Calfrac Well Services Ltd.

Good day, and thank you for standing by. Welcome to CalFRAC Wealth Services Limited 4th Quarter 2023 Earnings Release and 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 the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Mike Olenek, Chief Financial Officer. Please go ahead.

Thank you. Good morning. And welcome to our discussion of Capital Wealth Services' fourth quarter 2023 results. Joining me on the call today is Pat Powell, CALFREX Chief Executive Officer. This morning's conference call will be conducted as follows. Pat will provide some opening commentary, after which I will summarize the financial performance and position of the company. Pat will then provide an outlook for CALFREX business and some closing remarks. After the completion of these remarks, we will open the conference call to questions. In a news release issued earlier today, CALFRAC reported its fourth quarter 2023 results. Please note that all financial figures are in Canadian dollars unless otherwise indicated. Some of our comments today will refer to non-IFRS measures such as adjusted EBDA. Please see our news release for additional disclosure on these financial measures. Our comments today will also include forward-looking statements regarding CALPRAC's future results and prospects. We caution you that these forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause our results to differ materially from our expectations. Please see this morning's news release and CALPRAC's CEDAR filings, including our 2023 Annual Information Form, for more information on forward-looking statements and these risk factors. As we have disclosed for several quarters, the company is committed to sell its Russian division and has designated the assets liabilities in Russia as held for sale and discontinued in the financial statements. CALFRAC is looking to complete this transaction as soon as possible while complying with all applicable laws and sanctions. The focus of the remainder of this call will be on CALPRAC's continuing operations, unless otherwise specified. Now, I will pass the call over to Pat.

Thanks, Mike. Good morning. Thanks for joining our call today. Before Mike provides the financial highlights of the fourth quarter and the full year, I will offer some opening remarks. last year was a great year for calfrac as we made important progress towards our long-term financial and operational goals we could we could not have achieved these results without our strong company culture and commitment to safety our safety focus culture is demonstrated on all our job sites where we remind everyone that our brand promise begins with do it safely our commitment to safety is evident in the decrease in our TRIF from 1.19 in 2022 to 1.05 in 2023. By remaining focused on the third part of our brand promise, which is do it profitably, we were able to deliver the best annual net income from continuing operations in CALFRAC's history of $197 million. High-quality execution and strong customer relationships continue to contribute to CalFRAC's success. 2023 was also a significant year of reduction in CalFRAC's long-term debt. We made great progress and exited the year with a long-term debt balance of $250.8 million, which was the company's lowest debt level since 2009. and a net debt to adjusted EBITDA from continuing operations of 0.74, which is also the lowest in many years. We remain focused on strengthening the balance sheet through debt reduction and asset improvement in 2024. We also continue to invest in our technologies and enhance our services in the field. We crossed an important milestone in the fourth quarter as we developed the equivalent as we deployed the equivalent of two tier four BGB fleets in North America to meet the growing customer demand for next generation lower emissions equipment in addition we upgraded the field data and telecom systems in North America to improve data transmission speed and quality enabling us to interpret data quicker to make better decisions for our customers In conclusion, 2023 was a successful year that leaves CALFRAC in a much better financial and operational position to safely and profitably navigate the challenging pressure pumping market. For that, I want to commend our dedicated teams throughout our company for their hard work and commitment to continually meet and exceed our company and customers' expectations. I will now pass the call over to Mike, who will present an overview of our quarterly financial performance.