RGC Resources, Inc. (NASDAQ:RGCO) Q2 2022 Earnings Conference Call May 11, 2022 9:00 AM ET
Company Participants
Paul Nester - President, CEO & Director
Jason Field - VP, CFO & Treasurer
Conference Call Participants
Paul Nester
Good morning. I'm Paul Nester, President and CEO of RGC Resources. Welcome, and thank you for joining us as we discuss our 2022 second quarter results. We would like to apologize for the technical issues we experienced Monday with our conference call line. We do appreciate your patience and understanding. We believe we have fixed those issues today. With that, let's review a few administrative items. We have muted all lines [Operator Instructions].
The link to today's presentation is available on the Investor and Financial Information page of our website at www.rgcresources.com. With me on the call this morning is Jason Field, our Chief Financial Officer; and Julie Pellillo, our Controller.
Moving to Slide 1. This presentation does contain forecasts and projections. Slide 1 is our forward-looking statement disclaimer. The agenda is on Slide 2, we're going to change the order a little bit this morning from our prior quarters due to the Mountain Valley impairment. We will begin with Jason reviewing the financial statements and results followed by an update of our operational accomplishments. I will conclude with a discussion of the outlook for the remainder of fiscal 2022. There will be an opportunity for you to ask questions at the end.
We are on Slide 3. Just as a precursor to Jason's comments, we wanted to remind everyone of our corporate structure. We use this slide in our investor presentation, RGC Resources, the NASDAQ listed holding company contains 2 subsidiaries, Roanoke Gas, which is our core business, a regulated local distribution company located in Roanoke, Virginia, serving the natural gas needs of 63,000 customers now in the greater Roanoke Valley. RGC Midstream is our wholly owned subsidiary, which does hold the investments in the Mountain Valley pipeline and in the MVP Southgate.
I would like to make a clear statement at this point before Jason begins. There's no cost or rate impact to Roanoke Gas customers from Midstream's investment in the Mountain Valley Pipeline and the related impairment that was recorded in the second quarter. That's not any different than back in October 2015 when we announced our intention through the midstream subsidiary to invest in the joint venture. Again, there's never been any cost or rate impact to Roanoke Gas customers.