Equitrans Midstream Corporation (NYSE:ETRN) Q1 2022 Earnings Conference Call May 3, 2022 10:30 AM ET

Company Participants

Thomas Karam – Chairman & Chief Executive Officer

Diana Charletta – President & Chief Operating Officer

Kirk Oliver – Senior Vice President & Chief Financial Officer

Janice Brenner – Vice President, Finance and Treasurer

Nathan Tetlow – Vice President-Corporate Development and Investor Relations

Conference Call Participants

Brian Reynolds – Union Bank of Switzerland

John Mackay – Goldman Sachs

Michael Lou – Oasis Petroleum

Neel Mitra – Bank of America

Becca Followill – United State Capital Advisors

Sunil Sibal – Seaport Global

Jeremy Tonet – JPMorgan

Operator

Good morning. My name is Joseph and I will be your conference operator today. At this time, I would like to welcome everyone to the Equitrans Midstream Quarter 1 2022 Earnings 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]. Thank you. Nate Tetlow, Vice President of Corporate Development and Investor Relations. You may now begin your conference.

Nathan Tetlow

Good morning and welcome to the First quarter 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 8007702030 or 6473629199, and 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 end at December 31st, 2021 and as updated by Form 10-Q 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 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 Brunner, Vice President and Treasurer. After the prepared remarks, we will open the call to questions. With that, I will turn it over to Tom.

Thomas Karam

Thanks, Nate. Good morning, everyone. Today we reported first quarter 2022 net income of $105 million, adjusted EBITDA of $277 million, and deferred revenue of $87 million. The base business continues to deliver solid results. Kirk will provide details on the financial results in a few minutes. Today, we also provided new guidance regarding MVP which includes an in-service target of second half of 2023 and a total project cost of approximately $6.6 billion. After extended review of the recent court decisions and discussions with federal agencies, external counsel, and our partners, we believe the path forward is to pursue new permits from the relevant federal agencies. Along with the agencies, we recognize the scrutiny that these permits will inevitably face.