Pembina Pipeline Corp. Ordinary Shares (Canada)

a star zero for the operator. This call is being recorded on Friday, August 9th, 2024. I would now like to turn the conference over to Dan Toucanel, VP of Capital Markets. Please go ahead.

Thank you, Joanna. Good morning, everyone. Welcome to Pembina's conference call and webcast to review highlights from the second quarter of 2024. On the call today, we have Scott Burrows, President and Chief Executive Officer, Cameron Goldate, Senior Vice President and Chief Financial Officer, along with other members of Pemina's leadership team, including Jarrett Sprout, Janet Luduka, Stu Taylor, and Chris Sherman. I would like to remind you that some of the comments made today may be forward-looking in nature and are based on Pemina's current expectations, estimates, judgments, and projections. Looking statements we may express or imply today are subject to risks and uncertainties, which could cause actual results to differ materially from expectations. Further, some of the information provided refers to non-GAAP measures. To learn more about these forward-looking statements and non-GAAP measures, please see the company's MD&A, dated August 8, 2024, for the period ended June 30, 2024, as well as the press release Pemina issued yesterday. All of these documents are available online at Pemina.com and on both CDAR and EDGAR. I will now turn things over to Scott to make some opening remarks.

Thanks, Dan. Another strong quarter was highlighted by record-adjusted EBITDA of $1.091 billion, record-adjusted cash flow from operating activities of $837 million, and record-adjusted cash flow per share of $1.44. Record results were driven in part by the closing of the Alliance Huxable acquisition effective April 1st, as Pemina benefited from increased ownership in those assets. Both Huxable and Alliance have been performing well, and we are excited to welcome new employees to the Pemina team. With the release of our second quarter results yesterday, we were also pleased to announce that we have acquired the remaining 14.6% interest in Oxable US operations from Williams, effective August 1st. Since the Williams Oxable acquisition and the Oxable assets have been outperforming Pemina's expectations, and we are pleased to now have fully consolidated ownership of all Oxable assets, thereby further simplifying corporate reporting and enhancing the ability to pursue long-term opportunities. Pemina's business continues to deliver exceptional results. Volume growth across the Canadian energy industry is leading to higher volumes in our pipelines, gas plants, and fractionators. And while we would prefer to see higher natural gas prices for our producing customers, the current weakness, along with robust NGL pricing and strong oil prices, is leading to continued strength in Pemina's marketing business. Given the strong year-to-date results, the incremental benefit of the latest stock stable acquisition And our outlook for the remainder of the year, Pemina has raised its 2024 adjusted EBITDA guidance range to $4.2 billion to $4.35 billion, which at the midpoint represents a $100 million increase over the previous range. Finally, the second quarter was further highlighted by three other exciting developments. The first was the positive final investment decision on the Cedar LNG project. We are excited to be moving forward with a project that will deliver industry-leading, low-carbon, cost-competitive Canadian LNG to overseas markets and contribute to global energy security while delivering jobs and economic prosperity to the local region. The CEDAR LNG project aligns squarely with Pemina's strategy, offers attractive economics, and is supported by a contracting strategy that prudently mitigates cost risk. The second was PGI's transaction with Whitecap Resources. which included the acquisition of a 50% interest in Whitecap's KBOB complex and an obligation to fund further Latour area infrastructure development. We also signed long-term take or pay agreements on Pemina's pipelines and fractionators. The deal is another example of PGI and Pemina's ability to provide unique and value-added solutions to support the growth demands of our customers. And a third was bringing the Phase 8 Peace Pipeline expansion into service, marking the culmination of more than 10 years and more than $4 billion expansion program that was driven by growing customer demand for transportation services to support development in the WCSB, including the Montney, DuVernay, and other resource plays. The Peace Pipeline system plays an important role within Pemina's integrated value chain, and I would like to thank our many customers, employees, and communities that have supported Pemina to deliver this major infrastructure build-out. As a result of the expansions and ongoing optimization efforts, Pemina is confident that its extensive pipeline network is best positioned to capture future volume growth and allow the company to continue to offer customers unparalleled advantages through safe, reliable, flexible, and cost-competitive services together with differentiated market access. I will now turn the call over to Cam to discuss highlights from our second quarter.