DTM 2Q: OH Data Center Deal, Gathering Expansion, Millennium Upside
Detroit-based DT Midstream (DTM) reported second quarter 2026 results this week, and while the headline numbers were fine but unremarkable, the Appalachian news buried in the deck is worth your attention. DTM booked net income of $112 million ($1.09 per diluted share) and adjusted EBITDA of $305 million, declared a $0.88 per share dividend, and reaffirmed full-year 2026 adjusted EBITDA guidance of $1.155–$1.225 billion. Fine. Now here’s the part that matters if you own minerals in Belmont County or run a rig crew in Susquehanna County: DTM just signed up a new 380 MMcf/d interconnect on the NEXUS Gas Transmission pipeline that will feed a gas-fired power plant serving a new data center in Ohio — and it’s expanding its Appalachia Gathering System by 100 MMcf/d to shove more supply into NEXUS and Texas Eastern. Read More “DTM 2Q: OH Data Center Deal, Gathering Expansion, Millennium Upside”
We stumbled across an article by East Daley Analytics that is a real eye-opener for us. East Daley analyzed 13 major public G&P (gathering and processing) operators (i.e., pipeline companies). They found that Expand Energy (created by the merger of Chesapeake Energy with Southwestern Energy), with major assets in the Marcellus/Utica and the Louisiana Haynesville, accounts for 52% of DT Midstream’s gathering volumes, 32% of Williams’, and 21% of Energy Transfer’s throughput. Yikes! Just one company. 
In Antero Resources Corp. v. Stonewall Gas Gathering LLC, the Texas Business Court resolved a contract dispute over a 2014 gas gathering agreement following a bench trial. The court denied Antero’s claims for $200 million in past and future monetary damages. However, it granted Antero “declaratory relief” and specific performance, ordering Stonewall to reduce Antero’s service fees in accordance with the affiliate agreements and to produce the requested contract documents. The court awarded Antero $1 in nominal damages for discovery breaches, while a ruling on attorney’s fees was deferred pending further proceedings. 
DT Midstream, Inc. announced yesterday that it has closed a successful binding open season (signup period) to award expansion capacity on its Guardian Pipeline. DT awarded capacity to five shippers totaling 328 MMcf/d (million cubic feet per day, equivalent to 328,000 dekatherms per day) with a targeted in-service date of November 1, 2028. Guardian is an approximately 260-mile interstate pipeline with a current capacity of approximately 1.3 Bcf/d (billion cubic feet per day) serving key Wisconsin demand centers. And yes, Guardian flows at least some Marcellus/Utica molecules. 
We’ve pointed out (for years) the relative success the anti-drilling left has had in blocking new pipeline projects to carry Marcellus/Utica molecules to other regions, stifling new drilling in our area as a result. Although it has been and will continue to be a challenge to build new pipeline projects, the Trump administration is making it easier. Trump’s policies encourage new pipelines and more access to natural gas. We spotted an article from Reuters that provides an overview of eight pipeline projects that are actively being pursued to carry M-U molecules to other regions. We’ve covered all of these projects in previous posts. The Reuters article compiles the most likely candidates for new pipeline projects into a single, convenient article. 
DT Midstream (DTM), headquartered in Detroit, owns major assets in the Marcellus/Utica region and in other regions, such as Haynesville. In November, DTM announced it had cut a deal to buy three FERC-regulated interstate pipelines from Oklahoma-based ONEOK, Inc. for $1.2 billion (see 
DT Midstream (DTM), headquartered in Detroit, owns major assets in the Marcellus/Utica region and in other regions, such as Haynesville. Yesterday, DTM announced it had cut a deal to buy three FERC-regulated interstate pipelines from Oklahoma-based ONEOK, Inc. for $1.2 billion. Two of the three pipelines flow Marcellus/Utica molecules to Midwestern markets. 
DT Midstream (DTM), headquartered in Detroit, owns major assets in the Marcellus/Utica region and other regions like the Haynesville. DTM issued its third quarter 2024 update last week. Of high interest to us was the announcement that DTM is upsizing a previously announced project to connect its Stonewall Gathering System to Equitrans Midstream’s (now EQT) Mountain Valley Pipeline in West Virginia, giving DTM customers the ability to reach Mid-Atlantic markets with their molecules.