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Q4 2012 Earnings Call
February 08, 2013 11:00 am ET
Paula Waters - Vice President of Investor Relations
Leo P. Denault - Chairman and Chief Executive Officer
Andrew Marsh - Chief Financial Officer and Executive Vice President
Theodore H. Bunting - Group President of Utility Operations
William M. Mohl - Director
John T. Herron - Former Chairman of Entergy Nuclear, Chief Executive Officer of Entergy Nuclear and President of Entergy Nuclear
Roderick K. West - Chief Administrative Officer, Executive Vice President and Chairman of Entergy New Orleans Inc
Julien Dumoulin-Smith - UBS Investment Bank, Research Division
Dan Eggers - Crédit Suisse AG, Research Division
Paul Patterson - Glenrock Associates LLC
Kit Konolige - BGC Partners, Inc., Research Division
Michael J. Lapides - Goldman Sachs Group Inc., Research Division
Neel Mitra - Tudor, Pickering, Holt & Co. Securities, Inc., Research Division
Previous Statements by ETR
» Entergy Management Discusses Q3 2012 Results - Earnings Call Transcript
» Entergy Management Discusses Q2 2012 Results - Earnings Call Transcript
» Entergy's CEO Discusses Q1 2012 Results - Earnings Call Transcript
Good morning, and thank you for joining us. We'll begin today with comments from Entergy's Chairman and CEO, Leo Denault; and then Drew Marsh, our CFO, will review results. [Operator Instructions]
As part of today's conference call, Entergy Corporation makes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks and uncertainties, and there are factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Additional information concerning these factors is included in the company's SEC filings.
On September 25, 2012, ITC Holdings Corp. filed a registration statement on Form S-4 with the SEC, registering shares of ITC common stock to be issued to Entergy shareholders in conjunction with the proposed spin merge of our transmission business with ITC. But this registration statement has not become effective. In addition, our subsidiary, Mid South TransCo, will file a registration statement with the SEC, registering TransCo common units to be issued to Entergy shareholders in connection with the proposed transactions. Entergy shareholders are urged to read the proxy statement prospectus included in the ITC registration statement and the prospectus to be included in the TransCo registration statement and other relevant documents when available, because they contain important information about ITC, TransCo and the proposed transactions. These documents, when they are available, can be obtained free of charge from the SEC's website at www.sec.gov and can also be obtained, free of charge, upon written request to Entergy or ITC.
Now, I'll turn the call over to Leo.
Leo P. Denault
Thank you, Paula. Good morning, everyone.
Today marks the turning of the page in Entergy's story. Last week, Wayne Leonard officially retired after a long and successful career that spanned nearly 40 years. He leaves behind a legacy as a tremendous and inspiring leader to all of us. Rick Smith also retired last week. Both Wayne and Rick will be missed. They will be missed not only because of their tremendous leadership and counsel but also as dear friends of the many of us they have touched throughout more than a decade here at Entergy. That said, they leave the company and the management team well prepared for the challenges and opportunities ahead.
As a result, we have 2 new participants on the call with us today. Drew Marsh, Chief Financial Officer, who you will hear from shortly to review results; and Bill Mohl, President of Entergy Wholesale Commodities, who assumed the top EWC box from Rick. They join those you already know, Rod West, our Chief Administrative Officer; Theo Bunting, Group President of Utility operations; Mark Savoff, Chief Operating Officer; Renae Conley, Executive Vice President of Human Resources and Administration; and Marcus Brown, General Counsel. Also with me today for his last earnings call is John Herron. When he announced his retirement as our Chief Nuclear Officer in December, John agreed to stay on through March to help with the transition. During his 12 years at Entergy and over his 33-year career, John made significant contributions to safe and successful nuclear operations.
Most recently, he oversaw the nuclear organization through 2 major construction projects completed last year. The 178-megawatt Grand Gulf upgrade in June and the Waterford 3 steam generator replacement project in December. John is succeeded by Jeff Forbes.
Over the past 14 years, the depth of our nuclear leadership has been clear through seamless transition at the Chief Nuclear Officer role. We have no doubt the time is right for Jeff to take the reins. You will meet and get to know Jeff in future earnings calls, at conferences and other events.
I've said before but it bears repeating, one of the greatest gifts Wayne left to me was this leadership team. Together, we have a combined industry experience of nearly 240 years. We are facing a period of not just the well-documented challenges but also opportunities. I know the team assembled here today is up to the task. Everyone is focused on one overarching goal, to create sustainable value for our 4 key stakeholders, our owners, our customers, our communities and our employees. I know all of those stakeholders are listening in today and many of you have asked, what will change? Undoubtedly, some things will.
First of all, the world around us will continue to evolve. Entergy's point-of-view driven business focus that led to significant value created over the last 14 years will not change. It is designed to identify and adapt to changes in our business, technology, economy and a host of other factors. But I can also promise you this, our values as a company will not change. Safety is the top priority. I can also assure you, we will never change our commitment to integrity, to transparency, to community service and to just doing the right thing.