Targa Resources, Inc.

Good afternoon, ladies and gentlemen, and welcome to the Target Resources Corporation second quarter 2019 earnings webcast and presentation. At this time, all participants are in listen-only mode. Later, we will conduct a question-and-answer session, and instructions will follow at that time. If anyone should require assistance during the conference, please press start and zero on your touchstone telephone. As a reminder, this conference call is being recorded. I would now like to turn the conference over to your host, Sanjay Lad, Director of Investor Relations. Sir, please go ahead.

Thank you, Tom. Good morning and welcome to the second quarter 2019 earnings call for Targa Resources Corp. The second quarter earnings release for Targa Resources Corp., Targa, TRC, or the company is along with the second quarter earnings supplement presentation are available on the investor section of our website at targoresources.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 statement. 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 10-K for the year ended December 31st, 2018, and subsequently filed reports with you. Our speakers for the call today will be Joe Bob Perkins, Chief Executive Officer, Matt Malloy, President, and Jen Neal, Chief Financial Officer. We will also have the following senior management team members available for the Q&A session. Pat McDonnie, President, Gathering and Processing, Scott Pryor, President, Logistics and Marketing, and Bobby Mararo, Chief Commercial Officer. Joe Bob will begin today's call with a few strategic highlights, followed by Matt, who will provide an update on business outlook, And then Jen will discuss second quarter results before we take your questions. Before I turn the call over to Joe Bob, I'd like to bring your attention to an update to our company website. We recently introduced a new page to our company website presenting our initial sustainability disclosures. We highlight our framework of policies, practices, and systems in the areas of safety, environmental, social, and governance, complemented by our focus towards continuous improvement in these areas. We plan to continue to progress our disclosures in these areas as we move forward. And with that, I'll now turn the call over to Joe Bob.

Thanks, Sanjay. Good morning, everyone. Before we get into our prepared remarks this morning, I want to take a moment to mention our recently announced planned executive succession and management transition. As described in the press release, effective March 1, 2020, Matt will become the chief executive officer and will be elected to the board of directors. At the same time, I will become executive chairman of the board and will remain as a member of the management team. And Jim Whalen, our current executive chairman, will retire from the management team and will continue to serve on the board of directors. These changes early next year will continue the succession and transition in leadership long contemplated and developed under TARGET's ongoing management succession plan, of course, developed with and approved by TARGET's Board of Directors. Matt is ready for and largely already performing his next role, and I look forward to continuing to work with him, the executive team, and TARGET's Board of Directors as executive chairmen. On behalf of the entire TARGET team, I want to take this opportunity to thank Jim Whalen for his dedicated service and invaluable contributions on the management team. And as a member of our board across TARGET's history, it is a privilege to work alongside Jim. Although it's hard for me to imagine Jim not being a part of the management team, we expect to continue to benefit from his wisdom as a readily accessible and highly interested board member. Taking off the prepared remarks, it continues to be a special time at Targa with multiple important growth projects recently online. And we look forward to increasing cash flow contributions from these highly strategic assets now online. Especially important is our Grand Prix NGL pipeline, which just started flowing NGLs all the way to Montbellevue. We announced that we were building Grand Prix more than two years ago, and it's the largest and clearly most strategic single project in Targa's history, now having the pipeline in service, is the realization of our integrated vision and a lot of hard work by many Targa people. Thank you to everyone who's been involved in this key project for Targa. It really underpins our excitement about the near term and longer term for our company. With our premier assets, and customer reputation in both our gathering and processing business and our downstream NGL business, with the Grand Prix pipeline further integrating those businesses, and with talented leadership and employees, TARGA is exceedingly well positioned for the future. With that, I'll now turn it over to Matt.