Gerard M. Anderson
Thank you, Dave. Good morning to all of you. Thanks for being here with us. I want to start the call by saying that I feel really good about what DTE Energy accomplished in 2011, and that's true on almost every front. As you probably already seen, our earnings for last year finished well ahead of our plan on our most recent guidance, and our cash flow and balance sheet results were strong for the year as well.
So 2011 continued a string of solid earnings and cash flow results for the company in recent years. But our performance is about a lot more than financial results, and in fact, I believe it's only by focusing on a lot of things outside of your financial results that your earnings picture has a chance to be strong and sustainable long-term. And so I spent a lot of time with my leadership team focused on a system of interconnected priorities that I believe are the things we need to be very good at consistently in order to make our recent strong financial performance sustain long-term. There are a lot of companies who produce strong financial performance short-term or for a few years, but the trick is to make that sustain long-term and a lot of discussion here and a lot of focus on how to make that happen. And the system of priorities that we're using to do that is shown on Slide 5, and I'll start by saying I realize that Slide 5 may look like a lot of boxes and arrows to you, but it really is how we're thinking about managing DTE Energy for the long-term. So I want to take a little bit of time describing that system to you and then tell you about the progress we've made against it.