Gibson Energy Inc.

Good morning, ladies and gentlemen, and welcome to Gibson Energy's first quarter 2022 conference call. Please be advised that this call is being recorded. I would now like to turn the meeting over to Mr. Mark Hitches, Vice President, Strategies, Planning, and Investor Relations. Mr. Hitches, please go ahead.

Thank you, Operator. Good morning, and thank you for joining us on this conference call discussing our first quarter 2022 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're having a solid start to 2022 in both our infrastructure and marketing segments, with each coming in slightly ahead of our budgeted estimates. Our adjusted EBITDA of $121 million and distributable cash flow of $79 million are strong results. These have further strengthened our payout and leverage ratios of 68% and 2.7 times, both being below our target range. Given our solid financial position, we've been able to increase our return on capital to shareholders. So far this year, we increased our dividend by 6%. We've also bought back roughly $22 million in shares. Our focus remains on deploying $150 to $200 million in growth capital each year. To reach this range this year, it'll be a combination of tankage, DRU phases, and energy transition projects. This mix will move around each year. If you look at the billion dollars or so in capital we've deployed over the last four years, less than half of that capital was tankage. Our target of $150 million in capital for this year is really lagging effect of a slowdown we've all seen in our sector during COVID. As a result, it is a contingent on timing of sanctioning additional projects throughout the balance of the year. As we look forward, we remain confident that the discussions we're having today will enable us to deploy $150 to $200 million, if not more, if some of the larger opportunities we're pursuing materialize. On the DRU, we continue to see strong economics for the DRU value chain relative to pipelines, and we expect these fundamentals will remain well into the future. This outlook is informed by the strong market for crude ConocoPhillips is moving to the U.S. Gulf Coast and how refining customers are seeing a meaningful improvement in refinery runs versus deal bids. This is helping us advance discussions for additional phases, and it's a major focus for us right now. Discussions continue for tankage at Edmonton, and we believe Gitson is very well positioned to support shippers on TMX, optimize their crude netbacks, and meet stream requirements. Continuing on at Edmonton, I'm happy to announce that our Edmonton terminal we placed in service the biofuels blending project last month. The project was delivered ahead of schedule and on budget. And it was sanctioned early last year under our MSA with Suncor, our principal customer at the terminal. Capital cost on that project was roughly one and a half times a tank. And it's under a 25-year term. It's ESG positive and aligned with energy transitions. We believe we will continue to build out additional infrastructure at Edmonton under this MSA to support Suncourse's need in energy transition fuels over the coming years. More broadly, we would stress we're very focused on pursuing energy transition-aligned infrastructure opportunities. We want these opportunities to leverage our existing skill sets. We see these types of opportunities representing an increasing proportion of our capital projects over time. We believe energy transition as a significant infrastructure investment opportunity for us. We've put together an energy transition team to identify and develop opportunities in this space. And we're working on several projects. Currently, mostly in the renewable diesel value chain. If we're successful, we would expect these to generate very attractive risk adjusted returns for our shareholders. and likely push us back to that $300 million in growth capital per year that we were at prior to COVID. These are very interesting opportunities, but there's still a lot of work to be done shifting to ESG, an area we always continue working to move forward. During the quarter, we were awarded the Bronze Class of Distinction in the S&P Global 2022 Sustainability Yearbook. with only four companies globally receiving a medal distinction within the oil and gas storage and transportation industry. We were pleased all of our work continues to be recognized by rating agencies as it provides external confirmation that we are meeting our goal of being a sector leader in ESG. We believe Gibson is a great fit for the ESG-minded investor. We have the lowest carbon intensity of our peers, And the steps we have taken have earned us sector-leading ESG ratings. To close, we feel we've had another strong quarter and a great start to the year. Our infrastructure business was ahead of our budgeted expectations. Marketing came in slightly ahead of our outlook. Our financial position is very strong, which has allowed us to return more capital to our shareholders and customers. We're excited about our opportunity to continue to grow, both within our existing business lines and through energy transition. I will now pass the call over to Sean, who will walk us through our financial results in more detail. Sean?