Parkland Corporation

Good morning. My name is Ina and I will be your conference operator today. At this time, I would like to welcome everyone to the Parkland Q1 Analyst 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, then the number two. Thank you. I would now like to turn the conference over to Valerie Roberts, Director, Investor Relations for Parkland. Please go ahead.

Thank you, Operator. With me today on the call are Bob Espy, President and CEO, Marcel Tunison, Chief Financial Officer, and Ian White, President, Canada. This call is webcast and I encourage listeners to follow along with the supporting slides. We will go through our prepared remarks and then open it up for questions with the investment community. Please limit yourself to one question and a follow-up is necessary. and if you have other questions, re-enter the queue. We would ask analysts to follow up directly with the investor relations team afterwards for any detailed modeling questions. During our call today, we may make forward-looking statements related to expected future performance. These statements are based on current views and assumptions that are subject to uncertainties which are difficult to predict. These uncertainties include, but are not limited to, expected operating results and industry conditions, among other factors. Risk factors applicable to our business are set out in our annual information form and management's discussion and analysis. We will also be discussing non-GAAP and other financial measures, which do not have any standardized meanings prescribed by IFRS. These measures are identified and defined in Parkland's continuous disclosure documents, which are available on our website or on CDAR. Please refer to these documents as they identify factors which may cause actual results to differ materially from any forward-looking statements. Dollar amounts discussed in today's call are expressed in Canadian dollars unless otherwise noted. I will now turn the call over to Bob.

Thank you, Val, and good morning everyone. We appreciate you joining us today. 2024 did not begin as we expected. The combination of extreme cold weather in British Columbia and a curtailment of natural gas supply led to the unplanned shutdown of the Burnaby Refinery. Such circumstances test the capabilities and resolve of a team, and I am proud of the way Parkland rallied together to safely return the facility to normal operations by the end of March. while continuing to serve our customers. The strength of our supply-centric business model ensured customers continue to receive the essential fuels on which they depend. In addition, our refinery team has implemented a detailed plan to make up the shortfall during the remainder of the year, which relies on our unique supply advantage and capabilities. I believe that the true test of an organization is its ability to overcome setbacks and remain focused on its long-term goals. In this regard, I have unwavering confidence in the execution capabilities of the Parkland team and the detailed plan we have put in place. On today's call, we will provide insight into the steps we are taking to ensure we meet our 2024 guidance en route to our ambitious 2028 targets. With that, let's turn to slide 3. Parkland's strategy is built upon our differentiated customer and supply advantages. These two pillars complement and reinforce each other. As we continuously strengthen our proposition, attract more customers, and increase our market share, we further strengthen our supply advantage through higher volumes and increased scale. In turn, we improve our purchasing power and attract even more customers with compelling offers and great value. This cycle underpins our success and growth strategy. Our diversified business model provides a stable platform to execute this strategy. We provide customers in 26 countries with a variety of essential products, ranging from gasoline and diesel to food and beverages. These are essential staples, and we continue to see organic and, in the right circumstances, inorganic growth opportunities in all parts of our business. At our November Investor Day, we shared our ambitions for 2028, which is to double our available cash flow per share to $8.50. This will generate $6 billion of available cash, which we will allocate in accordance with our discipline plan that is shown on the slide. Recall, we launched the current strategy in early 2023 and driven by consistent execution we delivered an approximate 50% total shareholder return over that timeframe. We are confident in our strategy and the capability of our team to deliver. With that, I will hand it over to Marcel to discuss our Q1 highlights on slide four.