ONEOK, Inc.

Good day, everyone, and welcome to today's fourth quarter 2020 One Oak earnings call. Quick reminder that today's program is being recorded, and at this time I'd like to turn the floor to Andrew Ziola. Please go ahead, sir.

Thank you, Greg, and welcome to One Oak's fourth quarter year-end 2020 earnings call. We issued our earnings release and presentation after the markets closed yesterday, and those materials are on our website. After our prepared remarks, we'll be available to take your questions. A reminder that statements made during this call that might include One Oaks expectations or predictions should be considered forward-looking statements and are covered by the safe harbor provision of the Securities Acts of 1933 and 1934. Actual results could differ materially from those projected in forward-looking statements. For a discussion of factors that could cause actual results to differ, please refer to our SEC filings. Our first speaker is Terry Spencer, President and Chief Executive Officer. Terry.

Thanks, Andrew. Good morning and thank you all for joining us today. As always, we appreciate your continued trust and investment in One Oak. Joining me on today's call is Walt Hulse, Chief Financial Officer and Executive Vice President, Strategy and Corporate Affairs, and Kevin Burdick, Executive Vice President and Chief Operating Officer. Also available to answer your questions are Sheridan Swords, Senior Vice President, Natural Gas Liquids, and Chef Kelly, Senior Vice President, Natural Gas. Before we discuss our 2020 results and 2021 guidance, I want to first express my deep appreciation for our employees who have been working tirelessly through recent extreme winter weather in the U.S. from North Dakota to the Gulf Coast. They have continued to meet the needs of our customers while faced with personal challenges of their own homes, losing power without water, freezing pipes, you name it. I continue to be amazed by all that they do to provide exceptional customer service under very challenging circumstances. After a year like 2020 and so far in 2021, it's understandable to want to focus on what's ahead. But first, I'd like to highlight several operating, financial, and ESG-related accomplishments achieved during a challenging 2020. One Oak suggested EBITDA grew 6% year-over-year despite a global pandemic, reduced worldwide energy demand, and depressed financial markets. Our resilient business, the advantages of our integrated assets, and the dedication of our employees has never been more evident. The credit goes to those employees who have continued to prioritize the health and safety of their communities, families, and fellow employees. Whether continuing to report on site in order to monitor assets and systems or juggling the complexities of working from home, all of our employees are critical in keeping natural gas and natural gas liquids flowing on our systems And these energy products are critical for the economy to quickly recover from this pandemic. From an ESG perspective, we received numerous recognitions this year, including recently being named an industry mover in the S&P Global Sustainability Awards and the only North American energy company included in the Dow Jones Sustainability World Index. One Oak also was the only Oklahoma-based company to receive a perfect score of 100 in the 2021 Human Rights Campaign Corporate Equality Index. We formed a standalone environmental sustainability team back in mid-2017 that accelerated our ongoing environmental stewardship efforts. In collaboration with those efforts, we recently created a group charged with the commercial development of renewable energy and low carbon projects. The team is actively researching opportunities that will complement our extensive midstream assets and expertise, and not only lower our greenhouse gas emissions, but also help enhance the vital role we expect to play in a future transition to a low carbon economy. Opportunities under evaluation include the further electrification of compression assets potential carbon capture and storage opportunities, sourcing renewable energy for operations and other longer term opportunities, such as hydrogen transportation and storage. As we develop these opportunities, we'll remain disciplined in our capital approach, applying similar project criteria in terms of return threshold, contractual commitments, and operational fit, just as we do on other projects. We accomplished a great deal in 2020 and financially we ended the year stronger than we started it with improved leverage and a more solid balance sheet. Strategic financial decisions and strong operating performance have positioned the company for another year of earnings growth in 2021. Yesterday we announced our 2021 adjusted EBITDA guidance range of 2.9 to 3.2 billion dollars which is a 12% year-over-year increase compared with the midpoint. As the fundamentals of our business continue to improve, we're more likely to end the year at the higher end of our earnings guidance range and will likely adjust guidance upward accordingly. Earnings growth in 2021 isn't dependent on significant increases in producer activity or on sustained higher commodity prices, although we have seen both in recent months. The earnings power of our assets and available capacity from completed projects enables growth, even in an environment continuing to rebound from 2020. Kevin will talk more about the key operational drivers of our guidance shortly. Let me touch briefly on the Dakota Access Pipeline. Since we provided our original outlook in July, We believe that the potential impact to One Oak if DAPL were shut down has significantly decreased. Producers have had time to secure alternative crude transportation, and we've seen crude oil prices increase, making rail transportation even more feasible. We believe that even if DAPL is shut down quickly after a ruling in April, The earnings impact to One Oak in 2021 would be less than $50 million of EBITDA, assuming the pipeline was shut down for the remainder of the year. We remain confident in the long-term resiliency of our business, our well positioned and integrated assets, and especially our employees in these challenging times. While world events have resulted in volatile times, One Oaks businesses remain resilient and will continue to provide essential services for decades to come, delivering much needed natural gas liquids and natural gas to our customers. With that, I will turn the call over to Walt.