Plains All American Pipeline, L.P.

After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising that your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference call is being recorded. I would now like to hand the conference over to your speaker today. Blake Fernandez, please go ahead.

Thank you, Tonya. Good morning, and welcome to Plains All-American fourth quarter 24 earnings call. Today's slide presentation is posted on the Investor Relations website under the news and events section at ir.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 24 results and recent announcements are highlighted 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 Willie Chang, Chairman and CEO, and Al Swanson, Executive Vice President and CFO, along with other members of our management team. With that, I will turn the call over to Willie.

Thank you, Blake. Good morning, everyone, and thank you for joining us. Let me start with a few comments about our results and our outlook on 2025, and then I'll provide an update on our recent announcements. Let's start with the results. We just demonstrated another strong order of execution. we exceeded our expectations for the fourth quarter and for the full year, reporting adjusted EBITDA attributable planes of $729 million and $2.78 billion respectively, with full year results just above the high end of our guidance range and exceeding our initial 2024 guidance by approximately $105 million or 4%. Looking to 2025, and as highlighted on slide four, we provided adjusted EBITDA guidance of $2.8 to $2.95 billion, approximately 3% growth year-over-year at the midpoint of our guidance range. As shown on slide five, we expect Permian crude production to grow 200,000 to 300,000 barrels a day year in 2040, year in 2025, with overall basin volumes growing to approximately 6.7 million barrels a day by the end of 2025. We believe this sets up for a very constructive long-haul market over the next several years as volumes grow towards our full utilization of efficient operating capacity. In regard to our Permian long-haul assets for 2025, we expect continued high utilization on our Corpus Christi-bound assets, increased volumes on Basin Pipeline, and a modest NBC increase on Winked Webster. Our Permian Gathering JV continues to benefit from the embedded operational synergies and consistent producer activity on our over 4.7 million dedicated acres. Our outside Permian business tends to get less attention externally but it continues to perform well and generate significant excess cash flow for planes. We have selectively acquired complimentary assets along this footprint over the past couple of years, including the recently acquired Midway Pipeline and Ironwood Gathering System, and we continue to explore and develop additional bolt-on opportunities. Before turning the call over to Al for more detail on our guidance and results, I want to provide an update on our recent announcements. Turning to slide six, We've completed the acquisition of Ironwood Midstream Energy on January 31st, which extends and expands our integrated asset base in the Eagleford. As seen on slide seven and as previously announced, we acquired the remaining 50% interest in Midway Pipeline and a subsidiary of our Permian Joint Venture acquired the Medallion Delaware Basin Crew Gathering business. These transactions exemplify Plains' efficient growth strategy, which is focused on expanding our integrated asset base, streamlining operations, all while generating attractive returns for unit holders. Additionally, on January 31st, we closed the purchase of approximately 12.7 million units, or 18% of our outstanding Series 8 preferred units, at par value of $26.25, which is reflective of our continued effort to not only optimize our asset base, but also our capital structure. Lastly, we accelerated the return of capital framework and announced a 20% increase in the quarterly distribution payable on February 14th for both PAA common units and PAGP Class A shares. On an annualized basis, the distribution represents a 25 cent per unit increase from the distribution we paid in November 2024 bringing the annual distribution to $1.52 per unit, representing a yield of approximately 7.5% based on the current equity price for PAA. With that, I'll turn the call over to Al.