DT Midstream Boosts $3.4B Backlog 50% and Reports 17% EBITDA Growth
DT Midstream raised its five-year organic project backlog 50% to $3.4 billion, with 75% tied to pipeline expansions including LEAP Phase Four boosting capacity to 2.1 Bcf/d. In 2025, adjusted EBITDA grew 17% to $1.138 billion and the company secured investment-grade ratings from all three major agencies.
1. Project Backlog Growth
DT Midstream updated its five-year organic project backlog, increasing it by approximately 50% to $3.4 billion. Pipeline projects account for about 75% of this total, reflecting a strategic shift toward core pipeline growth.
2. Financial Performance
In 2025, adjusted EBITDA rose 17% to $1.138 billion, driven by a 27% uptick in the pipeline segment and higher LEAP and storage revenue. Fourth-quarter adjusted EBITDA reached $293 million, supported by seasonal demand and increased throughput.
3. Strategic Projects and FIDs
The company placed LEAP Phase Four into service early and on budget, boosting capacity to 2.1 Bcf/d. It also approved FID on the Viking expansion and Interstate Pipelines Modernization, with $1.6 billion committed out of the $3.4 billion backlog and other expansions on track.
4. Credit Ratings and Balance Sheet
DT Midstream achieved investment-grade credit ratings from all three major agencies in 2025 and maintains a 95% demand-based contract portfolio with an average eight-year tenure. Management emphasizes funding organic opportunities through cash flow and a strong balance sheet.