ONEOK, Inc.

Good day, and welcome to the first quarter 2021 OneOaks earnings call. Today's conference is being recorded. At this time, I would like to turn the conference over to Andrew Sciola. Please go ahead, sir.

All right. Thank you, Travis, and welcome to OneOaks first quarter 2021 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 discussion of factors that could cause actual results to differ, please refer to our SEC filings. Our first speaker this morning is Terry Spencer, President and Chief Executive Officer. Terry.

Thank you, Andrew. Good morning and thank you all for joining us today. As always, we appreciate your continued trust and investment in 1UP. 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 Chuck Kelly, Senior Vice President, Natural Gas. One Oak's solid first quarter results are providing positive momentum as we enter warmer operating months. Volumes on our system and our outlook for the year continues to improve, supporting the increase to our financial guidance, which we announced yesterday. Even without the weather-related earnings impact in the first quarter, our base business earnings increased compared with the fourth quarter. But while the quarter's results were positive, winter storm Yuri did provide us with significant operational challenges that I want to highlight. Our employees' preparation before the extreme weather event and hard work during it enabled us to operate with very few interruptions. Operations teams ensured our assets were weatherized for extreme conditions and that our employees were onsite and prepared to make the necessary adjustments to keep our assets running. Many of our employees were faced with challenges of their own, including limited or no heat, running water or electricity at their own homes, but still worked to help One Oak provide essential natural gas and NGLs when needed most. Despite these extraordinary winter weather conditions, we continue to meet the critical needs of our customers, including natural gas utilities and electric power plants. Our natural gas pipeline and storage assets were particularly well positioned to address the needs for natural gas. The segment's ability to continue providing reliable service helped meet increased natural gas demand and contributed to higher adjusted EBITDA during the quarter. Kevin will provide more details in a moment. Despite weather-related volume impacts across our operations, strength in our base business was evident in our Rocky Mountain Region NGL and natural gas volumes during the quarter. The Williston Basin continues to outperform expectations and provide us with solid and stable earnings. As I've said before, One Oak's earnings growth in 2021 is not dependent on increased rig activity or increasing commodity prices. The opportunities available to us are from a robust drilled but uncompleted well inventory, increased natural gas capture, and rising gas-to-oil ratios in the Williston Basin, and increasing ethane demand. The opportunity for earnings growth without the need for significant investment is unique to One Oak, and our strategic assets in key operating areas. With yesterday's earnings announcement, we raised expectations for 2021 and now expect adjusted EBITDA growth of more than 17% compared with 2020. Our higher guidance expectations include the latest producer forecasts and drilling plans, and our earnings range also includes the potential impact from a shutdown of the Dakota Access Pipeline. Increasing producer activity, higher commodity prices, and strengthening energy markets have further enhanced our view of 2021 and are setting up to provide positive momentum as we exit the year. As we look toward 2022, high single to low double-digit growth in EBITDA appears reasonable in the $50 to $70 per barrel price range when you adjust 2021 for the approximately $90 million weather impact to revised guidance. We also continue to look for opportunities outside of our traditional growth drivers to enhance our businesses. Our sustainability and renewables teams continue to actively research opportunities that will complement our extensive midstream assets and expertise. They're focusing on opportunities to lower our greenhouse gas emissions while enhancing profitability, further strengthening the vital role we expect to play in a low-carbon economy. Opportunities under evaluation include the further electrification of compression assets, potential carbon capture and storage projects, sourcing renewable energy for operations, and other longer-term investments such as hydrogen transportation and storage. And as always, we'll remain disciplined in our capital approach as we develop these opportunities. Demand for the products we transport remains strong. The pandemic and recent weather events have further highlighted the importance of natural gas, NGLs, and the many end-use products they help create, which all play a vital role in helping us to lead safer and healthier lives. Our ability to transport these products safely and responsibly to markets is key to their ultimate end use. This quarter once again proved our ability to do that, even in the most extreme conditions. With that, I will turn the call over to Walt to discuss our financial performance and updated 2021 guidance.