Oct 29, 2026 earnings call — Pipeline expansion, water growth, balance sheet improvement
Adjusted EBITDA was $291 million in Q3, a 3% increase year-over-year.
Revenue $0.3B (est $0.3B) · EPS $0.28 (est $0.30)
Key quotes
"Both our legacy and HG water systems achieved 100% uptime in the third quarter, positioning us well for full operational integration."
"We are actively pursuing several billion dollars in potential projects, including our first North-South directed regional pipeline, laterals to natural gas demand centers and integrated power opportunities."
"This free cash flow was utilized to reduce debt by over $400 million during the quarter and accelerate share repurchases once our leverage target was achieved."
Analyst Q&A 1
East-West size and North-South timing
Q (John Mackay · Goldman Sachs): They asked for the latest size and total CapEx for the East-West project and any early read and timing for the North-South idea. They also wanted a bridge explaining recent and next-year EBITDA drivers.
A: Management said the East-West scope is unchanged at $200 million to $300 million with roughly 7 interconnects, and it remains on track for a late '28, 2029 time frame. On North-South, they said there is strong interest in the Clarington market, they are scoping it now with a little initial capital, and expect to FID in 2027 over the next couple of years. For EBITDA, they said fourth quarter will be an all-time high EBITDA, that 2027 will show 10% growth, and the increase comes from higher throughput per AR guidance, completion of 2 water projects and running 2 completion crews for the year.
"Yes, really no change to the scope of that project, call it, $200 million to $300 million." — Justin Agnew (CFO)