Ensign Energy Services Inc.

Ladies and gentlemen, welcome to the Ensign Energy Services, Inc. Recorder 2023 results conference call. At this time, all lines are in a listen-only mode. Following the presentation, we'll conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Friday, March 1st, 2024. I would now like to turn the conference over to Nicole Romano, Investor Relations. Please go ahead.

Thank you, Julie. Good morning and welcome to Enzyme Energy Services' fourth quarter and year-end 2023 conference call and webcast. On our call today, Bob Geddes, President and COO, and Mike Gray, Chief Financial Officer, will review Enzyme's fourth quarter and year-end 2023 highlights and financial results, followed by our operational update and outlook. We'll then open the call for questions. Our discussion today may include forward-looking statements based upon current expectations that involve several business risks and uncertainties. The factors that could cause results to differ materially include but are not limited to political, economic, and market conditions, crude oil and natural gas prices, foreign currency fluctuations, weather conditions, the company's defense of lawsuits, the ability of oil and gas companies to pay accounts receivable balances, or other unforeseen conditions which could impact the demand for the services supplied by the company. Additionally, our discussion today may refer to non-GAAP financial measures such as adjusted EBITDA. Please see our fourth quarter and year-end earnings release and CDAR filings for more information on forward-looking statements and the company's use of non-GAAP financial measures. With that, I'll pass it on to Bob.

Thanks, Nicole. Good morning, everyone. Let me start off by saying that Enzyme is pleased to report that we delivered on what we promised in 2023. In 2023, we delivered superior operational results that enabled $217 million of debt reduction, this against the backdrop of a year where the market started strong but quickly fell off as commodity prices hampered drilling projects in North America. Canada was affected with the early summer forest fires, which affected operations on seven rigs, and Canada played catch-up in the back half of 2023 in a subdued market going into the fourth quarter. The U.S. faced similar challenges manifesting not only from unstable commodity prices, but also from record M&A activity. International performed reasonably well in contrast. Nonetheless, Enzyme delivered our best fourth quarter EBITDA since 2012 and delivered our third highest free cash flow since 2012 and 2006. This is a result of a highly efficient and well-maintained fleet of high-spec rigs and highly trained professional crews that delivered on keeping the budget on sustaining CapEx in low downtime. As I mentioned earlier, this performance provided us the ability to pay down $217 million of debt, our largest annual debt reduction. It ends on its history and a testament to management's plays of focus on our debt reduction target of reducing debt by $600 million through the 2023-25 year period. I also want to applaud our operations team worldwide, who logged in a record safety year for Enzyme. I took a little bit of the steam there. Mike, I'll turn it over to you on the rest of the financials.