Plains GP Holdings, L.P.

and welcome to the PAA and PAGP first quarter 2026 earnings call. At this time, all participants are in a listening mode. After the speaker's presentation, there will be a question and answer session. To ask a question, you will need to press star 11 on your touchscreen telephone. Please note this call is being recorded. I would like to turn the call over to Blake Fernandez, Vice President of Investor Relations. Please go ahead.

Thank you, Michelle. Good morning and welcome to Plains All-American first 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 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, CEO, and President, and Al Swanson, Executive Vice President and CFO, along with other members of our 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 first quarter adjusted EBITDA tripled to planes of $730 million. Al will cover the details on our results in his portion of the call. Let me start with the macro environment, which has changed significantly since our last call. Recent geopolitical events have reiterated the importance of reliable, secure, and responsibly produced energy. The closure of the Strait of Hormuz has significantly disrupted global shipping channels and Middle East supply, contributing to stronger commodity prices over the past couple of months. In response, are being released globally. While this helps balance the market deficit on a short-term basis, we are seeing a more constructive oil market developing on a longer-term basis. We expect this destocking environment to continue over the next number of months and ultimately drive a restocking phenomenon longer term, longer term as countries replenish depleted strategic petroleum reserves globally. Post-war, we would not be surprised to see several above pre-war levels, essentially creating an additional layer of demand into the future, which should support prices and incent producer activity. On the supply side, OPEC production capacity post-war remains uncertain, but we suspect spare capacity will be tighter based on a slower recovery of shut-in production and infrastructure damage during the war. We believe the conflict stable regions to ensure security of supply. Against this backdrop, North America, including the Permian, remain well positioned to play a critical role in meeting global demand. As this occurs, the value of existing infrastructure in the ground should continue to increase over time. For these reasons, we believe Plains is well positioned for both the near-term volatility and longer-term macro environment. Based on these market dynamics, and the growth trajectory that we see for our business, we have increased our initial 2026 EBITDA guidance. As highlighted on slide four, we're increasing the midpoint of our full year 2026 adjusted EBITDA guidance by $130 million to $2.88 billion. The NGL segment EBITDA is now expected to be $170 million this year, following first quarter outperformance of $45 million this year. and the updated divestiture timing now in May 2026. Our trajectory of growth this year is underpinned by three key drivers, the sale of our NGL assets, Cactus 3 synergy capture, and streamlining. The growth of our Epidot is paced with the execution of these initiatives and is enhanced by capturing optimization opportunities that have been substantially secured over the next three quarters. We're also seeing increased producer interest in both Canada and the U.S. for additional connections to our system. The combination of all these factors will ramp up through the year and position us well into the future. Our premier crude oil footprint continues to support stable fee-based cash flows in a variety of macro backdrops. As global markets turn to North America for long-term energy supply, we are well positioned across key producing basins and downstream markets to drive multi-year growth. We were committed to our efficient growth strategy, generating significant free cash flow, optimizing our assets, maintaining a flexible balance sheet, and continuing to return cash to unit holders via our disciplined capital allocation framework. With that, I'll turn the call over to Al to cover our quarterly performance and other financial matters.