ONEOK, Inc.

Good morning, everyone, and welcome to the One Oak Second Quarter 2023 Earnings Content Call-In Webcast. All participants will be in listen-only mode for the duration of the call. Should you need assistance at any time, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star one on your telephone keypad, and to withdraw your question, please press star then two. Please note, this event is being recorded today. I would now like to turn the conference over to Andrew Zaiola, Vice President of Investor Relations. Please go ahead.

Thank you, MJ, and welcome to 1UP's second quarter 2023 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 of 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. Just a reminder for Q&A, we ask that you limit yourself to one question and a 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. On today's call is Walt Hulse, Chief Financial Officer and Executive Vice President, Investor Relations and Corporate Development, and Kevin Burdick, the Executive Vice President and Chief Commercial Officer. Also available to answer your questions are Sheridan Swords, our Senior Vice President, Natural Gas Liquids and Natural Gas Gathering and Processing, and Chuck Kelly, Senior Vice President, Natural Gas Pipelines. Yesterday, we announced second quarter 2023 earnings and increased our full year 2023 financial guidance. Strength in volumes across our operations, particularly in the Rocky Mountain region and Permian Basin, resulted in higher second quarter results, and positive momentum entering the second half of 2023. We continue working toward a successful closing of our pending merger transaction with Magellan, while remaining focused on the growth of our legacy assets. Initial activities have begun on two NGL pipeline expansion projects. The growth we are seeing across our existing operations is driving the need for these economically attractive projects. Walt and Kevin will talk more about the early work that we are doing on the Elk Creek and West Texas natural gas liquids pipelines. Regarding our pending acquisition of Magellan Midstream, we've recently accomplished two critical milestones toward completing the transaction, including the expiration of the HSR waiting period in June and the filing of the definitive proxy materials with the SEC in July. Proxy mailings are already hitting investors' mailboxes. As we look ahead to the shareholder and unit holder votes on September 21st, we're confident that the investors of both companies will see the compelling long-term value proposition this transaction brings, with immediate financial benefits and incremental growth through the combination of these two companies. Today we will walk you through both the macro and micro takeaways of our synergy assumptions. I will cover the macro, and Kevin will go into more detail with the micro explanations. On slide six in our earnings presentation, which was provided yesterday with our news release, you will see a summary of how we've organized the synergy opportunities we've identified to date and have targeted to realize as a combined company. You can see we have slotted these commercial opportunities into four categories and have provided a breakdown for both the assumed scenario in our proxy and for the incremental potential near-term commercial opportunities. So now I'd like to cover the macro takeaways from page six previously referenced. First, combined, these companies will have opportunities that were not possible as standalone companies. Second, batching and blending are done by both companies today. Therefore, these operational techniques are well understood by both companies. They are not new. But the difference is with these assets under one company's direction, batching and blending value can be realized on a larger scale. Third, With the exception of bundling, the three remaining commercial categories are within 100% of our control. This means that we make the decision to pursue opportunities if they make commercial and economical sense instead of relying on factors outside of our control. Fourth, as we integrate the two employee bases post-close, we can focus on widespread collaboration and believe that we will find even more opportunities not identified to date. And finally, there is significant potential value in the near term, the next one to four years, above our assumed case in the proxy. OneOak has proven our commercial creativity over the course of our company's transformative history. And together with Magellan's team, we believe our company's have many opportunities to continue improving the services that we offer to our customers and returning value to our investors. With that, I'll turn the call over to Walt Holtz for the discussion of our recent financial performance and guidance increase.