Keyera Corp.

Good morning. My name is Joelle and I will be your conference operator today. At this time, I would like to welcome everyone to the Kiara 2024 year-end conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remark, 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 two. Thank you. I would now like to turn the conference over to Dan Kupferson, General 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 Bestilny, Senior Vice President, Operations and Engineering. We'll begin with some prepared remarks from Dean and Eileen, after which we will open the call to questions. I'd like to remind our 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 CIRA's public filings available on CDAR and on our website. With that, I'll turn the call over to Dean.

Thanks, Dan, and good morning, everyone. Here I had an outstanding year in 2024. We continued to execute our strategy and deliver value to both our customers and shareholders by leveraging the strength of our integrated value chain. In terms of safety, we were pleased that we had no lost time incidences for the second year in a row. We also set new volume records across many core assets. This led to record margin contribution across all three business segments and record annual adjusted EBITDA and net earnings. We ended the year in a strong financial position, giving us the flexibility to allocate capital in a way that will maximize value for our shareholders. We also raised our dividend by 4% and received approval for a normal course issuer bid. With our guidance in December, we announced a new target of 7% to 8% fee-based EBITDA growth. This growth is mostly driven by filling available capacity where we're already making great progress. In our North GMP segment, Wapiti and Pipestone hit record annual volumes. In our liquids infrastructure segment, CAPS continues to ramp up and attract new customers. At KFS, our tracks delivered record annual margin contributions, and our condensate system also set volume records. Moving on to gross projects, which continue to progress well, we're pleased to announce today the sanctioning of the KFS Fract 2 debarment project. This project will add about 8,000 barrels per day of capacity and is now expected to be in service in mid-2026. The project will generate strong returns on a standalone basis. We're also advancing contracting and engineering for KFS Fract 3. We expect to sanction this project later this year for it to be on stream in 2028. For cap zone four, we have completed engineering and we're working towards securing sufficient contractual backing to move ahead. We decided to proceed. This project is expected to be in service in 2027. Beyond 2027, we continue to progress potential growth opportunities including expanding rail and logistics solutions to accommodate higher spec product volumes. On this front, last week we announced long-term commercial agreements with Elta Gas, which helps support these growth projects. The deal also efficiently extends our value chain, allowing us to expand market access and diversification for our customers. You would have seen in our release this morning that we'll be taking AEF offline in the spring for approximately six weeks to address an unexpected operational issue. This work is necessary to ensure continued safe and reliable operations. The margin impact of this outage is expected to be about $40 million. We continue to expect to deliver our long-term base marketing guidance of 310 to 350 million this year and we'll update our annual marketing guidance in May. I also want to take a moment to address the threat of US tariffs. This is a much needed call to action. Rarely have we seen our federal and provincial governments so aligned on the need to improve Canada's competitiveness and diversify our market access. Ultimately, this could be very positive for Canada, the energy industry, and Kiera. For Kiera overall, we don't expect a material impact. Our fee-for-service segments are volume-based and much of the cash flow is under long-term contracts. Within our marketing segments, we expect tariffs on iso-octane will mostly be offset by lower butane input costs, higher RBOB spreads, and beneficial FX movements. While tariffs create some near-term uncertainty, I'm confident in our ability to continue to deliver shareholder value. With that, I'll turn it over to Eileen to provide a further update on our quarterly and annual financial performance.