Gibson Energy Inc.

Good morning everyone and welcome to the Gibson Energy Second 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, Capital Markets and Risk. Ms. Pollack, please go ahead.

Thank you. Good morning and welcome to our Second Quarter Earnings Call. Joining me today from Gibson Energy are Curtis Fileton, President and Chief Executive Officer, and Riley Hicks, Senior Vice President and Chief Financial Officer. The rest of our management team is also present 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+. With that, I will turn the call over to Curtis.

Thanks, Beth. Good morning and thank you for joining us today to discuss our Second Quarter Financial and Operating Results. Q2 was a great execution quarter for Gibson. We achieved many key milestones, including the safe and efficient execution of several major capital projects. These efforts underscore the momentum we have across our five strategic priorities – safety, gateway execution, growth, cost focus and building high-performance teams. During the second quarter, we completed the Gateway Dredging Project and turnarounds at the Moose Jaw Facility and the Hardesty DRU, with all projects safely executed on time and on or under budget. We also made significant progress on the Cactus II connection at Gateway and advanced construction on the crude infrastructure in the Duvernay being built as part of our new long-term producer partnership with Baydex. Both are on track and are expected to come online as planned in Q3 and Q4 respectively. I'd like to thank Marcus Engel's team at Gateway, Ken Martin and Cody Johnson's team at the DRU and our Moose Jaw team. It was impressive to see the pride these teams took in the preparation and safe execution of their projects. Their hard work set us up for a strong quarter. These projects will open up additional capabilities for Gibson going forward. These major projects were completed with zero recordable incidents and we are proud of our continued top quartile safety performance. Gibson has now achieved a new milestone of over 9.5 million hours without a lost time injury. Our safe operations provide a critical infrastructure bridge to enable the reliable flow of energy to key markets across North America and globally. We continue to grow with our customers and year to date we have safely moved over 260 million barrels in Canada and over 120 million barrels in the U.S. representing year over year increases of 6 and 5 percent respectively. Turning our focus to Gateway, during the second quarter we completed dredging and observed the benefits of the project immediately. With the draft now increased to 52 feet we are able to load VLCCs up to 1.6 million barrels and Suezmax vessels in full up to 1.1 million barrels increasing revenue per loading window and increasing average volumes for VLCC and Suezmax vessels by more than 20 percent. Following the completion of the project average throughput at Gateway rose from approximately 600,000 barrels per day to over 700,000 barrels per day and with a new record of 755,000 barrels per day achieved in June. Higher volumes at the terminal resulted in our Corpus Christi market share increasing to over 30 percent a new high for Gateway. Looking forward we expect the positive momentum to continue into the second half of 2025. The Cactus II connection is on track to come online in Q3. This connection constructed to meet our customer needs will provide them with long term access to an incremental 700,000 barrels per day of crude supply. Completing this connection is an important step to unlock further growth potential at Gateway. To date we have grown to over 30 percent market share in Corpus while only having access to two thirds of the supply. Access to this additional supply enables more options for our current customers, increases operational efficiencies and expands the pool of customers for Gateway. Commercially we see an infrastructure EBITDA per share growth rate of greater than 5 percent over the next five years. To drive this growth program we have been adding key talent to our teams in Canada and United States, including the recent addition of a new senior commercial director in Canada, Ryan Highland. Across our business we also made significant progress with respect to our We Are All Owners cost focus campaign. If you recall we set a target of realizing over $25 million of run rate cost savings by the end of 2025 and to do it with high levels of participation. We are on track to exceed the $25 million target and the participation across the organization has been impressive with 80 percent of Gibson employees implementing a change that contributes to this cost challenge. This is a great example of the power of the ownership culture at Gibson. Over 95 percent of Gibson employees are shareholders and it helps drive a differentiated performance culture that is aligned with shareholders. During the quarter we realized a mix of one time and run rate cost savings across all areas. From a distributable cash flow perspective this amounted to approximately $9 million or 5 cents per share bringing the total year to date DCF impact to over $15 million or 9 cents per share. Financially, the strength of our infrastructure business was showcased in Q2 as we finished the quarter with $146 million in adjusted EBITDA and $81 million in distributable cash flow. Continued strong infrastructure performance in Canada at both Edmonton and Hardesty as well as in the US at Gateway following the completion of the dredging project offset the cash flow impact of business interruptions at Gateway, Moose John, DRU while capital projects were completed and the muted marketing environment. Overall, Q2 was an important quarter for Gibson as we successfully advanced our crude infrastructure strategy with the strong execution of major capital projects. We're looking forward to maintaining this momentum through the second half of the year. With this, I'll pass it over to Riley who will discuss our financial performance in more detail. Thank you Curtis