ONEOK, Inc.

Good day and welcome to the first quarter 2022 One Oak earnings call. Today's conference is being recorded. At this time, I would like to turn the conference over to Andrew Ziola. Please go ahead, sir.

Thank you, Paula, and welcome to One Oak's first quarter 2022 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, management will be available to take your questions. 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. Just a reminder for Q&A, we ask that you limit yourself to one question and one follow-up in order to fit in as many of you as we can. With that, I'll turn the call over to Pierce Norton, President and Chief Executive Officer.

Pierce? Thanks, Andrew. Good morning, everyone, and thank you for joining us today. We appreciate your interest and investment in our company. On today's call is Walt Holtz, Chief Financial Officer and Executive Vice President, Investor Relations and Corporate Development, and Kevin Burdick, Executive Vice President and Chief Commercial Officer, Also available to answer your questions are Sheridan Swords, Senior Vice President of Natural Gas Liquids and Natural Gas Gathering and Processing, and Chuck Kelly, Senior Vice President of Natural Gas Pipelines. Yesterday, we announced first quarter 2022 results, which highlighted year-over-year natural gas and NGO volume growth. Earnings significantly increased year-over-year when adjusting for the favorable winter storm URI impact in the first quarter of 2021. Customer and producer conversations continued to point to additional activity through the remainder of the year, supported by strong demand for U.S. energy and commodity prices far exceeding base and break-even economics. Our built-in operating leverage and proven track record of disciplined and intentional growth have positioned us well to support increasing producer activity levels. Our systems have significant capacity to grow alongside the needs of our customers. And because of our large infrastructure projects are complete, we now have opportunities for bolt-on expansion projects with quicker in-service dates, attractive returns, and minimal capital requirements. Not only are we expecting strong activity going forward, but our position in the key U.S. shale basins provides us a long runway to continue our efforts to help address increasing domestic and international energy demand. Current events continue to demonstrate the importance of natural gas and natural gas liquids in a long-term energy transformation and highlight the critical role that One Oak plays in providing essential energy products and services. Before I hand the call over, I'd like to discuss the recent weather events that have impacted our Rocky Mountain Region operations in April and into early May. First of all, I want to thank our employees in the area and those who supported from other locations to ensure that we were as prepared as possible for these two unprecedented winter events within a two week period. The severe April storms caused blizzard conditions, record setting snowfall, high winds, and extensive power outages across North Dakota, Montana, and South Dakota. A number of our employees staffed facilities during these conditions to maintain the safe and reliable operations of our assets. Many of these employees were also dealing with lost power and damage at their own homes. Widespread outages left many of our facilities without power for several days and a significant number of wells across the Wilson Basin were shut in. Our primary focus has been on the safety of our employees, assets, and the communities where we operate as we continue to work through the full impact of the storms. Due to the basin-wide power outages, our April Rocky Mountain region volumes were reduced in both our natural gas gathering and processing and natural gas liquid segments by approximately 20%. May volumes will continue to be impacted as downed power lines are replaced. Currently, our process volumes are more than 1.1 billion cubic feet per day and our NGL volumes are more than 320,000 barrels per day and trending up as shut-in wells are brought back online. The coordination during and since these weather events with our customers, local agencies, communities, and other operators in the area has been impressive. Once again, highlighting the resiliency of our employees, assets, and our customers. Even with this late winter storm, we are affirming our financial guidance ranges and midpoints for both adjusted EBITDA and earnings per share. With that, I'll turn the call over to Walt for discussion of our financial performance. Thank you, Pierce.