Pembina Pipeline Corp. Ordinary Shares (Canada)

Ladies and gentlemen, thank you for standing by and welcome to the Pembina Pipeline Corporation 2020 First Quarter Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press star 0. I would now like to hand the conference over to your speaker today, Scott Burrows, Senior Vice President and Chief Financial Officer. Thank you. Please go ahead, sir.

Scott Burrows C.F.A. are perhaps past the peak. Part of the economy Scott Burrows C.F.A. While the first quarter results are indeed strong, Since early March, Pamina has taken significant action to respond Scott Burrows C.F.A. The decision to continue spending on the remaining projects was informed by the fact that all were well-advanced or nearing completion and therefore expected to contribute incremental adjusted EBITDA in the near future. By contrast, the deferred projects were in the early stages of planning or construction. Planning, engineering, and regulatory work done to date on the deferred projects will allow Pemina to resume these projects to meet customers' needs when global energy prices and the broader economic environment are supportive. The recent action complements our longstanding commitment to our financial guardrails, which have positioned Pemina well to address today's challenging business environment. To recap the key points underlying Pemina's resiliency, we are currently benefiting from the following. First, the underlying business remains highly contracted, with between 90% to 95% of 2020 adjusted EBITDA supported by long-term They are currently rated BBB with stable outlook by both Standard & Poor's and BBB with stable trend by EGRS. Both agencies have publicly affirmed those ratings within the past two weeks. Finally, the company has ample liquidity with $2.5 billion of available cash and borrowing capacity, including a new $800 million revolving credit facility Canada recently announced and the proceeds from a five-year, $250 million U.S. non-revolving term loan that we announced yesterday. With our recent May note repayment, we have no further maturities in 2020. Given the challenging circumstances facing us, we feel we have taken steps necessary to protect Pemina's financial position, and we are demonstrating the strength and the resiliency of Pemina's diversified and integrated business during the most difficult period in Pemina's history. In addition to our own actions, we are carefully monitoring our customers' responses. As energy prices The volume declines across Thank you for joining us today. We do, however, look forward to providing an update at our AGM, which is held today at 2 p.m. Mountain Time, 4 p.m. Eastern Time. This year, the AGM will be held as a virtual-only meeting, which will be conducted via live audio webcast. Participants are recommended to register for the virtual webcast at least 10 minutes before the presentation start time. For further information on Pemina's virtual AGM, including a copy of the AGM presentation, please visit the shareholder information page under the

Thank you. At this time, I would like to remind everyone, in order to ask a question, press star, number one on your telephone keypad. Your first question comes from Jeremy Thomas of JPMorgan. Your line is open.