Equitrans Midstream Corporation (NYSE:ETRN) Q4 2022 Results Conference Call February 21, 2023 10:30 AM ET

Company Participants

Nate Tetlow - Vice President Corporate Development and Investor Relations

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 Patrandria - Vice President and Chief Accounting Officer

James Brenner - Vice President and Treasurer

Conference Call Participants

Olivia Halferty - Goldman Sachs

Operator

Ladies and gentlemen, thank you for standing by. At this time, I would like to welcome everyone to the Equitrans Midstream Year End 2022 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session [Operator Instructions].

It's now my pleasure to turn today's call over to Mr. Nathan Tetlow. Sir, please begin.

Nate Tetlow

Good morning, and welcome to the year-end 2022 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, 2021, and and as updated by our Form 10-Qs for factors that could cause the actual results to differ materially from these forward-looking statements. Also, the Form 10-K for the year ended December 31, 2022, is expected to be filed with the SEC later today. 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 and Engineering; Brian Patrandria, Vice President and Chief Accounting Officer; and James Brenner, Vice President and Treasurer. After the prepared remarks, we will open the call to questions.

With that, I'll turn it over to Tom.

Tom Karam

Thanks, Nate, and good morning, everyone. Today, we reported full year 2022 results, including a net loss of $257 million, adjusted EBITDA of nearly $1.1 billion and deferred revenue of $345 million. Kirk will provide details on the financial results in a few minutes. I'll start today by addressing MVP and the paths being pursued. First, on the permitting path, we are actively engaged with the relevant agencies as they work through yet another exhaustive round of analysis and review. Specifically for the biological opinion, based on the Fish and Wildlife Services recent statements, we expect the biological opinion to be issued by February 28th. And based on the permitting time line announced by the other agencies, we expect to receive all of the required permits and approvals over the next few months. This timing will allow for mobilization of construction crews in the summer of 2023, which will position us to bring MVP into service in 2023. However, as we all know, we expect project opponents to yet again challenge these [duly] issued permits. As such, we believe the agencies are focused on issuing permits that will exceed all legal standards as well as address points previously raised by the Fourth Circuit.