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 [3] - Fiscal 2025 also represents the 41st consecutive year of dividend growth [3] - Consolidated capital spending increased to $3.6 billion, with 87% dedicated to improving safety and reliability [11] - Rate base increased by 14% to an estimated $21 billion as of September 30 [11] Business Line Data and Key Metrics Changes - Approximately 57,000 residential customers were added during Fiscal 2025, with over 44,000 located 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, nearly 300,000 residential and commercial customers were added, along with 225 industrial customers with an estimated annual load of 63 BCF when fully operational [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 [8][14] - The five-year plan reflects the impact of Texas House Bill 4384, allowing for quicker recovery of capital spending [9][16] - The company anticipates earnings per share growth of 6-8% from the midpoint of its rebased Fiscal 2026 guidance [9][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet safety, reliability, and economic development expectations [19] - The company highlighted the importance of natural gas in economic development across its service territory [4][19] - Management noted that the average monthly natural gas bill for residential customers is expected to remain the lowest utility bill in the home [20] Other Important Information - The company completed integrity inspections and verification work on its storage facilities, with ongoing work expected to continue into late calendar year 2026 [8] - The company has a weighted average cost of debt of 4.2% with an average maturity of 17.5 years and approximately $4.9 billion in liquidity [20] Q&A Session Summary Question: Can you talk about the larger load customers and the Refresh Capital plan? - Management indicated that 85% of spending is dedicated to safety and reliability, with modest growth included in the plan [25] Question: Can you discuss capital recovery and its impact on growth? - Management stated that the planning process has been consistent since 2011, focusing on safety, reliability, and growth needs [27] Question: What is the annual impact of Texas HB 4384? - Management confirmed that the impact of House Bill 4384 is factored into the rebased earnings per share guidance [43] Question: How is the equity and debt funding structured for the five-year plan? - Management indicated a balanced approach with roughly 50% of annual cash needs coming from equity and 50% from debt [44][45] Question: Will the 60/40 split of HB 4384 benefits change year over year? - Management does not expect the split to change, as the five-year planning process is consistent [47]