Plains All American Pipeline, L.P.

Hello, and welcome to PAA and PAGP third quarter 2024 earnings call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask the question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. I would now like to hand the conference over to Blake Fernandez, Vice President of Investor Relations. You may begin.

Thank you, Tawanda. Good morning, and welcome to Plains All-American Third Quarter 2024 Earnings Call. Today's slide presentation is posted on the Investor Relations website under the News and Events section at plains.com. An audio replay will also be available following today's call. Important disclosures regarding forward-looking statements and non-GAAP financial measures are provided on slide two. An overview of today's call is provided on slide three. A condensed consolidating balance sheet for PAGP and other reference materials are in the appendix. Today's call will be hosted by our chairman and CEO, Willie Chang, Executive Vice President and CFO, Al Swanson, as well as other management team members. With that, I will turn the call over to Willie.

Thank you, Blake. Good morning, everyone, and thank you for joining us. Plains delivered another solid operational quarter as our business continued to strengthen. Based on year-to-date performance and our outlook for the balance of the year, we now expect to be toward the top end of our 2024 adjusted EBITDA guidance range of $2.725 to $2.775 billion, as we show on slide four. Permian volume growth remains on track, with our original forecast of 200,000 to 300,000 barrels a day range for 2024. That's exit to exit. and we're seeing producer efficiencies offsetting lower than forecasted horizontal rig counts. Regarding our NGL business, we're on track to complete our Fort Saskatchewan Fractionation expansion project on schedule and on budget in the first half of 2025. Additionally, we continue to pursue opportunities to advance our efficient growth strategy through bolt-on acquisitions, and we recently acquired the Five Stones Permian Gathering System from Rattler Midstream. As shown on slide five, we continue to execute on what we believe is a long runway of bullpen opportunities across our portfolio. Consistent with our investment framework, these transactions complement our existing base, creating incremental growth opportunities and enhance our financial profile. Before turning the call over to Al, I'd like to provide an update on our efforts to resolve the remaining contingencies related to our 2020-15 oil spill in California. We recently settled two lawsuits, and we have booked a charge of $120 million to our overall Line 901 accrual. With these two settlements, we believe we have resolved all material Line 901 claims against claims. With respect to our $225 million claim for reimbursement of a prior class action settlement from our insurance carriers, we expect the majority of the claim, $175 million, to be resolved in the first quarter of 2025. which we continue to believe that we are entitled to reimbursement. Overall, we view this settlement as prudent risk management, providing us with more certainty regarding our future cash flow, which allows us to more confidently focus forward on our strategic priorities. With that, I'll turn the call over to Al. Thanks, Willie.