Pembina Pipeline Corp. Ordinary Shares (Canada)

Good morning, ladies and gentlemen, and welcome to the Pampanet Pipeline Corporation Q1 2023 results. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you need assistance, please press star zero for the operator. This call is being recorded on Friday, May 5th, 2023. I would now like to turn the conference over to Cameron Goldate, Chief Financial Officer. Please go ahead.

Thank you, Joanna. Good morning, everyone. Welcome to Pemina's conference call and webcast to review highlights from the first quarter of 2023. On the call today we have Scott Burrows, President and Chief Executive Officer, along with other members of Pemina's senior officer team including Jared Sprote, Janet LaDuca, Stu Taylor, and Chris Sherman. I would 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's discussion and analysis data at May 4, 2023, where the period ended March 31, 2023, 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. The first quarter, Pemina reported earnings of $369 million and adjusted EBITDA of $947 million, which reflects continued strength in the Western Canadian Sedimentary Basin, growing demand for services from customers, and another strong contribution from our marketing business. Overall, we maintained first quarter volumes across the conventional pipelines, consistent with the same period in the prior year, and we were happy to see volume growth from rising industry activity northern pipeline system outage. We resume partial service of the northern system on February 23rd and look forward to the resumption of full service sometime in the latter half of the second quarter. And with that, seeing our full impact of growing producer activity reflected in PEMNA's results for the rest of the year. As we highlighted with our release yesterday, there's been exciting progress on a number of fronts. First, CEDAR LNG recently received its Environmental Assessment Certificate from the BC Environmental Assessment Office and a positive decision statement from the Federal Minister of Environment and Climate Change, which collectively represent a significant step forward for the project. In addition, we signed a Memorandum of Understanding with ARC Resources for a long-term liquefaction services agreement for half the capacity of CEDAR LNG. Work towards signing a definitive commercial agreement is ongoing. Cedar LNG is expected to be structured as a tolling business, providing a low-risk, long-term cash flow stream, further strengthening PEMMA's financial resilience. We continue to expect activities related to our four work streams, engineering, regulatory, commercial, and financing, to converge for a final investment decision to be made in the end of the third quarter of 2023. We have continued to achieve many commercial successes, securing and strengthening the contractual underpinning of our business. Strong liquid prices and financially well-positioned and capable producers are leading to current growth in the basin, and longer term, we see the industry readying itself to capitalize on West Coast LNG development, the Trans Mountain Pipeline expansion, and growth in Alberta's petrochemical industry. We maintain our positive outlook for growth in the WCSB and in the Northeast BC Montney in particular, where certain large producers continue to signal the potential for significant visible multi-year growth. We previously disclosed the long-term midstream service agreement signed in 2022 with three premier Northeast BC Montney producers for transportation and fractionation services. Based on the company's public disclosure, this could represent in excess of 120,000 barrels per day of incremental NGLs and condensate by 2030, for which Pemina has contractual rights to substantially all. In addition, we have recently secured additional long-term production and facility dedications and executed new pipeline transportation contracts with existing customers for approximately 65,000 barrels per day of incremental volume across the peace pipeline system. Customers continue to demonstrate the value they place on the peace system. the backbone of Pemina's integrated value chain. Given its many advantages, including its extensive reach, capacity of 1.1 million barrels per day, product segregation across four commodities, high reliability, low operating costs, and multiple delivery points, service on the Peace Pipeline continues to be in high demand. Third, the sale of Pemina Gas Infrastructure's interest in the Key Access Pipeline system was completed on April 26. Proceeds from the sale were used to reduce debt at Pemina Gas Infrastructure. Fourth, the phase eight piece pipeline expansion continues to progress well. Pipe manufacturing is complete and construction progressed at several locations in the first quarter of 2023. The project has an estimated cost of approximately $530 million and is now trending under budget. We expect phase eight to enter service in the first half of 2024 with three pump stations expected to enter service in 2023. This continues our track record of pipeline construction being a core competency at Pemina. And finally, I am pleased to say that we have raised our quarterly common share dividend by 1.5 cents per share, or 2.3%, beginning with the dividend to be paid in June. Inclusive of the increase declared last September associated with the closing of PGI transaction, our dividend is approximately 6% higher year over year, reflecting both the impact of our strategy and our financial resilience. I will now turn things over to Cam to discuss in more detail the financial highlights of our first quarter of 2023. Thanks, Scott.