Keyera Corp.

Good morning. My name is Angeline, and I will be your conference operator today. At this time, I would like to welcome everyone to Kira's 2025 second 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 the pound key. Thank you. I would now like to turn the call over to Dan Krakbritsen, General Manager of Investor Relations. You may begin.

Thank you, and good morning. Joining me today will be Dean Sadeguchi, President and CEO, Eileen Merikar, Senior Vice President and CFO, Jamie Urquhart, Senior Vice President and Chief Commercial Officer, and Jared Bastoni, Senior Vice President, Operations and Engineering. We'll begin with some prepared remarks from Dean and Eileen, after which we'll open the call to questions. I'd like to remind listeners that some of the comments and answers that we'll 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 CAER'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. CAER delivered strong results in the second quarter and advanced its long-term strategy. Strong commercial momentum led to the sanctioning of key growth projects. We also secured more access to LPG exports off the West Coast and announced a transformational acquisition that significantly increased expands our scale, and enhances our service offering for customers. So far in 2025, we've sanctioned three capital-efficient growth projects. These are the PRAC 2, the bottleneck, PRAC 3, and CAP Zone 4. In the last several months, we've also secured over 100,000 barrels per day of new long-term contracted volumes on CAPs Zones 1 to 4. These have been mostly integrated deals. And as a result, including both expansions is now substantially contracted. These developments keep us well on track to achieve our growth targets of seven to 8% annual fee-based adjusted EBITDA from 2024 to 2027. And they'll continue to drive growth well beyond that timeframe. This continued visibility to fee-for-service growth gives us the confidence to continue to sustainably raise our dividend. Yesterday, the Board approved another 4% annual increase. In June, we announced the transformational acquisition of Plains Canadian NGL Business, a defining step that expands our scale, reach, and service offering across the NGL value chain. This acquisition creates a much larger integrated network, adding more efficient connectivity to key demand hubs across the Prairies, Ontario, and the U.S. It also strengthens our ability to serve customers across all NGL products, specifically enhancing our propane market access. For customers, it means better connectivity, optimized product flows, increased diversification, and stronger netbacks. For shareholders, the deal is expected to be mid-teens accretive to DCF for share in the first full year, assuming $100 million in near-term synergies. Our fee-based adjusted EBITDA will increase by approximately 50% over that period. It's also important to note that this transaction is a great Canadian story. This deal will bring strategic infrastructure under Canadian ownership supporting energy security, and ensuring that value creation and decision-making remain right here at home. With this expanded footprint, Kiara is in an even better position to enable the next phase of volume and growth. The basin continues to benefit from low-cost, long-life resources in the Montney and Duvernay. Increased demand for energy and petrochemical development is driving sustained increases in mass gas, and NGL volumes. Our combined platform will play an important role in meeting that demand efficiently. With that, I'll turn it over to Eileen to walk through our financial performance this quarter.