RGC Resources, Inc. (NASDAQ:RGCO) Q3 2024 Earnings Conference Call August 7, 2024 9:00 AM ET

Company Participants

Tommy Oliver - Senior Vice President of Regulatory & External Affairs
Tim Mulvaney - Treasurer & Chief Financial Officer
Paul Nester - President & Chief Executive Officer

Conference Call Participants

Michael Gaugler - Janney Montgomery Scott

Tommy Oliver

Good morning, everyone, and thank you for joining us as we discuss RGC Resources 2024 Third Quarter Results. I am Tommy Oliver, Senior Vice President, Regulatory and External Affairs for RGC Resources. I am joined this morning by Paul Nester, President and CEO of RGC Resources; and Tim Mulvaney, our VP, Treasurer and Chief Financial Officer.

Before we begin, I want to review a few administrative items. First, we have muted our lines and ask that all participants remain muted. Two, the link to today's presentation is available on Investor and Financial Information page of our website at www.rgcresources.com. Third, at the conclusion of the presentation and our remarks, we will take questions.

So let's turn to Slide 1. This presentation contains forecasts and projections. Slide 1 has information about risks and uncertainties, including forward-looking statements that should be understood in the context of our public filings.

Slide 2 contains our agenda. We will discuss the MVP; review our quarterly, operational and financial results; provide a regulatory update; discuss the outlook for full year fiscal '24; and provide brief comments on fiscal 2025; with time allotted for questions at the end.

So I'll turn the presentation over to Paul now to talk about the MVP.

Paul Nester

Well, thank you, Tommy, and good morning, everyone. Thank you for joining us. We hope your day is off to a good start. We thought we would just end the suspend immediately in the earnings call and talk about Mountain Valley at the beginning. Hopefully, you've had the opportunity to see our press release issued on June 14, declaring the MVP in service, and in fact, on that same day, receipt of the initial natural gas delivery into our Roanoke Gas system. It's hard to believe, but we are almost 2 months in operation now as of this day. We are just so excited to have finally reached and achieved this milestone.

Although gas flows started in mid-June, the shipper contracts for the capacity and demand charges did not go into effect on July 1 and that was contemplated in those agreements. Tim is going to give us some additional color on how this transition from construction to pipeline operation will be reflected in our financial statements when he gives us his remarks shortly.