Targa Resources, Inc.

Good day, ladies and gentlemen. Thank you for standing by, and welcome to Target Resources Corp. First Quarter 2019 Earnings Conference Call. At this time, all participants are on a listen-only mode. Later, we'll conduct a question-and-answer session, and instructions will follow at that time. If you should require any assistance during the call, please press star then zero on your touch-tone telephone for appropriate assistance. As a reminder, this conference is being recorded. I will now turn the conference over to our host, Sanjaya Lead, Director of Investor Relations. Please go ahead, sir.

Thank you, Olivia. Good morning and welcome to the first quarter 2019 earnings call for Targa Resources Corp. The first quarter earnings release for Targa Resources Corp, Targa, TRC, or the company, along with the first quarter earnings supplement presentation are available on the investor section of our website at targaresources.com. In addition, an updated investor presentation has also been posted to our website. Any statements made during this call that might include the company's expectations or predictions should be considered forward-looking statements and are covered by the safe harbor provision of the Securities Act of 1933 and 1934. Please note that actual results could differ materially from those projected in any forward-looking statements. For discussion of factors that could cause actual results to differ, please refer to our recent SEC filings, including the company's annual report on Form 10-K for the year ended December 31st, 2018, and subsequently filed reports with the SEC. Our speakers for the call today will be Jovah Perkins, Chief Executive Officer, Jen Neal, Chief Financial Officer, and Matt Malloy, President. We will also have the following senior management team members available for Q&A. Pat McDonnie, President, Gathering and Processing, Scott Pryor, President, Logistics and Marketing, and Bobby Marrero, Chief Commercial Officer. Joe Bob will begin today's call with a few strategic highlights, followed by Jen, who will discuss first quarter results, and then Matt will provide an update on Business Outlook and CapEx Outlook before we take your questions. I will now turn the call over to Joe Bob.

Thanks, Sanjay. Good morning. Thank you to everyone for joining the first quarter 2019 call. Before we get into our prepared remarks this morning, I'd like to acknowledge the recent retirement of our friend Mike Heim, effective April 30th, consistent with the long-term succession planning of the management team and our board of directors. As Target's founding chief operating officer, Mike had been involved in almost every major acquisition or major project and help create and develop our operations, engineering, ES&H, and commercial functions. Mike's impact on Target has been enormous and will endure as we continue to build on our position as a leading midstream company. Most recently, Mike served on the executive team as vice chairman of our boards of directors and continued to provide oversight, wisdom, advice, and counsel. On behalf of the Target team, we thank Mike for his role in founding this company and developing it into what it is today. been a privilege to work alongside Mike throughout Targa's 15-year history. We will miss him, but he will always be part of the Targa family legacy. So for this year, we have continued to execute on our strategic priorities, including closing on the sale of a 45% interest in our Badlands business, commencing operations on our Hobson plant in the Permian Midland, and train six fractionator in Montbellevue, and completing a new 20-inch pipeline in from Mont Bellevue to our LPG export facility in Galena Park. We also have several other projects underway coming online this year, including our Grand Prix MGL pipeline, 200 million cubic feet per day of incremental processing capacity in the Badlands, and 500 million cubic feet per day of incremental processing capacity in the Permian. In total, This means that about $3 billion of projects underway expected to come online this year, which will significantly strengthen our financial metrics over time as Targa moves to a self-funding model with increasing pre-cash flow. The natural trajectory of our capital spending relative to our cash flow is very positive, and we have continued to increase scrutiny with heightened discipline and prioritization on all future new capital projects so that we can continue to right-size our capital spend versus cash flow going forward. We will continue to pursue opportunities to align efficient capital spend with the activity levels of our customers and are rigorously prioritizing our CapEx backlog with a heightened focus around our core integrated strategy. This enhanced rigor around capital spending and strong expected cash flow growth positions TARGA very well for the next several years. With that, I'll now turn the call over to Jen to discuss TARGA's results for the first quarter.