PG&E (PCG) Q1 2012 Earnings Call May 02, 2012 10:00 am ET Executives Gabriel B. Togneri - Vice President of Investor Relations Anthony F. Earley - Chairman, Chief Executive Officer and President Christopher P. Johns - Former President and Director
And with that, I'll hand it over to Tony.Anthony F. Earley Thank you, Gabe, and good morning, everyone. Thanks for joining us. On our last earnings call, we outlined our top priorities for 2012. But I like to start today by reviewing these priorities again, because I think they provide a good context for the discussion of our actions and results from the last quarter as well as set the context for our plans for the rest of the year. So if you look at Slide 2, our key objectives for the year are, first, we want to resolve as many of the gas-related issues as we can in 2012. Second, we want to position the company for a long-term success. And third, we want to work very hard at rebuilding relationships with stakeholders. So let me start with the gas issues. We're continuing to work to the various regulatory and legal proceedings. We'd like to resolve the regulatory proceedings as soon as possible, because the sooner we get clarity on these issues, the better it is for everyone from the utility to regulators to our customers. There's no way to predict whether settlement discussions will go forward or be successful, but we do support this approach as a way to accelerate the process. If and when there's any further news to report on this, we'll share it at the appropriate time. On the legal front, we also continue our efforts to settle the various individual claims related to the tragedy in San Bruno. Our goal is to provide victims with fair compensation. Just as with the regulatory issues, we'd like to do that as soon as possible, and we're making progress towards that goal. Separately, we were pleased in this quarter to reach a critical agreement with the city of San Bruno by making a contribution to benefit the citizens of the community. This was an important milestone for us in that it helps the city move forward in the healing process. And it's important for us, because it's another step on the road towards resolution of all of these issues.
Let me shift to the steps we're taking to position the company for long-term success starting with the gas business. We're maintaining the momentum that we established last year with safety improvement efforts in gas operations, and Chris is going to provide you with lots more detail on what's planned for 2012.We've also now essentially completed the restructuring of the gas business, which has significantly improved accountability and the expertise in the organization. Recently, several highly experienced gas industry veterans have come onboard, filling our remaining vacancies for vice presidents overseeing key areas in gas operations. By the end of this quarter, we hope to complete the last of our high-level hires and have the team completely in place. We're also continuing to add new talent in other areas of the company. This includes officers with excellent credentials in customer care and information technology, which clearly are areas that where we can benefit from their deep expertise. And then most recently, we announced the hiring of Ed Halpin from the South Texas Project as the Senior Vice President and Chief Nuclear Officer. Ed's full-time presence at Diablo Canyon build even greater depth into an already strong nuclear program that we've got. All of these additions to the team give me greater confidence that we're making the changes necessary to achieve a new level of performance and operations in customer service. Everyone on the team is focused on safety compliance and continuous improvement and working to close the gaps between where we are today and where we need to go to deliver outstanding service to our customers. Read the rest of this transcript for free on seekingalpha.com