AltaGas Ltd.

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the AltaGas Third Quarter 2026 Financial Results Conference Call. My name is Joanna and I will be your operator for today's call. All lines have been placed on mute to prevent any background noise. If you have any difficulties hearing the conference, please press star, then zero for operator assistance at any time. After the speaker's remarks, there will be a question and answer session. As a reminder, this conference call is being broadcast live on the internet and recorded. I would now like to turn the conference call over to Aaron Swanson, Vice President, Investor Relations. Please go ahead, Mr. Swanson.

Good morning, and thank you for joining Out the Gas' third quarter 2026 results conference call. This call is being webcast, and we encourage following along with supporting slides that can be found on our website. Speaking this morning will be Vern Yu, President and Chief Executive Officer, and Sean Brown, Executive Vice President and Chief Financial Officer. We're also joined by Randy Toone, President of Midstream, Corine Bushfield, President of Utilities, and Jon Morrison, Senior Vice President of Corporate Development and Investor Relations. We will refer to forward-looking information on today's call. This information is subject to certain risks and uncertainties as outlined in the forward-looking information disclosure on slide 2 in the presentation. Prepared remarks will be followed by a question and answer session. I'll now turn the call over to Vern.

Thanks, Aaron, and good morning, everyone. I'll start by reviewing our Q3 results, provide an update on our construction progress at Reef and our other road projects, After that, we'll review the current state of global LPG markets. I'll then review recent regulatory outcomes at our utilities and wrap up by reviewing our 2026 strategic priorities. Sean will cover our quarterly results, discuss our 2026 guidance, and close with an update on our leverage and capital plans. Let's start on slide four. In Q3, we generated normalized EBITDA of $389 million, which is 45% higher than Q3 2025. In Q3, normalized EPS came in at $0.29 compared to $0.04 last year. Our record third quarter results were driven by our midstream segment, which continues to benefit from strong operational performance and global LPG tailwinds. Based on our year-to-date performance, and our outlook for Q4, we expect to be towards the high end of our recently increased 2026 guidance range for both EBITDA and EPS. We exported a record 147,000 barrels per day of LPGs to Asia off the West Coast, loading 24 VLGCs. Midstream throughput continues to grow, with Montney processing up over 20% year-over-year, earned by the addition of Pipestone II and higher throughput at our Townsend facility. We recently took delivery of our fourth VLGC time charter in Japan and have executed agreements for two more vessels, with deliveries anticipated in 2027 and 2029. These additional vessels mitigate us from uncertainties with global shipping rates. In utilities, we finalized rate case settlements in Michigan and Virginia, which will add $68 million U.S. in revenues. We're also expanding our footprint with an agreement to acquire roughly $20 million U.S. of rate base in Michigan's Upper Peninsula. Let's turn to slide five. In Prince Rupert, REIT continues to progress, with the highest risk work now complete. I'm happy to share that the project is now 90% complete and moving into commissioning. We remain on track for an in-service date in the first quarter of next year. Reef Optimization 1 remains on schedule for an in-service date in the second half of 2027, and we continue to advance the 60,000 barrel a day Reef Optimization 2 project, which we expect to FID before the end of this year. Slide 6 highlights progress on the jetty. All of the piles and platforms have now been installed. This means the most complex phase of the in-water construction has been completed. In September, we completed installation of the main loading platform and loading line. Reached last major work stream is the installation of the VLGC mooring system. The suction anchors will be installed this quarter, with the balance of the mooring system scheduled to be completed in early 2027. Mechanical completion of our Ripit methanol removal project is only weeks away, and conditioning is now 25% complete. The project will enhance our propane specs, and it will all be done by year-end. We continue to make good progress on our Dimmesdale storage expansion, Once complete, these expansions will add 36 PCF of natural gas storage in the Alberta market. The pipeline for Phase 1 expansion has now been finished, and the Phase 1 facilities are more than 80% complete, which puts us on track for a Q4 2026 in-service date. For Phase 2, the facility is 40% complete, and the drilling program is now over 50% complete. with the wells expected to be done in early 2027. Turning to slide 8, I want to provide an update on the conflict in the Middle East and its impact on the global LPG market. LPG export volumes through the Strait of Hormuz remain more than 70% below pre-conflict levels, with less than one ship exiting the Strait each day. Since the disruption began, we estimate that more than 240 million barrels of LPG supply has been lost. This has resulted in very high aging LPG prices, with recent pricing approaching peak pricing. As the situation drags on, we have seen a significant increase in long-term export spreads. For the second half of 2027, export spreads have increased by more than Thank you for joining us today. The disruption in Middle Eastern supply has highlighted the value of Canadian LPG exports, with global buyers placing a premium on security and reliability. Slide 9 highlights why we are bullish on LPG supply growth in Western Canada. As Canada expands its access to global energy markets, we're seeing major LNG and crude oil pipeline projects advancing. Driven by LNG projects and growing in base and demand, Canadian gas supply is positioned to grow over 35% or 8bcf a day by 2035. We anticipate much of this growth will be in the liquids-rich mining. This in turn will drive higher LPG supply. We estimate that 8bcf per day of gas will add about 280,000 barrels per day of propane and butane and all of these barrels will need to be exported to premium markets in Asia. In addition to natural gas egress, nearly 1 million barrels a day of sanctioned crude oil expansion projects are expected to come online by 2029. The crude oil outlook is even stronger if we include unsanctioned projects, which would add a further 2.4 million barrels per day of crude oil egress. This growth will be filled by well sands production, increasing domestic demand for both gas and condensate, further supporting LPG supply growth in the basin. Slide 10 shows how we plan to connect this growing LPG supply to global markets. When REAP comes online, you will add 56,000 barrels a day of export capacity. The dock, the rail loop, and utility corridor have been pre-built to accommodate REIT's ultimate capacity of 500,000 barrels per day. When REIT and ALTI 1 and 2 are online, our global export capacity will grow by over 185,000 barrels a day, to over 300,000 barrels per day by the end of this decade. Additional crude and natural gas interest will drive even more LPG supply growth. We are also excited about the long-term potential of methane exports. Here we have the opportunity to connect the oversupplied Canadian methane market with strong petrochemical demand in Asia. This capacity can be added to REITs, and we are currently targeting to have an initial 60,000 barrels per day of methane export capacity online in the early 2030s. Let's move over to our utilities. We've been very active with our regulatory plans, and we have recently had some constructive rate case outcomes, which ensures that we will make the appropriate returns on our REIT-based investments. across D.C., Maryland, Michigan, and Virginia, we have received approval for $150 million U.S. of incremental revenue with an average allowed ROE of 9.67% across these jurisdictions. We also have $1 billion U.S. of approved modernization rate riders that provide predictable rate recovery that allows us to continue to make investments Our utilities will continue to focus on maintaining strong costs and capital discipline to support customer affordability. We will also continue to file regular rate cases to ensure inflation and non-modernization capital investments do not result in material hourly lag. Finally, I'll close on slide 12 with the progress we've made on our 2026 priorities. We continue to deliver on our strategic priorities by growing, de-risking, and strengthening the enterprise. We're optimizing our assets by delivering record global export volumes, seeing higher throughputs across our midstream assets, and regularly filing rate cases in our utilities. At the same time, we're making great progress on our growth projects. We've been very disciplined in how we allocate capital, and we're only investing in the best projects. Taken together, we've extended our competitive advantages, improved the quality and visibility of our cash flows, while creating a long runway for industry-leading shareholder returns. I'll now turn it over to Sean to walk through our results in a