Core Viewpoint - Navigators Insurance Co. is required to recognize Atlanta Gas Light Co. as an additional insured under its policy following a 2018 gas explosion incident in Georgia, as upheld by the U.S. 7th Circuit Court of Appeals [1][8]. Group 1: Legal Proceedings and Rulings - The U.S. 7th Circuit Court of Appeals upheld a lower court's ruling that Atlanta Gas Light Co. is an additional insured under Navigators' policy, while ruling in favor of Navigators on claims of bad faith and breach of fiduciary duty [1][8]. - The appellate court emphasized that the policy language does not support Navigators' argument that Atlanta Gas can only be considered an additional insured if a gas-line marking company is liable [2][8]. - The district court awarded Atlanta Gas $13.8 million, confirming that the policy wording was clear regarding the additional insured status [8]. Group 2: Incident Background - The incident involved a gas line that was not marked by United States Infrastructure Corp. (USIC), leading to a gas explosion that severely injured three women and destroyed a coffee shop in Homerville, Georgia [5][6]. - Atlanta Gas Light Co. had contracted USIC to mark gas lines and required them to obtain liability insurance that included Atlanta Gas as an additional insured [4][5]. Group 3: Insurance Policy Details - Navigators denied the claim for defense and indemnification, arguing that the injuries were not caused by USIC's actions as the lawsuit named only Atlanta Gas [7][10]. - The primary Zurich insurance policy had not been exhausted at the time of settlement discussions, although Atlanta Gas argued that the $2 million limits would soon be surpassed [7].

Financial Data and Key Metrics Changes - As of the record date, there were 10,350,531 shares outstanding, with 8,558,392 shares, or 82.68%, voted [7] Business Line Data and Key Metrics Changes - No specific data on business lines or key metrics changes was provided in the meeting Market Data and Key Metrics Changes - No specific market data or key metrics changes were discussed during the meeting Company Strategy and Development Direction and Industry Competition - The company has authorized an additional 50,000 common shares for issuance under the stock bonus plan, indicating a focus on incentivizing employees and aligning their interests with shareholders [10][21] Management's Comments on Operating Environment and Future Outlook - The company encourages participation in its upcoming earnings call scheduled for February 10, which will review first-quarter results and provide an outlook for fiscal year 2026 [31] Other Important Information - The meeting recognized the contributions of retiring directors Nancy Howell Agee and J. Allen Layman, highlighting their long service and impact on the company [25][28] Q&A Session All Questions and Answers - No questions were submitted during the meeting, and therefore no responses were provided [31]

Financial Data and Key Metrics Changes - The company has maintained a consistent dividend payout since 1952, increasing it for over 30 consecutive years, with a payout ratio of about 60% [17] - Strong financial discipline supports the dividend, which is a core financial priority for the company [17] Business Line Data and Key Metrics Changes - The natural gas segment remains the largest business and foundation of the company, with a focus on energy efficiency programs that can save customers up to 30% on their bills [15][16] - The company is on track to increase service capacity by over 50% in the next two years in its CV segment, while the storage and transport business expects to more than double its NFE over the same period [19] Market Data and Key Metrics Changes - Natural gas is reported to be four times cheaper than electricity, with residential natural gas prices nearly 30% lower than national averages [15] - The company is experiencing increased demand due to colder weather, which is expected to reflect in higher consumption and bills [15] Company Strategy and Development Direction - The growth strategy is supported by a broader portfolio of complementary businesses, including solar and midstream operations, which leverage the company's core strengths [18] - There is a strong demand for clean energy solutions and infrastructure, positioning the company for long-term sustainable growth [19] Management's Comments on Operating Environment and Future Outlook - The management acknowledges the need for new supply to support economic growth and reliability for customers [16] - The company is committed to executing its strategy and delivering performance while rewarding shareholder confidence [23] Other Important Information - The board of directors has been re-elected, and the appointment of Deloitte and Touche LLP as the independent registered accounting firm has been ratified for the fiscal year ending September 30, 2026 [8] Q&A Session Summary Question: How are you managing energy costs for your customers? - The company emphasizes that natural gas is the most affordable heating option, with programs in place to help mitigate costs through energy efficiency and bill payment assistance [15][16] Question: Is NJR's dividend growth safe and sustainable? - The company assures that dividends are secure, supported by strong financial discipline and a consistent payout ratio [17] Question: What role do NJR's solar and midstream businesses play in the company's long-term strategy? - The management highlights that these businesses complement the utility operations and provide growth opportunities in the energy market [18][19] Question: When will the roads in Brick Township be repaved? - The management commits to addressing the issue but does not provide a specific timeline, indicating that snow may delay the process [21]

Financial Data and Key Metrics Changes - The company has maintained a consistent dividend payout ratio of about 60%, supported by strong financial discipline and a solid balance sheet, indicating a secure dividend growth strategy [17] - The company has paid dividends continuously since 1952 and has increased them for over 30 consecutive years, reflecting a commitment to shareholder returns [17] Business Line Data and Key Metrics Changes - New Jersey Natural Gas remains the largest business and foundation of the company, with growth supported by complementary non-utility businesses that leverage market expertise and operational flexibility [18][19] - The company’s solar and midstream businesses are expected to play a significant role in long-term strategy, with a projected increase in service capacity by over 50% in the next two years for CEV and more than double the NFE for storage and transport [19] Market Data and Key Metrics Changes - Natural gas is highlighted as the most affordable energy source, being four times cheaper than electricity and nearly 30% less expensive than national averages for residential customers in New Jersey [15] - Increased demand for energy is noted, particularly due to colder weather, which is expected to lead to higher consumption and bills, although the company has programs to mitigate these costs for customers [15][16] Company Strategy and Development Direction - The company’s growth strategy is focused on providing affordable and reliable energy while addressing infrastructure needs and clean energy solutions [18] - The management emphasizes the importance of balancing shareholder returns with reinvestment for growth, which is fundamental to the company's long-term strategy [17] Management Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by increased demand and colder weather but expresses confidence in the company’s ability to support economic growth and customer needs through new supply initiatives [15][16] - The company is well-positioned to capitalize on growth opportunities in the energy market, particularly in clean energy solutions and infrastructure [18][19] Other Important Information - The company recognized the contributions of retiring board chair Don Correll and welcomed new directors Amy Mansue and Bill Yardley, indicating a focus on strong leadership and governance [9][10] Q&A Session Summary Question: How are you managing energy costs for your customers? - Management highlighted that natural gas is the most affordable heating option and mentioned energy efficiency programs that can reduce bills by up to 30% for participating customers [15][16] Question: Is NJR's dividend growth safe and sustainable? - Management confirmed the security of dividends, citing a long history of continuous payments and annual increases, supported by strong financial metrics [17] Question: What role do NJR's solar and midstream businesses play in the company's long-term strategy? - Management explained that these businesses complement the utility operations and are essential for meeting growing energy needs, with significant growth expected in service capacity [18][19] Question: When will the roads in Brick Township be repaved? - Management stated they would follow up on the specific timing for road repaving, emphasizing their commitment to customer care and service area maintenance [20][21]

Financial Data and Key Metrics Changes - The company has maintained a consistent dividend payout ratio of about 60%, supported by strong financial discipline and a solid balance sheet [17] - NJR has paid dividends continuously since 1952 and has increased them for over 30 consecutive years [17] Business Line Data and Key Metrics Changes - The natural gas segment remains the largest business and foundation of the company, with a focus on affordability as natural gas is four times cheaper than electricity [14][15] - The company is experiencing increased demand for natural gas due to colder weather, which is expected to reflect in higher bills, but energy efficiency programs are in place to help mitigate costs for customers [15][16] - The solar and midstream businesses are integral to the company's growth strategy, leveraging core strengths to provide energy solutions [18][19] Market Data and Key Metrics Changes - Residential natural gas prices in New Jersey are nearly 30% less expensive than national averages, highlighting the company's competitive position in the market [15] Company Strategy and Development Direction - NJR's growth strategy is supported by a diverse portfolio of complementary businesses, which are expected to drive long-term sustainable growth [18][19] - The company is focused on meeting the growing demand for clean energy solutions and infrastructure needs [18] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by increased demand and colder weather but emphasizes the company's readiness to support economic growth and reliability for customers [16] - The company is optimistic about the prospects for growth in the energy market, particularly in clean energy solutions [18][19] Other Important Information - The board of directors has been re-elected, and the appointment of Deloitte and Touche LLP as the independent registered accounting firm has been ratified [8] Q&A Session Summary Question: How is the company managing energy costs for customers? - The company highlighted that natural gas remains the most affordable heating option, with programs in place to help customers reduce their bills by up to 30% [14][15][16] Question: Is NJR's dividend growth safe and sustainable? - Management confirmed that dividends are secure, with a long history of continuous payments and increases, supported by strong financial metrics [17] Question: What role do NJR's solar and midstream businesses play in the long-term strategy? - The company stated that these businesses complement the utility operations and are essential for meeting growing energy needs [18][19] Question: When will the roads in Brick Township be repaved? - Management indicated they would follow up on the specific timing for road repaving, emphasizing their commitment to customer care [20]

Core Insights - The U.S. Consumer Price Index data for December indicates a year-over-year inflation rate of 2.7%, with utility gas services experiencing a significant increase of 10.8% [2][6] - The surge in utility gas prices is attributed to global demand for liquefied natural gas (LNG), limited domestic supply, and increased production costs [3][4] - Atmos Energy, the largest natural gas-only utility in the U.S., has seen its stock gain 17% over the past year, outperforming the S&P 500 [6] Industry Overview - Utility gas prices are rising globally, with the European and UK benchmarks increasing by 25% and 26% respectively, while U.S. LNG futures have surged 17% amid extreme winter conditions [3][4] - The demand for LNG is further driven by the needs of AI data centers, which currently consume over 1 billion cubic feet per day of natural gas, with forecasts suggesting this could rise to between 4 Bcf/d and 8 Bcf/d by 2030 [4] Company Analysis - Atmos Energy is positioned to benefit from the rising utility gas prices, as indicated by its stock performance and potential dividend growth [6] - The company is likely to profit from the supply-demand gap in the natural gas market, making it an attractive option for investors [5]

Core Viewpoint - Edison International has filed lawsuits against Los Angeles County and other public agencies, claiming their failure to provide timely evacuation alerts contributed to the high death toll in the Eaton wildfire, which resulted in 19 fatalities [1][2]. Group 1: Lawsuits and Accountability - The lawsuits aim to distribute blame for the Eaton wildfire's death toll, which is one of California's most destructive wildfires, alongside existing lawsuits from homeowners and businesses seeking billions in damages [2][3]. - Edison argues that multiple factors, including the actions of various government entities, contributed to the fire's severity and damage, despite facing numerous lawsuits blaming the company for igniting the fire [6][7]. Group 2: Impact of the Wildfire - The Eaton wildfire, along with the Palisades fire, resulted in over 30 deaths, burned nearly 40,000 acres, and destroyed more than 16,000 structures [3]. - Insured losses from the January 2025 wildfires reached $40 billion, marking them as the most expensive catastrophe of the year and among the costliest wildfire events in insurance history [4]. Group 3: Specific Allegations and Investigations - Allegations against Edison include leaving power lines on during a windstorm prior to the fire's ignition, with the CEO acknowledging that the company's equipment likely triggered the blaze [5]. - An ongoing investigation by the Los Angeles County Fire Department and the California Department of Forestry and Fire Protection is examining the causes of the Eaton Fire [6]. Group 4: Compensation and Legal Proceedings - Edison initiated a private compensation program for Eaton Fire victims, with nearly 2,000 claims filed, although it has faced criticism for potentially pressuring victims to accept lower compensation [12]. - An initial trial for lawsuits filed against Edison is scheduled for January 2027, with additional claims from local governments and the federal government regarding costs incurred from the fire response [13]. Group 5: Infrastructure and Emergency Response - The lawsuits highlight failures in emergency response, including delayed evacuation notices and inadequate water supply for firefighting efforts, which exacerbated the fire's impact [15]. - The local natural gas supplier, Southern California Gas Company, is also implicated for not shutting off gas lines promptly, contributing to the fire's spread [8][10].

Core Insights - Sempra Energy (SRE) is focusing on strategic investments to improve operational reliability and customer service while accelerating the growth of its renewable energy portfolio [2][5] Group 1: Strategic Initiatives - Sempra Energy is well-positioned in North America to benefit from the increasing global LNG demand, with significant progress on ECA LNG Phase 1 and Port Arthur LNG Phase 1 projects as of September 2025 [3][9] - The company is increasing infrastructure investments to meet rising electricity demand, particularly due to the expansion of AI data centers in the U.S., with capital spending expected to grow approximately 30% from 2026 to 2029 [4] - Sempra Energy aims to enhance its renewable energy portfolio to leverage economic benefits and ESG incentives in the utility-scale renewable market [5] Group 2: Challenges and Risks - California's severe wildfires pose risks to Sempra Energy, potentially causing power outages and damaging infrastructure, leading to significant losses [6] - Sempra Infrastructure faces risks associated with partnerships with PEMEX and CFE, including financial stability concerns and regulatory issues that could impact operations and financial performance [7] Group 3: Stock Performance - Over the past six months, Sempra Energy shares have increased by 17.8%, outperforming the industry growth of 12.4% [8]

Core Viewpoint - Northwest Natural Holding Company (NW Natural Holdings) will release its fourth quarter and full year 2025 earnings on February 27, 2026, at 8 a.m. Pacific Time [1] Company Overview - NW Natural Holdings is headquartered in Portland, Oregon, and has been in operation for over 167 years, owning several subsidiaries including NW Natural Gas Company, SiEnergy Operating, NW Natural Water Company, and NW Natural Renewables [2][3] - The company provides essential energy, water, and wastewater services to over one million meters across seven states, emphasizing safety, environmental stewardship, and community care [3] Subsidiary Operations - NW Natural Gas Utility serves approximately 2 million people through about 806,000 meters in Oregon and Southwest Washington, featuring a modern pipeline system and 21.6 Bcf of underground gas storage capacity [4] - SiEnergy Gas Utility is one of the fastest-growing natural gas distribution utilities in the U.S., serving around 87,000 meters in the metropolitan areas of Houston, Dallas, and Austin, Texas [5] - NWN Water Utility provides water distribution and wastewater services to an estimated 197,000 people through approximately 79,000 meters, along with operation and maintenance services to an additional 38,000 connections across the Pacific Northwest, Texas, Arizona, and California [6] Commitment to Ethics and Customer Satisfaction - NW Natural Holdings has been recognized as one of the World's Most Ethical Companies for four consecutive years by Ethisphere, and consistently achieves high customer satisfaction scores according to J.D. Power & Associates [3]

Core Viewpoint - Northwest Natural Holding Company has declared a quarterly dividend of 49.25 cents per share, with an annual dividend rate of $1.97 per share, reflecting its commitment to returning value to shareholders [1]. Group 1: Company Overview - Northwest Natural Holding Company is headquartered in Portland, Oregon, and has been in operation for over 167 years, owning several subsidiaries including NW Natural Gas Company, SiEnergy Operating, NW Natural Water Company, and NW Natural Renewables [1]. - The company provides critical energy and essential water and wastewater services to over one million meters across seven states, emphasizing safety, environmental stewardship, and community care [2]. Group 2: Utility Services - NW Natural Gas Utility serves approximately 2 million people in over 140 communities through about 806,000 meters in Oregon and Southwest Washington, boasting one of the most modern pipeline systems in the nation and 21.6 Bcf of underground gas storage capacity [3]. - SiEnergy Gas Utility is one of the fastest-growing natural gas distribution utilities in the U.S., serving around 87,000 meters in the metropolitan areas of Houston, Dallas, and Austin, Texas [4]. - NWN Water Utility provides water distribution and wastewater services to communities in the Pacific Northwest, Texas, Arizona, and California, serving an estimated 197,000 people through approximately 79,000 meters and managing an additional 38,000 connections [5]. Group 3: Commitment to Ethics and Customer Satisfaction - NW Natural Holdings has been recognized by Ethisphere® as one of the World's Most Ethical Companies® for four consecutive years, highlighting its commitment to ethical business practices [2]. - The company consistently achieves high customer satisfaction scores as reported by J.D. Power & Associates, indicating strong performance in customer service [2].