DT Midstream
26 named things its latest annual report says its results depend on, each in the company's own words. 13 of them are also named by other companies we've read.
Customers
Expand Energy
earns from · approximately 45% of our operating revenuesnamed as a riskExpand Energy accounted for approximately 45% of our operating revenues for the year ended December 31, 2025.Risk factors (Item 1A)
Gulf Coast LNG export terminals
earns fromWe continue to evaluate opportunities for additional LEAP expansions to serve growing Gulf Coast LNG and industrial corridor demand.Business (Item 1)
Suppliers
Partners and platforms
Millennium Pipeline
52.5%named as a riskWe conduct a meaningful portion of our operations through joint ventures with third parties, including through our interests in Vector, Millennium and NEXUS, and we may enter into additional joint venture arrangements in the future.Risk factors (Item 1A)
Also named by NFG
NEXUS Pipeline
50%named as a riskIn addition, NEXUS and Vector are subject to applicable laws, rules, and regulations in Canada.Business (Item 1)
Also named by DTE
Vector Pipeline
operates in · 40%named as a riskWhile virtually all of our business is in the United States, we also have an equity method investment in Vector, which operates in Canada.Market risk (Item 7A)
Other companies
Guardian Pipeline
operates in · approximately 40%During 2025, we reached a final investment decision on the Guardian G3 expansion project, which will increase Guardian capacity by 537 MMcf/d or approximately 40% from current capacity, and is expected to be fully placed into service in the fourth quarter of 2028.Business (Item 1)
DTE Energy
named as a riskAdditionally, if it were determined that the Distribution did not qualify as a distribution to which Section 355(a), Section 355(c) and Section 361 of the Internal Revenue Code apply, we could, under certain circumstances, be required to indemnify DTE Energy for the resulting taxes and related expenses.Risk factors (Item 1A)
Places
Canada
operates innamed as a riskFor example, tariffs or other restrictions placed on the import and export of natural gas with Canada and any related counter-measures that are taken by Canada could have an adverse effect on our financial condition or results of operations.Risk factors (Item 1A)
Also named by AAP, AJG, ALL, AMRC, AOS, ARE, BBY, BF/B and 97 more
Pennsylvania
operates innamed as a riskSome states, such as Pennsylvania, have imposed fees on the drilling of new unconventional oil and gas wells.Risk factors (Item 1A)
Also named by AWK, CNX, EQT, FE, GMED, NFG, PEG, PPL and 6 more
Haynesville formation
concentrated innamed as a riskWe depend on a key customer, Expand Energy, in the Haynesville formation in the Gulf Coast and in the Marcellus formation in the Northeastern U.S. for a significant portion of our revenues.Market risk (Item 7A)
Marcellus/Utica formation (Appalachian Basin)
concentrated innamed as a riskOur core assets strategically connect key demand centers in the Midwestern U.S., Eastern Canada and Northeastern U.S. regions to the premium production areas of the Marcellus/Utica natural gas formation in the Appalachian Basin and connect key demand centers and LNG export terminals in the Gulf Coast region to premium production areas of the Haynesville natural gas formation.Business (Item 1)
Midwestern U.S., Eastern Canada, Northeastern U.S. and Gulf Coast regions
concentrated innamed as a riskWe rely primarily on revenues generated from our pipeline, storage and gathering systems, substantially all of which are located in the Midwestern U.S., Eastern Canada, Northeastern U.S. and Gulf Coast regions.Risk factors (Item 1A)
Northeastern U.S.
operates innamed as a riskThe approval process for storage and transportation projects located in the Northeast has become increasingly challenging, as such projects in this region tend to face heightened opposition and permitting scrutiny.Risk factors (Item 1A)
Commodities and inputs
Natural gas
exposed to its pricenamed as a riskSustained declines in natural gas prices could have a negative impact on exploration, development and production activity and could lead to a material decrease in such activity, which could result in reduced throughput on our systems and materially adversely affect our business, financial condition and results of operations.Risk factors (Item 1A)
Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more
Regulators
Federal Energy Regulatory Commission (FERC)
subject tonamed as a riskOur business operations are subject to extensive regulation by FERC, and state regulatory authorities.Risk factors (Item 1A)
Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more
Pipeline and Hazardous Materials Safety Administration (PHMSA)
subject tonamed as a riskOur natural gas pipeline assets are subject to the pipeline safety regulations implemented by PHMSA.Business (Item 1)
Also named by AM, ATO, BKH, CHRD, CNX, CP, CRC, CRGY and 29 more
Louisiana Department of Conservation and Energy
subject toOur Class VI permit application for the Louisiana carbon capture and sequestration project advanced to formal technical review with the Louisiana Department of Conservation and Energy in July 2025, and the Company is awaiting the completion of that review.Business (Item 1)
Laws and programs
United States-Mexico-Canada Agreement (USMCA)
subject tonamed as a riskSuch regulations include the "Short Supply Controls" of the Export Administration Act, the United States-Mexico-Canada Agreement and the Toxic Substances Control Act.Risk factors (Item 1A)
Also named by AYI, BMI, BWA, CLF, CMI, CP, CW, DCH and 29 more
Hydraulic fracturing regulation
subject tonamed as a riskThe adoption of new laws, regulations or ordinances at the U.S. federal, state or local levels imposing more stringent restrictions on hydraulic fracturing could make it more difficult for our customers to complete natural gas wells, increase customers’ costs of compliance and doing business, and otherwise adversely affect the hydraulic fracturing services they perform, which could negatively impact demand for our services.Risk factors (Item 1A)
Also named by AESI, AGX, AM, COP, CVX, EPD, EXE, HESM and 7 more
Nationwide Permit 12 (NWP 12)
subject tonamed as a riskAny disruption in our ability to obtain coverage under NWP 12 or other general permits may result in increased costs and project delays if we are forced to seek individual permits from the U.S. Army Corps of Engineers.Risk factors (Item 1A)
Natural Gas Act (NGA)
subject tonamed as a riskSpecifically, Birdsboro, Guardian, Midwestern, Millennium, NEXUS, Vector, Viking and the Washington 10 Storage Complex are subject to FERC's NGA authority and provide interstate natural gas transportation or storage services in accordance with their FERC-approved tariffs.Business (Item 1)
ASC 980
subject tonamed as a riskAny changes to ASC 980 or on the determination of whether Guardian, Midwestern or Viking will continue to meet the criteria of ASC 980 could materially adversely affect our business, financial condition and results of operations.Risk factors (Item 1A)
Clean fuel production tax credits
named as a riskA change in tax law could lower or eliminate Clean Fuels Gathering from qualifying or receiving federal income tax credits, which would impact its projected economic return.Risk factors (Item 1A)
EPA methane emissions rule (Clean Air Act)
subject tonamed as a riskLegislation or regulation that levies a charge related to our GHG emissions or that restricts GHG emissions could increase our cost of environmental compliance by requiring us to install new equipment to reduce emissions from larger facilities; purchase emission allowances; administer and manage a GHG emissions program; and otherwise increase the costs of our operations, including costs to operate and maintain our facilities.Business (Item 1)