DTM 8-K
DT Midstream, Inc. (DTM)
8-K
2025-07-31
For: 2025-07-31
View Original
Added on
April 12, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 31, 2025
Commission File Number: 1-40392
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(State or other jurisdiction of incorporation or organization)
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(I.R.S Employer Identification No.)
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Registrant's address of principal executive offices: 500 Woodward Ave ., Suite 2900 Detroit , Michigan 48226-1279
Registrant’s telephone number, including area code: (313 )
402-8532
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of Each Class
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Trading
Symbol(s)
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Name of Exchange on
which Registered |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under Exchange
Act (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02. |
Results of Operations and Financial Condition.
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DT Midstream, Inc. (“DT Midstream”) is furnishing the Securities and Exchange Commission with its earnings release issued July 31, 2025, announcing
financial results for the quarter ended June 30, 2025. A copy of the earnings release, including supplemental financial information, is furnished as Exhibit 99.1 and incorporated by reference.
| Item 7.01. |
Regulation FD Disclosure.
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DT Midstream is furnishing the SEC with its slide presentation issued July 31, 2025. A copy of the slide presentation is furnished as Exhibit 99.2 and incorporated herein by
reference.
In DT Midstream’s earnings release issued on July 31, 2025, DT Midstream also announced that its Board of Directors has declared a
quarterly cash dividend of $0.82 per share of common stock. The dividend is payable to DT Midstream’s stockholders of record as of September 15, 2025, and is expected to be paid on October 15, 2025.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibits 99.1
and 99.2, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing
under the Securities Act of 1933, as amended, except as shall be expressly set forth in such a filing.
| Item 9.01 |
Financial Statements and Exhibits.
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Exhibit
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Description
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Earnings Release of DT Midstream dated July 31, 2025.
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Slide Presentation of DT Midstream dated July 31, 2025.
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document).
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Forward-Looking Statements:
This Current Report on Form 8-K contains forward-looking statements that are subject to various assumptions, risks and uncertainties. It should be read
in conjunction with the “Forward-Looking Statements” section in DT Midstream’s Form 10-K (which section is incorporated by reference herein), and in conjunction with other SEC reports filed by DT Midstream that discuss important factors that could
cause DT Midstream’s actual results to differ materially. DT Midstream expressly disclaims any current intention to update any forward-looking statements contained in this report as a result of new information or future events or developments.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: July 31, 2025
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DT MIDSTREAM, INC.
(Registrant)
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by
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/s/ Jeffrey Jewell
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Name: Jeffrey Jewell
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Title: Chief Financial Officer
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Exhibit 99.1
NEWS RELEASE
DT Midstream Reports Strong Second Quarter 2025 Results
DETROIT, July 31, 2025 – DT Midstream, Inc. (NYSE: DTM) today announced second quarter 2025 reported net income of $107 million, or $1.04 per diluted share. For the second quarter of 2025, Operating Earnings were also $107 million, or $1.04 per diluted share. Adjusted EBITDA for the quarter was $277 million.
Reconciliations of Operating Earnings and Adjusted EBITDA (non-GAAP measures) to reported net income are included at the end of this news release.
The company also announced that the DT Midstream Board of Directors declared a $0.82 per share dividend on its common stock payable October 15, 2025 to stockholders of
record at the close of business September 15, 2025.
“We had another strong quarter, and the business is performing on track with our full-year plan,” said David Slater, President and CEO. “We continue to make great
progress advancing organic projects from our backlog, with $0.6 billion of projects reaching final investment decisions during the second quarter.”
Slater noted the following significant business updates:
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Reached a final investment decision on Guardian Pipeline “G3” expansion of approximately 210 MMcf/d
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| • |
Finalized our investment plan for the initial phase of modernization across our new interstate pipelines
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Achieved an investment-grade credit rating with all three rating agencies
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Established a record high quarterly gathering volume for our Haynesville system
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“Our second quarter results put us in a strong position to meet our financial goals for 2025 and we are reaffirming our 2025 Adjusted EBITDA guidance of $1.095 to $1.155
billion and our 2026 Adjusted EBITDA early outlook range of $1.155 to $1.225 billion,” said Jeff Jewell, Executive Vice President and CFO.
The company has scheduled a conference call to discuss results for 9:00 a.m. ET (8:00 a.m. CT) today. Investors, the news media and the public may listen to a live
internet broadcast of the call at this link. The participant toll-free telephone dial-in number in the U.S. and Canada is 888.596.4144, and the toll number is 646.968.2525; the passcode
is 9881735. International access numbers are available here. The webcast will be archived on the DT Midstream website at investor.dtmidstream.com.
# # #
About DT Midstream
DT Midstream (NYSE: DTM) is an owner, operator and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, treatment and
surface facilities. The company transports clean natural gas for utilities, power plants, marketers, large industrial customers and energy producers across the Southern, Northeastern and Midwestern United States and Canada. The Detroit-based
company offers a comprehensive, wellhead-to-market array of services, including natural gas transportation, storage and gathering. DT Midstream is transitioning towards net zero greenhouse gas emissions by 2050, including a plan of achieving 30% of
its carbon emissions reduction by 2030. For more information, please visit the DT Midstream website at www.dtmidstream.com.
Why DT Midstream Uses Operating Earnings, Adjusted EBITDA and Distributable Cash Flow
Use of Operating Earnings Information – Operating Earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. DT Midstream
management believes that Operating Earnings provide a more meaningful representation of the company’s earnings from ongoing operations and uses Operating Earnings as the primary performance measurement for external communications with analysts and
investors. Internally, DT Midstream uses Operating Earnings to measure performance against budget and to report to the Board of Directors.
Adjusted EBITDA is defined as GAAP net income attributable to DT Midstream before expenses for interest, taxes, depreciation and amortization, and loss from financing
activities, further adjusted to include the proportional share of net income from equity method investees (excluding interest, taxes, depreciation and amortization), and to exclude certain items the company considers non-routine. DT Midstream
believes Adjusted EBITDA is useful to the company and external users of DT Midstream’s financial statements in understanding operating results and the ongoing performance of the underlying business because it allows management and investors to have
a better understanding of actual operating performance unaffected by the impact of interest, taxes, depreciation, amortization and non-routine charges noted in the table below. We believe the presentation of Adjusted EBITDA is meaningful to
investors because it is frequently used by analysts, investors and other interested parties in the midstream industry to evaluate a company’s operating performance without regard to items excluded from the calculation of such measure, which can
vary substantially from company to company depending on accounting methods, book value of assets, capital structure and the method by which assets were acquired, among other factors. DT Midstream uses Adjusted EBITDA to assess the company’s
performance by reportable segment and as a basis for strategic planning and forecasting.
Distributable Cash Flow (DCF) is calculated by deducting earnings from equity method investees, depreciation and amortization attributable to noncontrolling interests,
cash interest expense, maintenance capital investment (as defined below), and cash taxes from, and adding interest expense, income tax expense, depreciation and amortization, certain items we consider non-routine and dividends and distributions
from equity method investees to, Net Income Attributable to DT Midstream. Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate
incremental earnings. We believe DCF is a meaningful performance measurement because it is useful to us and external users of our financial statements in estimating the ability of our assets to generate cash earnings after servicing our debt,
paying cash taxes and making maintenance capital investments, which could be used for discretionary purposes such as common stock dividends, retirement of debt or expansion capital expenditures.
In this release, DT Midstream provides 2025 and 2026 Adjusted EBITDA guidance. The
reconciliation of net income to Adjusted EBITDA as projected for full-year 2025 and 2026 is not provided. DT Midstream does not forecast net income as it cannot, without
unreasonable efforts, estimate or predict with certainty the components of net income. These components, net of tax, may include, but are not limited to, impairments of assets and other charges, divestiture costs, acquisition costs, or changes in
accounting principles. All of these components could significantly impact such financial measures. At this time, DT Midstream is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, DT
Midstream is not able to provide a corresponding GAAP equivalent for Adjusted EBITDA.
Forward-looking Statements
This release contains statements which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” under the securities
laws. These forward-looking statements are intended to provide management’s current expectations or plans for our future operating and financial performance, business prospects, outcomes of regulatory proceedings, market conditions, and other
matters, based on what we believe to be reasonable assumptions and on information currently available to us.
Forward-looking statements can be identified by the use of words such as “believe,” “expect,” “expectations,” “plans,” “strategy,” “prospects,” “estimate,” “project,”
“target,” “anticipate,” “will,” “should,” “see,” “guidance,” “outlook,” “confident” and other words of similar meaning. The absence of such words, expressions or statements, however, does not mean that the statements are not forward-looking. In
particular, express or implied statements relating to future earnings, cash flow, results of operations, uses of cash, tax rates and other measures of financial performance, future actions, conditions or events, potential future plans, strategies
or transactions of DT Midstream, and other statements that are not historical facts, are forward-looking statements.
Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause
actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact forward-looking statements of DT Midstream including, but not limited to, the following: changes in general
economic conditions, including increases in interest rates and associated Federal Reserve policies, a potential economic recession, and the impact of inflation on our business; industry changes, including the impact of consolidations, alternative
energy sources, technological advances, infrastructure constraints and changes in competition; changes in global trade policies and tariffs; global supply chain disruptions; actions taken by third-party operators, producers, processors,
transporters and gatherers; changes in expected production from Expand Energy and other third parties in our areas of operation; demand for natural gas gathering, transmission, storage, transportation and water services; the availability and price
of natural gas to the consumer compared to the price of alternative and competing fuels; our ability to successfully and timely implement our business plan; our ability to complete organic growth projects on time and on budget; our ability to
finance, complete, or successfully integrate acquisitions; our ability to realize the anticipated benefits of the Midwest Pipeline Acquisition and our ability to manage the risks of the Midwest Pipeline Acquisition; the price and availability of
debt and equity financing; restrictions in our existing and any future credit facilities and indentures; the effectiveness of our information technology and operational technology systems and practices to detect and defend against evolving cyber
attacks on United States critical infrastructure; changing laws regarding cybersecurity and data privacy, and any cybersecurity threat or event; operating hazards, environmental risks, and other risks incidental to gathering, storing and
transporting natural gas; geologic and reservoir risks and considerations; natural disasters, adverse weather conditions, casualty losses and other matters beyond our control; the impact of outbreaks of illnesses, epidemics and pandemics, and any
related economic effects; the impacts of geopolitical events, including the conflicts in Ukraine and the Middle East; labor relations and markets, including the ability to attract, hire and retain key employee and contract personnel; large customer
defaults; changes in tax status, as well as changes in tax rates and regulations; the effects and associated cost of compliance with existing and future laws and governmental regulations, such as the Inflation Reduction Act and the One Big
Beautiful Bill Act; changes in environmental laws, regulations or enforcement policies, including laws and regulations relating to pipeline safety, climate change and greenhouse gas emissions; changes in laws and regulations or enforcement
policies, including those relating to construction and operation of new interstate gas pipelines, ratemaking to which our pipelines may be subject, or other non-environmental laws and regulations; our ability to qualify for federal income tax
credits by Clean Fuels Gathering; our ability to develop low carbon business opportunities and deploy greenhouse gas reducing technologies; changes in insurance markets impacting costs and the level and types of coverage available; the timing and
extent of changes in commodity prices; the success of our risk management strategies; the suspension, reduction or termination of our customers’ obligations under our commercial agreements; disruptions due to equipment interruption or failure at
our facilities, or third-party facilities on which our business is dependent; the effects of future litigation; and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2024 and our reports and registration
statements filed from time to time with the SEC.
The above list of factors is not exhaustive. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause actual results
to vary materially from those stated in forward-looking statements, see the discussion under the section entitled “Risk Factors” in our Annual Report for the year ended December 31, 2024, filed with the SEC on Form 10-K and any other reports filed
with the SEC. Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, you should not put undue reliance on any forward-looking statements.
Any forward-looking statements speak only as of the date on which such statements are made. We are under no obligation to, and expressly disclaim any obligation to,
update or alter our forward-looking statements, whether as a result of new information, subsequent events or otherwise.
Investor Relations
Todd Lohrmann, DT Midstream, 313.774.2424
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DT Midstream, Inc.
Reconciliation of Reported to Operating Earnings (non-GAAP, unaudited)
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Three Months Ended
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June 30,
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March 31,
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2025
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2025
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|||||||||||||||||||||||||||||||
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Reported Earnings
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Pre-tax Adjustments
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Income Taxes (1)
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Operating Earnings
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Reported Earnings
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Pre-tax Adjustments
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Income Taxes (1)
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Operating Earnings
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(millions)
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||||||||||||||||||||||||||||||||
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Adjustments
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$
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—
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$
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—
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$
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—
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$
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—
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||||||||||||||||||||||||
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Net Income Attributable to DT Midstream
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$
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107
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$
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—
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$
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—
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$
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107
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$
|
108
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$
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—
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$
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—
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$
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108
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||||||||||||||||
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Six Months Ended
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||||||||||||||||||||||||||||||||
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June 30,
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June 30,
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|||||||||||||||||||||||||||||||
| 2025 |
2024 |
|||||||||||||||||||||||||||||||
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Reported Earnings
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Pre-tax Adjustments
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Income Taxes (1)
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Operating Earnings
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Reported Earnings
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Pre-tax Adjustments
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Income Taxes (1)
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Operating Earnings
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|||||||||||||||||||||||||
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(millions)
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Adjustments
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$
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—
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$
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—
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$
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—
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$
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—
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||||||||||||||||||||||||
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Net Income Attributable to DT Midstream
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$
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215
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$
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—
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$
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—
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$
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215
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$
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193
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$
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—
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$
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—
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$
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193
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||||||||||||||||
| (1) |
Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of
the respective segments and deductibility of specific operating adjustments
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DT Midstream, Inc.
Reconciliation of Reported to Operating Earnings per diluted share (1) (non-GAAP, unaudited)
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Three Months Ended
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June 30,
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March 31,
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2025
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2025
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|||||||||||||||||||||||||||||||
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Reported Earnings
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Pre-tax Adjustments
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Income Taxes (2)
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Operating Earnings
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Reported Earnings
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Pre-tax Adjustments
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Income Taxes (2)
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Operating Earnings
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(per share)
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Adjustments
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$
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—
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$
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—
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$
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—
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$
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—
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Net Income Attributable to DT Midstream
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$
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1.04
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$
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—
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$
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—
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$
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1.04
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$
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1.06
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$
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—
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$
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—
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$
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1.06
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Six Months Ended
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June 30,
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June 30,
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| 2025 |
2024 |
|||||||||||||||||||||||||||||||
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Reported Earnings
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Pre-tax Adjustments
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Income Taxes (2)
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Operating Earnings
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Reported Earnings
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Pre-tax Adjustments
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Income Taxes (2)
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Operating Earnings
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(per share)
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Adjustments
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$
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—
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$
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—
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$
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—
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$
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—
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||||||||||||||||||||||||
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Net Income Attributable to DT Midstream
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$
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2.10
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$
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—
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$
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—
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$
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2.10
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$
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1.97
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$
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—
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$
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—
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$
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1.97
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| (1) |
Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements of Operations
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| (2) |
Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of
the respective segments and deductibility of specific operating adjustments
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DT Midstream, Inc.
Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA (non-GAAP, unaudited)
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Three Months Ended
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Six Months Ended
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|||||||||||||||
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June 30,
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March 31,
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June 30,
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June 30,
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2025
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2025
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2025
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2024
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|||||||||||||
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Consolidated
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(millions)
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|||||||||||||||
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Net Income Attributable to DT Midstream
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$
|
107
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$
|
108
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$
|
215
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$
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193
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||||||||
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Plus: Interest expense
|
40
|
40
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80
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79
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||||||||||||
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Plus: Income tax expense
|
34
|
35
|
69
|
64
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||||||||||||
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Plus: Depreciation and amortization
|
63
|
63
|
126
|
103
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||||||||||||
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Plus: EBITDA from equity method investees (1)
|
64
|
73
|
137
|
142
|
||||||||||||
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Less: Interest income
|
—
|
(1
|
)
|
(1
|
)
|
(1
|
)
|
|||||||||
|
Less: Earnings from equity method investees
|
(30
|
)
|
(37
|
)
|
(67
|
)
|
(85
|
)
|
||||||||
|
Less: Depreciation and amortization attributable to noncontrolling interests
|
(1
|
)
|
(1
|
)
|
(2
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)
|
(2
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)
|
||||||||
|
Adjusted EBITDA
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$
|
277
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$
|
280
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$
|
557
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$
|
493
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||||||||
| (1) |
Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from
equity method investees to EBITDA from equity method investees follows:
|
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
|
June 30,
|
March 31,
|
June 30,
|
June 30,
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|||||||||||||
|
2025
|
2025
|
2025
|
2024
|
|||||||||||||
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(millions)
|
||||||||||||||||
|
Earnings from equity method investees
|
$
|
30
|
$
|
37
|
$
|
67
|
$
|
85
|
||||||||
|
Plus: Depreciation and amortization attributable to equity method investees
|
19
|
22
|
41
|
41
|
||||||||||||
|
Plus: Interest expense attributable to equity method investees
|
15
|
14
|
29
|
16
|
||||||||||||
|
EBITDA from equity method investees
|
$
|
64
|
$
|
73
|
$
|
137
|
$
|
142
|
||||||||
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DT Midstream, Inc.
Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA
Pipeline Segment (non-GAAP, unaudited)
|
||||||||||||||||
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
|
June 30,
|
March 31,
|
June 30,
|
June 30,
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|||||||||||||
|
2025
|
2025
|
2025
|
2024
|
|||||||||||||
|
Pipeline
|
(millions)
|
|||||||||||||||
|
Net Income Attributable to DT Midstream
|
$
|
93
|
$
|
92
|
$
|
185
|
145
|
|||||||||
|
Plus: Interest expense
|
11
|
13
|
24
|
25
|
||||||||||||
|
Plus: Income tax expense
|
29
|
30
|
59
|
48
|
||||||||||||
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Plus: Depreciation and amortization
|
28
|
28
|
56
|
37
|
||||||||||||
|
Plus: EBITDA from equity method investees (1)
|
64
|
73
|
137
|
142
|
||||||||||||
|
Less: Interest income
|
—
|
(1
|
)
|
(1
|
)
|
(1
|
)
|
|||||||||
|
Less: Earnings from equity method investees
|
(30
|
)
|
(37
|
)
|
(67
|
)
|
(85
|
)
|
||||||||
|
Less: Depreciation and amortization attributable to noncontrolling interests
|
(1
|
)
|
(1
|
)
|
(2
|
)
|
(2
|
)
|
||||||||
|
Adjusted EBITDA
|
$
|
194
|
$
|
197
|
$
|
391
|
$
|
309
|
||||||||
| (1) |
Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from
equity method investees to EBITDA from equity method investees follows:
|
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
|
June 30,
|
March 31,
|
June 30,
|
June 30,
|
|||||||||||||
|
2025
|
2025
|
2025
|
2024
|
|||||||||||||
|
(millions)
|
||||||||||||||||
|
Earnings from equity method investees
|
$
|
30
|
$
|
37
|
$
|
67
|
$
|
85
|
||||||||
|
Plus: Depreciation and amortization attributable to equity method investees
|
19
|
22
|
41
|
41
|
||||||||||||
|
Plus: Interest expense attributable to equity method investees
|
15
|
14
|
29
|
16
|
||||||||||||
|
EBITDA from equity method investees
|
$
|
64
|
$
|
73
|
$
|
137
|
$
|
142
|
||||||||
|
DT Midstream, Inc.
Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA
Gathering Segment (non-GAAP, unaudited)
|
||||||||||||||||
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
|
June 30,
|
March 31,
|
June 30,
|
June 30,
|
|||||||||||||
|
2025
|
2025
|
2025
|
2024
|
|||||||||||||
|
Gathering
|
(millions)
|
|||||||||||||||
|
Net Income Attributable to DT Midstream
|
$
|
14
|
$
|
16
|
$
|
30
|
$
|
48
|
||||||||
|
Plus: Interest expense
|
29
|
27
|
56
|
54
|
||||||||||||
|
Plus: Income tax expense
|
5
|
5
|
10
|
16
|
||||||||||||
|
Plus: Depreciation and amortization
|
35
|
35
|
70
|
66
|
||||||||||||
|
Less: Interest income
|
—
|
—
|
—
|
—
|
||||||||||||
|
Adjusted EBITDA
|
$
|
83
|
$
|
83
|
$
|
166
|
$
|
184
|
||||||||
|
DT Midstream, Inc.
Reconciliation of Net Income Attributable to DT Midstream to Distributable Cash Flow (non-GAAP, unaudited)
|
||||||||||||||||
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
|
June 30,
|
March 31,
|
June 30,
|
June 30,
|
|||||||||||||
|
2025
|
2025
|
2025
|
2024
|
|||||||||||||
|
Consolidated
|
(millions)
|
|||||||||||||||
|
Net Income Attributable to DT Midstream
|
$
|
107
|
$
|
108
|
$
|
215
|
$
|
193
|
||||||||
|
Plus: Interest expense
|
40
|
40
|
80
|
79
|
||||||||||||
|
Plus: Income tax expense
|
34
|
35
|
69
|
64
|
||||||||||||
|
Plus: Depreciation and amortization
|
63
|
63
|
126
|
103
|
||||||||||||
|
Less: Earnings from equity method investees
|
(30
|
)
|
(37
|
)
|
(67
|
)
|
(85
|
)
|
||||||||
|
Less: Depreciation and amortization attributable to noncontrolling interests
|
(1
|
)
|
(1
|
)
|
(2
|
)
|
(2
|
)
|
||||||||
|
Plus: Dividends and distributions from equity method investees
|
30
|
48
|
78
|
125
|
||||||||||||
|
Less: Cash interest expense
|
(76
|
)
|
—
|
(76
|
)
|
(74
|
)
|
|||||||||
|
Less: Cash taxes
|
(4
|
)
|
2
|
(2
|
)
|
(3
|
)
|
|||||||||
|
Less: Maintenance capital investment (1)
|
(6
|
)
|
(8
|
)
|
(14
|
)
|
(13
|
)
|
||||||||
|
Distributable Cash Flow
|
$
|
157
|
$
|
250
|
$
|
407
|
$
|
387
|
||||||||
| (1) |
Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate
incremental earnings.
|
# # #
Exhibit 99.2
