Equitrans Midstream Corporation Common Stock

and thank you for standing by. Welcome to the Equitrans Midstream Q1 2021 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. Please be advised that today's conference is being recorded. To ask a question during the session, you'll need to press star 1 on your telephone. If you require any further assistance, please press star 0. I would now like to hand the conference over to your speaker today, Nate Tetlow, Vice President of Corporate Development and Investor Relations. Please go ahead.

Good morning and welcome to the first quarter 2021 earnings call for Equitrans Midstream Corporation. A replay of this call will be available for 14 days beginning this evening. The phone number for the replay is 800-585-8367 or 416-621-4642 and the conference id is 286-4556 today's call may contain forward-looking statements related to future events and expectations please refer to today's news release and risk factors an ETRN Form 10-K to the year ended December 31st, 2020, and is updated by Form 10-Qs for factors that could cause the actual results to differ materially from these forward-looking statements. Today's call may contain certain non-GAAP financial measures. Please refer to this morning's news release and our investor presentation for important disclosures regarding such measures including reconciliations to the most comparable GAAP financial measure. On the call today are Tom Karam, Chairman and CEO, Diana Sharletta, President and Chief Operating Officer, Kirk Oliver, Senior Vice President and Chief Financial Officer, Justin Mackin, Senior Vice President, Gas Systems Planning and Engineering, and Brian Petrandrea, Vice President and Chief Accounting Officer. After the prepared remarks, we will open the call to questions. With that, I will turn it over to Tom.

Thanks, Nate. Good morning, everyone. Today, we reported first quarter net income of $77 million and adjusted EBITDA of $308 million. Both exceeded our forecast. Our operating assets continue to perform well with gathered volume, park and loan activity, and delivered water volume all stronger than our forecast. Kirk will provide some more details on the financial results in a few minutes. This morning, we announced changes to MVP's target and service date and budget. The changes will provide governmental agencies with the time needed to complete a comprehensive regulatory process that meets or exceeds all requirements and will withstand any potential legal challenges. Diana will provide more details in a minute. Operating safely, executing on our projects, and building out our ESG platform will remain top priorities for us. I am proud to have recently signed the CEO pledge offered by the CEO Action for Diversity and Inclusion Coalition. At E-Train, We believe diverse perspectives create growth and innovation, build stronger teams, and ultimately provide more opportunities to drive and maintain long-term success. We also reaffirmed our opposition to the EPA's 2020 rollback of methane regulations. It is vital that the oil and gas industry act to reduce climate change impacts. We believe that methane controls and reduction in our industry need to evolve as we transition to a low-carbon economy. And E-Train supports the methane resolution under the Congressional Review Act. As a reminder, we've established a target of 50 percent reduction in our methane emissions by 2030. I'll now turn the call over to Diana for the operations update. Kirk will provide the finance update and I'll come back for some closing remarks before we open the call to your questions. Diana?