Good morning, and thank you for joining us as we discuss RGC Resources 2025 second quarter results. I am Tommy Oliver, Senior Vice President, Regulatory and External Affairs for RGC Resources Inc. I'm joined this morning by Paul Nestor, our President and CEO and Tim Mulvaney, our VP, treasurer and Chief Financial Officer. Before we get started, I want to review a few administrative items. First, we have muted all lines and ask that all participants remain muted. Second, the link to today's presentation is available on the Investor and Financial Information page of our website at www.rgcresources.com. And lastly, at the conclusion of the presentation and our remarks, we will take questions. Let's move to slide 1. This presentation contains forecasts and projections. Slide 1 has information about risks and uncertainties, including forward-looking statements that should be understood in the context of our public filings. Slide 2 contains our agenda. We will discuss our operational and financial highlights for the second quarter of our 2025 fiscal year. We will then review our outlook for the rest of the 2025 fiscal year with time allotted for questions at the end. Turning now to operations on slide 3. Main extensions and renewal activity for the first half of fiscal 2025 were strong. We installed 2.7 main miles, which is higher than the total main miles installed in the full 2024 fiscal year. We also connected 359 new services in the first six months of the fiscal year as residential development in the region was robust. In addition, we renewed 1.9 miles of Main and 159 services during the first half of the 2025 fiscal year. While this is down from a year ago, it demonstrates our continued investment in our system to enhance safety and reliability for our customers. Slide 4…

Thank you, Tommy. Moving on to slide 8. We had an outstanding quarter with increased grown up gas margins due to the rates that went into effect this past July, overcoming lower earnings from our unconsolidated affiliate and higher interest expense. Net income of $7.7 million or $0.74 per share compared to net income in the same quarter a year ago of $6.4 million or $0.63 per share, a 17% increase. The year-to-date results are also shown on slide 8. The themes for the first half of the year are very similar to the quarter: higher Roanoke gas margins made up for lower MVP earnings and higher interest expense. Net income of $12.9 million in the first half of fiscal '25 or $1.26 per share compared to $1.14 per share in the first half of fiscal ‘24, an 11% increase. As a reminder, for the back half of the year, the rates that were finalized went into effect July 1, 2024, so there will be no corresponding lift in the gas margins in the fourth quarter of this year. At the same time, the MVP pipeline went into service in June of 2024, and the shipper agreements became active on July 1, 2024. As a result, our share of MVP earnings should be comparable in the fourth quarter of this coming year. Transitioning now to slide 9, I'd like to make one final comment. We have ended the second quarter with a very strong balance sheet. As we noted in the Form 10Q, we renewed Roanoke Gas' line of credit for two years and raised the maximum availability to $30 million at the March. We do have $26.6 million of midstream debt that is classified as current. This debt supports our investment in MVP. MVP made the transition from construction to operation. This is the first of our debt maturities since that has occurred. We are considering long term options that may include additional debt amortization. The conversations with our bankers have been positive and productive, and we fully expect to have refinanced this prior to its maturity on December 31, 2025. We will have more to share on this topic in the future. I will now pass the presentation over to our CEO, Paul Nester.

Thank you, Tim, and good morning, everyone. Thank you for taking sometime today to join us on our call. As you can tell from Tommy's and Tim's comment, we just had an outstanding start to fiscal 2025. And I'd like to make a very noteworthy mention about our customers and our employees. Our customers, as Tommy highlighted with the volumes, just had an outstanding first six months across all sectors, residential, commercial and industrial. And then I would like to also highlight our employees, their focus on safety and ensuring our system performance has been exemplary. We did not have a single outage or system disruption this winter. That's something we're very proud of. I would also like to highlight that the interstate pipeline feeding our system also performed magnificently. So just incredible reliability through what was a sustained colder weather period. In fact, the coldest weather we've seen in this region in a decade. We're on slide 10. I'm going to take a few minutes and talk about some of the things happening in our area related to economic development and growth opportunities for our company. We've all been watching and experiencing to some degree the tariff roller coaster and the related uncertainty that has occurred thus far in 2025. We do feel that these macro factors have undoubtedly affected business activity. In fact, some of our largest customers are economic sensitive, which is normal for a utility of course. We have large customers in the building materials sector and in fact, the large fuel customer that Tommy described is in that sector, auto parts and food production. Again, through March 31, their volumes have been fantastic, really, really strong. How those look as we go through the remainder of our fiscal year and the remainder of calendar 2025…

Got a couple of questions for you this morning. I thought we'd start on interest expense. I saw that dropped quarter over quarter, and Tim mentioned, you're going to be doing some refinancing this year. So I'm wondering now with where rates are today, MVP operational, should we expect interest expense to continue to decline quarter over quarter or there something in there that maybe I'm not factoring in?

I would love to know what interest expense was going to be for certain, and in particular, what was going to happen with interest rates. If you think back to the beginning of the year, last fall, the general consensus was the Fed was going to drop interest rates four to six times, and that by this point in the year, we would have a little bit lower interest expense. We are still a little bit lower than we were a year ago. So in the immediate quarter, we should be in good shape. And there are still if you read what the Fed is likely to do, the general consensus is that there probably is some sort of rate cut still coming, and that will be beneficial to us. A lot of our debt is fixed, and so it doesn't really, particularly on the Roanoke Gas side, it will not move either way. But the debt that supports midstream is subject to variable. And so in the short term, I expect we'll benefit a little bit. The longer term and the refinance, it really depends on how does the economy go, how does the Fed react. And so I don't really have a good prognostication there.

Southgate, Will we see any AFUDC for that next year that's meaningful?

We're a smaller by percentage owner in Southgate and that actually goes back to when the Southgate joint venture was formed, I think back in 2018. It's been quite some time. We actually have the cost method of accounting in that investment there, and that cost method precludes us from recognizing any AFUDC related to Southgate.

Customer refunds in 3Q associated with the rate case. Will those basically be offset by the WNA adjustment?

They will be totally offset by it, given the length of time that our interim rates are going to affect the- obligation is very small and expect to make those in May. But to your point, they will be offset by the WNA charge. Which is also starting in May. Yes. And that'll be billed every two months, the WNA May and June.

Well, thank you. Appreciate that, the cooler weather, again, it's a very real force in our business, and it obviously is demonstrating itself there in the year to date results in the quarter and year to date results as a matter of fact.

Anyone else have a question? #1 to unmute your line. Any other questions at this time? We'll hang on for just a few more seconds on that. Okay. Well, if there are no more questions, this does conclude the second quarter earnings call. Thank you for joining us, and we certainly look forward to seeing some of you, as Mike mentioned, at the AGA Financial Forum here in just a couple of weeks. And for everyone else, we look forward to speaking with you in August as we'll review our 2025 third quarter results. Thank you.