Pembina Pipeline Corp. Ordinary Shares (Canada)

to the Pembina Pipeline Corporation Q3 2023 results conference call. At this time, all lines are in an assembly 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 3rd, 2023. I would now like to turn the conference over to Cameron Goldade, Chief Financial Officer. Please go ahead.

Thank you, Julie, and good morning, everyone. Welcome to Pemina's conference call and webcast to review highlights from the third quarter of 2023. On the call with me today are Scott Burrows, President and Chief Executive Officer, along with other members of Pemina's senior leadership 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 discussion analysis dated November 2, 2023, where the period ended September 30, 2023, as well as the press release Pemina issued yesterday, which are available online at Pemina.com and on both CDAR and EDGAR. I'll now turn things over to Scott to make some opening remarks.

Thanks, Cam. We were pleased yesterday to report our third quarter results, which included earnings of $346 million and record quarterly adjusted EBITDA of just over $1 billion. The record quarter reflects the strength of Pemina's business, including growing volumes and rising utilization across many systems, along with another strong contribution from Pemina's marketing business. Whereas first half results were impacted by wildfires and northern pipeline outage, We believe the third quarter more accurately reflects the underlying positive momentum in the Western Canadian sedimentary basin. This is demonstrated most notably by the nearly 6% year-over-year increase in third quarter volumes in the conventional pipeline business. Given year-to-date results and our outlook for the fourth quarter, we have raised our 2023 adjusted EBITDA guidance range to $3.75 billion to $3.85 billion, and Cam will address that more fully in a moment. On the commercial front, we signed new long-term contracts for 25,000 barrels per day on the Peace Pipeline system. And at our Redwater complex, we extended an existing 25,000 barrel per day contract that was set to expire in 2027 and now runs through 2032. Further, we continue to advance discussions with customers related to the ongoing contracting of the recently announced RFS4 expansion. And on October 3rd, 2023, we reactivated the approximately 100,000 barrel per day Nipissi pipeline system to serve customers in the rapidly growing Clearwater oil play. The reactivation was supported by a significant long-term commitment with an anchor customer, and given the outlook for continued growth in the Clearwater, discussions continue with several producers in the area regarding potential additional long-term contractual commitments. On the major project front, we continue to progress our Phase 8 Peace Pipeline expansion and our RFS4 expansion at the Redwater Complex. Most notably, the Phase 8 project capital budget has been revised lower by $55 million to $475 million. The revised cost reflects highly effective project management and execution, favorable weather conditions, and productive contractor relationships. We will continue to bring new pump stations into service before year end and expect the pipeline to be in service in the first half of 2024. Our experience with Phase 8 is another example supporting Pemina's track record of strong project execution. And we continue to progress our CEDAR LNG project with our partner, the Haisla Nation. The remaining final investment decision deliverables continue to progress, including finalizing the lump sum engineering procurement and construction contract, the definitive liquefaction tolling agreements, the inter-project agreements with Coastal Gas Link and LNG Canada, as well as project financing. Target FID continues to be by the end of 2023. However, given the need to align multiple workstreams, FID may move into early 2024. And finally, given the volume of public and stakeholder interest in the TMX divestment process as it pertains to Pemina, I would like to clarify our perspective on this situation. In 2021, Pemina was honored to have been selected by Western Indigenous Pipeline Group, or WIPG, as its industry partner to form Chinook Pathways, an Indigenous-led partnership in pursuit of ownership in the Trans Mountain Pipeline. The federal government recently initiated the first phase of the Trans Mountain divestiture process, to progress their commitment to meaningful Indigenous economic participation in the asset. There's no defined timeline for completion of this phase, and neither Chinook Pathways nor Pemina is eligible to participate in the first phase. A subsequent phase for the sale of the remaining equity interest is still undefined. Based on public information, the earliest the divestment of the asset could likely occur is the end of 2024, and there appears to be outstanding regulatory construction and tolling issues that pose further schedule costs and divestment timing uncertainty. Pemina, like any other prudent commercial purchaser, requires the many outstanding issues related to the project to crystallize in order to prudently and appropriately assess the opportunity and determine next steps. Further, as we evaluate any potential role in the TMX process, or just like any other organic or M&A opportunity, you can expect Pemina to maintain its financial discipline and commitment to the financial guardrails, including maintaining a strong balance sheet and strong BBB credit rating as we have in the past. Pemina continues to have a robust portfolio of in-strategy investment opportunities, and any opportunity, internal or external, will have to compete for capital against alternative uses. I will now turn things over to Cam to discuss in more detail the financial highlights for the third quarter of 2023. Thank you, Scott.