Pembina Pipeline Corporation

Ladies and gentlemen, thank you for joining us and welcome to Pembina Pipeline Corporation Quarter 2, 2026 results. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. I will now hand the conference over to Dan Tucunel. Vice President, Capital Markets. Dan, please go ahead.

Thank you, Matthew. Good morning, everyone. Welcome to Pemina's conference call and webcast to review highlights from the second quarter of 2026. On the call today, we have Scott Burrows, President and Chief Executive Officer, and Cameron Goldade, Chief Financial Officer, along with the other members of Pemina's leadership team. I would like to remind you that some of the comments made today Thank you for joining us today. for the period ended June 30th, 2026, as well as the press release Pemina issued yesterday, all of which are available online at pemina.com and on both CDAR Plus and NetGar. I will now turn things over to Scott.

Thanks, Dan. Yesterday, we reported second quarter results, which were highlighted by adjusted EBITDA of $1.064 billion. It was another solid quarter that reflects the constructive industry environment coupled with strong underlying operational performance and new assets entering service. As Cam will discuss in more detail, we have affirmed our 2026 adjusted EBITDA guidance range of $4.35 billion to $4.55 billion, while noting we are trending to midpoint of the range. Since our business update in April, we've continued to build momentum across all three pillars of our 3C strategy and have further strengthened our visibility to long-term growth. As a reminder, our strategy is built around three complementary pillars. First, we aim to capture growing volumes across the Western Canadian sedimentary basin by leveraging our integrated midstream footprint and deep customer relationships. Second, we strive to connect those volumes to the highest value markets through our and others' transportation and export infrastructure. and third, we want to catalyze new sources of hydrocarbon demand that create growth in the WCSB and incremental opportunities across our value chain. Together, we expect these pillars will provide multiple avenues for growth and allow us to create value across changing market environments. Over the past quarter, within capture, we placed RFS4 Fractionator into service in late May, on time and under budget, adding 55,000 barrels per day of propane plus fractionation capacity at Redwater Complex, further strengthening our industry-leading NGL franchise. Within Connect, Cedar LNG continues to make excellent progress toward first exports in late 2028. During the quarter, we achieved key construction milestones, including mechanical completion of the pipeline that will supply the facility and successfully moving the floating LNG vessel hull from dry dock to wet dock in South Korea. We also announced our participation in the proposed West Coast Oil Pipeline, where we can contribute our development and execution expertise to a project that has the potential to further expand market access for Canadian energy. We are participating in a purposeful and prudent way through a disciplined approach to capital allocation and risk management. Within Catalyze, we sanctioned the Heartland Extraction Plant, a highly capital efficient project that leverages existing infrastructure and monetizes our extraction rights on the Yellowhead Pipeline. Equally important, the project was accompanied by an expansion of our long-term commercial relationship with Dow, increasing contracted ethane supply volumes by 15% and reinforcing the strength of our integrated NGL platform. We also reached a positive final investment decision on the Greenlight Electricity Center, a 932 megawatt gas-fired generation facility that will provide dedicated power to a new Alberta data center being developed by Meta. Greenlight represents an exciting new growth platform for Pemina, creating stable long-term cash flows while also driving incremental demand for Western Canadian natural gas. Importantly, Greenlight has the potential to generate benefits across multiple parts of our existing business and we continue to advance discussions around additional gas to power and data center related opportunities and recently acquired additional land proximal to the Greenlight Electricity Center and the Redwater Complex to support future projects. Taken together, the projects and announcements this quarter demonstrate the breadth of opportunities available across Pemina's franchise and our ability to identify and then convert those opportunities into tangible growth. Whether it's expanding our NGL platform, connecting Canadian production to global markets, or creating entirely new demand pathways for natural gas, we're seeing strong execution across each pillar of our 3C strategy. As a result, we remain confident in our ability to deliver our targeted 5% to 7% compound annual fee-based adjusted EBITDA per share growth through 2030. And we continue adding potential new opportunities, such as the West Coast oil pipeline, and are pursuing additional gas to power for data center projects that, if converted, will support extending our growth well into the next decade. I'll now turn things over to Cam. Thanks, Scott.