Gibson Energy Inc.

Good morning, ladies and gentlemen. Welcome to Gibson Energy's fourth quarter and full year 2020 conference call. Please be advised that this call is being recorded. I would now like to turn the meeting over to Mr. Mark Hitzchess, Vice President, Strategy, Planning, and Investor Relations. Mr. Hitzchess, please go ahead.

Thank you, Operator. Good morning, and thank you for joining us on this conference call discussing our fourth quarter and full year 2020 operational and financial results. On the call this morning from Gibson Energy are Steve Spaulding, President and Chief Executive Officer, and Sean Brown, Chief Financial Officer. Listeners are reminded that today's call refers to non-GAAP measures and forward-looking information. Descriptions and qualifications of such measures and information are set out in our continuous disclosure documents available on CDAR. Now, I'd like to turn the call over to Steve.

Thanks, Mark. Good morning, everyone, and thank you for joining us today. In a very challenging year for our industry, I believe our strategy, which is built around our core terminals on high-quality cash flows and maintaining a very strong balance sheet, proved resilient. As you can see from our 2020 financial results, infrastructure segment profit, $374 million, was in the upper half for the outlook range we gave in 2019. That was pre-COVID, which speaks to the stability and visibility we have in our business. And the 2020 infrastructure segment profit was a $60 million increase from 2019 on a comparable basis. 20% growth year on year. With the tanks we placed in service at the end of 2020, And the DRU expected to enter service on budget and on schedule mid-year. We have the visibility to further growth this year. It's the strength of our infrastructure business that makes our dividends so solid. Our payout of 66% was below our target range of 70% to 80%. Perhaps more importantly, our infrastructure only payout was 75%. The board and management see the value of modest, stable dividend growth. In a year where many North American midstreamers cut or paused dividend growth, we were very pleased to, again, increase our dividend by 1%, 1 cent per share per quarter, or about 3%. On the marketing side of the business, we were in the middle of our $80 to $120 million run rate. That said, it was a tale of two halves. In the first half of the year, we saw significant volatility. A marketing organization was able to move decisively and lock in very meaningful gains. In the second half, it was a very challenging environment. And it looks like 2021 is shaping up to be the inverse. The challenging environment has persisted with very few opportunities available today. I can tell you, I can't tell you when or where the market is going to shift. But looking back over just the last few years, we can see how quickly it can change. Also, marketing outperformance tends to be quite lumpy. with a small number of events driving a good portion of the year's P&L. And in that context, we expect marketing performance to improve at some point through the year. But as we always say, delivering our strategy is not dependent on marketing earnings. One area where we've seen noticeable improvement coming into 2021 is on our commercial discussions. On the tankage front, We are in numerous conversations with customers for tankage at both Hardesty and Edmonton. One of the drivers for tankage at Edmonton is TMX. Discussions on the DRU have also moved forward. Clarity on KXL has helped. We're currently talking to multiple producers and multiple refiners. That said, it's a complicated set of agreements and will take time. Shifting gears to another area where we've made significant progress in 2020, advancing our sustainability in ESG initiatives. ESG is very important to Gibson. We want to ensure that we embed ESG into all areas of our business and position ourselves as a sustainability and ESG leader. It's both the right thing to do and the smart thing to do. While the core values of ESG have always been a part of Gibson, we started our formal ESG journey in 2020 with the release of our inaugural sustainability report. We also made our first submission to the CDP climate change questionnaire. And we were very pleased to receive an A minus score. We are one of seven oil and gas companies in North America to receive this distinction. and also ranked in the top ten globally. For any initiative to be successful, you need to have the right governance in place to ingrain it into your existing business practices. Our board established a dedicated sustainability in ESG committee. It is chaired by Judy Kopp, an expert on ESG and responsible investment. And we have benefited greatly from her experience. on our ESG journey thus far. We've also ingrained sustainability in ESG in our strategy process and in evaluating all of our commercial projects. And we've made ourselves accountable with a meaningful proportion of our short-term incentives tied to ESG-related metrics. On the environmental side, clearly a major focus is on emissions. We believe our carbon footprint is already best in class in the North American midstream space. This is both on an emissions per dollar revenue basis and a per barrel throughput basis. We continue to advance opportunities to reduce our emissions footprint. For example, at Moose Jaw in 2019, we expanded the facility by 30%. By utilizing new heat exchangers, we've reduced emission intensity by about 25%. And we've identified additional projects that could reduce our emissions. Within the social pillar, our efforts to date have been concentrated on community giving and diversity and inclusion. In 2020, Gibson made a real commitment to a cause I personally feel very strongly about. With a five-year partnership with Trellis and the donation of $1 million, we are very much making a difference in the mental health of youth in our communities. This is the largest financial donation in Gibson's history, and Gibson employees have committed to dedicating a significant number of volunteer hours. On diversity and inclusion, Women currently comprise 37 percent of the workforce and 30 percent of employees at the vice president level and higher. Our board is one-third women. We took positive steps in 2020. This would include the addition of two women to our board and putting programs in place to attract and retain women to Gibson and to ensure equal representation through the recruitment process. In 2021, expect to see us continue our ESG journey. Our near-term focus will be set on sustainability and ESG targets, which we are in the latter stages of formating. We will also continue to expand our disclosure and will publish a TCFD-aligned report during the year. Sustainability in ESG continues to evolve very rapidly, and we will very much seek to maintain our existing leadership position. Let me conclude by returning where we see the business today. I would stress that our strategy was designed to succeed in any environment. That strategy has not changed, and it and its effectiveness has proven again in 2020. Our infrastructure business demonstrated its resilience. Despite the impact of COVID, infrastructure grew 20% in 2020 and it will grow again this year and into the future. Discussions for tankage at the DRU have advanced. We feel very comfortable in our ability to deploy 150 to $200 million per year without sacrificing returns. And our balance sheet is very strong. We are fully funded, and our dividend remains very well underpinned by our stable, long-term infrastructure cash flows. We will remain conservative in our approach to our business. I will now pass the call over to Sean, who will walk us through our financial results in more detail. Sean?