Keyera Corp.

Good morning. My name is Joelle, and I will be your conference operator today. At this time, I would like to welcome everyone to Kiara's 2025 first quarter conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, then the number one on your telephone keypad. If you would like to withdraw your question, please press star two. Thank you. I would now like to turn the call over to Dan Kupperson, General Manager of Investor Relations. You may begin.

Thanks and good morning. Joining me today will be Dean Setaguchi, President and CEO, Eileen Maricar, Senior Vice President and CFO, Jamie Urquhart, Senior Vice President and Chief Commercial Officer, and Jared Bastilny, Senior Vice President, Operations and Engineering. We will begin with some prepared remarks from Dean and Eileen, after which we will open the call to questions. I'd like to remind listeners that some of the comments and answers that we will give today relate to future events. These forward-looking statements are given as of today's date and reflect events or outcomes that management currently expects. In addition, we will refer to some non-GAAP financial measures. For additional information on non-GAAP measures and forward-looking statements, please refer to Ciara's public filings available on CDAR and on our website. With that, I'll turn the call over to Dean.

Thanks, Dan, and good morning, everyone. Here I had a solid first quarter reflecting discipline, execution of our strategy, and the strength of our integrated value chain. Back in December, we outlined a clear plan to grow our fee-based adjusted EBITDA by 7% to 8% annually from 2024 to 2027. Five months later, we're progressing well against that plan, advancing growth projects, filling available capacity, and securing new long-term integrated contracts across our value chain. This morning, we announced the sanctioning of KFS Frac 3, a major expansion of our core frac complex in Fort Saskatchewan. When combined with Frac 2, the bottleneck, these projects will increase our total frac capacity by about 60%. These investments are backed by long-term customer commitments with a high degree of taker pay and are essential to meeting the growing needs of the basin. They also enhance the competitiveness of our integrated value chain and support our strategy of attracting and retaining volumes across the system. Both frac expansion projects are expected to deliver standalone returns within our targeted range of 10% to 15%. A large majority of frac capacity at KFS, including expansions, is now contracted for an average duration of eight years. We're also advancing cap zone four with commercial discussions nearing completion. We continue to see commercial momentum across the business. The Wapiti gas plant is now expected to reach effective capacity in 2026, a year earlier than anticipated. Several optimization projects are underway to support further growth at the plant. Volumes continue to ramp up at Simonette and our condensates business continues to grow. Our Fort Saskatchewan condensate system is nearing contractual capacity, and we're evaluating the bottlenecking opportunities that can increase capacity to accommodate growing customer demand. From a macro perspective, we remain confident in the long-term growth outlook for volumes out of Western Canada. Despite recent commodity market volatility, our basin remains resilient due to its quality of resource and low-cost structure. Importantly, we're seeing meaningful improvements in egress capacity across multiple products, whether it's crude on the Trounds Mountain pipeline expansion, gas LNG Canada, or increasing propane and butane export options. At the same time, intra-basin demand is rising. oil sands producers are investing in expansions and de-bottlenecking. And over time, natural gas could play a larger role in meeting emerging demand from sectors like data centers. Our assets are well positioned to enable this growth, and we'll continue to invest where we see long-term sustainable growth, always with a focus on disciplined capital allocation. With that said, For Canada to realize its full potential, more is needed. We need a competitive policy environment that attracts capital, enables responsible growth, and expands market access for the benefit of all Canadians. With that, I'll turn it over to Eileen to walk through her financial results and guidance.