TECK - Teck Resources Ltd (TECK) Q4 2023 Earnings Call Transcript
2024-02-22 20:11:05 ET
Teck Resources Ltd (TECK)
Q4 2023 Earnings Conference Call
February 22, 2024 11:00 AM ET
Company Participants
Fraser Phillips - SVP, IR and Strategic Analysis
Jonathan Price - CEO
Crystal Prystai - SVP, Corporate Controller and CFO
Shehzad Bharmal - SVP, Base Metals
Tyler Mitchelson - SVP, Copper Growth
Ian Anderson - CCO
Conference Call Participants
Orest Wowkodaw - Scotiabank
Liam Fitzpatrick - Deutsche Bank
Timna Tanners - Wolfe Research
Dalton Baretto - Canaccord Genuity
Carlos De Alba - Morgan Stanley
Lawson Winder - Bank of America Securities
Lucas Pipes - B. Riley Securities
Bill Peterson - JPMorgan
Presentation
Operator
Ladies and gentlemen, thank you for standing by. Welcome to Teck's Fourth Quarter 2023 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 on Thursday, February 22nd, 2024.
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 everyone and thank you for joining us for Teck's fourth quarter 2023 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 2 of 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 in the latest press release on our website.
Jonathan Price, our CEO, will begin today's call with highlights from our fourth quarter and full year results. Crystal Prystai, our CFO, will follow additional color on the quarter. Jonathan will then conclude today's session with a brief update on our key priorities and proper growth strategy, which will be followed by a Q&A session.
With that, I will turn the call over to Jonathan.
Jonathan Price
Thank you, Fraser and good morning everyone. So, starting on Slide 4. We had a strong fourth quarter performance across our business. We advanced the ramp-up of our QB operation, resulting in Teck's highest ever quarterly copper production.
Adjusted EBITDA of $1.7 billion in Q4 and $6.4 million for the year reflects robust prices for steelmaking coal and copper as well as high-end steelmaking coal sale volumes.
Over the course of the year, strong profitability allowed us to return a total of $765 million to shareholders by paying $550 million in dividends and completing $250 million in share buybacks and while continuing to strengthen our balance sheet through the repayment of $294 million of the QB2 project finance facility....
Teck Resources Ltd (TECK) Q4 2023 Earnings Call Transcript