Equitrans Midstream Corporation (NYSE:ETRN) Q1 2023 Earnings Conference Call May 2, 2023 10:30 AM ET
Company Participants
Nate Tetlow - VP Corporate Development and IR
Tom Karam - Chairman and CEO
Diana Charletta - President and COO
Kirk Oliver - SVP and CFO
Conference Call Participants
TJ Schultz - RBC Capital
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 First Quarter 2023 Earnings Conference Call. [Operator Instructions]
I would now like to turn the conference over to Nate Tetlow. Please go ahead.
Nate Tetlow
Good morning and welcome to the first 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-Q, the 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 reconciliation 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 and Engineering; Brian Pietrandrea, Vice President and Chief Accounting Officer; and Janice Brenner, Vice President and Treasurer. After the prepared remarks, we will open the call to questions.
With that I will turn it over to Tom.
Tom Karam
Thanks, Nate. Good morning everyone.
Today we reported first quarter 2023 results ahead of expectations including net income of $106 million, adjusted EBITDA of $300 million and deferred revenue of $77 million. Kirk will provide details on the financial results in a few minutes.
As you know, we have approximately four months to five months of construction remaining to complete Mountain Valley Pipeline. What you may not know is that we are now more than 100 months from the project's initial filing with FERC. More than 100 months of analysis, reviews, and scrutiny, and repeated re-issuances of permits. We are now on our third Biological Opinion.