Equitrans Midstream Corp (NYSE:ETRN) Q3 2019 Earnings Conference Call - Final Transcript

Nov 05, 2019 • 09:00 am ET


Equitrans Midstream Corp (NYSE:ETRN) Q3 2019 Earnings Conference Call - Final Transcript


Loading Event

Loading Transcript


Ladies and gentlemen thank you standing by and welcome to the ETRN and EQM Q3 2019 Earnings Call. [Operator Instructions].

I would now like to hand the conference over to your speaker today Nate Tetlow Vice President of Corporate Development and Investor Relations. Please go ahead.

Nate Tetlow

Good morning and welcome to the Third Quarter 2019 Earnings Call for Equitrans Midstream and EQM Midstream Partners. A replay of this call will be available for 14 days beginning this evening. The phone number for the replay is 855 859-2056 and the conference ID is 1924428. Today's call may contain forward-looking statements related to future events and expectations. Factors that could cause the actual results to differ materially from these forward-looking statements are listed in today's news release and under risk factors in both ETRN's and EQM's Form 10-Ks for the year ended December 31 2018 both of which are filed with the SEC and as updated by any subsequent Form 10-Qs. Today's call may also 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. Joining me on the call today are Tom Karam Chairman and CEO; Diana Charletta President and Chief Operating Officer; and Kirk Oliver Senior Vice President and Chief Financial Officer.

After our prepared remarks we will open the call to questions. With that I'll turn it over to Tom.

Thomas F. Karam

Thanks Nate. Good morning everyone. Before we discuss our third quarter results, I want to take a minute to discuss the critical role that Natural Gas plays in mitigating the impact of climate change. As an industry, we need to be more vocal about the benefits of natural gas, and how we continue to mitigate the effects of greenhouse gas emissions. We benefited from the tremendous success in developing domestic natural gas reserves from our abundant shale formations, through job creation, tax revenues, a growing economy and very importantly, financial security to so many families where this development occurs. Yet there are common misperceptions regarding the industry's practices surrounding methane in the environment. As you know methane is the most significant component of natural gas. Therefore we as an industry and E-Train as a company must be accountable and responsible for understanding and improving our methane management practices from cradle to grave. And while there is always room for improvement we do have a successful story to tell on each of these fronts.

Our industry has made great strides during the past several decades with U.S. EPA's April 2019 inventory report showing total methane emissions are down more than 15% since 1990. In addition every conversion of traditional coal-fired electric generation facilities to clean-burning natural gas brings an exponential benefit of overall greenhouse gas reduction. The Midstream industry in particular is continuing to push forward in a meaningful way to effectuate real mitigation of climate change impacts. For E-Train and EQM we believe it is not enough to achieve