Keyera Corp.

Good morning. My name is Ina, and I will be your conference operator today. At this time, I would like to welcome everyone to KIARA's 2024 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 Start and the number 1 on your telephone keypad. If you would like to withdraw your question, please press the back button. the start and the number two. Thank you. I'd now like to turn the call over to Mr. Dan Cuthbertson, Director of Investor Relations. You may begin.

Thanks, and good morning. Joining me today will be Dean Setaguchi, President and CEO, Eileen Markar, Senior Vice President and CFO, Jamie Urquhart, Senior Vice President and Chief Commercial Officer, and Jared Batilny, Senior Vice President, Operations and Engineering. We will begin with some prepared remarks from Dean and Eileen. after which we'll open the call to questions. I'd like to remind listeners that some of the comments and answers we'll be giving 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, Dan. Good morning, everyone. Before we get started, I want to take this opportunity to acknowledge and thank the first responders who are working tirelessly to protect the people and communities who are affected by the ongoing wildfires in Western Canada. We wish everyone to stay safe. Turning now to our quarterly results, disciplined execution of our strategy is resulting in consistent growth and high-quality fee-for-service cash flow. This has allowed us to continue to deliver on our long history of sustainable dividend growth. Yesterday, we announced another dividend increase of 4% to $2.08 per share annually. This increase is also supported by a conservative payout ratio and a strong balance sheet. We remain on track to reach the upper end of our 6% to 7% EBITDA growth target out to 2025. Our gathering and processing segment delivered 102 million in realized margin. This result was supported by record throughput volumes in the north region. Our liquids infrastructure segment delivered its second highest quarter ever with 133 million in realized margin. Driving this performance was a continued ramp up of caps and growing demand for our fractionation, storage, and condensate businesses. our marketing segment continues to perform well, generating 136 million in realized margin in the quarter. This includes the impact of a planned six-week outage at AEF. Due to strong year-to-date performance and market fundamentals, we're raising our marketing segment guidance to range between 450 and 480 million of realized margin in 2024. Our marketing segment is a distinct segment competitive advantage. Strong cash flow from this physical business has enabled us to consistently deliver above average after-tax corporate returns. This cash flow is then reinvested into long-life infrastructure projects, in turn driving growth in high-quality fee-for-service cash flow. 2024 will be a year of strong free cash flow generation following the completion of several major growth projects last year, including CAPS. We continue to advance capital efficient growth opportunities. These opportunities leverage and enhance our existing core asset position in Western Canada. They include a fractionation debottleneck, a new factory expansion, and a CAPS Zone 4 extension. We also continue to advance other opportunities and will speak to those when appropriate. With a strong balance sheet and an increased dividend, We will continue to balance disciplined capital investments with further increasing shareholder returns to maximize value. I'll turn it over to Eileen, who will provide an overview of our financial performance for the quarter and touch on a revised guidance for 2024.