How SPURR is Handling COVID-19

I know you are all extremely busy these days, but I wanted to share brief SPURR updates re COVID-19, for your information.

We sent out FYE Jun 2021 budgeting updates at the start of this month, based on pricing and regulatory filings through late Feb. That time period now seems like a world away. Natural gas prices, like other commodities, stocks, and bonds, have been on a wild ride. For example, a natural gas trade publication recently wrote, “As the coronavirus officially became a pandemic, and as energy traders continued to try to steer through a whirlwind of economic uncertainty, natural gas futures turned in a volatile day of trading [on March 11].” How long will this volatility last? Days? Weeks? To add to the uncertainty, for the first time since at least 9/11, a non-weather event will drive gas usage in our pool sharply downward, as schools cancel or postpone classes, or move to online instruction in response to COVID-19. We plan to wait at least several weeks before re-evaluating our expectations for the coming fiscal year.

We continue to work with interested agencies on these programs, but of course, we understand that their staffs are consumed with COVID-19 issues. We will adjust presentations and meetings as appropriate and bring them online where that is requested.

SPURR was to be a sponsor and exhibitor at two conferences this month that have just been canceled. We will attempt to share information with those constituencies via emails and webinars at an appropriate time.

Thank you for your time. Best of luck to all as we navigate these uncharted waters.