Equitrans Midstream Corp (NYSE:ETRN) Q2 2020 Earnings Conference Call - Final Transcript

Aug 04, 2020 • 10:30 am ET


Equitrans Midstream Corp (NYSE:ETRN) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by and welcome to the Equitrans Midstream Q2 2020 Earnings Call. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions]

I would now like to hand the conference over to your speaker today, Nate Tetlow. Thank you. Please go ahead.

Nate Tetlow

Good morning everyone, and welcome to the second quarter 2020 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 800-585-8367 or 416-621-4642. The conference ID is 8447957. 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 ETRN's Form 10-K for the year ended December 31, 2019, which is filed with the SEC and as updated by ETRN's quarterly report on Form 10-Q for the three months ended June 30, 2020 to be filed with the SEC and 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. 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; and Brian Pietrandrea, Vice President and Chief Accounting Officer. After the 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. I hope you all are continuing to stay safe in these difficult times. We remain extremely grateful to the frontline healthcare and essential workers for their tireless efforts. For us the dedication and professionalism of our workforce has never wavered. Our field and gas control teams haven't missed a beat, and continuing to operate and maintain our assets and our various back office groups continue to execute, while working from home. This dedication is reflected in our financial and operational results for the quarter, which came in at the high end of our guidance range. Kirk will give you the details in a few minutes.

Let's begin with our corporate simplification; in mid-June, we completed the final step of our simplification plan with the acquisition of EQM. E-Train is now a single C-Corp with several key attributes. First, E-Train stable cash flow profile allows us to be resilient in this or any environment. Second, we are focused on delevering and strengthening our balance sheet. Third, deploying capital efficiently is core to our business and our recent gathering agreement with EQT provides meaningful capital efficiency. And last, we remain confident that we will get MVP over the goal line in early 2021. Putting all of this together, our long-term strategy is designed to consistently generate substantial free cash flow, allocate