Gibson Energy Inc.

Good morning, everyone, and welcome to the Gibson Energy's first quarter 2025 conference call. Please be advised that this call is being recorded. I would now like to turn the meeting over to Beth Pollack, Vice President of Capital Markets and Risk. Ms. Pollack, please go ahead.

Thank you, Hailey. Good morning, and welcome to our first quarter earnings call. Joining me on the call this morning from Gibson Energy are Curtis Philippon, President and Chief Executive Officer, and Riley Hicks, Senior Vice President and Chief Financial Officer. We also have the rest of the senior management team in the room to help with questions and answers as required. Listeners are reminded that today's call refers to non-GAAP measures, forward-looking information, and is subject to certain assumptions and adjustments and may not be indicative of actual results. Descriptions and qualifications of such measures and information are set out in our investor presentation available on our website, and our continuous disclosure documents available on CDAR+. Now, I would like to turn the call over to Curtis.

Thanks, Beth. Good morning, and thank you for joining us to discuss our first quarter financial and operating results. I'll begin with key highlights from the quarter, our progress on strategic goals, an overview of financial performance, and priorities ahead, before turning it over to Riley for a detailed review of our results and position. The first quarter marked a strong start to the year, including a new record for infrastructure adjusted EBITDA. Our strategy in 2025 is anchored in five core themes, safety, delivering on gateway, growth, cost focus, and building high performance teams. I'm pleased to report strong momentum across all five. I'm proud to update that we have recently celebrated 9 million hours without a lost time injury and on a rolling 12-month basis, we set a new Gibson record for total recordable incident frequency. Safety is foundational to our success, and this performance underscores the team's commitment. Gateway, our export terminal in Ingleside, saw record volumes this quarter, supported by new supermajor customers. This was achieved even with partial dock restrictions due to dredging work. We're pleased to report that the dredging project was completed safely, on time and on budget, positioning Gateway as one of only two Texas terminals able to load 1.6 million barrels on a VLCC or fully load a Suezmax vessel. The Cactus II connection project remains on track for Q3 2025 completion and will add approximately 700,000 barrels per day of supply capacity to our terminal. Our overall growth strategy continues to focus on expanding our stable crude oil infrastructure platforms. In Q1, we achieved a record $155 million in infrastructure-adjusted EBITDA, driven by a full quarter contribution from new tanks with Synovus in Edmonton and record throughput at Gateway. In March, we announced a strategic partnership with BATEX to develop infrastructure in the Duvernay. Under a 10-year take-or-pay and area dedication agreement, We'll deploy approximately $50 million in upstream oil batteries and gathering lines at an established rate of return. BATEX will construct and operate the infrastructure with all crude volumes flowing through Edmonton Terminal. The project is on track to be in service by the year-end 2025. Both Gibson and BATEX see opportunities to expand this partnership, and we're excited by the growth potential this model presents. leveraging our terminals to work closely with our customers and deliver scalable infrastructure solutions. On cost focus, we set an ambitious company-wide goal to realize over $25 million in cost savings. In Q1, we internally launched the We Are All Owners initiative to engage employees in implementing savings opportunities. We set a target of at least 50% employee participation. In the end, Nearly 400 people actioned the savings initiative, representing the participation of almost 80% of our team, and it made a significant contribution to the overall cost campaign to date. To date, we have implemented over $18 million of cost savings, well on our way to exceeding the $25 million target. People are the center of our success, and I'm pleased with the progress we've made across the organization on people and team alignments. Later this month, we'll welcome Dave Goss as our new SVP and Chief Operating Officer. Dave brings deep experience in operational leadership, including as President of Energy Transfer Canada. In this role, he will lead all aspects of operations, engineering, supply chain, and environmental health and safety. Q1 results reflect the strength of our infrastructure business and focus on execution. We reported $142 million in adjusted EBITDA and $91 million in distributable cash flow, with infrastructure performance offsetting muted marketing results. Infrastructure led the way with record volumes at both Edmonton and Gateway, helping to offset temporary dock outages due to dredging. Marketing results were in line with the breakeven guidance we provided on our Q4 2024 call. Both the infrastructure segment and the overall consolidated results were positively impacted by the success of our cost-focused campaign. we realized $6 million of both recurring and non-recurring cost savings this quarter, boosting distributable cash flow by 7% per share. Looking ahead, as we execute on growth capital projects, we'll also be deploying our largest ever maintenance capital program. This includes turnarounds at both Moose Jaw and the Hardixy DRU during the second quarter, as well as required maintenance at select terminal assets in both the second and third quarter. While the impact is not material to our infrastructure business, given these are all operating assets, we do expect some resulting interruptions during the quarter. The team has prepared well over the last year, and we're looking forward to the safe execution of these turnarounds and some enhanced capabilities of our assets going into the third quarter. In summary, we delivered a strong first quarter that reflects disciplined execution, operational momentum, and our focus on long-term value creation. I'll now turn the call over to Riley for more details on our financials.