Gibson Energy Inc.

Good morning, everyone, and welcome to the Gibson Energy fourth quarter and four-year 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 Corporate Development. Ms. Pollack, please go ahead.

Thank you, Tawanda, and good morning. Thank you for joining us to discuss Gibson Energy's fourth quarter and full year 2025 results. Joining me on the call today are Curtis Philippon, President and Chief Executive Officer, and Riley Hicks, Senior Vice President and Chief Financial Officer. Additional members of our senior management team are also present to assist with the question and answer portion of the call. Listeners are reminded that today's call will reference non-GAAP financial measures and forward-looking information, which are subject to certain assumptions and risks. Descriptions and reconciliations of these measures, as well as related disclosures, are available in our investor presentation and continuous disclosure documents on CDAR Plus and on our website. I will now turn the call over to Curtis.

Thank you, Beth, and good morning, everyone. I'm pleased to discuss Gibson's fourth quarter and full year 2025 results. I'll begin with a few highlights and then turn it over to Riley to walk through our financial results and balance sheet. before I conclude the call with some closing remarks. At the outset of 2025, we established five strategic priorities, safety, gateway execution, growth, high performance teams, and cost discipline. Over the course of 2025, we delivered on our key objectives across each of these areas, exiting the year delivering infrastructure segment growth and a clear line of sight to the next phase of our growth as outlined at our December Investor Day. From a safety perspective, we surpassed 10 million hours without a lost time injury and safely completed two major turnarounds at our Moose Jaw facility and the hardest deed diluent recovery unit. Most notably, we are proud to finish 2025 as the top performing midstream company in North America on the key metric of total recordable injury frequency. At Gateway, We successfully executed both the dredging project and the Cactus II pipeline connection, increasing throughput to a new high watermark of 815,000 barrels per day in January of 2026, and delivering on our 15 to 20% run rate EBITDA growth objective in the fourth quarter that was established when we acquired the asset in 2023. During the fourth quarter, we sanctioned the $50 million Wink2Gateway integration project, which will enhance supply optionality and increase throughput capacity. The project is expected to enter service in the third quarter. The cost focus campaign was a success. In 2025, we generated more than $25 million of recurring and non-recurring cost savings, increasing DCF per share by 8%. This efficient and cost competitive focus sets us up well for continued success. Finally, on the people front, we've built a strong team that delivered on our goals this year. This group is passionate about supporting our customers exceptionally well and is well positioned to lead us into a successful 2026. Turning to the financials, our 2025 results reflect the successful execution of our crude oil infrastructure strategy. We delivered record infrastructure adjusted EBITDA of $622 million for the full year, including a new quarterly high watermark in the fourth quarter. Infrastructure throughput across our core terminals increased approximately 13% or 95 million barrels year over year. This performance was driven primarily by higher volumes at Gateway and Edmonton, as well as the completion of the Dredging, Cactus II, and Baytex infrastructure capital projects during the year. The strength and quality of our cash flow has improved as we renewed several major long-term contracts, all between 10 and 20 years in duration across our Edmonton and Hardesty terminals. These take or pay extensions increased our contract backlog by approximately $500 million. The renewals, supported by high-quality counterparties, included senior integrated energy companies and a multinational refiner, reinforced the strength and sustainability of our cash flows. Complementing our infrastructure growth, last week we announced that we had entered into an agreement to acquire Tyne Energy's Chauvin crude oil infrastructure assets for $400 million. This acquisition is expected to close in the second quarter of 2026, subject to regulatory approvals. The Chauvin pipeline will strengthen our Hardesty platform by extending our connectivity into the prolific Manville stack, adding long-term contracted cash flows, and providing near-term expansion opportunities, including the Gibson Hardesty Connection Project, which was announced and conditionally sanctioned subject to regulatory approvals. The transaction was executed at a mid seven times multiple with a clear path to less than seven times as we execute on identified growth and optimization opportunities. We expect the transaction to be mid single digit accretive to distributable cash flow per share with the proceeds of the $215 million equity financing that closed yesterday. The acquisition will be leveraged neutral. with our investment grade credit ratings confirmed by both DBRS and S&P. At Investor Day, we outlined a clear roadmap to deliver over 7% annual infrastructure EBITDA growth over the next five years. The progress achieved in 2025, combined with our recent Chauvin acquisition and its associated growth projects, positions us well to execute on this plan. I'll now turn the call over to Riley.