Plains All American Pipeline, L.P.

Good day and thank you for standing by. Welcome to the PAA and PAGP first quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you will need to press star 11 on your telephone. You will then hear an automated message advising you your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Blake Fernandez, Vice President of Investor Relations. Please go ahead.

Thank you, Michelle. Good morning and welcome to Plains All-American first quarter 2025 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 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 Willie Chang, Chairman and CEO, Al Swanson, Executive Vice President and CFO, along with other members of the management team. With that, I will turn the call over to Willie.

Thank you, Blake. Good morning, everyone, and thank you for joining us. This morning, we reported solid first quarter performance. with an adjusted EBITDA attributable claims of $754 million, which Al will cover in more detail. Before providing an update on our efficient growth initiatives, I'd like to offer some thoughts on the current market and policy environment. The ongoing uncertainty on trade tariffs is weighing on economic forecasts and creating significant volatility. Additionally, the dissension among OPEC members and the prospects of incremental supply coming to market has resulted in a lower-priced commodity than anticipated at the beginning of the year. Nevertheless, we believe a lower-priced environment will ultimately reinforce the cyclical nature of the commodity markets, leading to a constructive medium to long-term outlook. Slide 4 outlines several supply and demand dynamics that we believe will contribute to a supportive backdrop over time. Despite the given and the current market volatility, our business remains resilient. Assuming a $60 to $65 WT environment persists for the remainder of the year, we would expect both our 2025 Epidog guidance and Permian growth outlook could be in the lower half of the respective ranges. Our NGL segment remains largely insulated from lower commodity prices, with approximately 80% of our estimated C3 plus spec products sales hedged for 2025. In this environment, we believe it's important, more important than ever, to remain focused on what we can control. As a result, we continue to execute on our efficient growth strategy, generating significant free cash flow, maintaining a highly flexible balance sheet where our leverage ratio remains towards the low end of our target range, and returning capital to our unit holders. Turning to a few highlights, in our NGL segment, our transition to more fee-based earnings continues with our 30,000 barrel-a-day fractionation bottleneck project at Fort Sask, having been placed into service during the second quarter, along with other expansions of our NGL and condensate gathering systems being completed throughout the year. These projects are supported by long-term customer commitments and enhance our integrated NGL value chain. In our crude segment, we had two small strategic transactions. We acquired the remaining 50% equity in the Cheyenne pipeline in the Rockies. This asset serves as a vital connection between Guernsey and downstream crude oil pipelines Saddlehorn and White's Cliffs, which Plains owns an equity interest in. In May, we acquired Black Knight Midstream, a Midland Basin crude gathering system, for approximately $55 million. Both transactions complement our existing asset base and build upon our track record of successful bolt-on transactions. As shown on slide five, over the last several years, we've successfully deployed approximately $1.3 billion into bolt-on acquisitions. We continue to believe these opportunities present attractive, risk-adjusted returns, and our balance sheet flexibility provides financial capacity to continue to progressing the opportunity set. Before turning the call over to Al, I do want to say thank you and acknowledge our colleague, Harry Pafanis, our president and co-founder of the company. Harry's played an integral part in building Plains since its inception decades ago. We're very thankful for his relentless focus on developing lasting relationships, customer service, and operational excellence, together with an unwavering commitment to integrity, accountability, and teamwork. We wish Harry the very, very best in his retirement. With that, I'll turn the call over to you, Al.