Keyera Corp.

Good morning. My name is Lara, and I will be your conference operator today. At this time, I would like to welcome everyone to Kiara Court's second quarter 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 call over to Calvin Locke, Manager of Investor Relations. You may go ahead, sir.

Thank you and good morning. Joining me today will be Dean Settiguchi, President and CEO, Eileen Maricar, Senior Vice President and CFO, Jamie Urquhart, Senior Vice President and Chief Commercial Officer, and Jared Bistilny, 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 and on our website. With that, I'll turn the call over to Dean.

Thanks, Calvin, and good morning, everyone. I'm pleased to announce that our Board of Directors have approved a 4.2% dividend increase, returning Kiara to its long history of sustainable dividend growth. The increase is supported by the growth of Kiera's fee-for-service business segments. Over the last five years, we've been investing significantly to create a fully integrated service offering from the Montney and Duvernay place through to our core liquids infrastructure in Edmonton and Fort Saskatchewan. These strategic investments continue to deliver volume and cash flow growth. We remain on track to reach our targeted annual 6-7% fee-for-service EBITDA growth out to 2025. A liquid infrastructure segment delivered 21% year over year growth, reaching a new quarterly record of 119 million. CAPS is now fully in service with the second of two pipelines shipping its first volumes in June. CAPS integrates our value chain, making us more competitive and enhances our ability to track new volumes. Our platform offers customers a much needed competitive alternative from wellhead to end market. In our GMP segment, we delivered 84 million in realized margin. This result was achieved despite the impact of Alberta's wildfires. Again, we'd like to thank all emergency responders and care personnel who ensure that everyone remains safe and that our assets were largely unimpacted. remains strong for our G&P business. We foresee continued filling of available capacity, particularly at Wapiti and Simonette, as producer activity ramps up. The expansion of the Pipestone gas plant is on track for completion in the first quarter of 2024. Our G&P customers are in a strong financial position and have multi-year growth plans. This is driving continued growth of the segment while at the same time increasing the length of contracts and improving cash flow stability. Our marketing segment had another strong quarter supported by the strength of our iso-octane and con-state businesses. This segment delivered $134 million of realized margin in the quarter and $251 million year-to-date. We're increasing our 2023 guidance for this segment to range between $380 to $410 million of realized margin. With the major investments of the last five years behind us, we expect growth spending to be lower going forward. This means we'll have more free cash flow to allocate. Our capital allocation priorities are unchanged. They're first to ensure financial strength and then the balance between increasing returns to shareholders and disciplined capital investments. Our debt leverage metrics are well within our targeted range. and now we increased our dividend. In terms of future growth investments, they will be primarily focused on projects that leverage and enhance our existing core asset position in Western Canada. This could include a de-bottleneck of existing FRAC, a new FRAC expansion, and a potential CAPS Zone 4 extension. Any incremental investments need to generate a strong return underpinned by long-term contracts. I'll now turn it over to Eileen to provide an update on CURE's financial performance for the quarter.