Gibson Energy Inc.

operator today. At this time, I would like to welcome everyone to the Gibson Energy Q4 2023 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 would like to ask a question during this time, simply press star, then the number one on your telephone keypad. If you would like to withdraw your question, please press star, followed by the number two. Thank you. I would now like to turn the meeting over to Ms. Beth Polak, Vice President, Capital Markets and Risk. Ms. Polak, please go ahead.

Thank you, Laura. Good morning and thank you for joining us on this conference call discussing our fourth quarter and full year 2023 operational and financial results. Joining me on the call today from Gibson Energy are Steve Spaulding, President and Chief Executive Officer, and Sean Brown, Senior Vice President, and Chief Financial Officer. We also have the rest of the senior management team in the room to help with questions and answers as required. Listeners are reminded that today's call refers to non-GAAP measures, forward-looking information, and pro forma financial information. Pro forma financial information is derived in part from historical financial information of South Texas Gateway Terminal LLC and is subject to certain assumptions and adjustments and may not be indicative of actual results. Descriptions and qualifications of such measures and information are set out in our investor presentation available on our website and our continuous disclosure documents available on CDAR+. Now, I would like to turn the call over to Steve.

Thanks, Beth. Good morning, everyone, and thank you for joining us today. First, I'd like to touch on highlights from our last year. As is customary, Sean will speak in more detail regarding our financial results and financial position. And before we conclude the call, I'll provide some brief remarks regarding the announcement of my retirement. In 2023, we advanced our infrastructure growth strategy through the acquisition of the Gateway Terminal and continue to deliver strong and consistent financial results. In our infrastructure segment, with the benefit of a full quarter of contribution from the Gateway Terminal, which closed August 1st, we set a record for the company with segment EBITDA $494 million. This breaks the previous record of $442 million, which was set the previous year, and speaks to the growth and stability of our infrastructure business. We are proud of the rate at which our infrastructure segment continues to grow, which equates to a compounded annual growth rate of 16% since 2017, pro forma the gateway acquisition. On a consolidated basis, adjusted EBITDA and triple cash flow of $594 million and $386 million, respectively, are also high watermarks. Both were driven by the addition of Gateway in August. Consistent growth performance from our legacy infrastructure business and our marketing segment's ability to generate cash flow in an operating environment, really any operating environment. For the year, our marketing segment achieved adjusted EBITDA of $145 million, well above our long-term run rate of 80 to 120. In terms of the balance sheet, Gibson remains a solid financial position. Proforma, the gateway acquisition, we exited 2023 with a leverage ratio of 3.1 times at the low end of our 3 to 3.5 times target range. We also had a sustainable payout ratio of 61% below the low end of our target range of 70 to 80%. Given our financial performance and increased contribution from our infrastructure segment, we increased our quarterly dividend by 2 cents or 5% or 41 cents per share, which equates to an annual amount of $1.64 per share. As always, we continue to see significant value in offering our shareholders consistent dividend growth and believe this increase reflects the continued growth of our long-term stable infrastructure business. Speaking to a few of our milestones, construction on the two new tanks at Edmonton Terminal are on schedule, and they are expected to be placed in service in late 2024. These tanks, which are underpinned by a 15-year take-or-pay agreement with Synovus, represent 870,000 barrels of new tankage. And when combined with the previously announced tank, which was placed in service in the fourth quarter of last year, result in a total of 1.3 million barrels constructed to support TMX shippers. These tanks will further increase our high-quality, long-term infrastructure revenues and support our customer shipments on the TMX pipeline. With respect to Gateway, we are very pleased with our performance so far, which is ahead of our initial expectations and tracking well in line of that nine times forward-looking multiple we disclosed at announcement. As we look forward, our focus is on optimizing the facility with a goal of increasing contracted loading windows, increasing the throughput and minimum volume commitments, and extending existing contracts. Discussions with customers are ongoing, and we remain very constructive around our ability to enter into new contracts and extend existing contracts at or above the current rates by the end of the second quarter. Looking ahead, we announced our 2024 capital budget, which includes a target growth expenditure of $150 million. Of that amount, 125 million is focused primarily on Edmonton, Hardesty, and Moose Jaw, with incremental 25 million of capital expenditure to be deployed at Gateway. From an ESG perspective, last year we released our 2022 sustainability report, which outlines some notable milestones, which take us a step closer to achieving our 2025 and 2030 targets. This included maintaining top quartile safety performance among our North American peers, announcing a 15-year renewable power purchase agreement with Capstone Infrastructure and Saw Ridge First Nation, and maintaining a first-in-class position in employee participation in our community giving program with a rate of 95%. was also acknowledged by the key global recognized ESG rating agencies for its performance, transparency, and management of ESG issues, reaffirming its position as a global leader in sustainability. This included a fourth consecutive A- in a row from CDP, the Carbon Disclosure Project, and a AAA rating from MSCI. As a forward-thinking industrial leader, Gibson will remain resolute in its sustainability journey and further leverage its world-class asset base and growth opportunities to contribute to a more secure and resilient energy future. In summary, the business delivered another solid quarter, which marked the end of another solid year. Infrastructure reached a new high, partially attributable to the benefit of the gateway acquisition, but also driven by that continued strong and stable performance of our legacy infrastructure assets. The gateway acquisition is ahead of initial expectations, and we are optimistic about our ability to optimize the facility by increasing contracted loading windows and extending existing contracts at similar or higher rates. The marketing segment outperformed our long-term run rate for the full year, and as a result of our continued solid financial results and the strength and stability of our business, we are pleased to announce the increase of our dividend by 5%. I will now pass the call over to Sean, who will walk us through our financial results in detail. Sean.