DT Midstream, Inc. PP&E Disclosure
Average Estimated Useful Life | December 31, | ||||||||||||||||
| 2025 | 2024 | ||||||||||||||||
| (years) | (millions) | ||||||||||||||||
| Property, plant, and equipment | |||||||||||||||||
| Land and other non-depreciable assets | N/A | $ | 105 | $ | 105 | ||||||||||||
| Rights of way and easements | 25 to 53 | 168 | 168 | ||||||||||||||
| Pipelines and interconnects | 10 to 95 | 4,699 | 4,437 | ||||||||||||||
| Facilities and processing plants | 7 to 50 | 1,656 | 1,364 | ||||||||||||||
| Wells and well equipment | 40 to 70 | 70 | 70 | ||||||||||||||
| General plant | 3 to 40 | 73 | 60 | ||||||||||||||
| Construction in progress | N/A | 187 | 321 | ||||||||||||||
| Total Property, plant, and equipment | 6,958 | 6,525 | |||||||||||||||
| Less accumulated depreciation | (1,192) | (998) | |||||||||||||||
| Net Property, plant, and equipment | $ | 5,766 | $ | 5,527 | |||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 16, 2023 | |
| 2021 | Feb 25, 2022 | |
About PP&E Disclosures
The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.
Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.