DT Midstream
DT Midstream is a pure-play natural gas midstream operator headquartered in Detroit that owns ~3,800 miles of pipelines and 94 Bcf of storage connecting Marcellus/Utica and Haynesville supply basins to Midwest, Northeast, and Gulf Coast demand markets under long-term firm transportation contracts with investment-grade utilities and power generators.
- Company typePublic
- Founded2021
- HeadquartersDetroit, United States
- Headcount501–1,000
- GTM typeB2B
- OfferingServices
What DT Midstream does
DT Midstream is a pure-play natural gas midstream infrastructure company headquartered in Detroit, Michigan, that operates approximately 3,800+ miles of natural gas pipelines (including ~2,200 miles of FERC-regulated interstate pipelines, ~700 miles of intrastate pipelines, and over 900 miles of gathering pipelines) and 94 Bcf of high-deliverability natural gas storage capacity at the Washington 10 Storage Complex in Michigan. The company was spun off from DTE Energy in 2021 and trades on the NYSE under the ticker DTM. Its asset platform spans interstate pipelines (Guardian, Vector, NEXUS, Millennium, Viking, Midwestern, Birdsboro, Generation), gathering systems (Appalachia, Susquehanna, Tioga, Ohio Utica, Blue Union, LEAP, Stonewall, Bluestone, Michigan), and storage, linking major supply basins — Marcellus/Utica and Haynesville — to demand markets across the Midwest, Northeast, Gulf Coast, and Canada.
The company's underlying technology centers on long-haul pipeline operations monitored 24/7 via SCADA systems, automated shut-off valves, and specialized leak-detection technology housed at centralized Operations Control Centers. Several major pipelines are held in joint ventures with Enbridge (Vector 40% / NEXUS 50%) and TC Energy (Millennium 52.5%), giving DT Midstream access to bi-directional capacity into Ontario, the Chicago Hub, and New York/New England. The company delivers services through dedicated firm transportation agreements and shipper portals (Trellis Energy, myQuorum Cloud, QuickNom, Enbridge InfoPost), and runs major expansion programs — including the Guardian G3, Vector 400 MMcf/d, and Millennium R2R projects — that will add substantial capacity by 2028.
DT Midstream operates on a fee-based revenue model across three streams: natural gas transportation/transmission (Pipeline segment, ~70% of adjusted EBITDA as of 2025, up 27% YoY), natural gas gathering in dry-gas shale basins, and natural gas storage. Revenue is contracted primarily through 20-year firm transportation agreements with investment-grade utility and power-generation counterparties, allocated via binding open seasons. Customers are segmented across five verticals: Local Distribution Companies/utilities (primary), power generation and data centers (primary), natural gas E&P producers in Appalachia and Haynesville (primary), energy marketers (secondary), and large industrial customers (secondary). FY2025 record adjusted EBITDA was $1.138 billion (+17% YoY), with the company's market capitalization reaching approximately $13.47 billion as of February 2026.
DT Midstream firmographics
Firmographics- Name
- DT Midstream
- Legal name
- DT Midstream, Inc.
- Website
- https://dtmidstream.com/
- Company type
- Public
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- DT Midstream is a pure-play natural gas midstream operator headquartered in Detroit that owns ~3,800 miles of pipelines and 94 Bcf of storage connecting Marcellus/Utica and Haynesville supply basins to Midwest, Northeast, and Gulf Coast demand markets under long-term firm transportation contracts with investment-grade utilities and power generators.
- Ownership category
- akta.pro rank
DT Midstream industry classification
Industry- Product category
- Natural Gas Midstream Services
- NAICS
- Pipeline Transportation of Natural Gas (486210), Pipeline Transportation of Natural Gas (48621), Pipeline Transportation of Natural Gas (4862)
- SIC
- Natural Gas Transmission (4922), Natural Gas Transmisison & Distribution (4923)
- akta.pro primary industry
- Pipeline Operations, Integrity & Control (SCADA, Pigging, Leak Detection) (EUALADAK)
- akta.pro secondary industries
- Midstream Commercial Services (Capacity Marketing, Balancing & Scheduling) (EUAAACAL), Gas Metering, Measurement & Custody Transfer (EUAAACAJ), Gas Pipeline & Midstream Asset Management (EUAEAMAF)
Keywords
Where DT Midstream is headquartered
LocationHeadquarters
- HQ city
- Detroit
- HQ country
- United States
- HQ region
- North America
Offices9 records
Markets served
DT Midstream business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Infrastructure, Supply Chain, Personnel, Technology or R&D, Marketing or Sales, Others
Revenue model
- Natural Gas Transportation / Transmission: Fee-based revenue from firm transportation services on FERC-regulated interstate pipelines. Contracts typically run 20 years with investment-grade utility counterparties, providing long-term stable cash flows. The Pipeline segment comprises ~70% of adjusted EBITDA as of 2025 and saw 27% year-over-year growth, driven by organic expansions and acquisitions.
- Natural Gas Gathering: Fee-based gathering services for dry natural gas producers in the Marcellus/Utica and Haynesville shale basins. Gathering systems are located in core dry gas basins and provide producers with market access to premium demand markets. Includes processing and compression services.
- Natural Gas Storage: Fee-based storage services from 94 Bcf of high-deliverability storage capacity in Michigan, serving local distribution companies, power generators, interstate pipelines, and national marketers across the Midwest, Northeast, and Canada. Storage revenues are relatively stable and support grid reliability services.
Go-to-market motion1 record
Distribution channels4 records
Marketing channels6 records
DT Midstream product offering
Product offeringCore offering
DT Midstream operates a pure-play natural gas midstream infrastructure business, owning and operating approximately 2,900 miles of interstate and intrastate transportation pipelines, over 900 miles of gathering pipelines, and 94 Bcf of high-deliverability natural gas storage capacity in Michigan. The company sells fee-based firm transportation, gathering, and storage services to utilities, power generators, E&P producers, and industrial customers via long-term contracts (typically 20 years) with investment-grade counterparties.
Product overview
DT Midstream operates a pure-play natural gas-focused midstream infrastructure business offering an integrated portfolio of pipeline transportation, storage, and gathering services. The company's asset platform comprises approximately 2,900 miles of interstate and intrastate transportation/lateral pipelines and over 900 miles of gathering lines, along with 94 Bcf of natural gas storage capacity in Michigan. The portfolio includes interstate pipelines (Guardian Pipeline, Vector Pipeline, NEXUS Gas Transmission Pipeline, Millennium Pipeline, Viking Gas Transmission, Midwestern Gas Transmission, Birdsboro Pipeline, Generation Pipeline), gathering systems (Appalachia Gathering System, Susquehanna Gathering System, Tioga Gathering System, Ohio Utica Gathering, Blue Union Gathering System, LEAP Gathering System, Stonewall Gas Gathering Lateral, Bluestone Gathering Lateral, Michigan System), and storage assets (Washington 10 Storage Complex). These assets link major demand markets to supply from the Marcellus/Utica and Haynesville shale basins across the Southern, Northeastern, and Midwestern United States and Canada.
Differentiator
Problem solved
Functional benefit
Products and services
- Vector Pipeline A 348-mile interstate pipeline with 120,000 HP compression across five facilities transporting approximately 2.8 Bcf of natural gas per day across Illinois, Indiana, Michigan and Ontario, Canada.
- NEXUS Gas Transmission Pipeline A 256-mile interstate pipeline with current capacity of approximately 1.4 Bcf per day and three compression facilities with 104,000 HP, providing transport from Marcellus/Utica shale formations to markets in Ohio, Michigan, Illinois and Ontario, Canada.
- Millennium Pipeline A 266-mile interstate pipeline with approximately 88,000 HP compression strategically positioned to serve utility and power plants across New York state and New England, designed to deliver over 2.0 Bcf per day.
- Guardian Pipeline A 263-mile interstate pipeline with 100,300 HP of compression connected to the Chicago Hub and serving Upper Midwest demand centers with approximately 1.3 Bcf/d of design transportation capacity.
- Viking Gas Transmission A 674-mile bi-directional interstate pipeline with 69,500 HP compression serving utility customers in Minnesota, Wisconsin and North Dakota, with approximately 1.0 Bcf/d design capacity and interconnections to TransCanada, Northern Natural, GLGT and ANR Pipeline.
Quantifiable outcome
- FY2025 record adjusted EBITDA of $1.138 billion, up 17% year-over-year
- +7 more outcomes
Companies that use DT Midstream
Customer profileNamed customers6 records
Segments5 records
Ideal customer profiles5 records
DT Midstream technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
DT Midstream partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Enbridge Inc.coreEnbridge and DT Midstream jointly sanctioned a 400 MMcf/d expansion of the Vector Pipeline to serve growing utility demand in the U.S. Midwest. The expansion is fully underwritten by 20-year firm transportation agreements with investment-grade utilities. An open season also generated interest in an additional 300 to 500 MMcf/d of capacity, indicating further growth potential.
Scale indicators12 records
Recent moves11 records
Expansion highlights6 records
DT Midstream competitors and assessment
Company assessmentRegional players
- Southwest Gas Holdings: Southwest Gas Holdings operates natural gas distribution utilities in the western U.S. with associated storage assets. While primarily a distribution utility rather than a pure midstream operator, it shares DT Midstream's emphasis on regulated, fee-based cash flows and serving local distribution company customers.
- Spire Inc. Spire is a natural gas utility holding company with regulated gas distribution and natural gas storage operations in the Midwest and Alabama. Comparable to DT Midstream's Washington 10 Storage Complex operations in the Midwest and its focus on serving local distribution companies and utilities.
Direct peers
- TC Energy: TC Energy is a major North American pipeline operator and DT Midstream's JV partner in the Millennium Pipeline (47.5%). Comparable as a large-scale natural gas transmission operator serving utilities and power generators across the U.S. and Canada, with overlapping geographic reach in the Northeast.
- Williams Companies: Williams Companies is one of the largest natural gas-focused midstream operators in North America with extensive gathering, processing, and interstate pipeline assets. Directly comparable to DT Midstream in pure-play natural gas focus, large-scale pipeline operations, and FERC-regulated transportation services serving utilities and power generators.
- ONEOK: ONEOK is a leading midstream operator with major natural gas gathering, processing, and natural gas liquids pipeline operations across key shale basins. Comparable to DT Midstream as a fee-based, contract-driven midstream operator with similar customer bases (utilities, producers, power generators) and exposure to shale basin gathering economics.
- Enbridge Inc. Enbridge is DT Midstream's largest JV partner (50/50 in NEXUS Gas Transmission, 60% in Vector Pipeline), operates the Generation Pipeline, and is a major natural gas pipeline operator with significant U.S. and Canadian assets. Direct competitor and partner with overlapping pipeline networks and similar investment-grade utility customer base.
- Antero Midstream: Antero Midstream is a pure-play natural gas gathering and processing operator focused on the Marcellus/Utica basin, and is a JV partner with DT Midstream on the Stonewall Gas Gathering Lateral Pipeline. Highly comparable in business model, customer base, and geographic concentration in Appalachia.
- Equitrans Midstream: Equitrans Midstream (now part of EQT) was a major natural gas gathering, transmission, and storage operator concentrated in the Appalachian Basin. Directly comparable to DT Midstream in Marcellus/Utica-focused gathering operations and FERC-regulated pipeline assets serving Northeast utilities and power generators.
Broad incumbents
- Kinder Morgan: Kinder Morgan is the largest natural gas pipeline operator in North America with over 70,000 miles of pipelines and major storage assets. While much larger and more diversified across products and geographies, KMI competes directly with DT Midstream in interstate natural gas transmission, storage, and gathering, and shares the fee-based, contract-driven business model.
- Energy Transfer: Energy Transfer is a major diversified midstream operator with extensive natural gas pipelines, NGL pipelines, and gathering operations. Competes with DT Midstream in natural gas gathering and transportation across the Marcellus/Utica and Haynesville basins, though ET is much larger and more diversified across products.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
DT Midstream social profiles
Digital presenceDT Midstream financial estimates
Financial estimateRevenue estimate
Valuation estimate
DT Midstream leadership team
Management profileNumber of profiles
Profiles5 records
DT Midstream subsidiaries and ownership
Company hierarchySubsidiaries1 record
DT Midstream funding detail
Funding detailFunding overview
Funding rounds2 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
DT Midstream M&A and investment
M&A and investmentM&A3 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about DT Midstream
What does DT Midstream do?
DT Midstream operates a pure-play natural gas midstream infrastructure business, owning and operating approximately 2,900 miles of interstate and intrastate transportation pipelines, over 900 miles of gathering pipelines, and 94 Bcf of high-deliverability natural gas storage capacity in Michigan. The company sells fee-based firm transportation, gathering, and storage services to utilities, power generators, E&P producers, and industrial customers via long-term contracts (typically 20 years) with investment-grade counterparties.
Is DT Midstream a public or private company?
DT Midstream is a public company. It is classified as public and is currently operating.
When was DT Midstream founded?
DT Midstream was founded in 2021. It employs 501 to 1,000 people.
Where is DT Midstream based?
DT Midstream is headquartered in Detroit, United States, in the North America region.
How does DT Midstream make money?
Three revenue lines are on record. Natural Gas Transportation / Transmission is the primary driver. The others are natural Gas Gathering and natural Gas Storage.
Who are DT Midstream's main competitors?
Regional players on record are Southwest Gas Holdings and Spire Inc.. Direct peers are TC Energy, Williams Companies, ONEOK, Enbridge Inc., Antero Midstream and Equitrans Midstream. Broad incumbents are Kinder Morgan and Energy Transfer.
Does DT Midstream have an API?
No public API is recorded for DT Midstream.
What industry is DT Midstream in?
DT Midstream's product category is Natural Gas Midstream Services. Its primary akta.pro industry code is EUALADAK, Pipeline Operations, Integrity & Control (SCADA, Pigging, Leak Detection), with a secondary code of EUAAACAL, Midstream Commercial Services (Capacity Marketing, Balancing & Scheduling). Its NAICS code is 486210 and its SIC code is 4922.