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 Kiera's 2023 year-end 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 1 on your telephone keypad. If you would like to withdraw your question, please press star, followed by the number 2. Thank you. I would now like to turn the call over to Calvin Locke, Manager of Investor Relations. You may begin.

Thank you, and good morning. Joining me today will be Dean Sattagucci, President and CEO, Eileen Maricar, Senior Vice President and CFO, Jamie Urquhart, Senior Vice President and Chief Commercial Officer, and Jared Bastilny, 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 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. Kiara delivered record results in 2023. We continue to execute our strategy of increasing competitiveness, enhancing and extending our integrated value chain, financial discipline, and sustainability leadership. Results include best-ever safety performance, and exceptional financial results driven by record realized margin across all three of our business segments. Kiera ended the year in a strong financial position with net debt to adjusted EBITDA at 2.2 times, below our targeted range of 2.5 to 3 times. We had several strategic accomplishments in 2023 that helped drive the next phase of growth for Kiera. Early in the year, we closed the acquisition of an additional working interest at our core KFS complex, adding meaningful fractionation capacity in a high demand market. In the spring, we brought CAPS online, strengthening our long-term competitive position. We now offer Montney and Duvernay producers a fully integrated solution that's driving commercial success across our value chain. Today, we announced that we've added long-term integrated agreements with several producers. This includes approximately 30,000 barrels per day of incremental volume commitments on caps and 33,000 barrels per day of incremental and extended fractionation commitments at KFS. These have weighted average contract terms of 12 and 13 years respectively. These integrated agreements also includes storage at KFS and other services like rail transportation, pipeline connectivity, and product marketing. These contracts are with highly creditworthy counterparties, include a high degree of taker pay, and require minimal additional capital. CARE delivered record fee-for-service growth in 2023 with best-ever contributions for our gathering and processing and liquid infrastructure segments. Continued growth from Wapiti, Pipestone, KFS, and CAPS support us reaching the upper end of our EBITDA growth target of 6% to 7% from 2022 out to 2025. The new commitments we announced today support continued growth beyond 2025. Our marketing segment delivered a record $479 million of realized margin in 2023 driven by record sales volumes for the segment and continued strength of our iso-octane business. Our ability to leverage our physical assets and logistics expertise provides us with a distinct competitive advantage and delivers strong cash flow. This marketing margin is then reinvested into long life infrastructure projects, in turn driving growth and high quality fee for service cash flows. As we close out a successful 2023, we're excited for the year ahead. 2024 is anticipated to be a year of strong free cash flow generation resulting from continued margin growth and lower capital spending relative to the past several years. Our capital allocation priorities remain the same. They are first to maintain the strength of our balance sheet and then the balance between increasing returns to shareholders and investing in additional growth opportunities. Fractionation expansion opportunities at KFS and a CAPS Zone 4 expansion are great examples of capital efficient opportunities that support our growth outlook beyond 2025. Our strong balance sheet provides maximum optionality to bring forward growth investments when they're ready. Lastly, You would have seen in our release this morning that we'll be taking AEF offline this spring for approximately six weeks to proactively complete maintenance activities. These maintenance activities are intended to facilitate AEF's continued reliable operations at full capacity until its next scheduled turnaround in 2026. The work is expected to impact 2024 realized margins for the marketing segment by approximately $35 to $45 million with no impact to maintenance capital. Due to strong near-term market fundamentals, we still expect to be within our stated base marketing guidance of $310 to $350 million for 2024. Consistent with prior years, we'll update our 2024 marketing guidance with Q1 results in May. This will include the impact of this outage. I'll now turn it over to Eileen to provide a further update on our quarterly and annual financial performance.