Pembina Pipeline Corp. Ordinary Shares (Canada)

first quarter 2024 results conference call. At this time, all lines are in listen-only mode. Following the presentation, we will 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, May 10th of 2024. I would now like to turn the conference over to Dan Tuchino, Vice President of Capital Markets. Please go ahead.

Thank you, Alan. Good morning, everyone. Welcome to Pemina's conference call and webcast to review highlights for the first quarter of 2024. On the call today, we have Scott Burrows, President and Chief Executive Officer, and Cameron Goldaid, Senior Vice President and Chief Financial Officer, along with other members of Pemina's leadership team, including Jared Sprout, 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-gap measures to learn more about these forward-looking statements and non-gap measures please see the company's management's discussion and analysis dated may 9 2024 for the period ended march 31st 2024 as well as the press release pam and i issued yesterday which are all available online at pamina.com and on both cedar and edgar i will now turn things over to scott to make some opening remarks thanks dan

A strong first quarter was highlighted by record adjusted EBITDA of $1.044 billion, which provided a great start to 2024 and built upon our great momentum from the second half of 2023. In addition, recent industry developments and company successes have further bolstered our enthusiasm for the future of Pemina. On April 1st, 2024, we announced the completion of the Alliance and OxAble acquisition. We are excited to further enhance our business by increasing our ownership in these unique and world-class assets. The Alliance and OxAble acquisition aligns with Pemina's strategy for growing and strengthening our existing franchise and providing greater exposure to resilient end-use markets and lighter hydrocarbons. We executed this transaction with discipline and accretively to our financial guardrails. In conjunction with the acquisition closing, Pemina updated its 2024 adjusted EBITDA guidance range to $4.05 billion to $4.3 billion, which at the midpoint represents a $300 million increase over the previous range. The revised outlook for 2024 primarily reflects the incremental contribution from increased ownership of Alliance and Oxable as well as stronger outlook in the marketing business due to wider frac spreads. As previously announced during the first quarter, Pemina entered into a long-term agreement with Dow Chemical to supply and transport up to 50,000 barrels per day of ethane to support the recently announced construction of a new integrated ethylene cracker and derivatives facility in Fort Saskatchewan. DOW's Path to Zero project is an important development for the industry, representing a significant increase in the current ethane demand in Alberta. Given Pemina's existing leading ethane supply and transportation business and extensive integrated value chain, there are multiple opportunities for the company to benefit from this new development through both existing asset base and new investment opportunities. Finally, Pemina recently announced significant achievements in the development of the proposed Cedar LNG project. including securing long-term commercial agreements and issuing a notice to proceed to its engineering, procurement, and construction contractors. Following these critical milestones, Cedar LNG and Pemina's partner, the Heisler Nation, have commenced their respective financing processes in advance of the final investment decision, which is expected by June 2024. On the major project front, the Phase 8 Peace Pipeline expansion has entered the commissioning stage and startup is expected this month. As well, the RFS4 expansion at the Redwater Complex in the Northeast BC midpoint pump station expansion are proceeding as planned and during the first quarter, Pemina gas infrastructure approved an expansion at the Wapiti gas plant that will increase natural gas processing capacity by 115 million cubic feet per day. Additionally, Pemina continues to evaluate further expansions to support volume growth in Northeast BC including new pipelines and terminal upgrades on the Northeast BC pipeline and downstream systems between Taylor, British Columbia, and Gordondale, Alberta. On April 23rd, 2024, Pemina filed its project application with the Canadian Energy Regulator. And finally, we are pleased to have raised our quarterly common share dividend by 2.25 cents per share, or 3.4%, beginning with the dividend to be paid in June. The increase reflects the continued growth of Pemina's fee-based business which is benefiting from rising volumes and increasing utilization across many of its assets. We recognize the importance of our sustainable, reliable, and growing dividend to our shareholders, and we are proud of our long track record in this regard. It has been a very strong start to 2020 forward, and we look forward to continuing the momentum. I will now turn things over to Cam to discuss in more detail the financial highlights for the first quarter.