Equitrans Midstream Corporation Common Stock

Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Equitrans Midstream second quarter 2023 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'd like to ask a question during this time, simply press star, then the number one on your telephone keypad. If you'd like to withdraw your question, press star one again. I would now like to turn the conference over to Nate Tedlow. Please go ahead.

Good morning, and welcome to the second quarter 2023 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 800-770-2030 or 647-362-9199. 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 ETRN's Form 10-K for the year ended December 31st, 2022, and as updated by Form 10-Q's, 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 Janice Brenner, Vice President and Treasurer. After the prepared remarks, we will open the call to questions. And with that, I'll turn it over to Tom.

Thanks, Nate. And good morning, everyone. Today we reported second quarter 2023 results, including net income of $69 million, adjusted EBITDA of $235 million, and deferred revenue of $82 million. Kirk will provide details on the financial results in a few minutes. It has been a remarkable couple months for MVP. We saw congressional leadership from both sides of the aisle, together with the administration work in a bipartisan way to enact the fiscal responsibility act of 2023 on June 3rd. This legislation includes section 324, which ratifies and approves all permits and authorizations necessary for the construction and initial operation of MVP. Importantly, the legislation also divests any court of jurisdiction to review agency actions on approvals necessary for MVP construction and initial operation and grants exclusive jurisdiction for claims against the legislation to the U.S. Court of Appeals for the District of Columbia. On June 28th, after MVP received all required permits, FERC authorized all construction activities to resume. After only days of active construction, the U.S. Court of Appeals for the Fourth Circuit issued stay orders on two of the project's federal authorizations, again halting forward construction. On July 14th, we filed an emergency application with the United States Supreme Court seeking to vacate the stays and requesting a summary ruling on the extent of the Fourth Circuit's jurisdiction. On July 27, the Supreme Court vacated the stays and our previously filed motions to dismiss the underlying cases are pending with the Fourth Circuit. We have now resumed forward construction and are still targeting completion by year end at a total project cost of approximately $6.6 billion. Despite all the twists and turns, we are grateful for the timely ruling by the Supreme Court and to be once again focused on construction. And now I'll turn it to Diana for the operations update, and then Kirk will discuss the financial results, and I'll have some brief closing comments. Diana?