South Bow Corporation

Good day and thank you for standing by. Welcome to the SAPBO Quarter 2 conference call. 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 1 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Martha, your first speaker for today. Please go ahead.

Thank you, Brianna, and welcome everyone to Southwell's second quarter 2025 earnings call. With me today are Bevan Wurzba, President and Chief Executive Officer, Van Dafoe, Senior Vice President and Chief Financial Officer, and Richard Pryor, Senior Vice President and Chief Operating Officer. We also have additional members of our leadership team in the room to help with the question and answer session. Before I turn it over to Bevan, I'd like to remind listeners that today's remarks will include forward-looking information and statements, which are subject to the risks and uncertainties addressed in our public disclosure documents, available under Southbow's CDAR Plus profile and in Southbow's filings with the SEC. Today's discussion will also include non-GAAP financial measures and ratios, which may not be comparable to measures presented by other entities. With that, I'll turn it over to Bevan.

Thanks, Martha. And good morning, everyone. We appreciate you joining us today. South Pole's second quarter financial results once again exemplified the resilience of our business with our strong commercial underpinnings protecting our cash flows from the market volatility and operational downtime. We generated $250 million of normalized EBITDA in the period and for the second consecutive quarter successfully maintained our debt metrics as we prioritize strengthening our financial position. We also demonstrated our execution abilities by advancing our Black Rod Connection project and continuing to establish Southbow's capabilities as we transition from a large rate regulated entity to a more commercially focused and entrepreneurial organization. Now that we are using our own ERP system and are close to substantially exiting our transition service agreements within a year of spinning, We are optimizing our workflows to ensure Southbow's long-term competitiveness and success. Now, regarding Milepost 171, we expect to have the root cause failure analysis findings by the end of the third quarter. Richard will share more on that later. While we don't have all the answers yet, what I can share is that Southbow's agility as a standalone company has allowed us to respond, repair, recover, and remediate quicker than before. This gives me the confidence that we are developing and executing a remedial action plan that will address the findings of the independent investigations and ensure the continued safe and reliable operations of our pipeline, all while maintaining our solid financial outlook for 2025. While this year has had its fair share of challenges, I'm incredibly proud of the way our team continues prioritizing the safety of our operations and surrounding communities. while remaining focused on the future as we work to enhance our value proposition of providing customers with the optimal path to the strongest demand markets. I will now ask Richard and Van to provide some additional details on our operational and financial outlooks. Richard?