Keyera Corp.

Good morning. My name is Colin, and I'll be your conference operator today. At this time, I would like to welcome everyone to Care at Corp's first quarter conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there'll be a question and answer session. If you'd like to ask a question during this time, simply press star, then number one on your telephone keypad. If you'd like to withdraw your question, please press star, followed by two. Thank you. I would now like to turn the call over to Kelvin Locke, Manager of Investor Relations. You may begin.

Thank you and good morning. Joining me today will be Dean Setaguchi, President and CEO, Eileen Maricar, Senior Vice President and CFO, Jamie Urquhart, Senior Vice President and Chief Commercial Officer, and Jared Vistilny, Senior Vice President, Operations and Engineering. We will begin with some prepared remarks from Dean and Eileen, after which we will open the call to questions. I would like to remind listeners that some of the comments and answers that we will give you today relate to future events. These forward looking statements are given as of today's date and reflect events or outcomes that management currently expects. In addition, we will refer to some non-GAAP financial measures. For additional information on non-GAAP measures and forward looking statements, please refer to Kiara's public filings available on CDAR or on our website. With that, I'll turn the call over to Dean. Thanks, Calvin, and good morning, everyone.

Before we begin, I want to take a moment to address the ongoing wildfire situation across Central and Northern Alberta. Our first priority is the safety of our people, the surrounding communities, and emergency responders. Thankfully, all care employees and their families in affected areas are safe and accounted for. As a precaution, we have shut in several of our plants. We continue to monitor the situation and will restart as conditions allow. We'd like to thank all emergency response personnel involved in fighting these fires and hope that all remain safe. Now turning to our quarterly results. ERA had a very strong start to the year, delivering record results in our fee-for-service business segments. Our proven business model has delivered reliable returns through all commodity cycles, and our strong first quarter results reinforce the effectiveness of our strategy. In our G&P business, we saw 12% year-over-year volume growth, driven by record volumes, including the highest ever at our Wapiti and Pipestone gas plants. Our G&P customers continue to be in a strong financial position, allowing for continued volume growth while improving cash flow stability for the segment. Our liquids infrastructure segment delivered record results, benefiting from strong utilization and margin contribution from the additional acquired interest at our KFS complex. Our marketing segment had another strong quarter, supported by the strength of our iso-octane and condensate businesses. Today we provided or updated annual guidance for the segment. We now expect marketing to contribute between $330 to $370 million for the year. I'm pleased to share that we have reached a major milestone on CAPS, with the first barrels shipped on the pipeline. Construction is complete. Costs are within our latest estimate of $1 billion net to Kiera. The condensate line was put into service and began flowing in April. The natural gas liquids line is expected to be in service and flowing in June, and we have officially welcomed Stone Peak as our new 50% partner following the closing of their acquisition in April. CAST is a link that fully integrates our business from well head to end market. With a pipeline in service, we're a stronger and more competitive company, focusing on and leveraging the strength of our integrated value chain to maximize value for all stakeholders. Our recent acquisition of additional fractionation capacity at KFS provides an advantage in attracting volumes to our integrated value chain. We can offer customers frac capacity services in a very tight market and provide a full suite of services to connect products to the highest value markets. By providing an alternate end-to-end solution for customers, We remain competitive for the long term. As a result, we're better equipped to maximize value from new and existing assets and drive higher overall returns for our shareholders. In the last five years, we have invested significantly to establish a competitive footprint in the Montney and connect it to our core liquids infrastructure. These projects include Wapiti, Pipestone, Caps, and a recent KFS acquisition. These investments support our annual adjusted EBITDA growth rate of 6% to 7% from our fee-for-service business from 2022 to 2025. They also support growth beyond this timeframe. With this large strategic spend behind us and those assets starting to contribute to cash flow growth, we are reaching a free cash flow inflection point. Our capital allocation priorities remain unchanged. They are firstly to ensure the financial strength of our business and then to balance increasing returns to our shareholders with disciplined capital investment. I'll now turn it over to Eileen to provide an update on CARE's financial performance for the quarter.