Northwest Natural Holding Company

followed by one on your telephone keypad. I will now hand the floor over to Nikki Spiley to begin. So Nikki, please go ahead when you're ready.

Thank you, Adam. Good morning and welcome to our third quarter 2023 earnings call. As a reminder, some things that will be said this morning contain forward-looking statements. They are based on management's assumptions, which may or may not occur. For a complete list of cautionary statements, refer to the language at the end of our press release. We expect to file our 10Q later today. As mentioned, this teleconference is being recorded and will be available on our website following the call. Please note these calls are designed for the financial community. If you are an investor and have additional questions after the call, please contact me directly at 503-721-2530. News media may contact David Roy at 503-610-7157. Speaking this morning are David Anderson, Chief Executive Officer, and Brody Wilson, CFO, Vice President, Treasurer, and Chief Accounting Officer. David and Brody have prepared remarks and then will be available along with other members of our executive team to answer your questions. With that, I will turn it over to David.

Well, thanks, Nikki, and good morning, everybody. Welcome. I'll start today with highlights from the quarter and then turn it over to Brody to cover the financials. I'll wrap up the call with a few updates on our decarbonization initiatives in our gas utility and recent news at our water and renewable companies. The company continues to operate very well during the year and posted strong financial results. We reported net income of $1.37 per share for the first nine months of 2023, or a 20% increase compared to $1.14 per share for the same period last year. New rates in Oregon drove results at the natural gas utility along with customer growth. and lower pension expense. A few comments on the economies where we serve. We continue to see positive momentum in the local job markets. Related to our gas utility service territory, Oregon's unemployment rate remained at 3.5% in September 2023, below the national rate of 3.8%. Unemployment rates in our highest growth water service territories range from 2.7% in Idaho to 4.6% in Texas Both of those are from August 2023, the latest date that we have that information. The county where we operate in Texas experienced a 4.3% population growth in the latest census data, and Coeur d'Alene, Idaho posted nearly 2% growth. These factors translated into good customer growth. Collectively, our gas and water utility customer base grew by 4%, approximately 33,000 meters over the last 12 months in the September 2023. That included more than 5,200 gas customers and approximately 28,000 water customers, mainly driven by six water acquisitions that we closed during the year. Last week, we received approval for a rate reduction through our annual purchase gas adjustment in Oregon and Washington, which related to lower natural gas prices. For Oregon customers, rates included reimbursement for two renewable natural gas facilities and three offtake RNG agreements. this upcoming heating season, the average Oregon residential customer will see a 9% drop in rates, while Washington customers will see a 14% drop. On top of that, Oregon customers can expect to see a bill credit of approximately $30 million in February 2024. Over the last 20 years, we've credited Oregon customers' bills with savings totaling over $235 million. Despite inflation, In nearly $3 billion of investment in the system, customers will be paying 8% less for their natural gas bills this winter than they did 15 years ago. You can't say that about many things these days. It is gratifying to be able to provide these savings and continue to provide affordable energy to our customers. And finally this morning, I'm pleased to report that in the fourth quarter, the board approved a dividend increase making this the 68th consecutive year of annual dividend increases. Northwest Natural Holdings is one of only three companies on the NYSC with this outstanding record. With that, I'll turn it over to Brody to cover the financials.