This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

PG&E's CEO Discusses Q4 2011 Results - Earnings Call Transcript

So let me start with the first point, the gas issues. The new gas organization we put in place last year has delivered on our key commitments and made impressive progress in 2011. And Chris and Nick will give you the update on the details in just a couple of minutes. What you'll hear is that we still got an extremely demanding amount of work ahead in 2012. Much of this falls under our Pipeline Safety Enhancement Plan. It's work that is critical to meeting the new pipeline safety standards being adopted by the CPUC and in Congress. It's also essential to resolving the San Bruno issues and rebuilding public trust and confidence in the company. At the same time, it's important to distinguish between the work that was necessary to close the gaps in our past performance and work that's newly required going forward.

Our Pipeline Safety Enhancement Plan is largely new work for a new world, where the CPUC is setting future safety standards at a higher level than ever before. With minor exceptions, it's not all work to meet yesterday's standards as some have claimed. To avoid confusion, we've already asked the CPUC to separate the review of the appropriateness of the plan over the issue of who should pay for the plan.

You've seen our press release this morning that although we're maintaining our guidance from earnings from operations, we've updated our outlook for 2012 pipeline costs. The update reflects our current understanding of our cost based on the experience that we gained in the field last year. We've also made some conservative assumptions about the timing of the CPUC's ruling on our safety plan. Let me underscore that we're going to continue to work hard to accelerate a decision on a safety plan and to resolve all of the gas-related proceedings at the commission.

3 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.19 0.00%
FB $118.06 0.00%
GOOG $695.70 0.00%
TSLA $222.56 0.00%
YHOO $36.00 0.00%


Chart of I:DJI
DOW 17,651.26 -99.65 -0.56%
S&P 500 2,051.12 -12.25 -0.59%
NASDAQ 4,725.6390 -37.5850 -0.79%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs