Targa Resources, Inc.

Good day and thank you for standing by. Welcome to the TARGET Resources fourth quarter 2025 earnings presentation. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you'll need to press star 1 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 1 again. Please be advised that today's conference is being recorded. I'd now like to hand the conference over to Tristan Richardson, Vice President of Investor Relations and Fundamentals. Please go ahead.

Thanks, Liz. Good morning, and welcome to the fourth quarter 2025 earnings call for Targa Resources Corp. The fourth quarter earnings release, along with a fourth quarter earnings supplement presentation for Targa Resources that accompany our call are available on our website at targaresources.com in the investor section. An updated investor presentation has also been posted to our website. Statements made during this call that might include Targa's expectations or predictions should be considered forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in forward-looking statements. For discussion of factors that could cause actual results to differ, please refer to our latest SEC filings. Our speakers for the call today will be Matt Molloy, Chief Executive Officer, Jen Neal, President, Will Byers, Chief Financial Officer. Additionally, the following senior management team members will be available for Q&A. Pat McDonough, President, Gathering and Processing. Scott Pryor, President, Logistics and Transportation. Bobby Mararo, Chief Commercial Officer. And Ben Branstetter, Senior Vice President, Downstream Commercial. I'll now turn the call over to Matt.

Thanks, Tristan, and good morning. Before we discuss our results, given this is Scott's last earning call before his retirement in a couple of weeks, We wanted to thank Scott for his 35 years of service to Targa and our predecessor companies. Scott will leave a lasting legacy at Targa, and while we are going to miss him, we are excited about this next phase for Scott, Marcy, and the rest of his family. On behalf of the whole Targa team, thank you, Scott. You leave the team in great hands with Ben taking over for you, and Ben, we're really excited to have you on the executive team.