Tidewater Midstream and Infrastructure Ltd.

Good afternoon, ladies and gentlemen, and welcome to the Tidewater Midstream and Infrastructure Limited Quarter 2 Financial Results Conference Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Thursday, August 10, 2023. I would now like to turn the conference over to Scott Bauman. Please go ahead.

Thank you, Operator, and welcome everyone to Tidewater Midstream's second quarter 2023 results conference call. I'm Scott Bowman, Tidewater's Director of Capital Markets, and joining me today are Rob Coclo, Tidewater's Interim CEO, Brian Newmarsh, Tidewater's Chief Financial Officer, and other members of Tidewater's management team. Before passing off the call to Rob to review some highlights, I want to remind everyone that some of the comments made today may be forward-looking in nature and are based on Tidewater's current expectations, estimates, judgments, and projections. Forward-looking statements we may express or imply today are subject to risk and uncertainties which can cause actual results to differ from expectations. Further, some of the information provided refers to non-GAAP measures. To know more about these forward-looking statements and non-GAAP measures, please see the Tidewater Midstream Financial Reports, which are available at tidewatermidstream.com and on CDAR+. And with that, I'll pass it off to Rob to discuss some highlights from the quarter.

Thanks, Scott. Good morning, and thank you for joining our Q2 2023 conference call. Tidewater's quarter was very eventful. We conducted our first major turnaround of the Prince George Refinery, which, while on time and on budget, took the facility offline for about six weeks. We also overcame the challenges presented by the wildfires near the Brazzo River complex, which resulted in that facility being down for over three weeks. Finally, Tidewater Renewables completed the construction of the HDRD facility and began actively commissioning units to prepare for commercial operations. Fortunately, our midstream business continued to deliver consistent results during the quarter. So starting with our midstream business, our Pipestone Natural Gas Plant maintained consistent run times and strong throughput throughout the quarter, which helped offset the downtime at the BRC. We have previous, as we've previously discussed, the facility was safely evacuated during May and remained offline until utility commission, utility companies were able to safely restore power to the facility. Operations resumed when the power was restored in June, and we expect the financial impact of the wildfires at the BRC to be substantially offset by insurance proceeds. Our natural gas storage asset at Dimmesdale achieved record results in the quarter, and given the term structure of the futures market, it's expected to continue to drive strong results for the storage assets going forward. Moving to the downstream business, I'd like to thank our operations team at the Prince George Refinery for safely and successfully keeping the turnaround on time and on budget. The diligence of our operations team allowed us to maintain our excellent safety record on major maintenance projects as no lost time man hours were reported in the project. Operations at PGR resumed in June, which was time to capture the increase in demand for gasoline as a result of the onset of summer driving season. Within the tidewater renewables business, several process units of the HDRD facility have been successfully commissioned with the final two to take place over the next two weeks. First diesel is expected before the end of the month. The HDRD economics continue to remain attractive and the facility will be Canada's first renewable diesel plant. Although we've experienced minor delays while commissioning during the quarter, the project remains on track with the previously communicated net forecast capital cost of $174 million. Ramping up HDRD production volumes through the second half of the year, we should see 35 to 45 million of adjusted EBITDA on the second half of 2023, and we anticipate a run rate annualized corporate EBITDA to range from $130 to $155 million once the HDRD facility is fully operational. I'll now turn the call over to Tidewater Midstream's Chief Financial Officer, Brian Newmarsh, to walk through some of our financial results.