DT Midstream Inc.: Initiation Of Coverage – Will Their Focus on Carbon Capture and Storage (CCS) Projects Pay Off?

DT Midstream entered the year 2024 on a solid footing, having delivered a commendable 2023 performance with a full year adjusted EBITDA of $924 million, which surpassed its guidance midpoint and showed 10% growth year-on-year. The company’s completion of its largest-ever construction program ahead of schedule and its successful placement of the LEAP Phase 1 and 2 expansions in service early reflected on its operational competence and integrative planning.