Targa Resources, Inc.

Good day and thank you for standing by. Welcome to the Target Resource Corps' first quarter 2025 earnings conference call. 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 this session, you will need to press star 11 on your telephone. You will then hear an automated message advising you your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Tristan Richardson, Vice President, Investor Relations and Fundamentals. Please go ahead.

Thanks, Michelle. Good morning and welcome to the first quarter 2025 earnings call for Target Resources Corp. The first quarter earnings released along with the first quarter supplement presentation that accompany our call are available on our website at TargetResources.com in the investors section. In addition, an updated investor presentation has also been posted to our website. Statements made during this call that might include targets, expectations, or predictions should be considered forward-looking statements within the meaning of this Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in forward-looking statements. For discussion of factors that could cause actual results to differ, please refer to our latest SEC filings. Our speakers for the call today will be Matt Malloy, Chief Executive Officer, Jen Neal, President, and Will Byers, Chief Financial Officer. Additionally, members of TARGA senior management will be available for Q&A, including Pat McDonnie, President, Gathering and Processing, Scott Pryor, President, Logistics and Transportation, and Bobby Marrero, Chief Commercial Officer. I'll now turn the call over to Matt.

Thanks, Tristan, and good morning, everyone. We have spent the last many years positioning TARGA to be successful across changing environments and to be a beneficiary of market volatility and are proud of our execution across the first four months of the year. We reported record quarterly adjusted EBITDA, despite our volumes being impacted by several winter weather events. And as we look across the balance of 2025, we feel very good about our outlook. We stepped into global market volatility to opportunistically repurchase nearly $215 million worth of common shares so far this year. We have and will continue to manage the evolving global tariff impacts and have done an excellent job of purchasing steel in advance to limit our potential exposure on capital projects underway. Just as Targa spent the last many years strengthening our positioning, the rest of the energy value chain has done the same, meaning the industry, we believe, is largely well positioned to manage through any environment with much stronger balance sheets and financial flexibility. We have seen the forward Crude price curves shift lower and our customers are not indicating material changes to their drilling programs for 2025 and 2026, which means we continue to expect meaningful volume growth going forward. In lower commodity price environments, producers typically focus on drilling their highest returning wells, which if you take 2020 as an example, meant rigs left the Permian Basin last and ultimately helped drive record volumes for Targa as we grew volumes in the Permian despite significant impacts from COVID. Since 2020, we have built an excellent footprint across the Delaware Basin to complement our Midland Basin footprint and believe that our best-in-class producer customers have the most resilient underlying drilling inventory. Our core value proposition of increasing adjusted EBITDA and increasing common dividend per share and declining share count is unchanged. We believe that our integrated asset footprint, largest position in the Permian and strong financial position, more than 90% fee-based, investment-grade rating, and leverage ratio at the midpoint of our long-term target range will allow us to continue to generate attractive returns and return an increasing amount of capital to our shareholders. Before I turn the call over to Jen to discuss operations in more detail, I would like to thank the target team for their continued focus on safety and execution, even while navigating some difficult winter weather in the first quarter, while continuing to provide best-in-class service and reliability to our customers.