Teck Resources (TECK) Q4 2022 Earnings Call Transcript

For the period ending December 31, 2022

February 21, 2023 8:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, thank you for standing by. Welcome to Teck's Fourth quarter 2022 Earnings Release Conference Call. At this time, all participants are in listen-only mode. Later we will conduct a question-and-answer session. [Operator Instructions] This conference call is being recorded Tuesday, February 21, 2023.

I would now like to turn the conference call over to Fraser Phillips, Senior Vice President, Investor Relations and Strategic Analysis. Please, go ahead.

Fraser Phillips

Thanks, Ariel. Good morning or good afternoon, everyone. Thanks for joining us for Teck's fourth quarter 2022 conference call. Please note, today's call contains forward-looking statements. Various risks and uncertainties may cause actual results to vary. Teck does not assume the obligation to update any forward-looking statements.

Please refer to slide two for the assumptions underlying our forward-looking statements. In addition, we will reference various non-GAAP measures throughout this call. Explanations and reconciliations regarding these measures can be found in our MD&A and the latest press release on our website.

Now, we know there's a great deal to digest this morning. We've got four -- issued four press releases which you shouldn't now have. The first on the spin-off of the steelmaking coal business; second, on the sunset for the dual-class share structure; the third on the dividend and share buyback that was announced; and finally, of course, on the Q4 results. In addition, there's a copy of our presentation to go with the releases. If you do not have all five documents, they are available on our website, its www.teck.com/separation.

And a long time to discuss the strategic announcements we issued this morning, Jonathan Price, our CEO, will begin today's call with a brief overview of the fourth quarter results. We'll then shift to the focus of the three strategic announcements and the separation of Teck into two independent publicly listed companies, related transactions with our steelmaking coal joint venture partners and major customers Nippon and POSCO and the six-year Sunset for Teck’s Class A shares. We will then conclude today's session with a question-and-answer period.

With that, I will turn the call over to Jonathan.

Jonathan Price

Thank you, Fraser, and good morning, everyone. Starting on slide five, we are pleased to have achieved several financial records in 2022, including a record $9.6 billion in adjusted EBITDA. This was driven by strong commodity prices, particularly steelmaking coal, which reached new heights during the year. Each of our business units made substantial contributions to our profitability in 2022.