NRG Energy, Inc. (NYSE:NRG) Q4 2018 Earnings Conference Call Transcript
Feb 28, 2019 • 09:00 am ET
Good day, ladies and gentlemen and welcome to the NRG Energy's Fourth Quarter and Full Year 2018 Earnings Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session; and instructions will be given at that time. (Operator Instructions) As a reminder, today's program is being recorded.
And now, I'd like to introduce your host for today's program, Kevin Cole, Head of Investor Relations. Please go ahead, sir.
Kevin L. Cole
Thank you, Jonathan.
Good morning and welcome to NRG Energy's fourth quarter and full year 2018 earnings call. This morning's call is being broadcast live over the phone and via webcast, which can be located in the Investors section of our website at www.nrg.com under presentations and webcasts. Please note that today's discussion may contain forward-looking statements, which are based on assumptions that we believe to be reasonable, as of this date. Actual results may differ materially. We urge everyone to review the Safe Harbor in today's presentation, as well as the risk factors in our SEC filings. We undertake no obligation to update these statements except as required by law.
In addition, we will refer to both GAAP and non-GAAP financial measures. For information, regarding our non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures, please refer to today's presentation.
And with that, I'll now turn the call over to Mauricio Gutierrez, NRG's President and CEO.
Thank you, Kevin. Good morning, everyone and thank you for your interest in NRG. I'm joined this morning by Kirk Andrews, our Chief Financial Officer. Also on the call and available for questions, we have Elizabeth Killinger, Head of our Retail Mass business; and Chris Moser, Head of Operations.
I'd like to start the call by highlighting the three key messages for today's presentation on Slide 3. First, we continue to demonstrate the value of integration between retail and generation by delivering strong results in 2018 and reaffirming our 2019 guidance. Second, our core market in Texas remains the most attractive in the country. Our balance and well hedged platform along with enhanced summer readiness programs, positions also to deliver more predictable results. And third, we continue to demonstrate our discipline on capital allocation by adhering to our stated principles and our commitment to being excellent stores of your capital. Today, we are announcing a new $1 billion share repurchase program, which will bring our total share repurchases in 2018 and 2019 to $2.5 billion.
Moving to Slide 4, with the business and financial highlights, on the left hand side of the slide, you can see our 2018 scorecard. We laid out a very ambitious plan for the year and I am pleased to report that not only did we achieve our goals, but in many cases, we exceeded them. I want to recognize and commend the entire NRG team for their persistence, focus and great execution throughout the year. We achieved our best safety performance ever, our best environmental performance, deliver financial results in the