Companies DT Midstream
DT Midstream (DTM): executive pay, fiscal 2025
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CEO pay, last three years
- $7,971,250FY2023
- $9,045,802FY2024
- $9,328,071FY2025
CEO total pay was $9,328,071 in fiscal 2025, up from $9,045,802 in fiscal 2024.
FY2025: salary $852,203 · bonus $0 · stock awards $6,282,371 · option awards $0
Executives and directors
Frequently asked questions
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| David Slater | $852,203 | $0 | $6,282,371 | $0 | $1,839,938 | $0 | $353,559 | $9,328,071 |
| Executive Chairman and Chief Executive Officer | ||||||||
| Christopher Zona | 536,923 | 0 | 1,736,127 | 0 | 914,957 | 0 | 155,817 | 3,343,824 |
| President and Chief Operating Officer | ||||||||
| Jeffrey Jewell | 514,615 | 0 | 1,637,422 | 0 | 793,624 | 0 | 182,461 | 3,128,122 |
| Executive Vice President and Chief Financial Officer | ||||||||
| Wendy Ellis | 468,558 | 0 | 1,095,651 | 0 | 622,690 | 0 | 146,498 | 2,333,397 |
| Executive Vice President, General Counsel and Corporate Secretary | ||||||||
| Melissa Cox | 435,577 | 0 | 474,013 | 0 | 509,369 | 0 | 48,445 | 1,467,404 |
| Executive Vice President and Chief Administrative Officer | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
Three-year trend — total compensation per named executive
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| David Slater | $9,328,071 | $9,045,802 | $7,971,250 | ↑ +282,269 |
| Christopher Zona | 3,343,824 | 3,792,978 | 2,938,912 | ↓ −449,154 |
| Jeffrey Jewell | 3,128,122 | 3,585,988 | 2,721,770 | ↓ −457,866 |
| Wendy Ellis | 2,333,397 | 2,717,250 | 1,861,516 | ↓ −383,853 |
| Melissa Cox | 1,467,404 | 1,411,866 | 1,150,007 | ↑ +55,538 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Incentive-plan design — the Compensation Discussion & Analysis
Our compensation philosophy is designed to align the interests of our executive officers with those of our stockholders by providing pay that is directly linked to the achievement of performance goals established to foster the creation of sustainable long-term stockholder value. At the root of our compensation philosophy is the use of variable, at-risk compensation that connects pay outcomes with superior results and growth execution.
| CEO STI target (% of salary) | 140% |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Meridian Compensation Partners LLC |
| Clawback policy | True |
| Anti-hedging | True |
| Anti-pledging | True |
Equity grants and outstanding awards
Grants of plan-based awards — fiscal year 2025
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Wendy Ellis | PSU | 2025-02-25 | 3,990 | 7,980 | — | 15,960 | $768,015 |
| Christopher Zona | PSU | 2025-02-25 | 6,323 | 12,645 | — | 25,290 | 1,216,986 |
| Melissa Cox | PSU | 2025-02-25 | 1,726 | 3,452 | — | 6,904 | 332,229 |
| Wendy Ellis | RSU | 2025-02-25 | — | — | 3,420 | — | 327,636 |
| Jeffrey Jewell | PSU | 2025-02-25 | 5,963 | 11,926 | — | 23,852 | 1,147,788 |
| David Slater | PSU | 2025-02-25 | 20,329 | 40,658 | — | 81,316 | 3,913,028 |
| Melissa Cox | RSU | 2025-02-25 | — | — | 1,480 | — | 141,784 |
| David Slater | RSU | 2025-01-28 | — | — | 7,071 | — | 700,029 |
| David Slater | RSU | 2025-02-25 | — | — | 17,425 | — | 1,669,315 |
| Jeffrey Jewell | RSU | 2025-02-25 | — | — | 5,111 | — | 489,634 |
| Christopher Zona | RSU | 2025-02-25 | — | — | 5,419 | — | 519,140 |
Vehicle mix — grant-date fair value by award type
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Wendy Ellis | $327,636 | $768,015 | $0 | 70.1% |
| Christopher Zona | 519,140 | 1,216,986 | 0 | 70.1% |
| Melissa Cox | 141,784 | 332,229 | 0 | 70.1% |
| Jeffrey Jewell | 489,634 | 1,147,788 | 0 | 70.1% |
| David Slater | 2,369,344 | 3,913,028 | 0 | 62.3% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Melissa Cox | RSU | 1,516 | — | $181,386 |
| Melissa Cox | RSU | 3,022 | — | 361,688 |
| Wendy Ellis | RSU | 3,502 | — | 419,119 |
| Christopher Zona | PSU | 3,615 | — | 432,643 |
| Jeffrey Jewell | PSU | 3,615 | — | 432,643 |
| Wendy Ellis | PSU | 3,615 | — | 432,643 |
| Jeffrey Jewell | RSU | 5,234 | — | 626,405 |
| Christopher Zona | RSU | 5,549 | — | 664,104 |
| Wendy Ellis | RSU | 6,986 | — | 836,084 |
| Melissa Cox | PSU | 7,070 | — | 846,142 |
| David Slater | PSU | 7,241 | — | 866,603 |
| Jeffrey Jewell | RSU | 10,440 | — | 1,249,459 |
| Christopher Zona | RSU | 11,070 | — | 1,324,858 |
| Melissa Cox | PSU | 13,288 | — | 1,590,349 |
| Melissa Cox | PSU | 14,102 | — | 1,687,706 |
| Jeffrey Jewell | PSU | 15,891 | — | 1,901,835 |
| Wendy Ellis | PSU | 16,344 | — | 1,956,050 |
| David Slater | RSU | 17,844 | — | 2,135,570 |
| Jeffrey Jewell | PSU | 24,426 | — | 2,923,304 |
| Christopher Zona | PSU | 25,898 | — | 3,099,473 |
| Wendy Ellis | PSU | 26,044 | — | 3,116,946 |
| Wendy Ellis | PSU | 32,600 | — | 3,901,568 |
| David Slater | RSU | 35,594 | — | 4,259,890 |
| Jeffrey Jewell | PSU | 42,962 | — | 5,141,692 |
| Christopher Zona | PSU | 44,293 | — | 5,300,986 |
| Jeffrey Jewell | PSU | 48,720 | — | 5,830,810 |
| Christopher Zona | PSU | 51,658 | — | 6,182,429 |
| David Slater | PSU | 83,272 | — | 9,965,993 |
| David Slater | PSU | 162,988 | — | 19,506,404 |
| David Slater | PSU | 166,103 | — | 19,879,207 |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Robert Skaggs JrIndependent · Executive · Departed during FY | $200,000 | $115,000 | — | — | — | $315,000 |
| Stephen BakerIndependent · Lead Independent Director · Audit · Corporate Governance · Finance (Chair) · Lead Independent Director | 135,000 | 115,000 | — | — | — | 250,000 |
| Elaine PickleIndependent | 120,000 | 115,000 | — | — | — | 235,000 |
| Peter TumminelloIndependent · Audit · ESG (Chair) · Finance | 115,000 | 115,000 | — | — | — | 230,000 |
| Dwayne WilsonIndependent | 115,000 | 115,000 | — | — | — | 230,000 |
| Angela ArchonIndependent | 115,000 | 115,000 | — | — | — | 230,000 |
| David SlaterEmployee director · Board Chair · Executive (Chair) | 0 | 0 | 0 | 0 | 0 | 0 |
Board fee structure and ownership guideline
| Annual cash retainer | $100,000 |
|---|---|
| Annual equity retainer | $115,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 20,000 / 15,000 / 15,000 |
| Stock ownership guideline | 5x annual cash retainer ($500,000) |
Total cost of the board
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $800,000 |
| Equity awards (grant-date value) | $690,000 |
| All other compensation | $0 |
| Total cost of the board | $1,490,000 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names DT Midstream as a peer
Companies that benchmark against DTM
9 companies name DTM as a compensation peer
The list of companies that name DTM as a peer is temporarily unavailable — recheck shortly.
Disclosed peer group — fiscal year 2025
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Peer reciprocity
The companies DT Midstream names as compensation peers that name it back in their own disclosed peer groups.
Chief executive pay against the peer group
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Targa Resources Corp. | 2025 | Matthew Meloy | $1,170,667 | $16,275,993 | $0 | $0 | $21,470,708 |
| 2 | Equitrans Midstream Corporation | 2023 | Thomas Karam | 790,250 | 5,364,344 | 0 | 1,715,880 | 15,457,854 |
| 3 | HF Sinclair Corporation | 2025 | Timothy Go | 1,204,615 | 9,977,382 | 0 | 2,668,968 | 14,278,553 |
| 4 | Plains All American Pipeline, LP | 2025 | Willie Chiang | 887,500 | 8,435,827 | 0 | 2,950,000 | 12,295,167 |
| 5 | Oneok, Inc. | 2025 | Pierce Norton II | 1,000,000 | 8,771,279 | — | 1,578,000 | 12,003,335 |
| 6 | DT Midstream | 2025 | David Slater | 852,203 | 6,282,371 | 0 | 1,839,938 | 9,328,071 |
| 7 | The Williams Companies, Inc. | 2025 | Chad Zamarin | 829,788 | 5,999,962 | 0 | 1,492,255 | 8,682,793 |
| 8 | Kinetik Holdings Inc. | 2025 | Jamie Welch | 276,923 | 5,140,841 | 0 | 487,500 | 6,156,243 |
| 9 | Summit Midstream Corporation | 2025 | J. Heath Deneke | 766,962 | 4,103,760 | 0 | 1,047,162 | 5,970,824 |
| 10 | Antero Midstream Corporation | 2025 | Michael Kennedy | 242,434 | 4,344,864 | 0 | 789,750 | 5,382,718 |
| — | Sunoco LP | — | — | — | — | — | — | not in coverage universe |
| — | Genesis Energy, LP | — | — | — | — | — | — | not in coverage universe |
| — | Western Midstream Partners, LP | — | — | — | — | — | — | not in coverage universe |
Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Incentive design against the same peers
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| DT Midstream | 152.62% | PSU 70 · RSU 30 | No | Meridian Compensation Partners LLC |
| Antero Midstream Corporation | not disclosed | RSU 75 · PSU 25 | not disclosed | CBIZ Compensation Consulting |
| Equitrans Midstream Corporation | 181% | PSU 55 · RSU 45 | Yes — Relative TSR | Pay Governance |
| Genesis Energy, LP | not disclosed | not disclosed | not disclosed | not disclosed |
| HF Sinclair Corporation | 151.8% | not disclosed | No | Meridian Compensation Partners, LLC |
| Kinetik Holdings Inc. | 65% | PSU 50 · RSU 50 | Yes — Annualized TSR | Meridian Compensation Partners |
| Oneok, Inc. | 105.2% | PSU 70 · RSU 30 | Yes — Total Shareholder Return (TSR) | Meridian Compensation Partners |
| Plains All American Pipeline, LP | 131% | RSU 50 · PSU 50 | Yes — Relative TSR with Negative TSR Modifier | Meridian |
| Summit Midstream Corporation | not disclosed | not disclosed | not disclosed | not disclosed |
| Sunoco LP | not disclosed | not disclosed | not disclosed | not disclosed |
| Targa Resources Corp. | 190% | PSU 50 · RSU 50 | Yes — Relative TSR vs. Alerian US Midstream Index (AMUS) | Meridian Compensation Partners |
| The Williams Companies, Inc. | 136% | PSU 60 · RSU 40 | Yes — Relative TSR | FW Cook |
| Western Midstream Partners, LP | not disclosed | not disclosed | not disclosed | not disclosed |
Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-05-05 | 76,623,351 | 3,153,825 | 316,109 | 96.05% | Passed |
| 2025 | 2025-05-06 | 75,849,202 | 3,168,792 | 345,071 | 95.99% | Passed |
| 2024 | 2024-05-10 | 71,371,003 | 4,091,886 | 339,224 | 94.58% | Passed |
| 2023 | 2023-05-05 | 69,824,719 | 5,408,331 | 338,731 | 92.81% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.
Say-on-pay — history, company’s computation
| Meeting year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2026 | 2026-05-05 | 96.05%a |
| 2025 | 2025-05-06 | 95.99%b |
| 2024 | 2024-05-10 | 94.58%c |
a. Voting standard not stated in the filing.
b. Voting standard not stated in the filing.
c. Voting standard not stated in the filing.
Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
CEO pay ratio
| Ratio (CEO : median employee) | 82 : 1 |
|---|---|
| CEO total compensation | $9,328,071 |
| Median employee compensation | $113,688 |
Insider trades since the proxy
No insider equity transactions reported since the proxy statement.
Sources (44 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, David Slater. DEF 14A, filed 2026-03-26. Section “Summary Compensation Table” · page 43. As printed: 9,328,071. View filing ↗
- Section 01, Christopher Zona. DEF 14A, filed 2026-03-26. Section “Summary Compensation Table” · page 43. As printed: 3,343,824. View filing ↗
- Section 01, Jeffrey Jewell. DEF 14A, filed 2026-03-26. Section “Summary Compensation Table” · page 43. As printed: 3,128,122. View filing ↗
- Section 01, Wendy Ellis. DEF 14A, filed 2026-03-26. Section “Summary Compensation Table” · page 43. As printed: 2,333,397. View filing ↗
- Section 01, Melissa Cox. DEF 14A, filed 2026-03-26. Section “Summary Compensation Table” · page 43. As printed: 1,467,404. View filing ↗
- Section 03, Wendy Ellis PSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Christopher Zona PSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Melissa Cox PSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Wendy Ellis RSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Jeffrey Jewell PSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, David Slater PSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Melissa Cox RSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, David Slater RSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, David Slater RSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Jeffrey Jewell RSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Christopher Zona RSU. DEF 14A, filed 2026-03-26. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 07, pay ratio. DEF 14A, filed 2026-03-26. Section “CEO Pay Ratio”. As printed: 82 : 1. View filing ↗
- Section 08, Robert Skaggs Jr. DEF 14A, filed 2026-03-26. Section “Director Compensation”. As printed: 315,000. View filing ↗
- Section 08, Stephen Baker. DEF 14A, filed 2026-03-26. Section “Director Compensation”. As printed: 250,000. View filing ↗
- Section 08, Elaine Pickle. DEF 14A, filed 2026-03-26. Section “Director Compensation”. As printed: 235,000. View filing ↗
- Section 08, Peter Tumminello. DEF 14A, filed 2026-03-26. Section “Director Compensation”. As printed: 230,000. View filing ↗
- Section 08, Dwayne Wilson. DEF 14A, filed 2026-03-26. Section “Director Compensation”. As printed: 230,000. View filing ↗
- Section 08, Angela Archon. DEF 14A, filed 2026-03-26. Section “Director Compensation”. As printed: 230,000. View filing ↗
- Section 08, David Slater. DEF 14A, filed 2026-03-26. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 06, 2026 vote. Form 8-K, filed 2026-05-07. Item 5.07 · say-on-pay result. As reported: 96.05% (votes for as printed: 76,623,351). View filing ↗
- Section 06, 2025 vote. Form 8-K, filed 2025-05-09. Item 5.07 · say-on-pay result. As reported: 95.99% (votes for as printed: 75,849,202). View filing ↗
- Section 06, 2024 vote. Form 8-K, filed 2024-05-13. Item 5.07 · say-on-pay result. As reported: 94.58% (votes for as printed: 71,371,003). View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
- Section 09b board cost (computed). Computed. Cash 800,000 + equity 690,000 + all other 0 = 1,490,000, summed across the director compensation table rows.
- Targa Resources Corp., Section 10b CEO total. DEF 14A, filed 2026-03-26. CEO total compensation as printed in Targa Resources Corp.'s own proxy. As printed: 21,470,708. View filing ↗
- Equitrans Midstream Corporation, Section 10b CEO total. DEF 14A, filed 2024-03-04. CEO total compensation as printed in Equitrans Midstream Corporation's own proxy. As printed: 15,457,854. View filing ↗
- HF Sinclair Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-31. CEO total compensation as printed in HF Sinclair Corporation's own proxy. As printed: 14,278,553. View filing ↗
- Plains All American Pipeline, LP, Section 10b CEO total. DEF 14A, filed 2026-04-10. CEO total compensation as printed in Plains All American Pipeline, LP's own proxy. As printed: 12,295,167. View filing ↗
- Oneok, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-01. CEO total compensation as printed in Oneok, Inc.'s own proxy. As printed: 12,003,335. View filing ↗
- DT Midstream (subject), Section 10b CEO total. DEF 14A, filed 2026-03-26. CEO total compensation as printed in DT Midstream's own proxy. As printed: 9,328,071. View filing ↗
- The Williams Companies, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-18. CEO total compensation as printed in The Williams Companies, Inc.'s own proxy. As printed: 8,682,793. View filing ↗
- Kinetik Holdings Inc., Section 10b CEO total. DEF 14A, filed 2026-04-08. CEO total compensation as printed in Kinetik Holdings Inc.'s own proxy. As printed: 6,156,243. View filing ↗
- Summit Midstream Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-10. CEO total compensation as printed in Summit Midstream Corporation's own proxy. As printed: 5,970,824. View filing ↗
- Antero Midstream Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-23. CEO total compensation as printed in Antero Midstream Corporation's own proxy. As printed: 5,382,718. View filing ↗
- Section 10a, Equitrans Midstream Corporation reciprocity. DEF 14A. Equitrans Midstream Corporation names DT Midstream in its own disclosed peer group (read from its most recent proxy). View filing ↗
- Section 10a, Targa Resources Corp. reciprocity. DEF 14A. Targa Resources Corp. names DT Midstream in its own disclosed peer group (read from its most recent proxy). View filing ↗
- Section 10a, Kinetik Holdings Inc. reciprocity. DEF 14A. Kinetik Holdings Inc. names DT Midstream in its own disclosed peer group (read from its most recent proxy). View filing ↗
- Section 10a, ONEOK, Inc. reciprocity. DEF 14A. ONEOK, Inc. names DT Midstream in its own disclosed peer group (read from its most recent proxy). View filing ↗