ONEOK, Inc.

Good day and welcome to the One Oak First Quarter 2024 Earnings Conference Call and Webcast. All participants will be in listen-only mode. Should you need assistance, 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 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 Sciola, Vice President of Investor Relations. Please go ahead.

Thank you, Megan. And welcome to OneOaks First Quarter 2024 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 discussion of factors that could cause actual results to differ, please refer to our SEC file links. Just a reminder for Q&A, we ask that you limit yourself to one question and a follow-up 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, the Chief Financial Officer, Treasurer, and Executive Vice President, Investor Relations and Corporate Development, and Sheridan Swords, Executive Vice President, Commercial Liquids and Natural Gas Gathering and Processing. Also available to answer your questions are Chuck Kelly, Senior Vice President of Natural Gas Pipelines, and Kevin Burdick, our Executive Vice President and Chief Enterprise Services Officer. Yesterday, we announced first quarter 2024 earnings and increased our full year 2024 financial guidance. Solid results during the first quarter were supported by higher year-over-year volumes in the Rocky Mountain region and contributions from the refined products and crude segment. The efforts of our employees were highlighted once again as we were able to effectively manage through the winter weather during the quarter. Heating degree days were actually higher than normal in January, but it was the temporary acute cold and excessive wind that caused a deviation from normal operations. Volumes have rebounded across our systems and we're continuing to see volume trends higher, providing additional confidence in our expectations for the remainder of the year. Our increase to 2024 financial guidance was driven by two primary key factors. First, favorable industrial across our systems, which is supply and demand, that are contributing to volume growth and providing significant momentum for the remainder of 2024 and into 2025. And second, the continued confidence in our ability to realize meaningful commercial and cost synergies. We remain focused on the integration efforts following the acquisition of Magellan last year. Our management team has spent the past several months meeting with employees and visiting assets across all of our operations. Our employees see the value of our combined businesses and are excited about the opportunities ahead. Through collaboration between business segments and the innovation of our employees, we are on pace to exceed our 2024 synergy goals, while most importantly, putting safety first. We also see growth across our systems from producer productivity. favorable commodity prices, and continued demand for our products and services, or as we previously mentioned, favorable industrial fundamentals. One potential significant source of future natural gas demand is expected to increase in power generation required to serve AI-driven data centers. 1UP, like other natural gas pipeline operators, will play a role. We have already had conversations with several of our large electric power generation customers and power developers who anticipate the need for additional natural gas transportation to address this future AI data center-related power demand. As the need for future power generation increases, domestic natural gas demand is projected to increase. This is going to affect the entire midstream value chain, and One Oak is positioned to play a meaningful role. Today, we serve numerous natural gas-fired power plants across our system, and many of those customers are looking to expand, some related to AI and others, to address general power demand. We also continue to see supported demand and fundamentals for the NGLs and refined products across our system. Ethane remains a highly preferred feedstock for the petrochemical facilities. NGL export strengths continue. and a seasonal refined product demand for travel and agriculture is picking up. We remain focused on expanding and extending our systems in ways that align with our customers and the market's needs. One Oak now larger in scale will continue to support our efforts to help address domestic and international energy demand, contribute to the energy security of our nation, and maintain our critical role in the long-term energy transformation. With that, I'll turn the call over to Walt. Thank you, Pierce.