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Chesapeake Utilities (CPK)

Participants
Beth Cooper Executive Vice President, Chief Financial Officer, Assistant Corporate Secretary
Jeff Householder President, Chief Executive Officer
Jim Moriarty Executive Vice President, General Counsel, Corporate Secretary and Chief Policy and Risk Officer
Tate Sullivan Maxim Group
Roger Liddell Clear Harbor Asset
Call transcript
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Operator

Good morning. My name is Justin and I will be your conference operator today. At this time, I would like to welcome everyone to the Chesapeake Utilities first quarter 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. Instructions]. [Operator you. Thank Ms. may you conference. Beth begin Cooper, your

Beth Cooper

morning the first I like earnings would to you welcome to quarter call. Good conference everybody. Chesapeake XXXX Utilities

that presentation begin, copy there we I like website. remind Before would on our of be can everyone today's found out to a

Jim Corporate on and Secretary. phone and the President, Vice me are Jeff Executive Joining President General Householder, today CEO Moriarty, Counsel and

members room have other of today. also team the the We in management

we see as Our opportunities presentation well our results focus forward. will as looking on quarterly the

Turning to slide two.

normal are listed related certain now to will Our company's on report gross I forward-looking future such call annual the Jeff. Form include turn our EPS. margin on measures, information to these will would XX- the matters. disclosures to additional over statements refer and adjusted I performance. concerning Today's non-GAAP you as discussions for

Jeff Householder

Thank Beth solid growth are report our for we continued you across joining morning, us. our deliver have segments. strong is our on to good first XXXX Thanks great to financial positive experienced results be and results. our off and able everyone. and to business It's start quarter a

Our businesses continue to core grow.

above several have acquisitions contributing We and our our initial in initiatives are expectations. recent been regulatory successful

contribute success. identify to execute always, employees our As continue on to opportunities and that our

If move you to slide three.

we of know, driving total have history you a long Chesapeake. As shareholder return in

TSR XX%. exceeds achieved that past the a Over years, we have XX

that continuing are success We quarter in first XXXX. the of

our strong growth reflecting earlier versus growth earnings When of $XX.X EPS meeting annualized $X.XX first was for week, per which EPS, XXXX net Our EPS in this our X.X% was QX increased XXXX adjusted year-over-year. we track looking X.X% XXXX. million, the record. at dividend represents share, income Board quarter XX% of at achieved a growth

our propane and acquisitions in XXXX Delmarva both for at Florida first we the in higher Marlin the gas Aspire our end I our few, and on in of of gas, a able both last well. and expansions to recently $XX.X this from more to given initiatives we but and and to I back on million commitment the provide years. target about speak investment. will details historic have presentation we TCJA intended retain million surcharge next That's received approval are the believe gas outcome several tax to the only, Ohl natural us $X.X the of storm Capital for expenditures retail quarter organic our enable $X.X recovery margins in results. actually to Florida We increased compliance and impact Florida that to as TCJA and rates return mentioned, the more our recover XXXX largest growth, over Our natural positive financial the natural for PSC or years. reflect to of first results completed amounting been will TCJA successful year, keep safety fund three country over Beth not for million invest be the I operations achieved increases are our about million annually utility a if filing portion tax benefit. also to $XXX primarily on the we are performing savings. to to-date very expense one approved to Florida operations. more growth these growth turn We

Beth Cooper

Jeff. you Thank

year. results first The of an TCJA our and the included savings net the associated to respectively, $X.XX to reductions quarter also new XXXX included non-GAAP company's estimated mark-to-market Adjusted higher to increase activity one quarter of The a $X.XX the positive with the Florida per than compared company's the compared adjusted $X.XX Operating EPS quarter surpassed earnings per snapshot and of of was $XX.X prior of in Turning tax XXXX four. with $X.XX, retained for We $X.XX slide to net associated XX.X% income quarter. per share, XX% was for million from rate EPS, reported provide income first share performance last the correspond results, first the or XXXX. adoption that XXXX. in more which hedge impact share standard. to

the pre-tax reversal XXXX bomb and margin PESCO absence January quarter. Ohl as and combined increased I mentioned million overall, across our say days December December normal. five, flat five, on $X.X the reported January per the results items, discussed of meant first Propane operating The had share As positive favorably $X.XX in XX-year The GAAP increases of share propane well. reserve increase and of that The impact am that Even in warmer our margin with million this the gas December, the Margin conversions generated the Florida $X.XX, all gains earnings previously slide in weather XXXX. service operating income. customer quarter XXXX drivers, mark-to-market and Florida average of in to XXXX per terms weather positively with natural This previously, XXXX drove cyclone which quarter in and expansions Services compares of gas affected XXXX initiatives. and of consumption Delmarva severity referring plus in [Indiscernible] businesses. identified as $X.X growth I added as Sandpiper from gross energy quarter-over-quarter of unregulated XXXX. of slide expense distribution occurred as turning to to added new Natural Marlin and per our the in key the $X.X activity added of well million $X.X the was of The in than TCJA Gas higher energy transmission associated growth were $X.XX share. continued added income. when unusual and first And to margin a we to approximately relatively segment the earnings $X.X though as our additional $X.XX degree including million. we associated overcame compared PESCO million

million. Florida retained thus margin we In associated the increased a far addition, we contribution XXXX Interest year. savings and initially this growth Michael restoration positive related to $X to recognized with expense tax Hurricane costs of funding $XXX,XXX

Commission working Florida to the Service Michael over Hurricane restoration costs Public with these We are time. recover

As XXXX on mentioned annualized our Directors $X.XX share to or $X.XX. per voted of dividend X.X% Board the to Wednesday, $X.XX earlier from increase

the past aligns slide dividend dividend and on of X.X%. the of earnings growth our a rate years six, five-year rate shown dividend growth years. has consecutive five-year with increase paid As each growing X.X% of the XX in dividend our for XX Chesapeake

to earnings shows our growth also per in structure. dividend Slide and disciplined our driven approach Our opportunities, shareholder above return. capital investment seven goal again is results strong share growth, provide average which by to increased

already X.XX%. will we at $XXX at a note have we put into of cost XXXX, of least million August where place year a During before this fund XXXX due

refinance long permanent portion term million We XXXX, term with intermediate expect included due capital $XX in of notes which debt. are the to our current in currently

for in-service growth our and financing plans dates conjunction and of the and for capital reviewing several our continuously in are projects. structure with our We of debt timing spending equity our capital

gas for our million, shows We gas to this transmission our including natural capital capital migrate structure projects XX% expect back and in of regulated electric eight year $XXX of the XXXX. to as target Slide closer distribution. natural through distribution, into XXXX initial we latter and segment budget our for for energy move part

projects terms The Case completed these nine of additional recognized quarter. growth And have not we first spending capital contribution, we $XX.X that expect that development. that from add projects were the do slide remove our impact also strategic or include opportunities new does margin underway that to or was XXXX, incremental plans. year-over-year, our million longer construction in time. have Once I our project will in $X.X there's initiatives, and we or no the completed table. excluded if them of that key in this As our table which could been Please margin for through Jeff impact. growth in an preliminary and it and generating included Jeff? under either development them growth working no improved, of projects at a recently. was include are from this in on progress be will million projects key really growth, identified has on and they year-over-year in table projects incremental growth margin example advance table the the an under The mentioned. this discuss included and we we the are already Shore table having have been now evaluating are shows forecast but and or Eastern finalized XX-K still year, that Rate we we note We we only from as we underway It's development. includes now include our recently are completed have

Jeff Householder

the are give you to growth intended Slide coming years. view Beth. the we somewhat XX over possible that of Thanks is a longer anticipating

have We on capital our five-year provided guidance previously EPS and expectations.

for $XXX in targets. the period do between those history Our million X.X% capital billion a anticipate and of current ending spending over calls to growth earnings achieving These recent share growth we to XXXX. and reflect per five-year X.XX% range our targets not guidance difficulties $X guided

further targets updating We we our providing initiatives, guidance growth anticipate which in this include are spending and capital QX now plan year. and earnings five-year for strategic

XX over to per that and and five We earnings past over resulted investments the on continue disciplined strategic that's matter above approach return our years equity in share for past years. the

forward continue trend that to through We expect going XXXX.

significant gas engine projects been three and as the that growth with recent Shore developed each service. Delmarva or Gas, over business. supply Natural have well to years Eastern now XX. Turning natural We slide in partially know, either is show our the artery for fully you

city and capacity Performance project gas access about overall a provides Peninsula. our system. increases customers, for anchor providing substantially Pensacola Eastern price which completed FPU and Materials. distribution expansion Florida Shore's Northwest added competitively Shore We on The capacity customers including have completed expansion capacity the other project in of to customers to the firm natural significant the project to serve additional XX% We Eastern Ascend

the be load in We of service fully project. providing Beach, is that increase When expected a there of County beginning margins XXXX. are remaining margins which three and Palm base will capacity to industrial that grow system to is will $X.X the also on in about list we million. first XXXX. substantial contribute pipeline and set for in to the is Beach phase in expansion, Western Western projects us, projects continue $XXX,XXX service to is fairly complete or in our we projects Palm in The approximately additional That grow the

Del-Mar developed an will of us, additional capacity for to assessment Eastern and XX,XXX project and systems Delaware the to us The Energy fit Eastern Shore Turning to intended first it's provide Delmarva a is system. significantly, County, The ultimately County, allow XX. high expands that strategic the newly four a distribution of capacity time our day growth areas This project a has Pathway and for this anchor for distribution issued per week announced positive capacity natural to gas great our environmental slide Project, Maryland. within We dekatherms project. the project FERC the for customers. Somerset extend Sussex Shore earlier to

just XXXX, our forward acquisition. XX. We this project in in is certificate moment thereafter. to growing the about are action to service fully shortly Services million quarter quarter hoping Gas Marlin of and to commence $X.X project third of gross secure for this The $X second the would XXXX. million the in Talk the in for once Turn expected final is estimated construction going with slide year margin a

mobile Services solutions primarily out It United Gas Mid-Atlantic Marlin performance pipeline of headed the been our gate compressed portion provides recall, exceeded of has States. the gas and in were natural quite you to outstanding. expectations. Southeast Marlin's As customers, the

gross margin in are generated in We quarter. first $X.X seeing the approximately million

expectations materials. success margin million and million forecast going thereafter. the demand year, other million Given meet increased additional services, to of of initial $X.X and we contribution see and Marlin of continue tube the estimate margin are XXXX To remainder we have to from $X equipment with to some above need trailers or that the secure actually the for to gross our the for for the we $X.X

rate to from we about XXX%. under just We our trailer have XX% increased system acquired the deployment when

waste be of It's products landfills bridge So out we and through for growing acquiring service source across this capabilities industrial we a secure think business that pipeline of Marlin of country. that really the equipment ideally deploy have farming to We market been to the that demand see the areas. have, the growing Marlin's that transportation Marlin to support fleet industry allows able is process to coming gas the and its problem gas now virtual market disposal. us out or great We that as is in there. but the has additional are of renewable natural and expanding and production essentially of the entire connects to the to a or positioned at poultry gas bring part

Turning XX. to slide

to core next businesses We several committed growth think where are to our opportunities we are there in organic over still We developing the years. can. significant grow

We will our Eastern to energy add new expansions existing the Florida. Shore will for and in operations delivery as customers. clearly we platforms continue for services strategic develop in new And such

We have been fit that able identify within related of portfolio acquisitions to our businesses.

to for We look will continue those.

the XXXX. the operations of multiple to making and XX, started that I Florida the pro we and beyond achieving expectations. XXXX. On builds generating in the them. for that That Chesapeake. that that And We successful activity that's opportunities Public Utilities in handful has in acquisitions forma General in approximately back show Counsel, on the of of have acquisition acquired margin where really given done have who's Jim growth that's been exceeds call success slide FPU, Moriarty, it recent we quarter first margin are our would responsible that we earlier in $X.X our expansion million turn independent And been to try with have successful integrating are by acquisitions us a the now affairs we over of bolt-on type well anything to incremental of growth the regulatory governance. corporate the will initial

Jim Moriarty

developing focused under regulatory multiple our various solutions pursued innovative Most on approaches jurisdictions. morning, filings lists has in Slide driving services has company Tax and company recently, Cuts in operations regulatory further of the earlier, some In continue in focused provide quarter. XX% the how mentioned as our assets to customers. our therefore initiatives Act XXXX. regulatory across XX the recover have largest the everyone. first XX as the our are our Jobs Florida, retain to safety gas associated our reliability ensure we with of systems. two tax TCJA able regulatory natural we safe some operations, savings good the you, we know, the Slide With significant you to enhance Jeff the from and distribution were to made and ongoing of regulatory our on and investments to the and thank we are reliable initiatives indicates energy very and segment, Well, and And proactive business invested of to jurisdictions.

On and returned fuel the electric savings side, tax recovery. the we lower through costs the storm reserve

to commitment, ESG, XX, our Governance Chesapeake's XX which Social and Environmental, Turning with slide and sustainability the commitment, to and deals issues.

We engaged how the including in social, all our solutions, our proactively and governance sharing issues, role environmental seriously of efficient our communities to stories ESG matters. fully continue commitments and We We with sustainability consistent economic on addressed enjoy take sustainability. we we proactively stakeholders, address are and have our serve. and delivering to

our upcoming that which on will across company. There continues are each are operations. importance in in demonstrates of the daily we ESG earnings numerous of time our we about our be efforts ESG initiatives engaged calls to spending As the evolve, talking

the As few conducting just and highlight examples, environmental Earth sustainability, reduce energy a for including efficient ESG emissions York Exchange in and our commitment opportunity with and provide we use Day more New solutions responsibility. to business participated Stock to

gas natural propane and vehicles. employ promote compressed We for our continue friendly as such and environmental fuels, to AutoGas

in is newly Our Energy Lane here energy business efficiency. Delaware constructed center for certified

a Our generation so. coal plant twice efficiently power facility and significant in as doing we Eight displace a amount CHP Flags operates as typical of

practices. with corporate best national for corporate recognized culture awards Our is governance

our a have top by caring engaged workplace employees. years and for consecutive as been aspiring recognized We also seven

our would giving everyday Thank and on meaningful to many ways. back and call Our to team is I turn communities the in like Jeff. each back you to focused over

Jeff Householder

Thanks Jim. additional one to would add point I list. that

impact the things, through on pursued replacement aggressively had, will compliance and in of only of increasing of operating gas the move We with reduction those several sorts but one lane, a And areas. our has pursue one our I in have improving emissions. last not we a the the years of activities forward. significant continue hundreds And older safety, gas of of safety guess, opportunities miles that really literally all is and believe, to that our I our we of older manifestations, lane as system significant over

XX. just on return look you closing. If it this I slide Again, here will on additional an in mentioned total emphasis shareholders. We earlier, to but mention again

we us compare XX. April XXXX. Slide XX% have exceeded exceeded percentile, through Our shown or And peer you if all either for been the group. to XX, close TSR has very to our have XXth periods

foundation important can this we our each Just record in and to every track our with again that success. I future upon that it's strong drive think know forward closing, track to day. drives we company Beginning the emphasize that build record,

based Our innovative business, better serve our with corporate seeking and focus operate that our in. serve culture strategic improve on to ways we the is customers engaged employees, communities ways better to ways to

develop committed new in questions appreciate time I we same that any with morning. opportunities may and certainly continuing that identify Jim is I increasing financial team Our discipline and and and address generate committed initiatives this to to would to value. you to are have executed your have. be past happy excellence the shareholder and Beth, we the

Operator

[Operator Instructions].

from question Maxim Your the Group. comes first from of line Sullivan Tate

Your open. your line is ask question. Please

Tate Sullivan

Marlin, for after give Thank increased detail, XXXX you pipeline you. the worked in margin other's systems? your Marlin or expectation you Can and on the for for for systems project acquiring. because that the business Good guidance all shortly examples either particular morning specific thanks on margin for some

Jeff Householder

Sure.

and outside or or a Florida industrial essentially to We service installed. holding permanent projects, of pipeline being of have activities LDCs, executed prior number projects couple for a several of projects a customer Florida, agreements emergency in sub-division both for with

those, of development the talk Beach the Some this there, in public prior are Marlin in I eight in trailers, think area off ones executed easy utilities to later top getting up Florida. Palm I one we have our projects Beach of affiliates of year. distribution the service those now, my deployed that a the to have about number transmission contracts and support of Palm head, of we us for can about are actually the that Western with We

with thing. to addition agreements essentially the have that, to we LDCs Florida In in do other same

with contract several back gas natural fueling believe the mentioned, a that We into landfill it a for pretty trying source, that are vehicle either or a of which or distribution support landfill a from actually at into just compressed to but injecting is a station, to a into interesting other to a renewable activities gas support natural gas activities to actually market the directly we pipeline. the large LDC to natural opposed I market pursuing sites vehicle as a gas are number gas pipeline, system a then projects. moving both renewable a a segment transmission us interesting area to also There fuel putting us moving gas more

Southern Light the piling for that drove that gas River. drove through for Savannah of Gas a under They middle Gas, moves example a XX-feet as now down had Savannah, distribution line. holding and are for that Company known, it Atlanta someone segment We or in line are they the

been that have work. there for now several We months doing

compressed gas was projects having some in an with are the get serve delivery augmenting North they customer Southeast their natural that issues And current mid-Atlantic. Carolina are and that quality so the those supply the around that so We industrial types of are of gas. provider scattered there the we in

So projects are that kind we those of finding. it's

Tate Sullivan

to margin the service. regulatory potential And once on statements you in what about energy pathway for And you gross hurdles that need you that. from mentioned million it's Delmarva be Thank to think and that Great. would a project correct? incremental Is $X second on all have here that $X million? regulatory do I then or get

Beth Cooper

the we begin end at then there's coming million XXXX. waiting are XXXX, that project certificate and what that piece be What will some hopefully time, that our the mentioned be would the be of by quarter and current the have put in Tate, now on will is as to we that soon generated a And then earlier from within will So FERC. Jim, looking have have we third out, small $X.X would thereafter be position Jeff for and at construction. that we to hope in by a point

Tate Sullivan

one And storm to work the too That recovery Thank for the ratio it, to-date? is last Okay. me. on debt I based in missed on give you storm Florida. did adjusted spending you. Maybe an cap

Beth Cooper

Yes. those our And little that's end to and look if at now, it term of March total loans, would at our you very equity close. be range two factor a intermediate shy is. where of you at Right out just bit XX%. the us capitalization But is target

Tate Sullivan

very will much. get Thank you queue. back Okay. I in

Beth Cooper

you See you Thank Tate. soon.

Tate Sullivan

you. Thank

Operator

comes from line Harbor Liddell Your next of Roger Clear from question Asset. the

open. is line question. your Please Your ask

Roger Liddell

vagaries Jim. million the recognize weather Yes. weather And perspective long And is Good morning. negligible on $X.X a going strategic and a about noted impact, excellent for term, are, A I Florida of of the I the there margin. execution $X million, on. question XXXX the that in factor. negative in primarily in negative impact

that's report through the sophistication commissions trying to. approach other Is or So on perspective. and turn regulatory in decoupling this weather that these point inconsistent exit any seems having in with weather vagaries? impacts point, you to of there the broad in your mechanism zeroing But just any the

Beth Cooper

weather at Beth. that that relates and have would can, it I take consider on, Hi normalization to Florida. as in that we filings something comment example, it's Roger, made a we look I Certainly look perhaps continue we to at. something just it's is to think, for Delaware

that Although, that. would I actually say we Maryland, have also in

it of piece have already. And so we captured that

bit have the little filing we a In there. in Florida. got was Delaware, there So

actually really that the the looked at as kind that was degree that of in and or I of it of at year. perspective, really was you quarter impact tried over the from on when unregulated of The in for out. being to it comment on quarter same the business, the particularly We overall prior saw strange had propane, that consumers December stand demanding other terms carried had the cold really day kind piece to into part of and weather though coming the look our a more even impact we December in average didn't

question. So we weather I in long answer, I say, that's would a have But jurisdictions. normalization your to some winded know,

We are looking we there's relates regulatory at overall cases, we we past, at continue in some in kind really it will the and And some we In that as normalization been our impact others. been and company. of look it. and give look jurisdictions have evaluate to into the ROE at weather to it the take as to versus

Jeff Householder

ago Roger, sorts have off. Florida, When a of They mechanisms. tariff I been in this two the the those years weather killed is not company years normalization it for before normalization lasted Jeff. XX interested gas commission it filed entertaining in

on opposed other with so gas we the rates weather. our the in a fixed jurisdictions, actually natural have pushed be what modify around the those of in On increasing hand, component of done especially being ways as majority Florida would charges coming are associated fixed margins rates that by to side, in our variety variable is the that of the rate design

margins at the you have normalized, reflecting obviously tried don't We a saw everything getting close. the you Florida. direction. we are adjustments in change in in differences the we it saw that weather come So have to different that But given

Roger Liddell

Can pulling itself. such as Marlin supporting think in interested And emergency a year supply and opinion against more the here. now Savannah of company supplies. major The fossil. green the this gas well, vehicle is also a for and the world the detail this That's River public for question mood over criticism another the the be a side? to real XX you flesh be I response point defending that and There's And going closed. the case renewable in gas minor a about particular guess, great a vehicle in for could it the on gas thorough, a in out welcomed to supply I renewable and it's public's growth court apart I or undo the issue. green is be complete, Marlin potential great is being five, and engine am very That's very Okay. could side, any whole segment a in period, potential

Jeff Householder

of might service exactly however in you the this until and and some Marlin imagine, out the at thing. of we renewable is believe the the that for for or cleaning that just pipeline that as opportunity. hold based we emergency service, have figure are to in contract is the to service. to maintenance employees, executing reasons point, transportation we in are pipeline, entity to us interested We same the for are, the in would gas usual services necessarily market the not Marlin, the not We where think mentioned currently fueling engaged I the pursuing I vehicle up gets into place The this are trying and provided. but on and one to side temporary gas as forecasted Margins are station set agreements gas be were acquiring into the we natural that entity be end-use compressor the on close accepting earlier, pipeline a quality gas

whatever at on believe a trailers the then trying be whatever Marlin trucks actually into trailer One it have trying folks source allows are out other redeliver patented and that it to with is wherever seeing or and back-end no things system attached either us equipment gas delivery additional landfill portable compressor the differentiates that the place-to-place from going. that maneuver to compress methane around moving of construction of or farm is or we CNG regulated is the at take from wherever of of we our to into our station, that to the systems pipeline, we the coming have we same it into the another other same of do into the delivery that are required tube handful service pursue side may pressure off or we delivery is or of the pressure the

for and thing to pressure of pressure to differential with And facilities to a those are building so the sides both source tricky people injection and site you on deal from that delivery always deal usually with is differences.

to that. will We have do

simply. already We equipment quickly have and very allows do the it us that to

And and rather it system provide and up we a source system a than one or at allows from go landfill to build so we whatever wants literally believe, a anyone one take it at source solution the having delivery it us that build point. deliver other wherever then gas

directly the want for and you you into So into can want you that. fueling easily or and into day they that's want a in quite station pressures, accommodate we and vehicle industrial customer next the gas delivery if different one the the delivered entity it next pipeline capable are have distribution compressor a country of system a all next into only doing and the that we

long that's here. say to So winded a a I real there's think answer market

only many capabilities out and margins view trying these there we agreements, is execute to earlier. transportation that term mentioned length of at looking pipeline and for time. landfill are entities over or of going attractive We and where we would again of of now services that virtual aren't very people the The sources are but long other literally initial agreements after that a delivery provide have lot our that and seeing, margins they at there sources, it facilities with gas right locate have that are there's business XX-year I the that are period our site the we that folks a

So in there that been for here. real that not out services Marlin. delivering. it I turns the real our really temporary forecasts a doesn't there's affect has margin out a there Other business think traditional business, business If Marlin is

Roger Liddell

All right.

about that But Just repeatedly on focused as point, differentials? management. differential BTU what final, pressure a you pursuing

Jeff Householder

is That issue. Yes. an

us, the for it an is source issue For provider.

title of those with are, that's dealing and market we that an point again the that's in to not concern so taking issue of taking And at it. the between least or development delivery gas this at and source the methane issues, entity the

and quality what agreement quality between so contract but are attempting source pipeline the And pipeline transportation gas, transport site are the obviously is to mechanism. do we gas and essentially just a we is the

into receiving gas corrosive. sure be our equipment. of It's trailers not the It's is So that obviously our are that we that damaging a are to quality to not we sense. makes going

also So entity primary the source BTU example agreements. source. composition chemical be issue going and and ultimate the we that's those the the our transport of receiving for provider fuel to have provisions But the will the contract between content in is

We taking the of are title gas. or reselling gas not

are to get We just it to the virtual pipeline one from another. place

Roger Liddell

Yes.

Okay. you. Good answer. Thank Very helpful. comprehensive

Operator

no at question further this Jeff are There Householder, you continue. Instructions]. time. Mr. may [Operator

Jeff Householder

many much very will Fort few And you, in joining you of morning. see, a Lauderdale I for we Good Thank days. hope in us.

Operator

for participating. you This conference today's call. concludes Thank

You may disconnect. now