Equitrans Midstream Corporation Common Stock

Ladies and gentlemen, thank you for standing by. At this time, I would like to welcome everyone to the Equitrans Midstream year-end 2022 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question at that time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, again, press star 1. Thank you. It's now my pleasure to turn today's call over to Mr. Nate Tetlow. Sir, please begin.

Good morning, and welcome to the year-end 2022 earnings call for Equitran Midstream Corporation. A replay of this call will be available for 14 days beginning this evening. The phone number for the replay is 800-770-8000. The conference ID is 6625542. Today's call may contain forward-looking statements related to future events and expectations. Please refer to today's news release and risk factors in the ETRN's Form 10-K for the year-ended December 31st, 2021, and as updated by Form 10-Q for factors that cause the actual results to differ materially from these forward-looking statements. Also, the Form 10-K for the year ended December 31st, 2022 is expected to be filed with the SEC later today. 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 reconciliation to the most comparable financial measure. On the call today are Tom Karam, Chairman and CEO, Diane Charlotte, President and Chief Operating Officer, Kirk Oliver, Senior Vice President and Chief Financial Officer, Justin Mackin, Senior Vice President, Gas Systems Planning and Engineering, Brian Petrandrea, Vice President and Chief Accounting Officer, and Janice Brenner, Vice President and Treasurer. After the prepared remarks, we will open the call to questions. With that, I'll turn it over to Tom.

Thanks, Dave, and good morning, everyone. Today, we reported full-year 2022 results, including a net loss of $257 million, adjusted EBITDA of nearly $1.1 billion and deferred revenue of $345 million. Kirk will provide details on the financial results in a few minutes. I'll start today by addressing MVP and the paths being pursued. First, on the permitting path, We are actively engaged with the relevant agencies as they work through yet another exhaustive round of analysis and review. Specifically for the biological opinion, based on the Fish and Wildlife Service's recent statements, we expect the biological opinion to be issued by February 28th. And based on the permitting timeline announced by the other agencies, we expect to receive all of the required permits and approvals over the next few months. This timing will allow for mobilization of construction crews in the summer of 2023, which will position us to bring MVP into service in 2023. However, as we all know, we expect project opponents to yet again challenge these duly issued permits. As such, we believe the agencies are focused on issuing permits that will exceed all legal standards, as well as address points previously raised by the Fourth Circuit. Projects like MVP that comply with every process and receive every approval should prevail, which is why we remain committed to the regular way permitting path. That said, we also believe that our country desperately needs federal permitting reform. This view has gained traction with members of Congress and the White House, especially since the passage of the Inflation Reduction Act, which promotes a variety of new infrastructure, primarily renewable projects. Companies need to have some assurance that if permits are issued and construction is authorized, their investment won't be endlessly held hostage by legal challenge. On the legislative path, we were disappointed that Congress couldn't pass a permitting reform bill in December during the lame duck congressional session. Although there are differences between and within the parties as to potential reform, we believe there remains support from both sides of the aisle to work on a bipartisan solution and we think there continue to be prospects for legislation in the new Congress. And now I'll turn it over to Diana for an operations update, and then Kirk will discuss the financial results. Diana?