Good morning. I'm Paul Nester, President and CEO of RGC Resources. Welcome, and thank you for joining us as we discuss our 2022 second quarter results. We would like to apologize for the technical issues we experienced Monday with our conference call line. We do appreciate your patience and understanding. We believe we have fixed those issues today. With that, let's review a few administrative items. We have muted all lines [Operator Instructions]. The link to today's presentation is available on the Investor and Financial Information page of our website at www.rgcresources.com. With me on the call this morning is Jason Field, our Chief Financial Officer; and Julie Pellillo, our Controller. Moving to Slide 1. This presentation does contain forecasts and projections. Slide 1 is our forward-looking statement disclaimer. The agenda is on Slide 2, we're going to change the order a little bit this morning from our prior quarters due to the Mountain Valley impairment. We will begin with Jason reviewing the financial statements and results followed by an update of our operational accomplishments. I will conclude with a discussion of the outlook for the remainder of fiscal 2022. There will be an opportunity for you to ask questions at the end. We are on Slide 3. Just as a precursor to Jason's comments, we wanted to remind everyone of our corporate structure. We use this slide in our investor presentation, RGC Resources, the NASDAQ listed holding company contains 2 subsidiaries, Roanoke Gas, which is our core business, a regulated local distribution company located in Roanoke, Virginia, serving the natural gas needs of 63,000 customers now in the greater Roanoke Valley. RGC Midstream is our wholly owned subsidiary, which does hold the investments in the Mountain Valley pipeline and in the MVP Southgate. I would like to make a clear statement at this point before Jason begins. There's no cost or rate impact to Roanoke Gas customers from Midstream's investment in the Mountain Valley Pipeline and the related impairment that was recorded in the second quarter. That's not any different than back in October 2015 when we announced our intention through the midstream subsidiary to invest in the joint venture. Again, there's never been any cost or rate impact to Roanoke Gas customers. Jason will now discuss our financial statements, capital spending and delivered volumes.

Thank you, Paul. We are on Slide 4. For the second quarter of 2022, our operating income of $7.4 million exceeded the second quarter of 2021 by $344,000 or a 4.8% improvement. The overall net loss for the second quarter reflects the $29.6 million noncash impairment that we recorded on Midstream's Mountain Valley pipeline investment. One theme that is common to both the quarter and the trailing 12 months is increased gas cost, which was up approximately 36% and is reflected in the higher revenues and operating expenses. As a reminder, gas cost is a pass-through with no operating income impact. Non-GAAP cost operating expenses for the 3 months have increased primarily due to bad debt expense and other inflationary pressures. Excluding bad debt expense, operating and maintenance expenses are up approximately 3%. Our teams have done a great job managing expenses in a difficult environment. For the 12 months ending March 31, 2022, operating income, which is mainly from the Roanoke Gas subsidiary, was $14.9 million, a substantial increase of $1.8 million or 14% compared to the prior 12 months ending March 31, 2021. Our net loss for the 12 months was $20.3 million or $2.42 per share [Technical Difficulty] significant impact of the noncash impairment of our investment in the MVP. Compared to the prior trailing 12 months, we had a decline of approximately $3.5 million of equity in earnings from the MVP. As shown on Slide 5, to aid in the comparison of our financial performance attributed to operations, we have adjusted our GAAP results for the noncash impairment loss that was recorded during the quarter. Our underlying net income for the quarter after adjusting for the impairment was $5.1 million and exceeded the prior year quarter net income by $311,000 or 6.5%. For the 12 months…

Thank you, Jason. We're on Slide 9. We've had a stellar beginning to 2022. Our customer additions are up 29% for the first 6 months when compared to 2021. Our new main miles are on the exact same pace as 2021, which you may recall was a significant increase from historical norms. We expect the new customer main addition trends to continue through fiscal year-end. Moving to Slide 10. As we look ahead to the second half of fiscal 2022, we expect our capital spending to be approximately $24.5 million. We think there will be a shift in the mix of spending in the second half of this year. Jason highlighted just a moment ago, our new business and save spending. We think there's going to be a shift -- a small shift, if you will, maybe $1 million from new business to save in the second half of the year. We do expect to spend another $4 million to complete the large natural gas supply infrastructure project. We've been hinting at this project, as you know, for many quarters now, but we will be publicly announcing that next week, actually on May 17. There will be a press release around that. So stay tuned for that. Moving to Slide 11. We've discussed the financial impact of the MVP investment impairment. Last week, Equitrans, the MVP operator announced a plan to pursue obtaining the Fish and Wildlife service and the U.S. Force Service permits needed to complete the project by the second half of calendar 2023 next year. They also announced that overall project cash costs are expected to be around $6.6 billion. We would just like to add to that, that the project is still 94% complete or over 94% complete as has been widely discussed. But we including…