Pembina Pipeline Corp. Ordinary Shares (Canada)

Good morning, ladies and gentlemen, and welcome to the Pembina Pipeline Corporation Q2 2025 Results Conference Ball. At this time, all lines are in listen-only mode. 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, August 8, 2025. And I would now like to turn the conference over to Dan Tikkunov, VP, Capital Markets. Thank you. Please go ahead.

Thank you, Ina. Good morning, everyone. Welcome to Pemina's conference call and webcast to review highlights from the second quarter of 2025. On the call today, we have Scott Burrows, President and CEO, and Cameron Goldate, Senior Vice President and Chief Financial Officer, along with other members of Pemina's senior leadership team. I would like to remind you that comments made today may be forward-looking in nature and are based on PEMNA's current expectations, estimates and judgments. 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 August 7, 2025, for the period ended June 30, 2025, as well as the press release Pemina issued yesterday. All of these materials are available online at Pemina.com and on both CDAR Plus and EDGAR. I will now turn things over to Scott.

Thanks, Dan. Yesterday, we reported our second quarter results, which were highlighted by quarterly adjusted EBITDA of $1.013 billion. We remain on track to deliver full-year results within our original 2025 adjusted EBITDA guidance range, but as Cam will discuss in more detail, as we are through the halfway point of the year, we have updated the range to $4.225 billion to $4.425 billion. On the project front, Pemina continues to demonstrate its ability to deliver capital projects that provide strong returns and a competitive service offering. The Cedar LNG project continues to progress according to plan and remains on budget and on time with an expected in-service date of late 2028. We recently celebrated the achievement of a major milestone for the project as construction of the floating LNG vessel began with steel cutting on both the topside facilities and the vessel hull. Onshore activities are continuing and marine terminal clearing, drainage, erosion and sediment control, pipeline right of way clearing and road upgrades have been completed. The market for LNG supply on the West Coast of North America remains strong and Pemina continues to progress remarketing of its 1.5 million tons per annum of Cedar LNG project capacity to third parties and expects to finalize these efforts by the end of 2025. The RFS4 project continues to progress towards an in-service date in the first half of 2026. Pemina is pleased the project is trending approximately 5% under the previous cost estimate with a revised expected total cost of approximately $500 million. On a cost per barrel of capacity basis, Pemina is on track to deliver its expansion 15 to 20% lower than competing projects currently underway, highlighting Pemina's advantage service offering. Looking beyond 2025, strong business fundamentals continue to reinforce our outlook for low to mid single digit annual volume growth through the end of the decade across all WCSB products. The outlook is supported by the strong economics and long inventory lives of the Montney Formation and Oil Sands operations. the resilience of our producer customers, despite the volatility in commodity prices in the broader economy. New egress projects, including LNG and NGL export facilities and potential oil pipeline expansions, combined with new demand from potential data centers and petrochemical facilities, and a more supportive policy environment and momentum towards reshaping Canada's energy strategy in a way that could unlock Canada's abundant and diverse energy resources. Against the backdrop of growing WCSB, Pemina has differentiated itself as the only Canadian energy infrastructure company with an integrated value chain that provides a full suite of midstream and transportation services across all commodities, natural gas, NGL, condensate, and crude oil. Our scope, scale, and access to premium North American and global markets uniquely positions us to capture incremental new volumes while unlocking new avenues for growth. Pemina's ability to maintain and grow its position in the rapidly developing WCSB is supported by the recent developments and projects we highlighted in our release yesterday. Pemina continues to strengthen its propane export capabilities and will soon have access to 50,000 barrels per day of highly competitive export capacity for its own and customers' propane through our own Prince Rupert Terminal and a new commercial agreement with AltaGas for 30,000 barrels per day of LPG export capacity and the current RIPIT and future reef facilities. In addition, Pemina has approved an optimization of the Prince Rupert terminal that, through increased storage capacity, will allow the use of medium gas carrier vessels. The optimization is expected to expand access to additional global markets with higher realized propane prices while significantly reducing shipping costs per unit, thereby improving netbacks for Pemina and its customers. We also highlighted how PEMIN and PGI continue to strengthen their relationship with leading WCSB producers and develop mutually beneficial solutions that support growing production, while providing PGI with take-or-pay commitments that ensure the long-term utilization of its assets. PGI recently acquired from Whitecap the remaining 8.3% interest in three gas plants and a sales gas pipeline from PGI's DuVernay Complex. Concurrently, Whitecap entered into a long-term take-or-pay commitment for firm service at the Duvernay complex and extended long-term take-or-pay agreements previously in place at PGI's KA plant. PGI has also entered into an agreement with a Montney producer to fund and acquire an under-construction battery and additional infrastructure in the Wapiti North Gold Creek-Montney area. The project enhances PGI's footprint in the Wapiti region, connecting directly into PGI's existing Wapiti gas plant. The North Gold Creek battery will be operated by the producer and highly contracted under a long-term take-or-pay agreement. Additionally, Pemina continues to advance more than $1 billion of conventional NGL and condensate pipeline expansions to reliably and cost-effectively meet rising transportation demand from growing production. These expansions include the Taylor to Gordondale project, which will be a new pipeline connecting mostly condensate volumes from Taylor, British Columbia, to the Gordondale area, The Fox Creek to the Mayo expansion, which is a proposed expansion of the peace pipeline system that through the addition of new pump stations would add approximately 70,000 barrels per day of propane plus capacity to the market delivery points from Fox Creek, Alberta to the Mayo, Alberta, and other expansions to support volume growth in Northeast BC, including new pipelines and terminal upgrades. The growth is secured by long-term contracts underpinned by take or pay agreements, areas of dedication across the Monty and Duvernay formations, and other long-term agreements that ensure a strong base of committed volumes. Final investment decisions on the Fox Creek to the Mayo expansion and the Taylor to Gordondale project are now expected by the end of 2025 and the first quarter of 2026, respectfully. These fully supported demand-driven pipeline expansion opportunities, along with the success we continue to have in re-contracting legacy volumes, are taking place against the backdrop of increased competition. We remain confident in our ability to continue to grow volumes across our conventional pipeline system. Our Northeast BC and Northern Pipelines provide a full product integration across all commodities and connectivity, both upstream and downstream. Combined with our marketing and export capabilities, we believe we offer customers the most competitive midstream service offering. As a reference point, the weighted average contract life on approximately 1 million barrels of firm contracted volumes on Peace and Northern is approximately seven and a half years. Despite the passage of time, This figure has remained relatively consistent over time and has, in fact, increased slightly over the past two years, reflecting our successful efforts to blend and extend existing contracts and sign incremental new long-term contracts. Building upon its position as the leading supplier of ethane to a growing Alberta petrochemical industry, Pemina continues to work closely with Dow Chemical Canada. We are evaluating the various options available to meet our commitment under the mutually binding 50,000 barrel per day ethane supply agreement. Most notably, engineering and commercial discussions are ongoing related to the addition of a deethanization tower at RFS3 within the Redwater complex, and a final investment decision is now anticipated by the end of 2025. Finally, Pemina continues to advance opportunities to provide integrated solutions to support an emerging Alberta-based data center. Greenlight Electricity Center, a partnership between Pemina and KinetiCorps, is developing an up to 1,800 megawatt gas-fired combined cycle power generation facility and is in active discussions with a data center customer to commercially underpin the project. Greenlight successfully advanced through Phase 1 of the Alberta Electric System Operator allocation process and through subsequent commercial efforts has secured a sufficient megawatt allocation to achieve a viable scale for this project. In addition to the opportunity to invest in long-term contracted power infrastructure with an investment-grade counterparty, PEMIN is well-positioned to leverage its existing and future value chain to further support this project. For example, the proximity of the Alliance pipeline offers a potentially accretive expansion opportunity to provide significant natural gas supply to the Greenlight Electricity Center. In summary, the financial results continue to largely track our initial expectations for the year, and we continue to execute our in-flight construction projects and pursue expansions and new initiatives to respond to growth in the WCSB. I will now turn things over to Cam to discuss in more detail the financial highlights of the second quarter.