Core Insights - The company is focused on a disciplined capital plan aimed at high-growth regions, adding approximately 23,000 new residential customers annually to maintain affordability through cost-spreading [1] - Texas House Bill 4384 has expanded the scope of capital expenditures eligible for depreciation deferral, creating a structural delta between GAAP and regulatory accounting [2] - Strategic gas supply management has increased storage capacity by 20%, protecting over 80% of supply from price spikes during extreme weather [3] Financial Performance - The company has achieved its 12th consecutive year of meeting or exceeding initial EPS guidance midpoints, supported by solid operational execution and benefits from Texas legislation [2] - Long-term financial targets through 2030 project adjusted net income growth of 7% to 9% and adjusted EPS growth of 5% to 7%, with a target adjusted EPS midpoint of approximately $6 by 2030 [3] - Financial guidance for 2026 assumes no further Federal Reserve rate cuts, although any future cuts would benefit the bottom line [3] Operational Efficiency - An aggressive in-sourcing program has driven operational efficiency, reducing excavation damages by 14% despite an 8% increase in locate request volumes [1] - Performance during Winter Storm Fern validated infrastructure investments, providing a 25% increase in winter peak capacity [3] - O&M expense growth is projected to stabilize at a 3% to 4% CAGR long-term, following a temporary 5% increase in 2025 due to accelerated project execution [3] Capital Projects - The 5-year capital plan includes major projects such as a $120 million pipeline for Western Farmers Electric Cooperative, expected to deliver over 100 Bcf of gas annually [3]