Pembina Pipeline Corp. Ordinary Shares (Canada)

Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Friday, May 9th, 2025. I would now like to turn the conference over to Dan Tucano, VP, Capital Markets. Please go ahead.

Thank you, Joelle. Good morning, everyone. Welcome to PEMINA's conference call and webcast to review highlights from the first quarter of 2025. On the call today, we have Scott Burrows, President and Chief Executive Officer, and Cameron Goldate, Senior Vice President and Chief Financial Officer, along with other members of PEMINA's officer team. 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. Forward-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 management's discussion and analysis dated May 8, 2025, for the period ended March 31, 2025, as well as the press release Pemina issued yesterday which are all available online at Pemina.com and on both CDAR Plus and NetGar. I will now turn things over to Scott.

Thanks, Dan. Yesterday, we reported our first quarter results, which were highlighted by quarterly adjusted EBITDA of $1.167 billion. This is a very strong start to the year and builds on the momentum from a record year in 2024, providing confidence in our full year outlook. As Cam will discuss in more detail, we are currently trending towards the midpoint of our 2025 adjusted EBITDA guidance range, $4.2 to $4.5 billion. Given the growth across Pemina's low-risk, fee-based business and confidence in the outlook for 2025 and beyond, we were pleased to yesterday announce a $0.02 per share, or 3% increase, in the quarterly common share dividend, beginning with the dividend to be paid in June. We recognize the importance of our sustainable, reliable, and growing dividend to our shareholders, and we are proud of our long track record in this regard. On the commercial front, Pemina has entered into commercial agreements with the leading Montney producer covering Pemina's full value chain, including transportation, fractionation, and marketing services. The agreements include significant new and extended long-term take-or-pay volume commitments on Pemina's Peace Pipeline, Cruz Capay systems, and Northeast BC Pipelines. The new and extended fractionation agreements are expected to support higher utilization of Pemina's redwater complex, including RFS 4, currently under construction, and the proposed RFS 3 deethanizer, if sanctioned. Additionally, the process to remarket Pemina's capacity on the Cedar LNG project to third parties continues to progress well. We have now shortlisted the preferred counterparties and entered definitive agreement negotiations. Kevin continues to advance several in-flight construction projects to capitalize on growing WCSB volumes, diversify and market exposure and serve our customers better. Pemina has built a strong competitive advantage by effectively delivering projects safely on time and on budget. Further, we believe that recent and current expansions have been and continue to be executed with superior capital efficiency compared to others in the industry. In addition, Pemina is progressing development of more than a $4 billion portfolio of potential projects that includes conventional pipeline expansions, such as the Taylor to Gordondale project, an expansion of the Peace Pipeline system to add capacity to the market delivery pipelines from Fox Creek to the Mayo, and further expansions to support volume growth in Northeast BC, including new pipelines and terminal upgrades. While reiterating their commitment to their Path to Zero project, Dow recently announced the delay in construction of the project to manage capital allocation in light of current market conditions and economic uncertainty. At this time, other than changing the in-service date of Dow's project, the announcement delay has no impact on Pemina's ethane supply agreement and the development of potential infrastructure to meet its commitments. To date, Pemina has not spent material capital to support the ethane supply agreement and will continue to progress these projects, but may now have more time available to execute them. Kevin is evaluating the various options available to meet its ethnic supply commitment under the agreement with Dow, including the addition of a deethanization tower at RFS3 within the Redwater complex. Regarding Alliance Pipeline and ongoing Canadian Energy Regulator review process, Alliance is working collaboratively with its stakeholders and remains focused on delivering the highest standards of service that customers have come to expect. Based on discussions to date, Pemina expects lower future tolls on the Canadian portion of Alliance, reflecting a negotiated solution that continues to benefit both Pemina and the Alliance shippers through an equitable sharing of value and risk. We expect Pemina will continue to earn appropriate risk-adjusted returns, while shippers will continue to benefit from Alliance's firm capacity, high reliability, and cost-effective access to premium US natural gas markets. I will now turn things over to Cam to discuss in more detail the financial highlights for the first quarter.