Dominion Energy, Inc.

Welcome to the Dominion Energy Second Corner Earnings Conference Call. At this time, each of your lines is in a listen-only mode. At the conclusion of today's presentation, we will open the floor for questions. Instructions will be given for the procedure to follow if you would like to ask a question. I would now like to turn the call over to David McFarland, Vice President of Investor Relations.

Good morning, and thank you for joining today's call. Earnings materials, including today's prepared remarks, contain forward-looking statements and estimates that are subject to various risks and uncertainties. Please refer to our SEC filings, including our most recent annual reports on Form 10-K and our quarterly reports on Form 10-Q for a discussion of factors that may cause results to differ from management's estimates and expectations. This morning we will discuss some measures of our company's performance that differ from those recognized by GAAP. Reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measures, which we can calculate, are contained in the earnings release kit. I encourage you to visit our investor relations website to review webcast slides as well as the earnings release kit. Joining today's call are Bob Blue, Chair, President, and Chief Executive Officer of Stephen Ridge, Senior Vice President, Chief Financial Officer, and Diane Leopold, Executive Vice President, Chief Operating Officer.

I will now turn the call over to Bob. Thank you, David. Good morning, everyone. As announced this morning, we reported second quarter operating earnings of 53 cents per share. Our results were meaningfully impacted by historically mild weather and outages at the Millstone Power Station, both of which we'll address later in our prepared remarks. But first, I'll address our safety performance and provide an update on the status of the business review. Turning to slide three, our employee OSHA injury recordable rate for the first half of the year was .32. This remarkable performance has us on pace to achieve the best safety year in the history of our company. Safety is, of course, much more than just a number on a page. It's our first core value and represents the well-being of our people. I commend my colleagues for the dedicated focus necessary to create and maintain the safety mindset and work practices that enable this outstanding performance. Moving now to the business review, I'm pleased with the progress we're making toward delivering a compelling repositioning of our company to create maximum long-term value for shareholders, employees, customers, and other stakeholders. As I've said before, I'm as excited as ever for the future of our company. Our guiding commitments and priorities are unchanged and replicated identically on slide four. The review timeline shown on slide five is also unchanged. We expect to conclude the review and host an investor day during the third quarter, at which we will provide an updated strategic and financial outlook for the company. We're working expeditiously but conscientiously in recognition of the vital importance of achieving an optimal result. Since announcing the review last November, we have, among other steps, rigorously engaged with our shareholders to listen, reflect, and inform our business review commitments and priorities. We're committed to maintaining a similar level of engagement as we navigate through and beyond the review. We know that rebuilding trust is vital. We've positioned Dominion Energy Virginia for long-term success by working collaboratively with key stakeholders to simplify the regulatory framework, provide meaningful rate relief to customers, and ensure the stability that will allow our company to confidently continue to allocate billions of dollars of annual investment in support of the economic prosperity of the citizens of the Commonwealth of Virginia to the benefit of both customers and capital providers. We've confirmed our commitment to the current dividend. We've committed to and taken steps to improve operating earnings quality. We continue to focus on cost control by looking for what more can be done without losing sight of the absolute necessity of meeting high customer service standards and against the backdrop of the significant operational and cost efficiencies we've achieved over the last several years. So consistent with prior comments, while there may be some potential in that area, we do not see it as a game changer. We've included our O&M performance metrics in the appendix of today's materials for reference. And we've committed to an improved credit profile and taken the first step toward that goal by announcing an agreement to sell our remaining interest in Cove Point, which will generate approximately $3.3 billion of cash after tax, which we will use to reduce debt. This highly credit accretive transaction was the result of a robust and competitive sale process. The sale represents an attractive exit from what has been an excellent investment for our shareholders. With this sale, we've recycled nearly $9 billion of cash flow since 2018, which is well in excess of our total investment in the facility, inclusive of the export project construction cost of approximately $4 billion. We've included the investor slides we published at the time of the announcement in the appendix of today's materials. The request for HSR clearance and the DOE notification have both been filed, and we expect the transaction to close later this year. We will continue to announce updates as events warrant, as we work to finalize additional business review inputs in advance of the investor day. With that, I'll turn it over to Steven to address financial matters.