Inergy LP (NRGY)
F3Q12 Earnings Call
August 2, 2012 11:00 AM ET
Brooks Sherman – EVP and CFO
John Sherman – President and CEO
Bill Moler – President and COO, Inergy Midstream
Gabe Moreen – Bank of America Merrill Lynch
Brian Zarahn – Barclays Capital
Darren Horowitz – Raymond James
Ron Londe – Wells Fargo
Elvira Scotto – RBC Capital Markets
Ethan Bellamy – Baird
Good morning. My name is Melissa and I will be your conference operator today. At this time, I would like to welcome everyone to the Inergy and Inergy Midstream Third Quarter Conference Call. (Operator Instructions) After the speakers’ remarks, there will be a question-and-answer session. (Operator instructions)
Thank you. I will now turn the call over to Mr. Brooks Sherman, Chief Financial Officer. You may begin your conference.
Thank you, Melissa, and welcome, everyone. Welcome to the fiscal 2012 third quarter joint earnings call of Inergy LP and Inergy Midstream LP. With me on the call today are John Sherman, our President and CEO, and Bill Moler, our President of Inergy Midstream.
The format of our call today will be such that after I read the forward-looking statement, I’ll turn it over to John for an overview. Bill will follow John with an operations overview as well as an update on our projects. I’ll then go over highlights of the quarter and the year-to-date numbers for both of our MLPs before we open it up for questions.
I would say just one item of significant note is that as you saw in a separate press release this morning, we closed on the sale of our retail propane operations to Suburban Propane. While John will speak in a moment on the strategic benefits of this transaction and how it repositions NRGY, I’ll give you a brief overview of the economics of the deal. The press release had these in it but just to give you a breakdown.