Gibson Energy Inc.

Good morning, everyone, and welcome to the Gibson Energy third quarter 2025 conference call. Please be advised that this call is being recorded. 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 the session, you will need to press star 11 on your telephone, and you will then hear an automated message advising that your hand is raised. To withdraw your question, please press star 11 again. I would now like to turn the meeting over to Beth Pollack, Vice President, Capital Markets and Corporate Development. Ms. Pollack, please go ahead.

Thank you, Jill. Good morning and welcome to our third quarter earnings call. Joining me today from Gibson Energy are Curtis Philippon, President and Chief Executive Officer, and Riley Hicks, Senior Vice President and Chief Financial Officer. The rest of our senior 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, everyone, and thank you for joining us today. The third quarter was a strong period for our customers and the Gibson team. Our customers delivered a number of throughput records this quarter, including an all-time high across our Canadian and US terminals of 2.2 million barrels per day, up 8% from last quarter and 27% higher than the third quarter of 2024. In Edmonton, throughput reached a record level of over 330,000 barrels per day, 14% higher than last quarter, and more than double the volumes from the same period last year. Year to date, in Edmonton, we have handled roughly half of the heavy crude volume shipped to TMX. At Hardesty, volumes remain strong at over 1.1 million barrels per day, marking the highest quarterly throughput at the terminal since TMX came online, and tracking toward a potentially new all-time record for annual throughput for Hardesty by year end. At our Moose Jaw facility, following the successful completion of the turnaround last quarter, we increased third quarter throughput by 7% over the same period last year and delivered a new monthly throughput record for the facility in September. At our Gateway terminal, the completion of dredging supported a new quarterly throughput record of 717,000 barrels per day including a new monthly record of 775,000 barrels per day of loadings in August alone. And we have maintained this momentum into Q4. The terminal also saw a record number of vessel loadings during the quarter, with 85% of those vessels being VLCCs and Suez Maxes. These gateway volumes represent a 20% share of total U.S. crude exports, and 44% of the Ingleside market. And finally, in support of our Gateway customers, we've achieved record monthly volumes at Wink in September, exceeding 55,000 barrels per day. This impressive performance contributed to third quarter throughput of approximately 52,000 barrels per day, up from 43,000 barrels per day in the same period last year. We get asked sometimes, why do we care about the volume throughput records? The vast majority of Gibson's infrastructure revenue is fixed in nature, so the records do not always directly impact quarterly revenues. But we care about these records because they are a great indicator for us as we look forward. These throughput numbers highlight the strength and growth of our customer base and reinforce the essential role our assets and teams play in safely and efficiently delivering energy to global markets at the best possible netbacks for our customers. On top of these records, I am pleased with the progress made in the quarter on our five strategic priorities, safety, gateway execution, growth, building high performance teams, and cost focus. We're very proud of the outstanding safety culture and program at Gibson. The team is achieving best in class safety performance. In the third quarter, Gibson hit record levels for total recordable incident frequency for our employees and contractors. We have now surpassed 9.8 million hours without a lost time injury. A great safety culture that is focused on continuous improvement is the foundation for our success as an organization. This week, we will achieve a key milestone on our strategic priority of gateway execution with the completion of a major capital project. The Cactus 2 connection at Gateway has finished construction and is being commissioned this week with oil expected to flow as early as tomorrow. The addition of this connection provides our customers with access to an additional 700,000 barrels a day of Permian supply, effectively increasing their supply options by a third and now providing access to 100% of the supply in the region. We remain fully confident in achieving our 15 to 20% Gateway EBITDA growth run rate milestone in Q4 and the record-breaking performance of Gateway post-completion of the dredging project, now combined with the supply capabilities provided by the Cactus II connection, will enable sustained elevated throughput volumes. On the growth and building a high-performance team's strategic priorities, we had an important addition to the leadership team in the quarter. We continued to strengthen the Gibson growth muscle with the appointment of Blake Hotzel as Senior Vice President, Chief Senior Vice President Commercial Development US based at our Houston office. Blake brings more than 20 years of energy infrastructure experience, including senior commercial and business development roles at Tallgrass and Phillips 66. As we expect infrastructure EBITDA per share growth of more than 5% over the next five years, Blake's leadership will be instrumental in advancing our US strategy and driving continued growth across the platform. Following the quarter, the construction and commissioning of the infrastructure supporting our long-term strategic partnership with BATEX was successfully completed, an important step that adds stable long-term cash flow under the 10-year taker pay and area dedication agreement. The production is now flowing to our Edmonton terminal. On our cost-focused strategic priorities, we continue to advance our We Are All Owners cost-focused initiative. We're on track to exceed $25 million in run rate cost savings by the end of 2025, driven by strong engagement from teams across every area of the business. During the quarter, we captured one time in ongoing cost savings, contributing $9 million to distributable cash flow. On financial highlights, the business delivered a solid quarter that was in line with our expectations. Infrastructure continued to perform exceptionally well this quarter with near record EBITDA of $154 million and marketing contributed $7 million of EBITDA as expected. Distributable cash flow was $86 million during the quarter. In summary, the third quarter once again demonstrated the strength and resilience of Gibson's business model. We delivered consistent operational and financial performance, advanced key growth projects on both sides of the border, and maintained our unwavering commitment to safety. As we look ahead, with Gateway running at record levels, the construction and commissioning of Cactus 2 complete, and our DuVernay project with Batex on schedule, we are well positioned to continue generating stable, growing cash flows. At the same time, our high-performing team, continued focus on cost discipline, and an ownership-driven culture ensures that we remain aligned with our shareholders and well-prepared to deliver on our long-term growth and return objectives. With this, I'll pass it over to Riley, who will discuss our financial performance in more detail.