to occur?

Yes, there is more egress needed to transport gas to the Gulf than is currently available in the network. Even with LEG and NG3 coming online and ramping up, once those systems are fully operational, additional capacity will still be necessary. This is part of our proactive approach to expanding connectivity for future loads. If you review the presentation, you'll see our plans to expand into the Woodside header system and further expansion at Cameron. We are positioning ourselves as the preferred route to these load centers. There will be competition in securing new demand, but we have consistently captured our share of the market, and I believe we have exceeded our expected share to this point. While others may also secure some incremental demand, the growth potential in this area is significant, presenting a strong opportunity. Ultimately, it comes down to timing and when facilities feel secure enough to make commitments, leading to a chain reaction in the basin as capacity is lined up.

Great. And then maybe if I could just follow up with a small one on the MVP expansion, which itself just got upsized. I was wondering if there's any implications for your Stonewall expansion?

We see this as a very positive development for the Stonewall expansion. It serves as a strategic independent supply source for all the shippers in Mountain Valley. We are currently in the construction phase of that project, and we believe it will provide a valuable long-term outlet for all Mountain Valley shippers.

Our next question comes from Zack Van Everen at TPH.

Maybe shifting over to the Tioga flows. Maybe a quick reminder. That system after the expansion is 210 million cubic feet a day, correct? And then is the expansion connecting to a new Gathering system/customer, and that's where these volumes are coming from?

So we'll start by discussing Tioga. Tioga is mainly supported by Seneca, which is one of our customers. The increase in activity was driven by Seneca drilling in the third quarter. As for who their customers are, I don't have that information, so it might be best to direct that question to them. They are our customer in terms of gathering services, and we're pleased with the expansion. I’m not certain if you have the correct figure regarding the expansion, so it might be a good idea to follow up with Todd after the call for clarification.

Okay. Sounds good. Appreciate the color there. And then maybe a quick one. I know we talked a little bit about the AI demand in Louisiana, but we've also seen a few upstream names as well as midstream talk about the industrial demand that's showing up there. Do you guys have connectivity? Or is that an opportunity you guys would also pursue if industrial demand was able to connect into your system?

Yes, the industrial demand is not often discussed, so I appreciate you bringing it up. There is considerable domestic industrial demand in that Louisiana corridor, which is competing with the LNG terminals. This market has become quite attractive. We are very aware of it, and in the past, we expanded our capacity to supply gas to systems primarily serving those industrial markets. Additionally, some of these markets are interested in lower carbon molecules, whether through our Clean Fuels project or the Louisiana Carbon Capture project. The rationale behind these investments is largely driven by the emerging domestic and international demand for lower carbon footprint options. This is part of a long-term strategic vision to provide a sustainable low-carbon pathway from wellhead to water. Moreover, many industrial companies in the country are becoming more focused on this issue and are seeking lower carbon molecules as well.

And our final question comes from Julien Dumoulin-Smith at Jefferies.

This is Rob Mosca on for Julien. Just one for me. Maybe revisiting the Haynesville outlook in terms of your market share in serving that downstream LNG demand in the Louisiana corridor. Can you maybe talk through how you see that market share trending over time given the pipelines that are coming online and some of the new announcements in Louisiana and East Texas? And does your connectivity into Carthage allow you to maybe maintain or even grow that market share? It just seems like even maintaining with the amount of growth would allow you to reach the upper bound of that expansion potential on LEAP.

Yes, Rob, thank you for the question. I appreciate your role on the call. I am really pleased with the commercial team's ability to compete. Over the last two or three years, we've captured more than our fair share of the market, and our market share has grown significantly compared to two or three years ago. This is encouraging, and I expect to at least maintain that market share going forward. The idea is that if the market grows, our goal is to retain the same percentage of that growth that we currently hold. Achieving this will require effort, but I am confident that the team is well-positioned. As you mentioned Carthage, our strategic moves made a year ago to enhance connectivity to Carthage were crucial for where we anticipate the market is heading in the next two to five years. We aimed for strong connectivity across the basin and across the southern markets of our network to effectively compete for incremental growth. I'll leave it at that.

And that concludes our Q&A session. I will now turn the conference back over to David for closing remarks.

Well, thanks, everybody. We certainly appreciate all the questions today. I appreciate your interest in the company and look forward to seeing everybody at the next conference. Take care.

And this concludes today's conference call. Thank you for your participation. You may now disconnect.