11/3/2021

speaker
Todd
Operator

Good day and welcome to the One Oak Third Quarter 2021 Earnings Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Andrew Zaiola. Please go ahead, sir.

speaker
Andrew Zaiola
Vice President, Investor Relations

Thank you, Todd, and welcome to One Oak Third Quarter 2021 Earnings Call. We issued our earnings release and presentation after the markets closed yesterday, and those materials are on our website. After our prepared remarks, we'll be available to take your questions and Statements made during this call that might include one of expectations or predictions should be considered forward-looking statements and are covered by the safe harbor provision of the Securities Acts of 1933 and 1934. Actual results could differ materially from those projected in forward-looking statements. For discussion of factors that could cause actual results to differ, please refer to our SEC filings. Just a reminder before we turn it over to the conference coordinator for Q&A, We ask you that you limit yourself to one question and one follow-up in order to fit in as many of you as we can. With that, I'll turn the call over to Pierce Norton, President and Chief Executive Officer. Pierce?

speaker
Pierce Norton
President and Chief Executive Officer

Thanks, Andrew, and good morning, everyone. We appreciate your interest and investment in One Oak, and thank you for taking your time to join us today. With me on today's call is Walt Holtz. Chief Financial Officer and Executive Vice President, Strategy and Corporate Affairs, and Kevin Burdick, Executive Vice President and Chief Operating Officer. Also available to answer your questions are Sheridan Swords, Senior Vice President, Natural Gas Liquids, and Chuck Kelly, Senior Vice President, Natural Gas. Yesterday, we announced strong third quarter earnings results and increased our 2021 financial guidance expectations. Our third quarter results were driven by NGL and natural gas volume growth on our system. The result of increasing producer activity and improving market demand. As world economics continue to recover from the pandemic, we're seeing demand continue to recover for natural gas and NGLs. And we're focused on helping to meet that increasing demand for these critical energy products, particularly as we head into the winter months. As we look forward, we continue to coordinate with our customers on future growth expectations and are focused on innovation throughout the company. In September, we announced a greenhouse gas emissions reduction target, marking another major environmental milestone for our company. Our goal is to achieve an absolute 30% reduction or 2.2 million metric tons of our combined Scope 1 and 2 emissions by 2030, compared with 2019 levels. We will undertake a number of strategic emission reduction measures to meet this target, including the further electrification of certain natural gas compression assets, implementing additional methane mitigation through best management practices, system optimizations in collaborating with our utility providers to increase the use of low-carbon energy for our operations, just to name a few. As we continue to evaluate low-carbon opportunities, we remain focused on those that will complement our operations and capabilities while providing long-term stakeholder value. As we have additional detail on specific projects or future emission reduction activities, we'll share that information and our progress toward our 2030 target. I'll turn the call over to Walt Hulse to discuss our financial performance.

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Investor presentation