Pembina Pipeline Corp. Ordinary Shares (Canada)

Hello, everyone. Thank you for joining us and welcome to the Pembina Pipeline Corporation Q4 2025 results digital conference call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. To withdraw your question, press star one again. I will now hand the call over to Dan Tucanel, Vice President of Capital Markets. Please go ahead.

Thank you, Jade. Good morning, everyone. Welcome to Pemina's conference call and webcast to review highlights from the fourth quarter of 2025. On the call today, we have Scott Burrows, President and CEO, and Cameron Goldate, Chief Financial Officer, along with other members of Pemina's leadership 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 discussion and analysis, dated February 26, 2026, for the period ended December 31, 2025. as well as the press release Pam and I issued yesterday, which are all available online at pamina.com and on both CDAR Plus and EDGAR. I will now turn things over to Scott.

Thanks, Dan. Yesterday, we reported our fourth quarter results, which included earnings of $489 million, adjusted EBITDA of approximately $1.075 billion, and adjusted cash flow from operating activities of $731 million, or $1.26 per share. For the full year, we delivered earnings of $1.694 billion and adjusted EBITDA of $4.289 billion. We achieved record annual volumes across our pipelines and facilities divisions, which represented a 3% increase over 2024. Full year results also included adjusted cash flow from operating activities of $2.854 billion or $4.91 per share. Each year, I'm always proud to look back and reflect on our team's many accomplishments. 2025 was no exception. In addition to solid financial and operating results, we also advanced strategic projects and strengthened our long-term competitive positioning. I am particularly proud that Pemina continues to deliver on its promises, including providing safe and reliable operations, meeting its financial targets, constructing major projects on time and on budget, and continuing to execute its strategy within a prudent risk profile. Several notable achievements in 2025 and early 2026 stand out. Safety is a core value in the foundation of Pemina's operations and culture. While the journey never ends, I am pleased with our strong safety and environmental performance that exceeded our internal 2025 targets, highlighted by improved performance across key indicators relative to our three-year averages. We advanced construction of several growth projects, including the RFS4 propane plus fractionator at the Redwater Complex, the Wapiti natural gas processing expansion, and the K3 cogeneration facility. All three projects are trending on time and on or under budget. The Wapiti expansion and K3 Cogen are currently in the commissioning phase and are expected to be in service in the next few weeks, and we look forward to the RFS4 expansion coming online during the second quarter. Additionally, under previously announced funding agreements, PGI, in collaboration with certain producer customers, expects to place approximately $725 million of new infrastructure into service throughout 2022. In collaboration with certain producer customers, expectantly $725 million of new infrastructure into service throughout 2026, all supported by long-term take-or-pay agreements. We supported our long-term resilience through extensive re-contracting across the business. These contracting successes support continued utilization of our assets, help ensure our stable cash flow stream, and create the foundation for future opportunities. In 2025, we renewed existing contracts and executed incremental new contracts totaling over 200,000 barrels per day of conventional pipeline transportation capacity. This includes successfully recontracting substantially all available for renewal on the peace pipeline system under contracts expiring in 2025 and 2026. We look forward to providing further contracting updates throughout 2026. As part of the toll review at Alliance Pipeline, we significantly extended Alliance's long-term contractual profile as shippers elected a new 10-year toll option on approximately 96% of available capacity. And we contracted the remaining capacity available on the 100,000 barrel per day Nipissi Pipeline, which was reactivated in 2023 to serve the growing clear water heavy oil play. Having fully contracted NIPC, we are now focused on opportunities to increase egress capacity to respond to strong customer demand for incremental services. In response to growing demand for condensate and NGL transportation, we progressed development of conventional pipeline expansions to reliably and cost-effectively meet rising transportation demands from growing production in the Western Canadian sedimentary basin. In late 2025, PEMIN announced that it is proceeding with its Fox Creek to the Mayo expansion of the Peace Pipeline system, which will add approximately 70,000 barrels per day of market delivery capacity to the peace pipeline system. And yesterday we announced two additional expansions of our Northeast BC pipelines, the Birch to Taylor expansion and the Taylor to Gordondale expansion. In total, these three expansions represent $625 million of investment to ensure Pemina's continued ability to serve as growing volumes in Northeast British Columbia and Alberta. We took steps to significantly enhance our propane export capabilities, through a new 30,000-barrel-per-day LPG export agreement with Ulta Gas at its West Coast terminals and the sanctioning of the Prince Rupert Terminal Optimization Project. Through these two initiatives, Pemina ensured access to 50,000 barrels per day of highly competitive propane export capacity to premium price markets, including Asia, for Pemina and our customers' propane. On the Cedar LNG project, we advanced construction of a floating LNG vessel to over 35% complete and significantly progress the onshore construction activities. Further, Pemina met its commitment to investors by completing the remarketing of our 1.5 million tons of annual Cedar LNG capacity by signing long-term agreements with Petronas, a global LNG industry leader, and Oventa, one of the largest liquids-rich natural gas producers in Canada. In addition to increasing Pemina's expected financial contribution from the project, these agreements further validate this heater LNG project and highlight the strong demand for global export capacity, given the clear advantages of Canadian West Coast LNG, including competitively priced feedstock and advantage shipping distance to Asian markets. Finally, Pemina and its partner, Kineticor, made significant progress in the development of the Greenlight Electricity Center, securing the required power grid allocation for the proposed third-party innovation center, which was subsequently assigned to a potential customer of Greenlight and completed a land sale agreement with the customer. We also ensured the availability and delivery timing of two turbines to support the approximately 700 or 900 megawatt first phase of Greenlight. Greenlight represents an extension of Pemina's existing value chain and an opportunity to enhance growth by investing in long-term contracted infrastructure with an investment-grade counterparty while diversifying its customer base and would create incremental demand for natural gas and associated liquids production within Western Canada. Pemina and Kineticorps continue to progress various work streams, including finalizing a commercial agreement with the customer, engineering, procurement, and regulatory activities, and expect to make a final investment decision in the first half of 2026. It was a busy and productive year for the Pemina team, and I look forward to building upon our momentum from 2025 as we strive for even greater success in 2026. We are planning to hold a webcast and conference call on April 7th, where Pemina's officer team will provide a general business update and long-term outlook. Additional details will be communicated in the coming weeks. I will now turn things over to Cam to discuss in more detail the financial highlights for the fourth quarter and full year.