Equitrans Midstream Corporation Common Stock

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. To withdraw your question, press star one again. I would now like to turn the conference over to Nate Tetlow. Please go ahead.

Good morning, and welcome to the third 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 UTRN's Form 10-K for the year ended December 31st, 2022, and as 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, Janice Brenner, Vice President and Treasurer, and Brian Patrandria, Chief Accounting Officer. After the prepared remarks, we will open the call to questions. With that, I'll turn it over to Tom.

Thanks, Nate, and good morning, everyone. Today, we reported third quarter 2023 results, including net income of $130 million, adjusted EBITDA of $250 million, and deferred revenue of $83 million. Kirk will provide details on the financial results in a few minutes. Let me start with MVP. About two weeks ago, we revised our targeted completion to the first quarter of 2024 at a total project cost of approximately $7.2 billion, inclusive of a $120 million contingency. The revision was driven by multiple factors. including the unexpected difficulty in ramping up construction crews, particularly as a result of the history of court-related construction stops, including the nearly three-week court stay in July. Additionally, it was more challenging than expected to source crews with the necessary experience, which was a critical factor given our commitment to the unprecedented level of environmental protocols and safety measures being utilized. While it took longer than originally planned, by mid-October, we were able to reach about 4,500 people working on the right-of-way, which represents the full complement of workers. And we are making good progress every day. Over the next eight to nine weeks, we expect to complete the major boring activities and nearly all water body crossings. Closer to year end, we anticipate the headcount to be reduced to about 1,500 as crews finish up and are released. We're confident in the plan and schedule and optimistic that MVP can still provide consumers some much needed financial relief this winter. And now I'll turn it to Diana for the operations update, and then Kirk will discuss the financial results and I'll conclude with some closing comments. Diana?