Capital expenditures increased with $385 million committed in 2025 and $230 million in 2026, reflecting new growth projects reaching FID.
DT Midstream reported adjusted EBITDA of $277 million for Q2 2025, a $3 million decrease from Q1 2025.
DT Midstream was upgraded to investment grade by Moody's and S&P, joining Fitch, solidifying its full investment-grade status.
Gathering segment EBITDA remained flat compared to Q1 2025, with record Haynesville volumes averaging 1.74 Bcf per day, a 16% increase over Q2 2024, offset by lower Northeast volumes due to maintenance and producer activity timing.
Pipeline segment EBITDA declined by $3 million due to a planned rate step-down on Guardian Pipeline and seasonal factors, partially offset by increased short-term revenues on LEAP and Stonewall.
The Board approved a Q2 dividend of $0.82 per share, unchanged from the prior quarter, with a commitment to grow dividends 5% to 7% annually.
The company reaffirmed its full-year 2025 adjusted EBITDA guidance range and 2026 early outlook.
First half results were impacted by dilution from December equity financings and the CPUC cost of capital phase 2 decision from October 2024.
Nonfuel O&M cost reductions exceeded $200 million annually in 2022, 2023, and 2024, with confidence to continue beating the 2% target in 2025 and beyond.
PG&E reported core earnings per share of $0.31 for Q2 2025 and $0.54 for the first half of 2025, consistent with internal plans but light relative to a full year run rate due to timing factors.
PG&E's $63 billion capital investment plan through 2028 remains reaffirmed, with an additional at least $5 billion of customer beneficial work not included in the plan.
The 2027 general rate case (GRC) proposal is the lowest GRC percentage increase requested in 10 years, aiming to stabilize customer bills with a modest increase in base GRC revenues offset by reductions in other items.
The company has no plans for further equity issuance through 2028 and targets a 20% dividend payout by 2028.
The company reaffirmed full year EPS guidance of $1.48 to $1.52 for 2025, with a bias toward the midpoint, representing a 10% increase over 2024.
Dafinchi