Equitrans Midstream Corporation (NYSE:ETRN) Q2 2023 Earnings Call Transcript August 1, 2023 10:30 AM ET

Company Participants

Nathan Tetlow - Vice President of Corporate Development and Investor Relations

Tom Karam - Chairman and CEO

Diana Charletta - President, COO and Director

Kirk Oliver - Senior VP and CFO

Janice Brenner - Vice President and Treasurer

Conference Call Participants

Brian Reynolds - UBS

Operator

Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Equitrans Midstream Second Quarter 2023 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. [Operator Instructions]

I would now like to turn the conference over to Nate Tetlow. Please go ahead.

Nathan Tetlow

Good morning, and welcome to the Second 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 ETRN's Form 10-K for the year ended December 31, 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 Charletta, President and Chief Operating Officer; Kirk Oliver, Senior Vice President and Chief Financial Officer; Justin Macken, Senior Vice President, Gas Systems, Planning & Engineering; and Janice Brenner, Vice President and Treasurer. After the prepared remarks, we will open the call to questions.

And with that, I'll turn it over to Tom.

Tom Karam

Thanks, Nate, and good morning, everyone. Today, we reported second quarter 2023 results, including net income of $69 million, adjusted EBITDA of $235 million and deferred revenue of $82 million. Kirk will provide details on the financial results in a few minutes.

It has been a remarkable couple months for MVP. We saw congressional leadership from both sides of the aisle, together with the administration, work in a bipartisan way to enact the Fiscal Responsibility Act of 2023 on June 3. This legislation includes Section 324, which ratifies and approves all permits and authorizations necessary for the construction and initial operation of MVP.