Pembina Pipeline Corp. Ordinary Shares (Canada)

and welcome to the Pembina Pipeline Corporation 2022 First Quarter Results Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Mr. Cameron Gouldade. Please go ahead, sir.

Thank you, Anna. Good morning, everyone. Welcome to Pembina's conference call and webcast to review highlights from the first quarter of 2022. On the call with me today are Scott Burrows, President and Chief Executive Officer, Jared Sprout, Senior Vice President and Chief Operating Officer. Janet LaDuca, Senior Vice President, External Affairs and Chief Legal and Sustainability Officer. Stu Taylor, Senior Vice President, Marketing and New Ventures and Corporate Development Officer. And Ava Bishop, Senior Vice President, Corporate Services. 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 5, 2022, where the period ended March 31, 2022, as well as the press release Pemina issued yesterday, which are available online at Pemina.com and on both CDAR and EDGAR. I will now turn things over to Scott to make some opening remarks.

Thanks, Cam. We announced yesterday with the release of our quarterly results, 2022 is off to an excellent start. A strong contribution from our marketing business, growing volumes on many key systems, and the benefit of new assets placed into service over the past year allowed us to deliver record quarterly adjusted EBITDA of $1 billion, which is a significant achievement for the company. Physical volumes on Pemina's conventional pipeline systems which serve as a good proxy for Pemina's broader business, grew by nearly 5% in the first quarter of 2022 compared to the same period in 2021. That trend has continued into April with physical volumes reaching an all-time monthly high. As Cam will detail in a moment, with a strong first quarter and a positive outlook for the rest of the year, we have raised our 2022 adjusted EBITDA guidance to $3.45 to $3.6 billion. In addition to a strong financial quarter, we were excited yesterday to announce two additional important developments. The first was a 20-year midstream services agreement for the transportation and fractionation of liquids from ConocoPhillips Canada's Montney development in Northeast BC. Under the arrangement, which was preceded by the previously announced exclusivity agreement and subject to certain exclusions, ConocoPhillips Canada has dedicated liquids production from the majority of its acreage within its liquids-rich Northeast BC region of the Montney resource play. ConocoPhillips Canada is a premier producer in the area, and we are thrilled with this arrangement. The new agreement complements the previously announced agreement with a second Montney producer, which commits to Pamina volumes from a multi-phase development of the producer's Northeast BC Montney acreage on a take-or-pay basis upon the acreage being developed. Lastly, we have finalized commercial terms with a third leading Montney producer regarding significant long-term Northeast BC volume commitments and expect commercial agreements to be signed by mid-2022. Pemina sees the Northeast BC Monty as a strategically important area and a key driver of growth in the basin, and we are poised to benefit from new development. In an increasingly competitive environment, we continue to demonstrate the customer's value, the certainty and dependability of our infrastructure, our strong track record of safety and reliability, competitive fees, and integrated service offerings. As a result of these long-term commitments and agreements with that have been executed or are anticipated to be executed later this year, PEMIN expects to have secured the transportation rights to a significant portion of forecasted future growth in the Northeast BC Montney, which collectively will support improved utilization of existing assets as well as capital efficient expansion projects into the future. The second important announcement yesterday was to provide updates on our phased peace pipeline expansions. As a result of the Northeast BC commitments secured an ongoing conversation with other customers Pemina is pleased to be reactivating the previously deferred Phase 8 project, which will enable segregated pipeline service for ethane plus and propane plus NGL mix from the central Montney area at Gordondale, Alberta into the Edmonton area for market delivery. Based on the significant long-term commitments from leading producers, as I discussed, we have clear visibility to the demand for incremental capacity in this region, and as a result, we are confident in the decision to reactivate Phase 8 at this time. We are also looking forward to the expected placement into service of the Phase 7 expansion on June 1st, ahead of schedule and approximately $150 million under budget. As well, construction of Phase 9 expansion continues. We've updated the in-service date of that project to the fourth quarter of 2022. We also announced yesterday that Pemina will not proceed with the previously deferred expansion of the Prince Rupert Terminal at this time. Pemina's advantage unit training capabilities along with its current Prince Rupert Terminal, provide customers a diversified portfolio of markets. Given the outlook for strong domestic propane prices and new propane demand sources under development within the WCSB, Pemina believes it can provide customers with a high-value offering that meets their egress needs in the near to medium term. Pemina will continue to evaluate and enhance its portfolio of propane sales options and will consider future expansion opportunities as market conditions evolve. During the quarter, we also announced that Pemina and KKR will combine their respective Western Canadian natural gas processing assets into a single new joint venture entity, which we are currently calling Nuco. Pemina and KKR have been partners in Verison Midstream for over four years. We work well together and share a mutual desire to invest capital and generate attractive returns. The formation of this new joint venture is a natural extension of our relationship, unlocks value for Pemina, and creates another growth platform. We are extremely pleased to be creating this exciting new company with KKR to drive real synergies and deliver a wider suite of commercial opportunities. We also were pleased to announce our intention to increase Pemina's common share dividend by three quarters of a cent per share per month, or 3.6% upon closing of this transaction. We continue to work through the regulatory approval process associated with this transaction, and we are now planning for the transaction to close in the third quarter of 2022. On the ESG front, Pemina is delighted to be partnering with TC Energy to jointly develop a world-scale carbon transportation and sequestration system known as the Alberta Carbon Grid. This project over time could grow to sequester up to 20 million tons of CO2 per year and will allow Pemina to play a vital role in helping Alberta-based industries effectively manage emissions. During the first quarter, we were pleased when the government of Alberta announced the Alberta Carbon Grid has been successfully chosen to move to the next stage of the province's carbon capture, utilization, and storage process in the industrial heartland. This stage includes exploring how to safely develop carbon storage hubs north and northeast of Edmonton. We look forward to progressing this important project over the next few years. Finally, we continue to have success on Alliance pipeline recontracting. Recent open seasons, including six open seasons offered to the market during the first quarter of 2022, have resulted in Alliance being contracted over 90% for the current gas year and 75% for the next gas year. Over the past year, Alliance has become a real good news story as the recontracting success highlights the value of Alliance's reliable and highly competitive access to Midwestern U.S. gas markets and as a conduit to the Gulf Coast and its robust liquefied natural gas market. I will now pass the call over to Cam to discuss in more detail the financial highlights of the first quarter.