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ONE Gas, Inc.
11/1/2022
Good day, and welcome to the One Gas third quarter earnings conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Brandon Locey. Please go ahead, sir.
Good morning, and thank you for joining us in our third quarter 2022 earnings live webcast. A replay will be made available later today. We apologize for this morning's technical difficulties. if you have a question feel free to ask that question at any point during the course of this call and that number you will need to dial to ask that question is 539-444-8542 and the passcode is 342-084-332 again in order to ask a question during the call feel free to dial this number at any point during the call, and we will get the questions at the end of the conference call. Again, the number is 539-444-8542, passcode 342084332. I'll repeat that information at the end of our prepared remarks. A reminder that statements made during this call that might include one-guess expectations or predictions should be considered forward-looking statements and are covered by the safe harbor provisions of the Private Security Litigation Reform Act of 1995, Securities Act of 1933, and the Securities and Exchange Act of 1934, each as amended. Actual results could differ materially from those projected in any forward-looking statements. For discussion of factors that could cause actual results to differ, please refer to our SEC filings. Before we begin, I wanted to mention that last night we issued a corrected earnings news release after we realized that a line item was inadvertently omitted from the financing activity section in the statements of cash flows in the appendix. The corrected news release is available on our website. Joining us on the call this morning are Sid McAnally, President and Chief Executive Officer, Karen Lawhorn, Senior Vice President and Chief Financial Officer, and Curtis Dinan, Senior Vice President and Chief Operating Officer. And now I'll turn the call over to Sid.
Thanks, Brandon, and good morning, everyone. Our earnings release reflects steady performance toward the guidance we provided in January, as evidenced by the completion of Winter Storm URI securitization in Oklahoma, which carried with it a credit rating upgrade from S&P, a record number of new meters set through the first nine months of the year, and capital execution that remains on track to hit approximately $650 million this year. In today's dynamic environment, Many issues vie for our attention and demand our steadfast execution. Two years ago, we faced the uncertainties of the COVID-19 pandemic and the complexities inherent in managing a 3,700-person, three-state workforce, half of which remained in the field daily to serve our customers. Last year, we encountered winter storm Uri with sustained regional temperatures colder than at any point in our company's 116-year history. Our system and coworkers performed at a very high level, keeping our customers supplied with lifesaving fuel during the crisis. This year, we've confronted decades-high inflation and an aggressive monetary response by the Federal Reserve. With increasing demand and ongoing geopolitical conflicts impacting the cost of natural gas, coupled with persistently elevated inflation, we remain committed to customer affordability and managing costs. We're also focused on positioning the company to address emerging business challenges, while continuing to execute our strategic plan. A review of our achievements suggests that we're on the right path, building capacity to respond to the organic growth in our service territories and making progress toward our clean energy goals. As Karen and Curtis will describe in greater detail, our teams have also proactively worked to ensure the continued reliability of our service and prepare for future challenges. With that, I'll turn it over to Karen to discuss financial details for the quarter. Karen.
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