Tim O'Toole

Tim O'Toole of Stifel Financial Corp inquired about the growth trajectory at the Sea Energy gas utility, particularly after the Pines Holdings acquisition, and asked for details on the scale of upcoming water rate cases.

Answer

President and CEO Justin Palfreyman confirmed that Sea Energy's growth is performing as expected, noting that despite some housing slowdowns in Texas, the new meter backlog has already exceeded its full-year goal. Regarding water rate cases, Palfreyman explained they are typically small and numerous, often under $1 million in revenue requirement each, with three to five cases filed annually.

Tim O'Toole of Stifel Financial Corp inquired about the growth trends at the Sea Energy gas utility, particularly after the Pines Holdings acquisition, and asked for more details on its customer backlog. He also questioned the expected scale of upcoming water utility rate cases.

Answer

Justin Palfreyman, President and CEO, explained that Sea Energy's growth is progressing well and meeting expectations, noting that the business development team has already surpassed its annual goal for backlog additions by mid-year. Regarding the water utilities, Palfreyman clarified that individual rate cases are typically small, often under $1 million in revenue requirement, leading the company to file three to five such cases annually.

Tim O'Toole of Stifel Financial Corp inquired about the growth trajectory of the Sea Energy gas utility in Texas, especially following the Pines acquisition, and also asked about the expected scale of upcoming water rate cases.

Answer

Justin Palfreyman, President and CEO, responded that Sea Energy's growth in Texas is progressing well, with the business development team already exceeding its annual goal for backlog additions by mid-year. He noted that while there are signs of a housing slowdown, overall growth remains strong. Regarding the water rate cases, Palfreyman clarified that they are individually small, often with revenue requirements under $1 million, which is why the company typically pursues three to five cases annually.

Tim O'Toole of Stifel Financial Corp inquired about the growth momentum at the Sea Energy gas utility following the Pines acquisition and asked for details on the scale of upcoming water rate cases.

Answer

President and CEO Justin Palfreyman confirmed that Sea Energy's performance is strong, noting that the business development team has already exceeded its annual goal for backlog growth by mid-year. Regarding the water utilities, Palfreyman explained that individual rate cases are generally modest, often under $1 million in revenue requirement, which is why the company pursues several each year across its subsidiaries.

Tim O'Toole of Stifel Financial Corp inquired about the growth momentum at the Sea Energy gas utility, especially after the recent Pines acquisition, and asked for clarification on the scale of upcoming water rate cases.

Answer

Justin Palfreyman, President and CEO, confirmed that Sea Energy's performance is strong and meeting expectations, noting that the business development team has already surpassed its annual goal for new meter backlog additions by mid-year. Regarding the water segment, Palfreyman explained that individual rate cases are generally modest in scale, often for less than $1 million in revenue, which is why the company pursues multiple cases each year.