Pembina Pipeline Corp. Ordinary Shares (Canada)

Good day and thank you for standing by. Welcome to the Pembina Pipeline Corporation 2021 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 this 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 will now hand the conference over to your speaker today, Cameron Goldade, Pembina's Vice President, Capital Markets. Please go ahead.

Thank you, Christy. Good morning, everyone, and welcome to Pembina's conference call and webcast to review highlights from the first quarter of 2021. On the call with me today are Mick Dilger, President and Chief Executive Officer, Scott Burrows, Senior Vice President and Chief Financial Officer, Harry Anderson, Senior Vice President and Chief Operating Officer, Pipelines, Jaret Sprott Senior Vice President Chief Operating Officer Facilities Sue Taylor Senior Vice President Marketing and New Ventures and Corporate Development Officer and Janet Loduca Senior Vice President External Affairs and Chief Legal and Sustainability Officer I'd like to remind you that some of the comments made today may be forward-looking in nature and are based on PEMNA'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 May 6, 2021 for the period ended March 31, 2021, which is available online at Pemina.com and on both CDAR and EDGAR. I will now turn things over to Mick to make some opening remarks.

Good morning, everybody. I hope you're all doing well and enjoying the recovery of our sector. As you may have noted from the introduction, and as we announced yesterday, Pemina has recently undertaken certain executive changes. Two of Pemina's longstanding officers, Paul Murphy, Senior Vice President and Corporate Services Officer, and Jason Vieun, Senior Vice President and Chief Operating Officer Pipelines, retired at the end of March. As a result of these retirements, Janet Loduca has been promoted to Senior Vice President External Affairs and Chief Legal and Sustainability Officer and Harry Anderson has been appointed to Senior Vice President and Chief Operating Officer Pipelines. On behalf of everyone at Pemina, I congratulate Paul and Jason on their retirement and thank them for their decades-long contributions to Pemina's success. I congratulate both Harry and Janet and am excited to work with them in their new roles. As Scott will discuss more fully in a moment, that in the first quarter of 2021, Pemita delivered strong financial and operating results, reflecting increased commodity prices and sales and rising volumes on many of the systems and facilities. As we have talked about for each of the past few quarters, we continue to see steady increases in physical volumes on our systems, and we actually reached pre-pandemic levels in April. With many systems previously operating near take-or-pay levels throughout the second half of 2020, Pemina is beginning to realize the anticipated benefits of its operational leverage, or TORC, with incremental volumes providing higher margins. Stronger commodity prices also drove higher sales volumes and margins in our marketing business. Strong fundamentals in marketing were, however, offset by realized losses from our hedging program. In conjunction with strong first quarter results, Pemina is celebrating a few recent developments. The first is the startup of our Prince Rupert Terminal, or PRT. Dry commissioning of PRT was completed in March, and we have begun loading propane onto vessels in April. So far, two vessels have departed PRT, destined for international markets. I'm also pleased to announce that we have entered into a one-year agreement with the subsidiary of Mitsui, whereby they will purchase substantially all of the post-commissioning cargo shipped from PRT with the propane being primarily destined for Northeast Asia. It has been years in the making and the start of a PRT represents a major step forward in providing new market solutions and helping add incremental value to the commodities our customers sell. Alongside Pemina's Unitrain capabilities, PRT will link the rest of our natural gas liquids infrastructure in Western Canada with growing demand markets throughout the world. with the majority of the increased value flowing to those customers within Pemina's marketing pool. PRT has been a real ESG success story as well. Working together with the community, governments, and First Nations, Pemina was able to transform and repurpose a contaminated site on Watson Island, BC, and now moves propane off the West Coast. Pemina invested approximately $12 billion in remediation activities, and together with the City of Prince Rupert, removed a toxic and abandoned pulp mill replacing it with key income generating assets that will have lasting benefits for all stakeholders and that the community can be proud of. Secondly, we are also pleased to have signed our first renewable power deal representing another concrete step towards delivering on Pemina's carbon stand by lowering emission intensity of each of our businesses. We have signed a long-term 100 megawatt power purchase agreement or PPA with a subsidiary of TransAlta Corporation that supports development of 130 megawatt garden plane wind project in Alberta. The PPA provides significant benefits to Pembina including securing cost-competitive renewable energy and fixing the price for carbon of the power Pembina consumes. Further, the PPA is expected to generate approximately 135,000 tons of CO2 Pemina Pipeline Corp. Pemina Pipeline Corp. Pemina Pipeline Corp. Emperors Facilities represent approximately 7% of Pemina's 2019 reported greenhouse gas emissions. Pemina has committed to reducing the carbon intensity of each business it operates, and by the end of 2021 will have taken concrete action in this area by publishing five-year emission targets. Finally, Pemina through its joint venture, Verison Midstream, safely completed the startup of the HITE developments at the existing HITE gas plant. After a challenging 2020, I'm pleased to see us deliver a strong start to the year with positive momentum developing on many fronts. With that, I'll pass it over to Scott.