Financial Data and Key Metrics Changes - The company reported diluted earnings per share of $7.46, marking the 23rd consecutive year of earnings per share growth and the 41st consecutive year of dividend growth [3][10] - Consolidated capital spending increased to $3.6 billion, with 87% dedicated to improving safety and reliability [10] - Rate base increased by 14% to an estimated $21 billion as of September 30 [10] Business Line Data and Key Metrics Changes - Approximately 57,000 residential customers were added during fiscal 2025, with over 44,000 of those in Texas [4] - Nearly 3,200 commercial customers and 29 industrial customers were added, with anticipated annual consumption of approximately 4 BCF of gas from industrial customers [4] - Over the last five years, the company has added nearly 300,000 residential and commercial customers and 225 industrial customers, equivalent to nearly 1.2 million residential customers on a volumetric basis [4] Market Data and Key Metrics Changes - Texas added jobs at a faster rate than the nation, growing at a rate of 1.14% [5] - The current population estimate for the Dallas-Fort Worth metroplex is approximately 8.6 million, projected to be the third largest metropolitan area in the U.S. by 2030 [5] Company Strategy and Development Direction - The company plans to invest $26 billion over the next five years, with approximately 85% allocated to safety and reliability [7][14] - The five-year plan reflects the impact of Texas House Bill 4384, allowing for quicker recovery of capital spending [8][15] - The company anticipates earnings per share growth of 6%-8% from the midpoint of its rebased fiscal 2026 guidance [8][13] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of safety, reliability, and modernization of natural gas systems to meet customer and community expectations [18][20] - The company remains focused on maintaining a strong balance sheet and available liquidity, with $4.9 billion in liquidity [20] Other Important Information - The company completed integrity inspections for its Bethel Salt Dome Caverns and is working on further inspections [7] - The average monthly natural gas bill for residential customers is expected to remain the lowest utility bill in the home [20] Q&A Session Summary Question: Discussion on larger load customers and Refresh Capital plan - Management indicated that 85% of spending is dedicated to safety and reliability, with modest growth included in the plan [24] Question: Capital recovery and its impact on growth - Management stated that the capital recovery process has been consistent and is part of their long-term planning since 2011 [26] Question: EPS rebase and impact of Texas legislation - Management confirmed that the impact of House Bill 4384 is included in the rebased earnings per share guidance [46] Question: O&M budgeting for 2026 - Management explained that the O&M budget is consistent with previous years, with adjustments based on compliance and system monitoring needs [34] Question: Long-term gas price assumptions - Management noted that the long-term gas price assumptions are based on the forward curve and that residential gas bills are expected to remain competitive [41][42] Question: Dividend guidance and its sustainability - Management indicated that the dividend has been increased by 15% to align with rebased earnings per share guidance, with intentions to grow the dividend in line with earnings growth [52]