Targa Resources, Inc.

At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Sanjay Ladd, VP of Finance and Investor Relations. Please go ahead.

Thanks, Gigi. Good morning and welcome to the third quarter 2022 earnings call for Target Resources Corp. The third quarter earnings release along with the third quarter earnings supplement presentation for Target Resources that accompany our call are available on our website at TargetResources.com in the investor section. In addition, an updated investor presentation has also been posted to our website. Statements made during this call that might include target resources, expectations, or predictions should be considered forward-looking statements within the meaning of Section 21E of the Security Exchange Act of 1934. Actual results could differ materially from those projected in forward-looking statements. For the discussion of factors that could cause actual results to differ, please refer to our most recent annual report on Form 10-K, and latest SEC filing. Our speakers for the call today will be Matt Molloy, Chief Executive Officer, Pat McDonnie, President, Gathering and Processing, Scott Pryor, President, Logistics and Transportation, Robert Moraro, Chief Commercial Officer, and Jen Neal, Chief Financial Officer. I will now turn the call over to Matt, who is recovering from laryngitis, but his comments and Q&A participation today will be limited.

Thanks, Sanjay, and good morning. And apologies for my hoarse voice. Our overall business is continuing to perform well, and our strong execution continued across the third quarter, including record high quarterly EBITDA, record volumes in the Permian, record NGL transportation and fractionation volumes, integration of our Delaware Basin acquisition, successfully bringing on two plants in the Permian basin safely ahead of schedule and on budget, 73 million of opportunistic common share repurchases, and we were also recently added to the S&P 500. Our record third quarter EBITDA was attributable to higher base business volumes, particularly in the Permian, plus a partial quarter contribution from our Delaware basin acquisition. While commodity prices are significantly lower than the assumptions underlying the updated full-year 2022 financial expectations that we provided in early August, there is no change to our expectation to generate full-year adjusted EBITDA between $2.85 billion and $2.95 billion. Given the significant growth in volumes that we expect looking forward and to catch up on some of our Delaware Basin infrastructure, We announced this morning that we are moving forward with a new 275 million cubic feet per day gas processing plant in the Permian, Delaware, which we are calling the Wildcat II plant. The growth in volumes across our GMP business also necessitated the announcement this morning that we are kicking off construction of the Daytona NGL pipeline, which will transport volumes from the Permian Basin and connect to our existing segment of Grand Prix in North Texas to move volumes down to Mont Bellevue. The acceleration of these additional projects shifts some spending into 2022, but there is no change to our year-end 2022 leverage ratio expectation of about 3.5 times, meaning we continue to have significant financial flexibility looking forward. Before I turn the call over to Pat, I would like to extend a thank you to our employees for their continued focus on safety while executing on our strategic priorities and continuing to provide best-in-class services to our customers. I will now turn it over to Pat to discuss our GMP operations in more detail. Pat?