Pembina Pipeline Corp. Ordinary Shares (Canada)

Good morning, ladies and gentlemen, and welcome to the PEMBA Pipeline Corporation 2022 third quarter results conference call. At this time, all lines are in listen-only mode. Following the presentation, we'll conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Friday, November 4th, 2022. I would now like to turn the conference over to Cameron Goldade. Chief Financial Officer, please go ahead.

Thank you, Colin, and good morning, everyone. Welcome to Pemina's conference call and webcast to review highlights from the third quarter of 2022. On the call today, we also have Scott Burrows, President and Chief Executive Officer, Jared Sprote, Senior Vice President and Chief Operating Officer, and Janet LaDuca, Senior Vice President, External Affairs and Chief Legal and Sustainability Officer. I would 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's discussion and analysis dated November 3rd, 2022, for the period ended September 30th, 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.

In the third quarter, Pemina delivered strong financial results, highlighted by a justity of nearly $1 billion. As with the prior two quarters of this year, the third quarter benefited primarily from rising volumes on key systems and strong performance within the marketing business. We benefited this quarter from a wider Chicago Eco gas price differential and a wider condensate price differential between Western Canada and the U.S. Gulf Coast. However, while commodity prices and differential certainly worked in our favor, overall the quarter was a great combination of volume-driven results in the base business and tailwinds in the marketing business. We are pleased that stronger-than-expected year-to-date results have allowed us to raise our 2022 guidance again, with full-year adjusted EBITDA now expected to be in the range of $3.625 to $3.725 billion. Along with strong financial results, the quarter was punctuated by the closing of the transaction to create Pemina Gas Infrastructure, or PGI, with our partner KKR, and the 3.6% increase to Pemina's common share monthly dividend. The integration of PGI is going well, and we look forward to realizing the benefits of this transaction. We see tremendous opportunity to enhance utilization across PGI's asset base and look forward to working with KKR to pursue future growth opportunities through this premier Western Canadian gas processing entity. In fact, a key area of focus at Pemina over the next 12 to 24 months will be growing cash flow by increasing utilization of all of our existing assets, gas plants, pipelines, and fractionation facilities. This is highly accretive growth given the modest capital spending required. As volumes grow, Pemina continues to have success signing new long-term contracts. In addition to the previously disclosed commercial agreements recently signed with three leading Northeast BC producers, Pemina has successfully contracted incremental volumes on its conventional pipelines and its fractionation facilities, the latter reflective of a broader trend of increased utilization and tightening of capacity across the industry. Further, the recontracting success we have had during the first half of 2022 on the Alliance pipeline continued in the third quarter, albeit for smaller volumes. And with rising activity in the Clearwater oil play, we are exploring options to reactivate the Nipissi pipeline and are in discussions with various customers regarding long-term contractual commitments. We also continue to progress our portfolio growth projects, notably by completing construction and undertaking commissioning activities at the Empress Cogen facility and advancing construction on our Phase 8 and Phase 9 Peace Pipeline expansion projects. As well, we advanced development of Cedar LNG and an additional fractionator at our Redwater complex and continue to work towards final investment decisions on both projects. Finally, I would like to note that Pemina recently released its latest sustainability report, which is available on our website. The report features the many accomplishments Pemina has had over the past two years, including those related to our greenhouse gas reduction target, our progress on equity, diversity, and inclusion metrics, and our transformational Indigenous partnerships. And notably, the report enhances our disclosure in key areas and better aligns us with leading ESG disclosure standards, namely SASB and TCFD. I will now pass the call over to Cam to discuss in more detail the financial highlights for the third quarter.