Plains All American Pipeline, L.P.

PAA and PAGP Second Quarter 2026 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 the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 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, Daniel. Good morning. Welcome to Plains All-American Second Quarter 2026 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 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, CEO, and president, Al Swanson, executive vice president, CFO, and other members of the management team. With that, I'll turn the call over to Willie.

Thank you, Blake. Good morning, everyone, and thank you for joining us. This morning, we reported second quarter adjusted EBITDA attributable to planes of $738 million, which puts us on track to deliver our full-year EBITDA guidance of $2.88 billion, plus or minus $75 million for 2026. Al will cover more details on our results in his portion of the call. The conflict in the Middle East and supply disruptions from the Strait of Hormuz illustrate the importance of reliable, secure, and responsibly produced energy. We believe this increases the value of existing infrastructure and we are well positioned to help play a critical role in meeting global energy demand well into the future. While the macro environment has been volatile, we are successfully executing on our three key initiatives for the year. In May, we closed on the sale of our Canadian NGL business, bringing our leverage down to 3.3 times. Additionally, we have captured our targeted Cactus 3 synergies which will enhance our connectivity to the Corpus Christi market in oil exports longer term. Finally, we expect to realize 50 million of efficiencies across the organization by year-end 2026 along with an additional 50 million by the end of 2027. Strong fruit assertivity and customer demand coupled with our premier crude oil footprint are creating new organic investment opportunities. As we outlined in our June press release in detail on slide 5, we increased our growth capital spending for 2026 from $350 million to a range of $400 to $450 million. These are predominantly quick-hit projects that will contribute to the 2027 EBITDA and will generate a rate of return above our hurdle rate. This includes a further build-out of our Permian Gathering System to service additional dedicated acreage in the Midland and Delaware basins. The acreage is backed by several high quality producers and spans multiple counties. This brings our Pop JV total dedicated Permian acreage to approximately 5.1 million acres. Additionally, we're expanding our Canadian gathering systems. Additional capacity and connectivity will support strategic projects in the Clearwater and the DuVernay formations and are backed by producer commitments. Finally, we have sanctioned a very capital efficient expansion of the Cactus III pipeline, adding an additional 75,000 barrels a day capacity. This brings the total capacity of the line to 725,000 barrels a day. The expansion will come online by the end of this month and will support increased demand for export barrels out of the Corpus Christi market. We continue to evaluate additional investment opportunities, both organic and inorganic, that strengthen our portfolio and complement our existing asset base. With regard to Permian production, we now expect approximately 100 to 200,000 barrels a day of growth in 2026 versus 2025 on an exit-to-exit basis. Upside from our previous forecast of relatively flat production is mainly due to natural gas egress coming online earlier than expected. Importantly, The ramp up in Permian oil production will create meaningful momentum into 2027 while having minimal impact to EBITDA this year. Our capital allocation framework and efficient growth strategy remain intact. We have a commitment to capital discipline to optimize our asset base and maintaining a very flexible balance sheet while returning significant cash to shareholders. With that, let me turn the call over to Al cover our quarterly performance and other financial matters.