ONEOK, Inc.

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

Thank you, Drew, and welcome to OneOak's fourth quarter and year-end 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 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 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. And good morning, everyone, and thank you for joining us this morning. On today's call is Walt Holtz, the Chief Financial Officer, Treasurer, and Executive Vice President, Investor Relations and Corporate Development. and Sheridan Swartz, who's our Executive Vice President, Commercial Liquids and Natural Gas Gathering and Processing. Also available to answer your questions are Chuck Kelly, our Senior Vice President, Natural Gas Pipelines, and Kevin Burdick, who's the Executive Vice President of Chief Enterprise Services. Record volumes, strong financial performance, and the closing of the Magellan acquisition solidified 2023 as a year of significant growth and transformation for One Oak. Momentum from our operations in 2023 is setting the stage for additional growth in 2024. With our earnings release yesterday, we reported double-digit NGL and natural gas processing volume growth year over year and continued fee-based earnings growth in all three of our legacy business segments. We also provided 2024 guidance, along with some insight into 2025 and beyond, including an expectation for double-digit adjusted EBITDA growth in 2024. Walt will provide more detail on our guidance, which is underscored by solid business fundamentals, demand for the products that we deliver, and a full year of earnings contribution from our refined products and crude oil segments. the initial realization of acquisition-related synergies. Before I turn the call over to Walt, I want to share a few data points that help sum up the exceptional growth One Oak has experienced in recent years. While our business continues to transform and to look to the future, it's still important to reflect on what has already been accomplished. I'll share just a handful of highlights, but there are many more. First, 2023 marked One Oak's 10th consecutive year of adjusted EBITDA growth throughout various commodity cycles. Over the same time period, we've increased dividends paid to $3.82 per share from $1.48 per share, a more than 150% increase. And in January, the board approved another increase. Our volumes out of the Rocky Mountain region have set numerous records. Over the last five years alone, NGL volumes from the region have grown at a more than 20% annual growth rate, and natural gas processing volumes have grown at a 10% annual growth rate. We've continued to expand our asset portfolio, increasing our extensive pipeline network to more than 50,000 miles from approximately 30,000 miles in 2013. and adding nearly two BCF per day of natural gas processing capacity and three fractionators. And finally, through all of this growth, both internally and by acquisition, we've continued to prioritize safety and our sustainability and ESG-related performance, consistently ranking toward the top of our industry peer group, including a AAA rating from MSCI. We've achieved a great deal in recent years and over the course of our company's history and now with a more diversified portfolio of assets, we are even better positioned to make the most of future opportunities. With that, I'll turn the call over to Walt.