Plains GP Holdings, L.P.

Thank you for standing by and welcome to PAA and PAGP's second quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker 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. To remove yourself from the queue, you may press star 1-1 again. I would now like to hand the call over to Blake Fernandez, Vice President, Investor Relations. Please go ahead.

Thank you, Lateef. Good morning, and welcome to Plains All-American Second 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 PNGP and other reference materials are in the appendix. Today's call will be hosted by Willie Chang, Chairman and CEO and President, 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 today. Earlier this morning, we reported solid second quarter adjusted EBITDA attributable to Plains of $672 million, which Al will cover in more detail. In June, we announced the execution of definitive agreements to sell substantially all of our NGL business to Kiara for approximately $3.75 billion when the expected close in the first quarter of 2026. Initial investor feedback has been positive, and we view this as a win-win transaction for both parties. Plains will exit the Canadian NGL market at an attractive valuation, while Kiara will receive highly complementary and critical infrastructure in a strategic market. From a Plains perspective, and as highlighted on slide four, this transaction will result in a streamlined crude oil midstream entity with less commodity exposure, a more durable and steady cash flow stream, and substantial financial flexibility to further execute on our capital allocation framework. With approximately $3 billion of net proceeds from the sale, we expect to continue focusing on disciplined bolt-on M&A to extend and expand our crude oil focus portfolio, as well as opportunities to optimize our capital structure, including potential repurchases of series A and B preferred units, along with opportunistic common unit repurchases. Building upon the foundation of our disciplined capital allocation framework, we announced a bolt-on acquisition of an additional 20% interest in Bridgetech's pipeline company, LLC, for an aggregate cash consideration of $100 million net to Plains. This brings our overall interest in the joint venture to 40%. Both Plains and One Oak have extensive upstream gathering systems, and both companies are committed to optimizing the operating capacity on the pipelines. In addition, this transaction is expected to provide risk-adjusted returns in line with Plains' bolt-on framework. Year to date, we've completed five bolt-on transactions totaling approximately $800 million, and we've consistently maintained the view that there is a runway of opportunities for Plains to advance its bolt-on strategy. As illustrated on slide five and as proven over the last few years, we continue to execute on that backlog of opportunities Additionally, the financial flexibility that will be created by a recent NGL announcement further enhances our commitment and capacity to pursue these and other opportunities, provided they offer the attractive returns. With that, I'll turn the call over to Al.