Pembina Pipeline Corp. Ordinary Shares (Canada)

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

Thank you. Good morning, everyone, and welcome to Pemina's conference call and webcast to review highlights from the third quarter of 2020. I'm Scott Burrows, Senior Vice President and Chief Financial Officer. On the call with me today are Mick Dilger, President and Chief Executive Officer, Jason Boone, Senior Vice President and Chief Operating Officer Pipeline, Jaret Sprott, Senior Vice President and Chief Operating Officer Facilities, and Stu Taylor, Senior Vice President, Marketing and New Ventures and Corporate Development Officer. I'd like to remind you that some of the comments made today may be forward-looking in nature and are based on Pemina's current expectations, estimates, judgments and projections. Forward-looking statements we may express or imply today are subject to risks and uncertainties which could cause actual results to differ materially from expectations. Further, some of the information provided refers to non-GAAP measures. To learn more about these forward-looking statements and non-GAAP measures, please see the company's management discussion and analysis dated November 5, 2020, for the period ended September 30, 2020, which is available online at Pemlin.com and on both CDAR and EDGAR. Before we discuss the third quarter results, I'd like to first turn things over to Mick to make some opening remarks. Mick, over to you.

Thanks, Scott. Good morning, everyone, and hope you and your families are doing well. Once again, I'm really pleased with the corridor, particularly in our assets, asset-based businesses, the pipelines and facilities, which once again displayed the resilience of Pemina's business and the underlying strategy we've been executing for more than a decade. Our focus on integration across the value chain began over 10 years ago and has been extended many times through both construction and acquisition. Along with the integration came greater diversification of customers, commodities, and currencies, and we have become a stronger and more diversified company. We are proud of our resilience and the fact that Pemina expects 2020 adjusted EBITDA to remain within the company's original guidance range, albeit near the lower end of that range. While this guidance was provided almost one full year ago, and despite all that has happened in the world to both the energy sector and our business, We still expect to be about 95% of the midpoint of that original range. That's a strong testament not only to our business model, but to the strength of our customers and the commitment of our employees who are tasked with delivering over $100 million of cost savings. And we've operated these assets safely and reliably through this challenging year. Looking ahead, we see positive signs. Consolidation amongst Canadian energy companies is beginning to occur. and we'll strengthen our customer base. We're hopeful that an effective COVID-19 vaccine will be broadly available in 2021 and we expect a balancing of oil supply and demand by 2022 and all which those statements entail. Pemina remains well positioned to deliver tremendous shareholder value by sticking to the same basic principle we have used in the past, meaning we will focus on our four stakeholders, customers, Investors, Communities, and Employees. We'll continue to prudently allocate capital to the projects that provide competitive returns, improve our customers' profitability, and make Pamina better. We'll also continue to fund stable and growing dividend in the future. With that, I'll pass it back to Scott.