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    Michael Gaugler • Janney Montgomery Scott LLC

    Michael Gaugler's questions to RGC Resources Inc (RGCO) leadership

    Michael Gaugler's questions to RGC Resources Inc (RGCO) leadership • Q3 2025

    Question

    Michael Gaugler of Janney Montgomery Scott inquired about the 2026 capital expenditure forecast, particularly regarding potential growth in MVP-related projects and customer expansion driven by the new Google facility. He also asked about the opportunity to increase customer penetration along existing mains due to rising electricity costs in the PJM market.

    Answer

    President and CEO Paul Nester confirmed that MVP growth capital is expected to be 'significantly higher' in fiscal 2026, as some 2025 plans were deferred. He expressed optimism for continued customer growth, supported by regional housing needs, though the direct impact from Google is not yet known. Regarding customer penetration, Mr. Nester acknowledged that rising electricity costs are driving 'conversion' customers and that the company actively pursues this opportunity, although its current saturation is already strong. CFO Timothy Mulvaney added that total CapEx would likely remain in a similar range, with potential reallocations between categories based on crew availability.

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    Michael Gaugler's questions to RGC Resources Inc (RGCO) leadership • Q4 2024

    Question

    Michael Gaugler of Janney Montgomery Scott LLC inquired about the current gas flows on the Mountain Valley Pipeline (MVP) amidst a cold snap, the potential for accelerating expansion projects post-election, and the company's strategy for reinvesting cash flow from MVP into future expansions.

    Answer

    Paul Nester, President and CEO, responded that MVP flows are unofficially near capacity at 1.5 to 2 Bcf a day. He noted that while the political environment seems favorable for infrastructure, any expansion is contingent on market demand and the timing remains uncertain. CFO Timothy Mulvaney added that incoming cash from MVP will first be used to cover interest costs, with any excess capital being evaluated for reinvestment in opportunities like compression or the Southgate project to enhance future cash flow.

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    Michael Gaugler's questions to Chesapeake Utilities Corp (CPK) leadership

    Michael Gaugler's questions to Chesapeake Utilities Corp (CPK) leadership • Q2 2025

    Question

    Michael Gaugler from Janney Montgomery Scott asked if Chesapeake Utilities is seeing opportunities with hyperscale data centers, similar to other utilities in Pennsylvania, and whether the recent PJM power auction results are driving increased demand for natural gas service.

    Answer

    CEO Jeffrey Householder and CFO Beth Cooper acknowledged the trend and pointed to their new Duncan Plains pipeline project in Ohio, which will serve a data center fuel cell, as evidence of their activity in this space, while stating no other specific projects were ready for disclosure. Regarding the PJM auction, Householder noted that while there isn't a direct discernible link, the company is in active discussions with large commercial and industrial customers in both Florida and Delmarva about increasing their natural gas capabilities as they evaluate energy options.

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    Michael Gaugler's questions to California Water Service Group (CWT) leadership

    Michael Gaugler's questions to California Water Service Group (CWT) leadership • Q2 2025

    Question

    Michael Gaugler of Janney Montgomery Scott inquired about the potential recovery from PFAS-related class action settlements, asking what percentage of the total remediation costs the company anticipates covering through this litigation.

    Answer

    Chairman, President, & CEO Martin Kropelnicki provided a best-guess estimate of recovering $40 to $60 million of the total $226 million in projected PFAS costs. He emphasized the company's active role in the litigation. SVP, CFO & Treasurer James Lynch added that a precise figure is difficult to determine as it depends on the total claims filed by all water providers, but he expects more clarity and additional payments by the end of the year.

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    Michael Gaugler's questions to Essential Utilities Inc (WTRG) leadership

    Michael Gaugler's questions to Essential Utilities Inc (WTRG) leadership • Q2 2024

    Question

    Michael Gaugler of Janney Montgomery Scott LLC inquired about the next steps for the DELCORA acquisition, the expected earnings cadence for the third and fourth quarters, and the timing of the 10-Q filing.

    Answer

    Chairman and CEO Christopher Franklin stated that for DELCORA, the company is awaiting the lift of a federal court stay while continuing conversations at the county level, maintaining a mid-2025 closing target. CFO Daniel Schuller advised that Q3 consensus estimates appear high while Q4 estimates seem low, providing context on prior-year comparisons. He also confirmed the 10-Q would be filed shortly.

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