DT Midstream is a pure-play natural gas midstream company that owns and operates an integrated network of pipelines, gathering systems, and storage facilities across two key corridors: Appalachian/Midwest (connecting Marcellus and Utica shale production to demand centers in the Upper Midwest and Eastern Canada) and Haynesville/Gulf Coast (connecting Haynesville shale production to Gulf Coast LNG export terminals and industrial customers). DT Midstream operates through two segments: Pipeline (~55% of revenue), which owns FERC-regulated interstate and intrastate pipelines and storage assets, and Gathering (~45% of revenue), which collects gas from producer wellheads and delivers it into the pipeline network. DT Midstream charges fees to transport or gather gas and has no commodity price exposure. Roughly 95% of total revenue is demand-based, meaning customers pay fixed fees regardless of actual gas flows, typically under 10-20 year contracts with investment-grade counterparties. Expand Energy, the largest Haynesville producer, accounts for ~45% of operating revenues. Growth is driven by gas-to-power demand in the Upper Midwest (coal plant retirements and data center buildout), LNG export growth accessible via its Haynesville LEAP pipeline, and a pipeline modernization program on recently acquired Midwest assets. DT Midstream is executing against a $3.4B five-year capital backlog, with management targeting 5-7% annual EBITDA growth long-term.