RGC Resources Inc (RGCO) 2025 Q4 法說會逐字稿

Good morning, and thank you for joining us as we discuss RGC Resources' 2025 fourth quarter and year-end results. I am Tommy Oliver, Senior VP, Regulatory and External Affairs for RGC Resources, Inc. I'm joined this morning by Paul Nester, President and CEO of RGC Resources; and Tim Mulvaney, our VP, Treasurer and Chief Financial Officer. But before we get started, I want to review a few administrative items. One, we have muted all lines and asked that all participants remain muted.

早安，感謝各位收看我們討論 RGC Resources 2025 年第四季和全年業績的節目。我是 RGC Resources, Inc. 的高級副總裁兼監管和對外事務主管 Tommy Oliver。今天早上與我一起的還有 RGC Resources 的總裁兼執行長 Paul Nester，以及我們的副總裁、財務主管兼財務長 Tim Mulvaney。但在正式開始之前，我想先回顧幾個行政事項。第一，我們已將所有線路靜音，並要求所有參與者保持靜音。

Two, the link to today's presentation is available on the Investor and Financial Information page of our website at www.rgcresources.com. And lastly, at the conclusion of the presentation and our remarks, we will take questions.

第二，今天簡報的連結可在我們網站 www.rgcresources.com 的「投資者和財務資訊」頁面找到。最後，在簡報和我們的演講結束後，我們將接受提問。

So let's turn to slide 1. This presentation contains estimates and projections. Slide 1 has information about risks and uncertainties, including forward-looking statements that should be understood in the context of our public filings. Slide 2 contains our agenda. We will discuss our operational and financial highlights for the fourth quarter and our 2025 fiscal year.

那我們來看第一張投影片。本次簡報包含估算和預測。第 1 頁包含有關風險和不確定性的信息，包括前瞻性陳述，這些陳述應結合我們的公開文件來理解。第二張投影片包含我們的議程。我們將討論第四季和 2025 財年的營運和財務亮點。

We will then provide an outlook for the 2026 fiscal year with time allotted for questions at the end. So let's get started on slide 3. We had a very strong year for main extensions. In addition, renewal activity was steady during the fiscal 2025 year. Residential growth in the Roanoke Valley has not abated. We installed nearly five main miles, which is 50% higher than the total main miles installed in fiscal 2024. We also connected more than 700 new services.

接下來，我們將對 2026 財年進行展望，並在最後留出時間回答問題。那麼，就讓我們開始看第三張投影片吧。今年我們在主擴建方面取得了非常強勁的成績。此外，2025 財年續約活動維持穩定。羅阿諾克谷的住宅成長動能並未減弱。我們鋪設了近 5 英里的主幹道，比 2024 財年鋪設的主幹道總里程高出 50%。我們也接入了700多項新服務。

This compares to customer additions in fiscal 2024 of approximately 630 and fiscal year 2023 adds of approximately 550. Those that dive into our year-over-year customer count will notice that our average customer count increases slower than the actual ads cited above. This is due to the nature of our business. We routinely have customers that use natural gas exclusively to heat their homes, disconnect their service or will not pay their bills and will be disconnected through the collections process once spring weather arrives. This past spring, we had over 1,500 customers disconnect, many of which are now returning to the system with the onset of cold weather.

相較之下，2024 財年新增客戶約 630 人，2023 財年新增客戶約 550 人。深入研究我們逐年客戶數量的人會發現，我們的平均客戶數量成長速度比上面提到的實際廣告成長速度要慢。這是由於我們業務的性質所致。我們經常遇到一些客戶，他們只使用天然氣來取暖，卻不支付帳單或斷開天然氣服務，一旦春季來臨，就會透過催收程序斷開他們的服務。今年春天，我們有超過 1500 名客戶斷開了網路連接，隨著天氣轉冷，其中許多客戶現在又重新接入了網路。

In fact, we have reconnected over 500 customers since October. By the end of the second quarter, we expect our customer count to be approximately 65,000 customers. Focusing on the right side of the slide, our system safety and reliability is always a high priority. Through our SAVE program, we renewed 4.2 miles of main and nearly 350 services during the fiscal 2025 period.

事實上，自 10 月以來，我們已經重新連結了 500 多位客戶。到第二季末，我們預計客戶數量將達到約 65,000 人。以滑梯右側為重點，我們的系統安全性和可靠性始終是重中之重。透過我們的 SAVE 計劃，我們在 2025 財政年度更新了 4.2 英里的主幹道和近 350 項服務。

Transitioning to slide 4. We delivered record volumes of gas in fiscal 2025. However, I will come back to that in a moment as slide 4 shows delivered gas volumes for the quarter. Total volumes increased 8% compared to the fourth quarter of 2024. One industrial customer with fuel switching capability continued their higher natural gas consumption this year as we have discussed in previous quarters. Residential and commercial volumes were slightly up when compared to the same quarter in the prior year.

切換到第4張投影片。我們在 2025 財年交付了創紀錄的天然氣量。不過，我稍後會再談到這一點，因為第 4 張投影片顯示了本季的天然氣交付量。與 2024 年第四季相比，總銷量成長了 8%。正如我們在前幾個季度討論的那樣，一家具備燃料轉換能力的工業客戶今年繼續保持較高的天然氣消耗量。與去年同期相比，住宅和商業用量略有成長。

Slide 5. The combination of that same industrial customer, along with a few other customers, combined with colder weather, also as discussed on previous calls, enabled us to achieve a new gas delivery record with heating degree days up 18%, total volumes moved up 14% compared to last year. This record level of gas delivery outstripped our prior annual record throughput set in 2021.

幻燈片5。這位工業客戶以及其他幾位客戶的需求，再加上天氣轉冷（正如之前電話會議中討論的那樣），使我們取得了新的天然氣輸送記錄，供暖度日數增長了 18%，總輸送量比去年增長了 14%。這項創紀錄的天然氣輸送量超過了我們先前在 2021 年創下的年度最高輸送量紀錄。

Slide 6 shows full year CapEx. Total spending was $20.7 million in the current year, down 6% compared to the 2024 fiscal year. However, recall that in 2024, we spent approximately $3.2 million to complete the MVP interconnections, which enables us to grow our system in Franklin County.

第 6 張投影片顯示了全年資本支出。本年度總支出為 2,070 萬美元，較 2024 財年下降 6%。但是，請記住，在 2024 年，我們花費了大約 320 萬美元完成了 MVP 互連，這使我們能夠在富蘭克林縣擴展我們的系統。

We did not have that kind of onetime expenditure in fiscal 2025, but continue to invest in extending and renewing our system as noted above. We will provide our outlook for CapEx as we discuss fiscal 2026 later in this presentation. I will now turn the presentation over to our CFO, Tim Mulvaney, to review our financial results and to comment on the consummation of the financing that we told you about at the end of quarter three. Tim?

我們在 2025 財年沒有這類一次性支出，但如上所述，我們將繼續投資於擴展和更新我們的系統。我們將在本次演講的後半部分討論 2026 財年時，提供我們對資本支出的展望。現在我將把匯報交給我們的財務長蒂姆·穆爾瓦尼，讓他回顧我們的財務業績，並對我們在第三季末向大家提到的融資完成情況發表評論。提姆？

Thank you, Tommy. Turning to slide 7 now. We experienced a slight loss in the current quarter. The fourth quarter is traditionally seasonally weaker for us, and we had higher expenses than the same period a year earlier as inflation, while lower, is still present. This resulted in a net loss of $204,000 or $0.02 per share compared to net income in the same quarter a year ago of $141,000 or $0.01 per share.

謝謝你，湯米。現在翻到第7張投影片。本季我們出現了小幅虧損。第四季歷來是我們的淡季，而且由於通貨膨脹雖然有所下降，但仍然存在，因此我們的支出比去年同期要高。這導致淨虧損 204,000 美元，即每股虧損 0.02 美元，而去年同期淨利潤為 141,000 美元，即每股獲利 0.01 美元。

We will touch on our plans to deal with higher expenses in the outlook section. One item present in both periods were gains of approximately $0.06 per share each year related to donations from the local housing authority as we converted master meter arrangements into system assets to improve reliability and safety for customers.

我們將在展望部分談談應對不斷上漲的開支的計劃。這兩個時期都存在一個項目，即每年因地方住房管理局的捐款而獲得的每股約 0.06 美元的收益，因為我們將主計量表安排轉換為系統資產，以提高客戶的可靠性和安全性。

This will not recur in 2026. Year-to-date results are also shown on slide 7. Our performance for the year was outstanding. Net income for fiscal 2025 was $13.3 million or $1.29 per share, an increase of 15% from fiscal 2024's $11.8 million or $1.16 per share.

這種情況在2026年不會再發生。年初至今的業績結果也顯示在第 7 張投影片。我們今年的業績非常出色。2025 財年淨收入為 1,330 萬美元，即每股 1.29 美元，比 2024 財年的 1,180 萬美元（即每股 1.16 美元）成長了 15%。

The strong increase reflected the record levels of gas deliveries that Tommy discussed and was aided by higher operating margins, partially offset by inflationary cost increases and lower equity earnings from the company's investment in the Mountain Valley Pipeline. MVP's equity earnings for the first three quarters of fiscal 2024 contained significant amounts of AFUDC.

強勁的成長反映了 Tommy 所討論的創紀錄的天然氣交付量，並得益於更高的營運利潤率，但部分被通貨膨脹成本的增加以及公司對 Mountain Valley Pipeline 的投資導致的股權收益下降所抵消。MVP 2024 財年前三季的股權收益包含大量 AFUDC。

Moving to slide 8. We ended the year with a strong balance sheet. During the fourth quarter, we refinanced the debt that supports our investment in MVP for the long term. We have disclosed the details in our investor communications in September and in Note 7 of our Form 10-K that was filed yesterday. All of these documents can be found on our website. So I will not repeat all the details here.

切換到第8張投影片。我們以穩健的資產負債表結束了這一年。第四季度，我們對用於支持我們對 MVP 的長期投資的債務進行了再融資。我們已在 9 月的投資者通訊和昨天提交的 10-K 表格的附註 7 中披露了詳細資訊。所有這些文件都可以在我們的網站上找到。所以我就不在這裡贅述所有細節了。

We were pleased to extend the maturity of all the debt supporting our MVP investment to 2032 with reasonable amortization. During the intervening years, we expect cash flows will be enhanced by the Southgate and Boost projects at MVP, and we have addressed our share of funding these projects as well. With these projects generating cash flow, our investment will be more valuable.

我們很高興能夠將支持我們對 MVP 投資的所有債務的到期日延長至 2032 年，並採用合理的攤銷方式。在接下來的幾年裡，我們預計 MVP 的 Southgate 和 Boost 專案將改善現金流，我們也解決了我們為這些專案提供的資金份額問題。這些項目一旦產生現金流，我們的投資就會更有價值。

Now let me turn the presentation over to Paul Nester, our President and CEO, to take us through our 2026 outlook. Paul?

現在，我將把演講交給我們的總裁兼執行長保羅·內斯特，讓他為我們介紹我們 2026 年的展望。保羅？

Thank you, Tim, and good morning to everyone. And I would like to take a moment before we dive into the outlook, just to issue our thanks to our customers and our employees for a fantastic fiscal 2025, as Tim and Tommy have just reviewed and certainly to all of our employees for their everyday dedication to serving the customer and doing that safely and reliably.

謝謝你，提姆，大家早安。在我們深入探討展望之前，我想花一點時間，感謝我們的客戶和員工，感謝他們為我們帶來了精彩的 2025 財年，正如 Tim 和 Tommy 剛才回顧的那樣，當然還要感謝我們所有的員工，感謝他們每天盡心盡力為客戶服務，並且安全可靠地完成這項工作。

It's translated in these incredible, what are really record earnings and earnings per share results. So thank you. As you can see on slide 9, we have a short agenda here for the 2026 outlook, and let's move on to slide 10. We continue to have momentum with new housing here in the greater Roanoke Valley. Tommy mentioned our customer additions over the last three years. If you average those out, it's over 660 customers per year, which is just almost exactly 1% customer growth.

這體現在這些令人難以置信的、真正創紀錄的收益和每股收益結果中。所以，謝謝你。正如你在第 9 張幻燈片上看到的，我們這裡有一個關於 2026 年展望的簡短議程，讓我們繼續看第 10 張幻燈片。在羅阿諾克谷地區，新建房屋的勢頭依然強勁。Tommy提到了我們過去三年新增的客戶數量。如果平均下來，每年新增客戶超過 660 人，幾乎正好是 1% 的客戶成長率。

And if you look back over the history of the company for really the last 20 years, we've been in that upper 1%, lower 1% range, and that continues to be steady. We're very optimistic about 2026 in that regard. We continue to have expansion in our health care and medical sector and complex here in the Roanoke Valley.

回顧公司過去 20 年的歷史，我們一直處於前 1% 和後 1% 的區間，而且這種情況一直保持穩定。在這方面，我們對2026年非常樂觀。我們在羅阿諾克谷的醫療保健和醫療行業及綜合設施方面持續擴張。

It's really one of the shining stars, both scientifically and economically, but we are seeing more real estate there, more footprint, which is hopefully going to result or translate into additional natural gas usage. Tim mentioned MVP in the Southgate and Boost projects. We are thrilled to continue as a partner in those, and we're very optimistic about the success of those projects and what it will mean to this region.

無論從科學或經濟角度來看，它都是一顆耀眼的明星，但我們看到那裡的房地產面積越來越大，佔地面積越來越大，希望這能帶來或轉化為更多的天然氣使用。Tim 在 Southgate 和 Boost 專案中都提到了 MVP。我們很高興能夠繼續作為合作夥伴參與這些項目，並且我們對這些項目的成功及其對該地區的意義感到非常樂觀。

As you can see on the slide, we have the Google logo there, and we've talked about Google in the past and the announcement that was made in our fiscal third quarter about their location in the Roanoke Valley. That's progressing on schedule.

正如您在幻燈片上看到的，這裡有谷歌的標誌，我們過去也談到過谷歌，以及我們在第三財季發布的關於他們在羅阿諾克谷設立辦事處的公告。一切進展順利。

Again, I think there'll be more to come about that in our fiscal 2026. We're still working on Franklin County. As Tommy mentioned, and some of new Business Park, they're working very closely with the county to hopefully spur some economic development in the park.

我認為，在 2026 財年，我們還會公佈更多相關資訊。我們仍在處理富蘭克林縣的相關事宜。正如 Tommy 所提到的，一些新的商業園區正在與縣政府密切合作，希望能促進園區的經濟發展。

And we're also still working on expanding gas service in other parts of the county. We recently had some discussion with our westernmost territory, Montgomery County, which you may recall is actually where most of the MVP in this region is located and in fact, where the Boost project will do some construction hopefully in the near future about some expansion opportunities there.

我們仍在努力擴大該縣其他地區的天然氣服務。我們最近與我們最西端的地區蒙哥馬利縣進行了一些討論，您可能還記得，該地區的 MVP 大部分實際上都位於蒙哥馬利縣，而且事實上，Boost 項目希望在不久的將來在那裡進行一些建設，討論在那裡的一些擴張機會。

Moving on to slide 11. I'd like to hand it back over to Tommy so he can give us a few more details on the recently filed rate case. Tommy?

接下來是第11張投影片。我想把這個話題交還給湯米，讓他給我們一些關於最近提交的費率案件的更多細節。湯米？

Yes. Thank you, Paul. As Paul noted, we filed an expedited rate case on December 2, in which we're seeking an approximate $4.3 million increase in annual revenues, and that's based on our currently authorized ROE of 9.9%. Based on the timing of the notice and filings, we believe these new rates will become effective January 1, 2026. Those are subject to refund once the commission fully adjudicates the case.

是的。謝謝你，保羅。正如保羅所指出的，我們在 12 月 2 日提交了一份快速費率申請，其中我們尋求每年增加約 430 萬美元的收入，這是基於我們目前授權的 9.9% 的 ROE。根據通知和備案的時間，我們認為這些新費率將於 2026 年 1 月 1 日生效。一旦委員會對案件作出全面裁決，這些款項即可退還。

We expect that process to take about 12 to 18 months. Offsetting that increase, we recently reached agreement with regards to certain tax credits and expect to begin returning these credits to customers over the next 12 months and are included with our regulatory liabilities on our balance sheet. So I will turn it back over to Paul.

我們預計這個過程大約需要 12 到 18 個月。為了抵​​消這一成長，我們最近就某些稅收抵免達成了協議，預計將在未來 12 個月內開始將這些抵免額返還給客戶，這些抵免額已計入我們資產負債表上的監管負債。所以我會把這件事交還給保羅。

Yes. Thank you, Tommy. It's no small feat to actually get this case filed right on the heels of the prior case being resolved. And Tim and Kelsie and their teams have done a very nice job on this tax credit initiative, which is, we believe, greatly going to help and benefit our customers. So we're pleased to be able to incorporate that with the rate application.

是的。謝謝你，湯米。在前一個案件解決之後，立即提起這個新案件絕非易事。提姆、凱爾西和他們的團隊在這項稅收抵免計劃上做得非常出色，我們相信，這將極大地幫助和惠及我們的客戶。因此，我們很高興能夠將其納入費率計算中。

Moving on to slide 12, this slide looks yearly similar year after year. But again, that's part of the predictability of our customer growth and our SAVE program, our ability to invest $20 million, $21 million, $22 million, $23 million a year now is in fact, proven.

接下來是第 12 張投影片，這張投影片看起來年復一年都很相似。但話說回來，這正是我們客戶成長和 SAVE 計畫的可預測性的一部分，我們現在每年投資 2,000 萬美元、2,100 萬美元、2,200 萬美元、2,300 萬美元的能力實際上已經得到了證明。

And again, for 2026, we're showing a capital budget of $22 million, led by the continued renewal of the pre-73-adalate plastic and a couple of other items through our SAVE program. Again, we have reasonable customer growth expectations and a normal amount of system enhancement.

同樣，對於 2026 年，我們公佈了 2,200 萬美元的資本預算，主要用於繼續更新 73 年前生產的阿達萊特塑料，並透過我們的 SAVE 計劃進行其他一些項目。再次強調，我們對客戶成長有合理的預期，對系統改進也有正常的要求。

One thing I'd like to add back to the two slides ago about the expansion opportunities and growth opportunities. As those arise, we have the ability to either add capital or shift capital. Again, that's something we've historically done and I think done quite nimbly. And again, we're prepared to do that again in 2026. And in fact, like to do that as growth opportunities present themselves.

我想補充一點，關於前兩張投影片中提到的擴張機會和成長機會。當這些情況出現時，我們有能力增加資本或轉移資本。這同樣是我們過去一直在做的事情，而且我認為我們做得相當靈活。我們再次做好準備，在 2026 年再次這樣做。事實上，當出現成長機會時，我更願意這麼做。

Let's take a minute and just talk about some of these drivers for 2026, but it does require us to go back and look at 2025 a little bit. Tim and Tommy have already talked about those first two bullets, the housing authority transfers. And just as a recap, those were projects with our local housing authority that started four years ago, where we converted five complexes with modern pipe, modern meters, modern equipment. And our company now owns and operates those facilities. And we're just excited about that because of the safety and reliability that those projects have provided.

讓我們花點時間談談 2026 年的一些驅動因素，但這確實需要我們回顧一下 2025 年的情況。提姆和湯米已經討論過前兩個問題，也就是住房管理局的搬遷事宜。簡單回顧一下，這些是我們與當地住房管理局合作的項目，始於四年前，我們改造了五個住宅區，安裝了現代化的管道、儀表和設備。現在，這些設施歸我們公司所有並由我們公司運營。我們對此感到非常興奮，因為這些項目提供了安全性和可靠性。

And we'll see on the next earnings per share slide, and Tim talked about it, there was an income statement impact to those projects that since we have completed the projects, again, will not recur. And obviously, that creates a little bit of a hole for 2026 when you compare the year-over-year earnings.

我們將在下一張每股收益幻燈片中看到，蒂姆也談到了這一點，這些項目對損益表產生了影響，但由於我們已經完成了這些項目，因此不會再發生。顯然，與往年相比，這會對 2026 年的收益造成一些缺口。

The other item there, again, thanks to our customers, and as Tommy highlighted, the record gas deliveries last year were just that. And we saw that in a couple of areas, not just the large fuel switching customer, but also in some of our largest firm commercial customers. We just thought it prudent to not plan for those kinds of record volumes again this year.

另一項內容，同樣要感謝我們的客戶，正如 Tommy 所強調的那樣，去年創紀錄的天然氣交付量正是如此。我們在幾個領域都看到了這一點，不僅是大型燃料轉換客戶，而且在我們一些最大的企業商業客戶中也看到了這一點。我們認為，今年不宜再次規劃達到那種創紀錄的銷售量。

They could happen. We hope they're happening. We'll do everything in our power to help make them happen. But from an expense management standpoint, we thought it more prudent to lower the top line as a planning tool for 2026. Tommy just talked about the new rate case. That's obviously very important to how 2026 turns out. The Save rider continues to provide helpful revenue and in fact, does cover some of the depreciation and property tax growth that, again, we experienced very predictably related to our capital spending.

這些事有可能發生。我們希望這些事情正在發生。我們將竭盡全力幫助它們實現。但從費用管理的角度來看，我們認為降低營業額作為 2026 年的規劃工具更為謹慎。湯米剛才談到了新的費率案。這顯然對2026年的發展結果至關重要。Save 附加條款繼續提供有益的收入，事實上，它確實彌補了部分折舊和房產稅增長，而這些增長，正如我們之前非常預料的那樣，與我們的資本支出有關。

And finally, there in 2026, it was just announced a few days ago, our Board did authorize a larger increase this year than last year, $0.04 per share on an annualized basis, almost 5% to $0.87 per share, again, a result of the strong earnings in 2025 and what we think is going to be a solid 2026.

最後，關於 2026 年，就在幾天前，我們的董事會批准了比去年更大的增幅，每股年化增幅為 0.04 美元，接近 5%，達到每股 0.87 美元，這同樣是由於 2025 年強勁的盈利以及我們認為 2026 年也將是穩健的。

On slide 14, you'll see our earnings per share guidance for 2026 and the range. Again, we think there are some headwinds, Tim, and Tommy talked about inflationary pressures. Those are still very real. Obviously, the rate making will hopefully offset some of that. So we do have a little bit of a wider range than normal here. But based on some of the uncertainty in 2026, again, with volume, deliveries, weather and the rate making, we feel like the range is appropriate.

在第 14 張投影片上，您將看到我們對 2026 年每股盈餘的預期和範圍。我們再次認為存在一些不利因素，蒂姆和湯米談到了通膨壓力。這些仍然是真實存在的。顯然，利率制定有望抵消部分影響。所以，我們這裡的範圍比平常寬一些。但考慮到 2026 年的一些不確定因素，例如交易量、交付量、天氣和利率制定等，我們認為這個區間是合適的。

You can see also the slide does highlight the impact of those housing authority projects in 2024 and 2025. I would like to add, we're already two months into fiscal 2026, and it is a more challenging year already than 2025, again, for the items we've talked about there. But we're doing our best again to work through that and manage through that. We finally have had some cold weather set into the Roanoke region here in the last 1.5 weeks, and it looks like we're going to have another 1.5 weeks of cold weather. That should be helpful.

您也可以從幻燈片中看到，這些住房管理局計畫在 2024 年和 2025 年的影響。我想補充一點，2026 財年已經過去兩個月了，就我們剛才討論的那些項目而言，這一年比 2025 年更具挑戰性。但我們正在盡最大努力克服和應對這些問題。過去一周半，羅阿諾克地區終於迎來了寒冷天氣，而且看起來接下來一周半都將是寒冷天氣。那應該會有幫助。

But again, I'd like to take one more opportunity to thank our customers and especially our employees for working safely. Safety is our number one priority, working diligently to serve the customer. We're excited about economic development in the region. We continue to participate in a meaningful way on that.

但我想再次藉此機會感謝我們的客戶，尤其感謝我們的員工，感謝他們安全工作。安全是我們的首要任務，我們將竭誠為客戶服務。我們對該地區的經濟發展感到興奮。我們將繼續以有意義的方式參與其中。

And with that, I think we'll conclude our prepared remarks and open the line for questions. (event instructions)

至此，我想我們的演講稿就結束了，接下來將開放提問環節。（活動說明）

I'd like to go back to your comments here on weather. I take it, it's tracking favorably versus last year.

我想回到你之前關於天氣的評論。我認為，與去年相比，情況正在好轉。

Yes. We started off -- we had some strange weather patterns in October and November, part of the challenge there. October had a lot of heating degree days, but we really didn't see the volume because of the dispersion of those heating degree days. So October was off from October of last year. November, we're still, of course, closing the books for November.

是的。一開始——10 月和 11 月我們遇到了一些奇怪的天氣模式，這是挑戰的一部分。10 月份的供暖度日數很多，但由於這些供暖度日數分佈分散，我們並沒有真正看到實際的供暖量。所以今年十月和去年十月有所不同。當然，我們仍在進行十一月的結算工作。

We'll know a little more in a few days. But November turned very warm and then it turned very cold around Thanksgiving, the last few days of the month, and that cold air mass is hung in here. In fact, we're calling for winter mix and snow tomorrow here in Roanoke.

再過幾天我們就會知道更多情況了。但 11 月氣溫驟升，感恩節前後，也就是當月最後幾天，氣溫又驟降，而且這股冷空氣團一直持續到現在。事實上，我們預測明天羅阿諾克地區將出現雨夾雪和降雪。

So if you look at the Henry Hub future prices and the NYMEX future prices of natural gas, it feels like nationally, there's going to be more cold weather this year. I think yesterday, it closed at $5, approximately a dekatherm on the current month. And that's a high number. As you know, Mike, we haven't seen that number in quite some time. We did not see it last year, as I recall, certainly not this early in the year.

所以，如果你看一下亨利樞紐天然氣期貨價格和紐約商品交易所天然氣期貨價格，感覺今年全國寒冷的天氣會更多。我記得昨天收盤價是 5 美元，大約是本月的 1000 美元。這是一個很高的數字。麥克，你知道的，我們已經很久沒看過這個數字了。我記得去年我們沒有看到這種情況，當然今年年初肯定沒有。

And then MVP, they've got a lot of projects going. Any capital requirements from you in 2026?

此外，MVP方面也有很多項目正在進行中。貴公司在2026年有任何資金需求嗎？

Yes, I may hand that one over to Tim.

是的，我可能會把那個任務交給提姆。

Sure, Mike. We have -- as part of the refinancing that we did, we set up two facilities to fund the investment in Boost and in Southgate. So we expect that, that will come straight through what we borrow. It includes over the course of the next several years, our investment in those projects will probably total $4 million to $5 million with maybe the first $1 million to $1.5 million this year.

當然可以，麥克。作為我們進行的再融資的一部分，我們設立了兩個機構，為對 Boost 和 Southgate 的投資提供資金。所以我們希望，這筆錢能直接透過我們的借款來獲得。在接下來的幾年裡，我們對這些項目的投資總額可能達到 400 萬至 500 萬美元，今年可能投入 100 萬至 150 萬美元。

Okay. And then I guess my question, Paul, you kind of sidestepped it a little bit on the data centers. Just wondering if there's been anything you can share there as to what it's looking like.

好的。然後我想問的是，保羅，你在資料中心這個問題上有點迴避了。想問你有沒有什麼關於那邊情況的消息可以分享一下。

Yes. Happy to maybe give a little context from the state lens, and then we can zero into the region here. There's been a lot of announcement in the last three to six months across the state of Virginia, a fair amount of it, in fact, in the Richmond and Fredericksburg areas.

是的。我很樂意從州的角度提供一些背景信息，然後我們就可以把重點放在這個地區了。在過去三到六個月裡，維吉尼亞州各地發布了許多公告，事實上，里士滿和弗雷德里克斯堡地區發布的公告尤其多。

Google announced back in August, approximately $9 billion of investment for three data centers sort of south and just to the southwest of Richmond. It was a very large announcement about 1.5 weeks ago with the governor in Caroline County, which is just north of Richmond sort of between Richmond and Fredericksburg. So the state through, I would say, the Governor's office and our Virginia Economic Development Partnership continues to be active in this area.

谷歌早在八月就宣布，將在里士滿南部和西南方向投資約 90 億美元建設三個資料中心。大約 1.5 週前，州長在卡羅琳縣（位於里士滿以北，介於里士滿和弗雷德里克斯堡之間）宣布了一項非常重要的消息。因此，我認為，州政府透過州長辦公室和維吉尼亞州經濟發展合作組織繼續積極參與這一領域。

If you drill that back to Southwest Virginia, there continues to be interest and discussion among prospects, Mike. And I think that's a common answer around the country. As a matter of fact, that's not per se special to us. Certainly, the Google announcement in late May of them acquiring property, and that's really all they publicly announced.

麥克，如果你把目光追溯到維吉尼亞州西南部，你會發現那裡仍然有很多潛在買家，並且對此進行討論。我認為這是全國各地的普遍答案。事實上，這對我們來說並沒有什麼特別之處。當然，谷歌在五月下旬宣布收購房產，而這實際上是他們唯一公開宣布的消息。

But that's certainly, I think, sort of lifted this region a little bit higher in the windshield, if you will, of some of the folks that do this kind of development. Obviously, if Google is willing to consider making an investment here and in fact, buying property to do so, it's noticeable.

但我認為這無疑讓從事這類開發的人們更加關注這個地區。顯然，如果谷歌願意考慮在這裡投資，並且實際上還購買了房產，那將是引人注目的。

So what we're hearing, Mike, is I think there'll be more precise announcement around Google's intentions in the region in 2026. I don't know that there's been a per se date or time frame for that to happen, but that's what we're hearing. Well, thank you so much for joining us, Mike. Always good to have you.

麥克，我們聽到的消息是，我認為谷歌將在 2026 年就其在該地區的意圖發布更明確的公告。我不知道這件事是否有具體的日期或時間安排，但我們聽到的消息就是這樣。非常感謝你加入我們，麥克。很高興有你陪伴。

Do we have any other questions? It doesn't seem like there are any further questions at this time. So this will conclude our fourth quarter and fiscal 2025 earnings call. On behalf of all of us here at RGC Resources, we appreciate you taking time to join us this morning. We wish you and your families a Merry Christmas and a safe and prosperous 2026, and we look forward to speaking with you in February to review 2026 first quarter results.

還有其他問題嗎？目前看來似乎沒有其他問題了。至此，我們的第四季及2025財年財報電話會議就結束了。我們RGC Resources全體員工感謝您今天上午抽出時間參加我們的會議。祝您和您的家人聖誕快樂，2026 年平安繁榮，我們期待在二月與您會面，共同回顧 2026 年第一季的業績。

Thank you.

謝謝。