DT Midstream : Presentation

WELLS FARGO MIDSTREAM AND UTILITIES SYMPOSIUM

DECEMBER 7, 2023

Safe Harbor Statement

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This presentation 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; global supply chain disruptions; actions taken by third-party operators, processors, transporters and gatherers; changes in expected production from Southwestern 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; the price and availability of debt and equity financing; restrictions in our existing and any future credit facilities and indentures; the effectiveness of the Company's 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; 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 of 2022; changes in environmental laws, regulations or enforcement policies, including laws and regulations relating to climate change and greenhouse gas emissions; 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; the qualification of the spin-off of DT Midstream from DTE Energy ("the Spin-Off") as a tax-free distribution; the allocation of tax attributes from DTE Energy in accordance with the agreement that governs the respective rights, responsibilities and obligations of DTE Energy and DT Midstream after the Spin-Off with respect to all tax matters; and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2022 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, 2022, 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.

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Midstream Investment Thesis

Clean assets, clean balance sheet, clean story

	Integrated and		Highly contracted		Strong balance sheet
	well-positioned
		cash flows		with low leverage
	assets
•	Haynesville / Appalachia	•	Long-termtake-or-pay	•	Self-funded investment
	dry gas focus		contracts		program
•	Assets providing wellhead	• Committed to a durable	•	No significant near-term
	to market service		and growing dividend		debt maturities
•	Directly serving growing	•	No direct commodity	• Low and declining leverage
	LNG export demand		exposure

Mature environmental, social and governance leadership

• Executing on energy transition projects
• Committed to 30% emissions reduction by 2030 and net zero by 2050

3

DT Midstream Asset Footprint

Integrated platform in the leading dry gas basins serving growing domestic and LNG demand

Pipelines connect world-class basins to high-quality markets

• ~900 miles of FERC-regulated interstate pipelines that have interconnections with multiple interstate pipelines and LDCs
• Gas storage assets with 94 Bcf of capacity
• ~600 miles of intrastate and lateral pipelines
• DTM assets currently provide ~2.3 Bcf/d of access to LNG export terminals

Gathering assets serve the most prolific dry-gas basins in North America

• Dry gas gathering assets serving growing gas production in the premier, low-cost production areas of the Marcellus / Utica and Haynesville
• ~700 miles of pipe, 106 compressor units with 215,000 horsepower and ~2.2 Bcf/d of treating capacity

LNG facilities

Operational Under development

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Consistent track record of growth through commodity cycles

DTM has highly contracted cash flows and no direct commodity exposure

Historical Adjusted EBITDA1 growth

(millions)

+20% CAGR

$841

2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
		Natural gas price			Natural gas price
			down cycle			down cycle
1.	Definition and reconciliation of Adjusted EBITDA (non-GAAP) included in the appendix; years prior to 2022 exclude proportional interest from equity method investees		5

Significant LNG Export Demand Growth Expected Over the Next Decade

~11 Bcf/d of Louisiana Gulf Coast area LNG export growth through 20331

US LNG export capacity

(bcf/d)
32
28					+16 Bcf/d
24
20
16
12
8
4
02023	2024	2025	2026	2027	2028	2029	2030	2031	2032	2033

Sabine Pass		Calcasieu Pass		Plaquemines
Cameron		Golden Pass		Delfin

Port Arthur Corpus Christi

Cove Point Freeport

Rio Grande Elba Island

1. Represents growth from annual average level in 2023	6
Source: Wood Mackenzie North America Gas Investment Horizon Outlook - October 2023

Strong Long-term Production Outlook in Both Basins

Haynesville & Appalachia production are expected to experience significant growth over the next decade

Historical production		Production forecast
(bcf/d)		Haynesville		Appalachia		(bcf/d)		Haynesville		Appalachia

60

50

40

30

20

10

		+18 bcf/d
		67
		27
49
15

0
2018	2019	2020
	DUC	Haynesville

2021 2022 2023

415 663 751

34

40

inventory1

Appalachia

666 875 747

2023

2033

1. Drilled but uncompleted (DUC) wells data reflects year end inventory. Data through October 2023	7
Sources: EIA, S&P Global Commodity Insights, & Wood Mackenzie North America Gas Investment Horizon Outlook - October 2023

Capital Allocation Approach

Preserve balance sheet strength

• Deleveraging into mid-3x's (proportional) / low 3x's (on-balance sheet) over the 5-year period
• Committed to long-term 4x leverage ratio ceiling

Durable and growing dividend

• +15% dividend increase since the Spin-Off

• 2.4x dividend coverage, with financial policy of a 2x coverage ratio floor

Invest in accretive organic growth projects

• Deploy capital at attractive 5-8x build multiples1

• Strong organic growth project backlog

$	Maintain financial flexibility
• Strong value creation optionality to pursue the most accretive use of excess cash flow (i.e., growth investments,
	increased dividend, share buybacks, and/or debt reduction)
	1. New project build multiples differ based on business segments (i.e., pipeline vs gathering)	8

2023-2027 Overall Growth Capital Outlook

Opportunity for excess free cash flow allocation in 2024

2023-2027 capital outlook

(Growth capex) Committed capital

$1.7 - $2.2

billion

~$0.8 billion

committed capital

in 2023/2024

$700 - $750

million1

2023 guidance	2024	Additional organic	2023 - 2027
		growth opportunities	guidance

Committed to preserving balance sheet strength and achieving an investment grade credit rating

• Investments in 2024 will be funded via cash flow after dividends
• Excess cash flow in 2024 will likely be deployed towards debt reduction if additional growth opportunities do not reach a final investment decisions
• Expect to end 2024 with an on-balance sheet leverage ratio of 3.6x or lower
• • Proportional leverage ratio2 of 4.0x or lower

1. DTM's investment in 2023 is net of a ~$60 million customer contribution	9
2. Leverage ratio is inclusive of proportional debt at our joint venture equity method investees

Strong Organic Opportunities Across Our Existing Footprint

Asset

2023-2027 commercial focus

Overview

	LEAP	•	Active discussions for expansions up to ~3 Bcf/d	• Connecting growing Haynesville supply with growing LNG
		demand
	Stonewall	•	Active discussions with existing and new customers for	•	Providing incremental Appalachia pipeline takeaway to East
		expansion opportunities		Coast LNG and Gulf Coast markets
Pipeline
	•	Generation Pipeline interconnection	•	Providing Ohio utility and industrial corridor access to NEXUS
	NEXUS
	•	New supply connections; hydraulic optimization		supply
	Millennium	•	Recently completed open season for potential expansion	•	Enabling additional supply into New York and New England
		opportunity		markets through compression expansion
	Blue Union	•	Active discussions for gathering and treating expansion	•	Serving growing production from existing customers; step out
		opportunities		expansions to connect new customers
Gathering	Appalachia Gathering	•	Active discussions for further expansion	•	Serving growing production from existing customers
	Ohio Utica	•	Initial buildout of new trunkline and gathering network	•	Emerging resource development in Ohio Utica
	Tioga	•	Active discussions regarding full-scale development	•	Supporting new drilling activity in undeveloped acreage
	Carbon Capture and	•	Continue to advance Louisiana CCS opportunity towards	•	Permanently sequestering CO2 from DTM treating assets;
		final investment decision		supported by 45Q tax credit
	Sequestration
Energy	•	New project development	•	Leveraging strong expertise to advance CCS in new regions
Transition		•	Advance hydrogen hub project concepts	•	Commercializing hydrogen transportation, storage and
	Hydrogen	•	Work with strategic partner to identify and advance
		production
			development opportunities
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