Welcome to the CES Energy Solutions Fourth Quarter and Year-End Results Conference Call and Webcast. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star and then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star and zero. I would now like to turn the conference over to Tony Aulicino, Chief Financial Officer. Please go ahead. Thank you, operator. Good morning, everyone, and thank you for attending today's call. I'd like to note that in our commentary today, there will be forward-looking financial information and that our actual results may differ materially from the expected results due to various risk factors and assumptions. These risk factors and assumptions are summarized in our annual information form, fourth quarter MD&A, and press release dated March 9th, 2023. In addition, certain financial measures that we will refer to today are not recognized under current general accepted accounting policies, and for a description and definition of these, please see our fourth quarter MD&A. At this time, I'd like to turn the call over to Ken Zinger, our President and CEO. Thank you, Tony, and welcome, everyone. Thank you for joining us for the Q4 and 2022 year-end earnings call. On today's call, I will provide a brief summary on our record financial results released yesterday, followed by divisional updates for Canada and the U.S., along with a brief update on our international business, and then finally a short outlook on what we see for 2023. I will then pass the call over to Tony to provide a detailed financial update. We will take questions, and then we'll wrap up the call. 2022 was a transformative year for CES Energy Solutions. We believe the company has now evolved into one of the leading chemical solution providers to the North American onshore market. In our estimation, we exited 2022 tied as the number one drilling fluid provider in the U.S. with around a 21% overall market share. We are now clearly the number one drilling fluids provider in each of Canada, the Permian Basin, and North American onshore as our North American onshore rig count has grown to 243 rigs or 24.8% of the active market, which is up from 19.7% a year ago. In production chemicals, we estimate that we are now the number two production chemical company in the United States onshore market and roughly in a three-way tie for number one in Canada. Looking back, 2022 was filled with challenges, including inflation, labor shortages, tight supply chains, and lingering COVID effects, to name a few. With those challenges came opportunities that CES capitalized on. CES and our employees overcame these challenges and significantly grew our revenues, profitability, and market shares throughout the North American onshore market to grow our business to unprecedented levels. Some of the major financial accomplishments we were able to achieve in 2022 included revenue growth from $1.2 billion in 2021 to $1.92 billion in 2022, and we beat our prior record from 2019 of $1.28 billion by 50%. EBITDA growth from $156 million in 2021 to $257 million in 2022, and we beat our prior record from 2014 of $177 million by 55%. After starting the year with just 10.6% EBITDA margins in Q1 of 2022, we were able to quickly improve them by Q2 and achieve north of 14% EBITDA margins throughout each of the remaining three quarters in 2022. This allowed us to achieve an overall 13.4% annual EBITDA margin, our best annual EBITDA margin since 2017. We increased total debt to support this growth in 2022, we were able to lower the total debt to EBITDA ratio throughout the course of the year from 2.97x in Q1 to 2.17x by year-end. The draw on our credit facility peaked at CAD 220 million at the end of Q3 as growth started to stabilize and then fell to CAD 209 million by year-end, despite the fact that revenue grew in Q4. We have further reduced this level to CAD 158 million today as the free cash flow starts to gain momentum. I will note that cash CapEx came in at CAD 49.8 million in 2022 or 2.6% of revenue, which was directly in line with our forecasted estimate of CAD 50 million. This number facilitated an expansion to our Nisku H2S scavenger plant in Canada, as well as opening the Midland invert plant in the Permian and starting construction on our Permian barite grinding facility, while also supporting the maintenance and growth in the existing business and infrastructure as well. In summary, during 2022, we grew the company to a much higher revenue level, and we are now beginning to see the free cash flow harvest that comes with this more steady market versus the incredibly rapid growth of the past couple of years. Our working capital level had increased to CAD 697 million by year-end 2022 to support that rapid growth. I will note that this level was well within our targeted historical range of 30%-35% of current annualized run rate revenue at approximately 31%. Now to summarize our Q4 performance. I'm proud to report that the fourth quarter of 2022 was yet another record quarter for CES Energy Solutions. For the 6th consecutive quarter, quarterly revenue increased and for the fifth consecutive quarter, it increased to a new record level, this time at CAD 563 million with an associated record EBITDA of CAD 80.3 million and a margin of 14.3%. All four of the main divisions once again had their highest quarterly revenue ever. I would now like to highlight several significant corporate milestones which were achieved during Q4. Revenue and EBITDA in the fourth quarter both reached another record-setting level by beating our previous records for each from last quarter by almost 10%. This was our ninth quarter in the last 10 quarters where revenue increased quarter-over-quarter, and eighth quarter in the last 10 quarters where EBITDA increased quarter-over-quarter. The working capital build we experienced to feed the revenue growth throughout the past 24 months finally showed signs of subsiding as it only represented less than a 4% increase over Q3 2022. This compares to the almost 16% build we saw from Q2 to Q3 and the 50% increase we experienced during 2022. In Q4, we opened our Midland invert facility on the eastern side of the Permian Basin. This was done to diversify the rigs we are servicing between it and the Kermit facility, which is on the west side of the basin. Our rig count in the Permian has grown from 96 rigs to 115 rigs since we made this strategic decision just seven months ago. It is one of the reasons for how our market share in the Permian has grown from 26%- 33.2% during 2022. We expect to be operating our new barite grinding facility in the Permian within the next few months. We believe this will only further drive our market share growth in the region. The barite market in North America has further tightened in recent years, we believe this critical input for drilling wells will be a bigger and bigger differentiator over time, making CES 1 of only a couple of mud companies with a reliable supply and the capability to grind and package internally. This is a commodity that we believe is becoming more and more strategic, as you cannot drill most wells without it. I'll now move on to summarize Q4 performance by division. The Canadian drilling fluids division continues to be the number one drilling fluid supplier to the WCSB by market share. Today, we are providing service to 86 of the 229 jobs underway in Canada for a market share of 37.6%. This market share has been stable for years, we anticipate continuing to hold the same 33%-40% of the Canadian market in the coming years as well. PureChem, our Canadian production chemical business, continued to see growing contributions from our frac chemicals, stimulation, and H2S scavenger groups as we further penetrate each of these end markets and gain market share while utilizing our current infrastructure and supply chain to support it. These sectors of the Canadian oilfield continue to be very active now and for the foreseeable future. Of course, our primary business, production treating, continues to grow and evolve as well. AES, our U.S. drilling fluids group, is providing products and service to 157 of the 749 currently active rigs in the U.S. for a 21% market share. This total is up from 147 rigs and a 19.1% market share at the time of our last call in November. This includes a basin-leading 116 rigs out of the 349 listed working in the Permian by Baker, or a 33.2% market share, which is up from 29.8% on our last call. We are continuing to increase our use of our second Permian invert facility in Midland to support more rigs. The facility offers a logistics advantage to our customers on the east side of the Permian Basin while taking a little bit of the pressure off our primary facility in Kermit. Our second barite grinding facility, which we are constructing in the Permian Basin, continues to be on schedule and on budget. Finally, Jacam Catalyst continues to provide the manufacturing and production that supports the entire business with the plant in Kansas. They do this while growing market share and providing retail sales to support our U.S. customers. The plant continues to operate at a very comfortable output level of approximately 65% of what we believe to be the current maximum capacity. This number varies based on the ratios of the different chemistries being manufactured, with some being quicker and easier to produce than others. Safe to say, we continue to see no capacity issues in the foreseeable future. We continue to actively pursue several opportunities in the Middle East, I will comment further on these should any come to fruition. We remain focused on growth prospects in this region and are spending significant time and energy evaluating multiple potential opportunities. Currently, our outlook for 2023 has us moving into what appears to be a more stable environment for our company and our industry. At CES, we anticipate that oil prices will likely be somewhat range-bound in the $70-$90 levels throughout the bulk of 2023, with the prices likely to edge to the higher side of that estimate in the second half of the year. We continue to believe that the North American natural gas market will be a bumpy ride until there is more takeaway capacity. At CES, we remain well positioned to take advantage of natural gas-related activity as it evolves over the next few years. However, our current primary focus remains on oil and liquids-producing basins throughout both countries, and we estimate that the natural gas-related revenues only represent about a 10%-20% share of our overall revenue. As evidenced by our debt reduction, we are now harvesting the torque built into the business with our CapEx-light, asset-light, high surplus free cash flow business model. We anticipate significant free cash flow in 2023. Tony will speak more to our capital allocation plans during his portion of the call today. I want to note that all these great results do not mean that all is easy. As always, challenges remain throughout the businesses. Shortages of certain chemistries, inflation, customer pricing fatigue, and competitor pricing pressures are all very real and present in the market. Even though these factors may lead to some lumpy margins throughout 2023, we remain optimistic about growing top line and EBITDA year-over-year and expect for margins to hover near recent historical levels in the 13%-15% range. We are excited to embark on the strategic utilization of the free cash flow, which we have begun generating. In 2023, we will further improve our balance sheet while enabling consistent shareholder returns. Our outlook remains cautiously optimistic for the remainder of the year. Although industry activity growth rate appears to have crested for now, service intensity will continue to play out over time. We note that producers continue to seek to improve drilling, completion, and production performance through any means possible, including higher volumes of performance-enhancing chemistries. CES will continue to prioritize spending our efforts in areas where we have competitive advantages due to infrastructure and our technology. I want to extend my appreciation to each and every one of our employees for their commitment to the business, culture, and success of CES. It is rewarding to note that due to the growth that we are experiencing, we have increased our total number of employees at CES from 1,814 on January 1st, 2022 to 2,122 at year-end. This is an increase of 308 employees during the year or approximately 17%. As always, I want to finish this portion of the call by thanking all of our customers for their trust and commitment to CES in good times and in bad. With that, I will turn the call over to Tony for the financial update. Thank you, Ken. As Ken highlighted, CES's financial results for the fourth quarter and full year represent all-time high record levels of revenue, adjusted EBITDA, and funds flow. These impressive results were realized amid continued growth in industry activity, targeted pricing increases, and disciplined spending. Most importantly, however, the fourth quarter and ensuing months represent the onset of significant surplus free cash flow generation driven by stabilizing industry activity, unprecedented revenue and EBITDA levels, our CapEx-light, asset-light business model, and improving working capital metrics. We have been talking about cash flow prioritization since our run rate revenue of CAD 1 billion a year and a half ago. Are now beginning to realize that anticipated strong cash flow generation from our run rate revenue level of approximately CAD 2.25 billion. Revenue of CAD 1.9 billion for 2022 represented a 61% increase over CAD 1.2 billion in 2021, while Adjusted EBITDA of CAD 257 million represented a 65% increase over CAD 156 million in 2021. Adjusted EBITDA margin for the year was 13.4%, up from 13.1% for 2021, as the company continued to realize increased pricing and scale associated with higher activity levels. These significant improvements were underscored by impressive gains in funds flow from operations of CAD 195 million in 2022, up from CAD 117 million in 2021. Our cash CapEx of CAD 49.8 million in 2022 remained in line with our original CAD 50 million guidance and consistent with our unique CapEx-light, asset-light, consumable chemicals business model throughout the cycle. During Q4 2022, the company purchased 1.4 million common shares at an average price of CAD 2.60 per share for a total of CAD 3.7 million. During the entire year of 2022, CES purchased 2.1 million common shares for CAD 5.2 million or CAD 2.46 per share under our NCIB program and increased the dividend by 25% to CAD 0.08 per share on an annualized basis. Our fourth quarter represented record revenue exceeding the company's previous high watermark in Q3 2022, and another consecutive quarter of solid adjusted EBITDA and surplus free cash flow generation amid a constructive supply and demand backdrop for the energy industry. In Q4, CES generated revenue of CAD 563 million and adjusted EBITDA of CAD 80.2 million, representing a 14.3% margin. Q4 revenue of CAD 563 million represented an increase of 53% from CAD 368 million in Q4 2021, and a sequential increase of 7% from CAD 525 million in Q3 2022. Revenue generated in the U.S. was $378 million, or 67% of total revenue for the company, and up from $350 million in Q3 and $234 million during the prior year, demonstrating record revenue levels driven by increased industry activity, higher production levels, and improved pricing year-over-year. Revenue generated in Canada was CAD 184 million in the quarter, up from CAD 175 million in Q3 and CAD 134 million a year ago. Canadian revenues benefited from increased drilling and completions activity, coupled with higher production volumes and frack-related chemical sales. CES's adjusted EBITDA of $80.2 million in Q4 represented a 68% increase from the $47.8 million generated in Q4 2021, and a sequential increase of $7 million or 9% from the $73.3 million generated in Q3. Adjusted EBITDA margin for the quarter was 14.3%, representing a significant improvement from the 13% recorded in Q4 2021 and in line with the 14% achieved in Q3 2022. At CES, our main financial priority continues to be surplus free cash flow generation. I am proud to report that during Q4, our FFO was $67 million, representing an increase of $18 million over Q3 and a near doubling or a 100% increase over the $34 million generated in Q4 2021. CES has continued to maintain a prudent approach to capital spending through the quarter, with net CapEx spend for the quarter of CAD 15 million, representing approximately 3% of revenue. We will continue to adjust plans as required to support existing business and growth throughout our divisions. For 2023, we expect cash CapEx to be approximately CAD 55 million, split evenly between maintenance and expansion capital. We exited the quarter with a net draw on our Senior Facility of CAD 209 million versus CAD 221 million on September 30th and CAD 110 million on December 31st, 2021. The year-over-year increase was primarily driven by working capital builds associated with the increased financial scale of the company and associated revenue growth. We ended Q4 with CAD 557 million in total debt net of cash, comprised primarily of CAD 288 million in Senior Notes, which mature in October 2024, and a net draw on the Senior Facility of CAD 209 million. Our total debt to adjusted EBITDA declined to 2.17x at the end of the year, down steadily from 2.52x at Q3, 2.7x at Q2, and 2.97x at Q1, demonstrating our continued deleveraging trend. I would also note that our working capital surplus of CAD 691 million exceeded total debt of CAD 557 million by approximately CAD 134 million and demonstrated continued improvement in respective quarter-over-quarter metrics, with cash conversion cycle improving and working capital as a percentage of annualized revenue declining to 30.9% from 31.9%. At this point, I believe it's very important to step back and highlight the relative financial positioning of the company. CES's annualized Q4 revenue grew to CAD 2.25 billion from CAD 1 billion just six quarters ago. We were able to strategically use our balance sheet to support the working capital needs related to this growth by increasing our credit facility size to $425 million from approximately $233 million at the end of 2021 to provide ample liquidity to support current revenue levels and beyond. As these strong levels have begun to stabilize at more muted growth rates, we believe that CES's incremental working capital requirements should decline materially and usher in an era of strong surplus free cash flow generation fueled by these record-setting revenue and adjusted EBITDA levels. This is exactly what we are beginning to experience in real time. For context, from December 31st, 2022 to March 9th, 2023, our draw declined by approximately CAD 51 million from CAD 209 million to CAD 158 million, driven by prioritization of surplus free cash flow generation. This very strong surplus free cash flow trend over the past two-plus months will vary with some lumpy outflows over the next couple of months, but it is indicative of the cash flow generating potential of CES in this environment. We are increasingly optimistic about our industry outlook and CES's unique ability to continue its strong financial performance in this environment. This combination is key to informing our capital allocation decisions, which we revisit on a quarterly basis. In terms of capital allocation considerations, we continue to prioritize capital allocation towards supporting existing and new business through investments in working capital as required and modest capital expansion projects and CapEx maintenance that deliver IRRs above our internal hurdle rates. We remain very comfortable with our current dividend, which represents a yield of approximately 2.9% at our current share price and is supported by a very prudent payout ratio in the low teens. We will continue to buy back at least enough shares to offset equity compensation-related dilution. We will continue to use remaining surplus free cash flow to reduce leverage to further strengthen our balance sheet. In this current environment, as our deleveraging continues, we will revisit increasing our dividend and share buyback levels. At this time, I'd like to turn the call back to Ken for comments on our outlook. Thank you, Tony. As you and I both noted, the Q4 and 2022 results once again represented significant record results for revenue, EBIT, and EBITDA to cap off a massive step forward in 2022. We accomplished this while maintaining strong EBITDA margins within our targeted range, all while expanding our market share throughout our footprint in North American land market. Thank you to all of our employees for contributing to these spectacular results that Tony and I have had the privilege of presenting here today. I'll now pass the call over to the operator for questions. Thank you. We will now begin the question-answer session. To join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two. We will pause for a moment as callers join the queue. The first question comes from Aaron MacNeil with TD Cowen. Please go ahead. Hey, morning, all. Thanks for taking my questions. Ken, as it relates to the U.S. drilling fluids business, I know you mentioned the invert facility as well as the barite grinding facility under construction that, you know, has and presumably will continue to facilitate market share growth. I'm wondering if you can sort of characterize those gains a bit differently. Specifically, I'm wondering if the market share gains are a function of onboarding new customers and increasing your share of work with your existing customers, or, you know, are your customers just comprising a larger proportion of the overall rig count? If you are winning incremental work from your competitors, what do you think you're offering those customers that your competitors are not? Thanks, Aaron. I think that the growth has been because we're picking up more new customers. I mean, lately, we picked up six, seven rigs here in the last few weeks that got us to that number, and those rigs were kind of smaller guys that were waiting for windows or openings to pop up on rigs and were just looking to drill a well or two. Not, doesn't look like the 157 number is gonna last all that long, maybe another month or so, and then it might start backing down a little bit unless something new pops up. That explains sort of what's happened recently and the fact that it's a diverse customer mix. As far as what we offer, that our competitors don't, you know, we're set up logistically. We have good, fair cost of goods that's in line with what the market's used to seeing. We are reactive. We provide great service. I don't think we've ever had a customer that spent any time with us that hasn't pointed out the fact that when there's an issue at a rig, whatever it is, we're all over it, which helps limit non-productive time for them and lowers their overall cost of drilling. I mean, it's all of those things. It's our people, it's our infrastructure, and it's our platform. You also mentioned the leading position in the markets you serve, and I guess, like, you know, do you have any ambitions to further increase your share, maybe inorganically or enter into new geographic or adjacent product markets? Yeah. We're always looking at that. I mean, that's been an initiative for a couple of years now to investigate other markets or other end markets. I mean, some of that's been done already. Both Canada and the U.S., we've gotten into selling a bit of fracturing chemical, and I know that's not brand new for us, but it is something that we've grown a lot over the last year or two. It's a small piece of what we overall do, but, I mean, it's a new end market that we're in. In Canada, we've really pushed on H2S scavenger. We've worked to that. As far as acquisitions go, I mean, we're always opportunistic. We're open to just about anything. We've talked a lot about our plans over the last year or two where, you know, we were primarily funding our own growth and getting to this level. We're here now. The market seems to have crested for the time being. Things will be more stable, which for us is awesome because that means free cash flow will really start pouring out of the business. We can get our debt down a bit as we've talked about. You know, at that point, I think all doors are open to look at everything. Okay. Thanks, Ken. Maybe I'll sneak one more in for Tony. You highlighted obviously the debt reduction year to date in your prepared remarks. I guess I'm just wondering, have there been any meaningful changes year to date in your working capital balances that would have assisted or hindered that harvesting of cash? You know, is this just really as simple as a direct flow through of operational cash flow into your bank account? It was the latter. As you expect during an environment where revenues are stabilized in terms of flat or muted growth rates on a quarter-over-quarter basis. That's where it starts. The other piece that you mentioned in that first category, which is improved working capital metrics, will just further accelerate that surplus free cash flow. What you saw over the last quarter was a slight improvement in working capital metrics for sure from Q3 to Q4. What we've seen over the last couple of months, still a little bit early to tell. It's a combination of purchasing cycles and in an environment where revenue isn't growing at the staggering rate that we've experienced for the last six quarters, it's very simple. It's surplus free cash flow, even with working capital metrics staying flat and improving working capital metrics, like I said, which is what we're still gonna focus on could boost that free cash flow even more. Thanks, guys. I'll turn it over. The next question comes from Jonathan Goldman with Scotiabank. Please go ahead. Good morning, guys. Morning. Morning, Jonathan. Just circling back to a couple of those questions just previously. On thinking about new markets, I was wondering if you guys had any updates on the ProFlow acquisition. Is there any progress on getting some of those RFPs out and getting into those markets? Maybe if there's a timeline into when some of those projects may come online for you guys? We're making some progress through their footprint and their people. We've gotten some trials on some platforms of late that. You know, We've talked about it a bit, Jonathan. It's a slow, long process. Much like the Middle East, you know, we're focusing effort on these things, but nobody moves fast, and these RFPs and processes take long times. Safe to say we have gotten some opportunities to trial some product and solution on a couple of platforms we're not working on, and those opportunities would not have come along had we not been connected with ProFlow. Yeah. I might add that from a financial perspective, over the last it's been just one year of that acquisition. We knew it well when we looked at it. frankly, we, and by we, I mean the entire team, are learning more about that business. It's got technical and quality and supply chain requirements that are unique versus land production chemicals. That's something that we've been learning and getting better at. That's really, really important because us being able to do that over the last year gets us to the point where we can start delivering and realize what you see from some of our competitors can be very, very attractive margins and revenue growth levels. Yeah, that's fair. I mean, it's probably not a light switch. Just maybe moving on. You know, we've all been reading about the demand side and the rig and the production environment, but with WTI prices coming off and activity levels stabilizing, can you maybe talk about what you're seeing from your competitors in terms of pricing, and maybe how that translates into your margin expectations for the year? I know you said it, you know, might bounce around through the year, but still staying in around that 13%-15%, call it 14% at the midpoint. What kind of gives you confidence or visibility that that's attainable with the current market dynamics? Well, I think first and foremost, history. Like, even in the worst times, we've been able to kind of maintain. I mean, I shouldn't say that. I guess 2020 we were low. In the past five, six years, at the 13%, low 13s is where we've lived. We've got some advantage right now with scale and size, and we're taking advantage of that. I don't expect. You know, I kept getting asked over and over again over the last year how we could get margins over 15. just like I don't think that's very likely, I don't think it's likely at all that we'll have to go under 13. It's just constantly passing through, the increases as we get them. We've been very open with our customers, and we've had a lot of conversations with customers, as you can imagine, over the last year and a half to maintain margins. I'll say the inflation continues to be real, and competitors continue to be, I don't want to call it undisciplined, but a little bit undisciplined. Some of the privates I don't think understand the cost increases that may be coming their way. We go through a lot of volume, we tend to see things a little sooner, and we have a pretty sophisticated procurement group on both sides of the border. You know, maybe we're ahead of guys a lot of times when we're seeing price increases and that causes us some lag before we can get customers to accept it. You know, at the end of the day, the inflation is real. We're seeing it in some major product lines, and we're gonna have to pass that through, and it hasn't stopped. When I talk about if costing was staying the same, we'd be able to maintain the same margins. Because costing keeps increasing on a couple of products, you know, there's gonna be a little lumpiness there as we lag getting the increases pushed through. Okay, that makes sense. Maybe if I could just squeeze one more in maybe for you, Tony. Just asking the working cap question a different way. If we're using your rule of thumb of working cap as a percentage of annualized run rate revenues, you know, obviously, you mentioned coming in about 31% for the most recent quarter. I was wondering maybe some puts and takes on seems kind of at the low end of your typical range, maybe expectations of an appropriate run rate going through the year, if there's any structural improvements or things you guys are doing that would keep it down to that low end there. Yeah. Look, we talked about that 30%-35% range, and that's simply because we went back historically for seven years to try to understand it very, very well. That's the range, and you could do the same math that we did. We're on the lower end of that range right now, and we always strive to improve it. I will say, and I think I said it during the Q3 call as well, is that we were all going, full speed ahead on growing the business with attractive margins and contributions, cash contribution levels. We justifiably, took our eye off of the working capital ball a little bit. What we're experiencing, from my perspective, from the financial perspective, is the divisions being able to turn their heads even more to focusing on cash flow, understanding the puts and takes, as you put it. Just like we improved margins over the last year, once that becomes front and center, the guys start putting up better and better performance. Now that revenue is stabilizing, there's a little bit of breathing room to focus on it more. I'd like to say that we're gonna live in the lower end of that 30%-35% range going forward. In terms of how we're gonna do that, well, we're taking a very methodical, granular approach to understanding the puts and takes. We've developed pretty sophisticated dashboards over the last year to be able to point out trends and find opportunities, and they're different in every division. We talked in the Q3 call about how the cash conversion cycle is inherently different in the drilling fluids business versus production chemicals business. There are different things to focus on. Some is DSO, some is DSI. To summarize it all, we are better than we ever were before on understanding those working capital drivers. I hope you see continued trends allowing us to stay in the lower end of that 30-35 or maybe even pierce below that lower end. No, that's good to hear, guys. Thanks then for taking my question. Thank you. The next question comes from Cole Pereira with Stifel. Please go ahead. Morning, all. Tony, you touched on it a little bit, but how do you think about the dividend from here? I mean, it seems to me you've hit the inflection in your working capital requirements and, you know, CapEx is relatively low. I mean, you know, even at current levels, it's a pretty small piece of your forward free cash flow. I mean, you know, simply put, I mean, it seems like you could double the dividend, and it would still be sustainable. How do you think about that going forward? Yeah. The answer is mathematically, yes. Like, we're lucky we have a business model, as Ken mentioned, that at these levels, generate massive free cash flows. Just to remind everybody, because of that same business model and the working capital and harvesting of working capital, we technically didn't even have to turn our dividend off back in 2020, but we did it because of the uncertainty. To answer your question specifically, we talk about exactly what you just described. We were talking about it during our board meeting yesterday. We wanna be very responsible. We've definitely got the company up to this higher cruising altitude with this record level of revenue at $2.25 billion annualized and this very high level of EBITDA. It's been a quarter and a half, right? I'm not saying we don't expect it to continue, but I think the prudent approach would be, let's get another solid quarter, understand it, understand how those dashboard metrics are looking. Then we absolutely will revisit the dividend, and we will revisit the NCIB as well based on where our share price is and our implied valuation is at the time. It's a little bit premature to make any grand changes at this time. No. That's, that's totally fair. Ken, you talked about the drilling fluids market share a little bit. I mean, how do you kinda think about the strategy in a flat rig count environment? I mean, you mentioned some of your competitors are being a little price competitive, do you just kinda sit back and, you know, let, your new infrastructure do a lot of the work? Yeah. I wish it was that easy. No. It takes doubling down on service to customers and visits to customers and coming up with new technologies and ideas and making sure we don't have any problems on the work that we have. That's the kind of thing that rumors spread about and gets you opportunities with new customers as if they end up having problems with their current providers. Our strategy is always to grow the drilling fluids business, and that'll continue going forward. We think we have the best groups in North America on both sides of the border and that we can continue to chip away the way we have chipped away. Got it. That's all for me. Thanks. I'll turn it back. Thank you. The next question comes from Keith Mackey with RBC Capital Markets. Please go ahead. Hi. Good morning. Thanks for taking my questions. Ken, if we continue to see this trend in the U.S. of private companies generally dropping rigs and public companies generally picking up rigs, maybe even some of the super majors starting to add a few rigs, do you see that dynamic as a net positive or negative for CEU's drilling fluids market share and ultimately revenue trajectory as well? I think it'll totally depend who it is. We do work with some of them, and we've got some doors open at a couple of others. Opportunities persist at the super majors as much as the smaller guys. I mean, there's challenges with smaller companies too, and that a lot of them have relationships or investors that work at private companies. We face that as well. Over the last sort of seven, eight years, we've looked to blue chip our customer base, and we've done a great job with that on both sides of the border. You know, we work with a couple of the super majors here in Canada, and like I say, because of that, we've got some inroads in the US. Overall, I'd, you know, I'd continue to view the North American drilling fluids market as being very strong for us and as a market. We think these kind of flat run rates are actually good for us. As I've said, we wanna continue to chip away at market share. I think we still have room to grow on both sides. The other thing, we've talked about this in the past, and we update it quarterly in our investor presentation as well. The team has done a very good job over the last decade, frankly, of high-grading the customer mix, as Ken alluded to. When you look at our overall revenue composition, where the vast majority of that revenue comes from public company, 2/3 of the revenue that we derive from those public company customers, because we can get this information from them, 2/3 of that revenue comes from companies with market caps of $10 billion-$700 billion. The majority of our revenue comes from those bigger guys that are doing exactly what you said, growing versus some of the smaller private guys maybe dropping rigs. I'll add to that again, thinking about it. You know, seven, eight years ago, we used to compete with the three big, major super international companies on the service side on drilling fluids in North America on both sides of the border. Today, you know, we compete with one of them on the U.S. side and none of them in Canada. When the big companies are looking for who to use and who's got a big sophisticated accounting and safety programs and can provide solutions, really, you know, we have one major competitor in the U.S. and one moderate competitor in Canada that are of scale that kind of fits that profile. It gives us a better chance to get into those places. Yeah, got it. That's helpful context. Just if we go back to your revenue and margin targets or guidance for the year, what sort of macro assumptions as in Canada rig count, U.S. rig count levels would you say are embedded within that guidance range? I can start with that. Again, we don't provide guidance, financial guidance, but we do share what we think our ballpark assumptions are for rig counts in the industry, and that's based on public information. Would leave it to you and the research community to provide estimates on where you think our market shares are gonna be. Suffice it to say for 2023 in the U.S., we're currently thinking that the average rig count through the year is gonna be in that 760-780 range when we think about how the year looks. Look, based on where we are, that could change, that might come down, but that's where the public estimates were when we were putting this information together. Similarly, in Canada, based on public information, that average for the year was in that 190 range. Got it. Very helpful. Thanks very much. Once again, if you have a question, please press star then one. The next question comes from John Gibson with BMO Capital Markets. Please go ahead. Morning, all. I just have one here. You spoke to all of your business sides achieving record results or at least revenue last quarter. I'm guessing that's kind of trending in the same direction here in Q4. I'd like to focus on your production chemicals business. You know, treatment points haven't really moved substantially this year, so I'm guessing that isn't a great proxy for revenue growth. Can you maybe talk about how the average job size has trended over the past year with the migration towards pad drilling work both in Canada and the US? Yeah. Like, it's. You're right. That that treatment point metric used to be really good before the the significant onset and acceleration of pad multi-well pads over the last 5 years or so. We do try to explain that above those two graphs in the MD&A and basically explain that that although the the treatment point levels seem to be stable, what's actually happened is the volume of product delivered to those sites has increased significantly over time. The number of times you actually have to go and visit those well sites has declined, but you're providing even more volumes. The proof is in the pudding because that has to be true. Otherwise, the revenues wouldn't have grown as substantially as they have. The other thing I would add that's industry knowledge, and you're hearing a lot about it over the last couple of months in particular, is what's happening. These, these wells continue to be bigger and longer and more prolific. What we typically experience on the production chemical side is that the the bigger, more intensive levels of treatment are incurred during the initial production levels or periods during that first year, where there are even higher volumes of good product, good margin product that need to be used to treat that initial production. The other thing that we're continuing to see that people aren't talking too much about, but everybody should remember, is how steep the decline curves are, especially in places like the Permian. Lastly, what you're starting to hear more of in the U.S. and even in Canada, but in the U.S. in particular, is people scratching their heads on the availability of the higher quality inventory to be able to maintain the production levels that they need to deliver on their return plans to their shareholders, et cetera. Ken touched on this, and it all goes back to the service intensity acceleration that everybody's seeing. All that really comes together to summarize sort of how we've gotten to the levels that we're at, which are a combination of increased units, increased volume in production chemicals, as well as higher pricing getting us to the revenue level increases that you've experienced. Great. appreciate the color. I'll I'll turn it back. The next question comes from Tim Monachello with ATB Capital Markets. Please go ahead. Hey, good morning, everyone. Hey, good morning, everyone. Good morning, Tim. I appreciate all the detail that you've given on the capital program for this year with the Invert facility coming online, the Barrière facility. Last year, you did the ProFlow acquisition. I'm just curious if there's anywhere in your portfolio, one where you could see some more debottlenecking that could release some activity growth like you're seeing at the Invert facility? Also, you know, in I guess, price competitive markets where supply isn't constrained, oftentimes, you know, companies just look for ways to cut costs. Is there anywhere in your manufacturing process where you think you could become more vertically integrated? Understanding that you're basic in a lot of your chemistries already. Is there areas that you can drive costs down that might, you know, yield more margin over time? Yeah. Like, it's like you're reading our minds, Tim. That's something we've been focused on where we've got a lot of pressure on a few major product lines that are getting harder and harder to get, and the price keeps escalating on, not because the core cost of producing the products is going up, but because, supply and demand. There's two or three things we're looking at right now to get more involved on the manufacturing side of these products that we use a ton of in order to help guarantee our supply as well as cut the cost to get them or acquire them. Are those things that are gonna be done in 2023 or are those longer term? I'd say a couple of them we're down the path on, and one of them is a little further down. One of them that we think we can implement pretty short term here in the next quarter or two without CapEx. The other two are probably, you know, second half of the year, hopefully. They may require some capital, so they're getting vetted a little more firmly. Like, if we go into 2024 and the rig count is only up moderately in North America, should we expect growth CapEx to be lower? Or are there, you know, other things that are on the list that need to be done? I think it all depends what we can identify. We've always had this kind of 2.5% of revenue, as a target. Through the year, we identify opportunities that pop up. We don't have the entire CapEx for this year on the growth side earmarked. It's a placeholder, if the opportunities we're looking at come through, we'll spend it. If they don't, we may not spend it. It's just kind of it's more of an earmarking than it is an actual. Okay. Got it. Could you give an update just on, how the offshore stuff is going? Yeah. It's going. I mean, we have the same. We had a little bit of business there, and ProFlow had a bit of business there. We put the two parts together. We're now manufacturing all the products that are possible for those platforms, and we're servicing it all through the ProFlow management. Like I said, we've gotten a couple of opportunities of late here. We had an RFP that we're participating in, as well, we had a couple of opportunities to try a new technology or a new method on a couple of platforms with a new customer. If those trials go well, we would anticipate picking up that work. From a cash flow and performance perspective, ProFlow's worked out exactly as we thought it would. Financial performance has been good, and we're, you know, starting to open some doors. Okay, great. Appreciate it. I'll turn it back. Thanks, Tim. The next question comes from Sam Douglas with Mara River Capital Management LLC. Please go ahead. Thank you for taking my question. On your margin range for the 13%-15%, you mentioned material costs continuing to increase. Is it fair to assume that the variance between that 13%-15% is largely driven by that material cost increase and ability to timely pass that through? Then, I guess, also, how are you seeing labor costs moving? Are you continuing to see pressure and inflation? I guess, how much could that be factored into your margin guide? From the labor cost, it's been pretty static. You know, that was hectic last year as we figured out how to pay everybody competitively in the market. I think we accomplished that. As far as 13%-15%, that comes from historical ranges. 2017, you know, we did 14.7% that year. The rest of the time, it's been pretty much low 13s ever since 2016. We don't view it being possible to go below that, just simply because we can't afford to work at that level. We're pretty stringent on what the minimum sale prices are to all of our salespeople. We believe it's fair in the market. It's where we've always lived, and we don't believe we'll be pressured to go under that. Yes, there is some. You know, the reason to put the range out there and use the number 13 is 'cause it's possible we could dip back into the 13s this year, from quarter- to- quarter, depending on how these increases keep going. You know, when oil last year in Q1, when we got way behind on margin as we tried to pass through increases, it was tough to talk to oil companies 'cause it was the first time in recent memory that that much stuff had gone up in that significant a way. Basically, everything went up in a significant manner. That was a challenging conversation. Well, this year, the conversations are challenging as well because at least last year, oil was moving to $100, $110. This year, we're having the same conversations about a much smaller number of products. you know, it's kinda two, three, four, five things that are moving at any one time, but they're moving in a meaningful way, and they're doing it at a time when oil is hovering at $75 and seemingly unable to move above that. Because of that, you know, nobody wants to see price increases when they're at that level. They're challenging conversations, but it's not as whole-wholesale as it was last year. It's not every product, and it's not huge increases on every product. Okay. Thank you very much. This concludes today's question and answer session. I would like to turn the conference back over to Ken Zinger for any closing remarks. With that, I'm gonna wrap up the call by saying thank you to all of our customers and our employees. We look forward to speaking with you all again during our Q1 update in May. Thank you for your time today. This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.