Tidewater Midstream and Infrastructure Ltd.

Good day, ladies and gentlemen, and welcome to the Tidewater Midstream Third Quarter Financial Results Conference Call. At this time, all lines are in its own mode. Following the presentation, we'll 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, November 9th, 2023. I would now like to turn the conference over to Scott Bauman, Director of Capital Markets. Please go ahead.

Thank you, Operator, and welcome everyone to Tidewater Midstream's third quarter 2023 results conference call. I'm Scott Bowman, Tidewater's Director of Capital Markets, and joining me today are Rob Coakley, Tidewater's recently appointed CEO, Brian Newmarsh, Tidewater's Chief Financial Officer, and other members of Tidewater's management team. Before passing the call off 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 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 Q3 conference call. I first joined Tidewater's board member back in May of 2017 and subsequently took on the role of interim CEO about a year ago. Now, taking on the role of permanent CEO and reflecting on the past year, I can say for one, I'm Glad it's over. It's been a lot of work, but more importantly, I think we've largely done what we said we would do and have put Tidewater under a very strong footing as we look towards the future. I've had the opportunity to work closely with the team members across the organization and to take a deep dive into our assets, our operations, and our commercial strategy. During this time, I've been impressed with our team's creativity, hard work, and commitment to our business, along with the company's safety-first culture. Further, I believe that we've got the right leadership team in place to get our core assets performing as they should be and to surface new creative opportunities. Our top priority over the last year has been clear. It's been creating and increasing shareholder value. I've been pretty candid in the last few calls, I think, on our asset review process, and we announced the outcome earlier in the quarter that resulted in the sale of our Pipestone Natural Gas Processing Facility and Dimmesdale Natural Gas Storage Facility assets to AltaGas. There's no doubt these are first-class assets and businesses located in the heart of the Montney, and we think that the transaction was truly a win-win transaction for both parties. From our perspective, we're happy with the value that we received for the assets. The transaction proceeds will lead to a significant de-leveraging for our business that will help to provide us with flexibility and the means to build out our business around our core assets. We continue to work towards closing the transaction and having received the key regulatory approvals in recent weeks, we expect the transaction to close within the fourth quarter. As you're aware, this morning we also announced the start of our commercial operations at our renewable diesel facility in Prince George. This has been a major focus for both Tidewater Midstream and Tidewater Renewables over the past year. We're very excited to be waving the Canadian flag as the first renewable diesel facility and anticipate that this project will provide material contribution to our consolidated cash flow profile. We've also made considerable progress in the cost reduction and business controls front that will become more evident with future quarters. Over the course of the last year, We encountered and overcame two major challenges, the Alberta wildfires during the second quarter and Tidewater's first turnaround at PGR since acquiring the asset in 2019. Our current three throughput volumes at both Brazzo River Plant and our Prince George Refinery speak to the strength of our team and the resiliency of these assets. The team at the Brasso River Complex restored the assets to pre-wildfire levels during the quarter, safely bringing the facility throughput back up to the levels seen in the first quarter of 2023. The BRC is uniquely positioned in the deep basin, having multiple egress solutions, natural gas storage infrastructure, a fractionation facility, and liquids handling infrastructure to help enhance our customers' net back and price realizations. We've also seen an increase in upstream A&D activity in the area, and that should lead to additional capital deployment and growing volumes in the region. Our downstream business saw record throughput at the Prince George refinery during the quarter following the second quarter turnaround. PGR continues to generate significant cash flow for our business and consistently demonstrates industry-leading operational metrics while operating in one of North America's best crack spread markets. Tidewater Renewables co-processing assets co-located at the Prince George Refinery were also approved for credit generation under the Canadian Clean Fuels Regulations during the quarter. Continuing with Tidewater Renewables, as I mentioned, the HDRD complex produced its first renewable diesel on October 22nd, and as of November 7th, has progressed to commercial operations. The facility is currently producing around 1,500 barrels a day of ONSPEC cold weather diesel, and the corporation is actively working on safely increasing production rates towards the facility's 3,000-hour-a-day design capacity. Despite the delays in commissioning the HDRD complex, project economics remain attractive, with payback expected within two to three years. As production volumes ramp up during the fourth quarter of 2023, we expect the HDRD project to generate run-rate annualized corporate adjusted EBITDA on the range of $90 to $150 million. once fully operational. This is a huge milestone for Tidewater and indeed for Canada. So we've made significant changes and accomplished a number of important goals over the last year, but until there's demonstrable value in creation for shareholders, we're not resting on our laurels. This is a journey, not a destination, and we are constantly evaluating ways to unlock value. Eventually, this will get reflected in the stock. I'll now turn the call over to Tidewater Midstream's Chief Financial Officer, Brian Newmarsh, to walk through our financial results.