Gibson Energy Inc.

Good morning. My name is Pam and I will be your conference operator today. At this time, I'd like to welcome everyone to Gibson Energy's Q3 2021 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during this time, simply press star, then the number one on your telephone keypad. If you'd like to withdraw your question, please press star, then the number two. Thank you. I would now like to turn the meeting over to Mr. Mark Hitchest, Vice President, Strategies, Planning, and Investor Relations. Mr. Hitchest, please go ahead.

Thank you, Operator. Good morning, and thank you for joining us on this conference call discussing our third quarter 2021 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. I'm pleased to say we delivered another strong quarter, both operationally and financially. As is important, We also made progress on the commercial front and we continue to advance ESG and sustainability at Gibson. Looking briefly at our financial results, infrastructure adjusted EBITDA of 104 million was slightly above our expectations and includes a partial contribution from the DRU. On the marketing side, adjusted EBITDA of 16 million was within our outlook range we provided. Our payout of 72% remains near the bottom of our target range of 70 to 80%. Leverage of 3.2 is within our 3 to 3.5 target range. Our balance sheet remains very strong, including being fully funded for all capital on the operational front. We noted on our last call during the third quarter we completed the construction of the DRU on schedule within our initial capital range. We continue to be in that startup phase and have a line of sites producing fully on-spec product by the end of the year. The DRU has been operating around nameplate capacity for the past few weeks, and we're loading trains of neat bitumen. Our customer is moving this crude to the U.S. Gulf Coast. Importantly, we understand they're seeing really strong pricing on their product, and the refinery customers are seeing meaningful improvement in refinery runs versus DILBIT. The diluent continues to see strong pricing advantage versus DILBIT and Hardesty, all furthering DRU competes head-to-head with pipelines. Improving out the cost competitiveness of the DRU really should help us with discussions with additional phases. The DREU requires a complicated set of agreements. Given we're already in November, to the extent we are successful in securing additional customers, the timeline would definitely be in 2022. On the tankage front, we're very pleased to announce the sanction of a new tank at Edmonton during the quarter. With this tank, we welcome a new investment-grade energy customer to our Edmonton terminals. We continue to be in discussions with other TMX shippers. We believe Gibson is very well positioned to support shippers on TMX and optimize producer netbacks and meet stream requirements for them. While we generally provide our 2022 capital budget in December, I will reiterate, our target is to deploy between $150 and $200 million per year. While tankage will remain certainly a big portion of this, They'll also likely include projects such as incremental DRU phases, expansions under the MSA with Suncor at Edmonton, and potential renewable diesel facilities. What hasn't changed is we still expect our capital projects will remain within our five to seven times EBITDA billed multiple range, which means we'll continue to generate very attractive risk-adjusted returns for our shareholders. Shifting to ESG, we took another major step a couple weeks ago with our net zero by 2050 commitment. This is in addition to our pre-existing 2025 and 2030 climate change targets, which include reducing our overall emissions intensity by at least 20% and eliminating our scope to emissions by 2030. The focus for us in setting the net zero target was to have a credible path Through the applications of existing technologies already in commercial use in North America, we were able to address 90% of our scope one and scope two emissions. We see the potential for further technology and cost improvements to emerge over time. This is important. Our net zero target will not impair our ability to secure growth opportunities. Also, all investments, including energy transition related opportunities, will need to meet our existing internal return hurdles. Given our efforts on ESG and sustainability front, we are very pleased to see the company continues to be recognized, including through the recent MSCI upgrading us to AAA. This is the highest rating in our sector. We are the only one of three companies globally and the only company in North America to receive this leadership rating. In all, we believe we have positioned Gibson as a great fit for ESG-minded investors. We have the lowest carbon intensity of our peers. The steps we have taken consistently move us forward to strong ESG ratings from all the major agencies. Again, we feel we had another strong quarter and remain very well positioned going forward. Our infrastructure business remains solid with our run rate increasing with the startup of the DRU. We continue to sanction new growth within our target five to seven times build multiple. And we remain focused on deploying $150 to $200 million per year in capital. The progress we're making on ESG and sustainability continues to distinguish us from our peers. I will now pass the call over to Shawn who will walk you through our financial results in more detail. John.