Hawaiian Electric Industries, Inc. (HE)

Q1 2012 Earnings Call

May 9, 2012 1:00 PM ET

Executives

Shelee Kimura – Manager, IR and Strategic Planning

Connie Lau – President and CEO

Jim Ajello – EVP, CFO and Treasurer

Tayne Sekimura – SVP and CFO, Hawaiian Electric Company, Inc.

Dick Rosenblum – President and CEO, Hawaiian Electric Company, Inc.

Analysts

Ashar Khan – Visium

James Krapfel – Morningstar

James Bellessa – DA Davidson

Presentation

Operator

Good day, ladies and gentlemen, and welcome to the First Quarter 2012 Hawaiian Electric Industries Earnings Conference Call. My name is Stacy, and I’ll be your conference moderator for today. At this time, all participants are in a listen-only mode. We will conduct a question-and-answer session towards the end of the conference. (Operator Instructions) As a reminder, this conference call is being recorded for replay purposes.

I would now like to turn the presentation over to Ms.

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By Ganaxi Small Cap Movers:

In this article, via an analysis based on the latest available Q4 institutional 13-F filings</a

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Gas Natural, Inc. (EGAS)

Q1 2012 Earnings Call

May 08, 2012 PM ET

Executives

Rafael Villaseca – CEO

Analysts

Manuel Palomo – Citigroup

Fernando Garcia – Espirito Santo

Avinash Kant – D.A. Davidson & Co

Andrew Abrams – Avian Securities

Alberto Gandolfi – UBS

Carolina Dores – Morgan Stanley

Presentation

Operator

Good morning. Welcome to the presentation of results of the first quarter 2012 Gas Natural Fenosa. As usual, the presentation will be given by Mr. Rafael Villaseca, CEO together with the Financial Manager Mr. Álvarez and Mr. Antonio Basolas, Director of Strategy and Development.

After the presentation we’ll have a debate or a question-and-answer period for the people in the room and the people who have followed this remotely on the internet or who want to ask questions on the telephone. I’ll pass the floor to Mr. Villaseca.

Rafael Villaseca

Good morning everyone. Good morning to those of you

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By Zvi Bar:

Energy utilities provide individuals and businesses with a growing necessity, often at government-regulated prices, and with restricted competition. Due to significant government regulations, set prices and the ever-expanding need for electricity, energy utility equities are considered generally reliable, stable and often somewhat predicable. Though few expect utilities to appreciate considerably in a short time, most will acknowledge that the demand for electricity will increase as the use of technology and electricity grows, and as the population grows.

The regulated nature of energy utilities makes their revenue more predictable and dividends reasonably secure. The relative security these utilities offer also means that the dividends and shares are unlikely to grow at a rapid pace. Nonetheless, utilities can outperform the broader market, and actually did in 2011. Generally speaking, utilities are lower risk and lower reward equities compared with the broader market. They also tend to yield above the market’s average, making

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By Insider Monkey:

By Jake Mann

In most cases, heavy insider purchasing activity is a signal that outsiders should follow suit and buy a particular stock. According to a number of academic studies, investors who consistently “monkey” or mimic the bullish actions of corporate executives can expect to see abnormal returns between 4 and 6 after the first 12 months of a trade. For more about how to beat the market using this strategy, read Insider Monkey’s two-part article on the insider trading anomaly, which explains how to interpret insider trading data.

One company with a significant amount of insider purchasing activity in the past two weeks is Consolidated Edison, Inc. (ED). A 190-year-old mega-cap holding company for various utility businesses in the Eastern U.S., Con Ed – as its known on Wall Street – has a solid history of healthy dividend payments, though it has recently grown faster than its ’secular’ billing

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By Paulo Santos:

Calpine (CPN) is an independent power producer, generating electricity and selling it into wholesale power markets. Calpine runs what is perhaps the most modern fleet of natural gas (UNG) fired combined cycle and cogeneration turbines. Calpine has 28,000MW in electricity generation capacity, and is probably the purest play in terms of natural gas-fired capacity you can find in the stock market.

It would seem that in a world of incredibly low natural gas prices, a power producer heavily reliant on natural gas-fired generation would always come out well ahead — especially if it had one of the most advanced and efficient fleets. The market saw it that way too, up to a point, with Calpine being up 11.4% year to date and now having a rich forward 2012 P/E of 60. And, sure, the earnings estimates had some upside as well, with consensus for 2012 moving from $0.18 per share

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NV Energy (NVE)

Q1 2012 Earnings Call

May 08, 2012 10:00 am ET

Executives

Max Kuniansky –

Michael W. Yackira – Chief Executive Officer, President, Chief Executive Officer of Nevada Power, Chief Executive Officer of Sierra Pacific Power, President of Nevada Power Company, Director and Member of Finance Committee

Dilek L. Samil – Chief Financial Officer, Senior Vice President of Finance and Treasurer

Analysts

Kevin Cole – Crédit Suisse AG, Research Division

Kit Konolige – Konolige Research, LLC

Neil Mehta – Goldman Sachs Group Inc., Research Division

Paul T. Ridzon – KeyBanc Capital Markets Inc., Research Division

Brian J. Russo – Ladenburg Thalmann & Co. Inc., Research Division

Andrew Bischof – Morningstar Inc., Research Division

James L. Dobson – Wunderlich Securities Inc., Research Division

Shar Pourreza

Andrew Levi – Caris & Company, Inc., Research Division

Presentation

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the NV

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The Environmental Protection Agency (EPA) has “no plans” to develop regulations on carbon dioxide (CO2) emissions for currently operating coal-fired power plants. That’s according to EPA Administrator Lisa Jackson, who spoke after a ruling that capped only CO2 emissions for coal plants not yet under construction, and then only to the level of a new natural gas-fired plant.

The upshot is CO2 regulation will have no real impact on even the most prolific producers of coal-fired power. In fact, the only coal plants being built in the US will run on integrated gasification combined cycle technology. This includes Southern Company’s (SO) Kemper plant in Mississippi, which regulators are allowing to go forward despite an ambiguous ruling from the state supreme court.

Coal does have an Achilles’ heel in rising costs due to aging plants. Another challenge is the enforcement of existing laws on particulate matter, mercury and acid rain gases.

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Energen Corporation (EGN)

Annual Shareholders Meeting

April 25, 2012 10:30 AM ET

Executives

James McManus – Chairman and CEO

David Woodruff – VP, General Counsel and Secretary

Dudley Reynolds – President, COO, Alabama Gas Corp

Emily Law – City of New York Office Comptroller

Julie Ryland – VP, IR

K.R. Patel

Presentation

James McManus

Well good morning and welcome to Energen Corporation’s 2012 annual meeting of shareholders. Its great pleasure to have you in attendance here today at Energen corporate headquarters. Also want to welcome those who will be listening to this meeting live on the web. At this time, I would like to call the meeting to order. I am James McManus, Chairman of the Board of Energen and I will preside over this meeting. David Woodruff, General Counsel and Secretary of the Company will act as Secretary of the meeting.

On February 24th, 2012 the record day for

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Clean Energy Fuels Corporation (CLNE)

Q12012 Earnings Call

May 07, 2012 4:30 pm ET

Executives

Tony Kritzer – Director of Investor Relations

Andrew Littlefair – President and Chief Executive Officer

Richard Wheeler – Chief Financial Officer

Analysts

Rob Brown – Craig-Hallum

Graham Mattison – Lazard Capital Markets

Eric Stine – Northland Capital Markets

Matthew Blair – Macquarie Capital

Brian Gamble – Simmons & Company

Presentation

Operator

Greetings and welcome to the Clean Energy Fuels First Quarter Fiscal 2012 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Tony Kritzer. Thank you, sir. You may begin.

Tony Kritzer

Thank you, operator. Earlier this afternoon, Clean Energy had released financial results for the first quarter ended March 31, 2012. If

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