South Bow Corporation

Good day, and thank you for standing by. Welcome to the South Pole Third Quarter 2025 Conference Call and Webcast. At this time, all participants are in 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 11 again. Please be advised that today's conference is pre-recorded. I'll now take the conference over to your first speaker today, Martha Wilmot, Director of Investment Relations. Please go ahead.

Thank you, Marvin, and welcome everyone to Southville's third quarter 2025 earnings call. With me today are Bevan Worspa, President and Chief Executive Officer, Van Dafoe, Senior Vice President and Chief Financial Officer, and Richard Pryor, Senior Vice President and Chief Operating Officer. 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. Southbow's third quarter financial results once again demonstrated the resilience of our business with our stable earnings profile, allowing us to meaningfully deliver on our capital allocation priorities in our first year as an independent company. We have paid a sustainable dividend to our shareholders, funded our first growth project at BlackRod, and strengthened our financial position. We are also nearing the exit of all transition services with TC Energy, which we expect to finalize by the end of 2025, almost a full year ahead of schedule. We have become more efficient in the process and are realizing cost savings that drive a more competitive toll for our customers and a stronger bottom line for our shareholders. The team has successfully managed several priorities while establishing Southbow as a standalone entity. And I'm pleased, maybe even a little relieved, if I'm honest, to say that we are now fully focused on our future strategic priorities of growing our business and enhancing our overall competitiveness while ensuring safe operations, financial strength, and capital discipline. Regarding our growth initiatives, I visited our Black Rod site last week, and I am incredibly proud of the team's success the team's success in executing this important project, set to be delivered on schedule, within budget, and with an exceptional safety record. I am confident that we will continue to demonstrate this type of project execution excellence as we mature our growth portfolio with organic and inorganic opportunities. By adding more revenue lines through growth, we will become more competitive across our existing systems. As we look to the future and the role Southbow will play in serving our customers, we are encouraged by the dialogue taking place in Canada and the United States about advancing energy solutions. These conversations not only underscore the strength of the supply basin and the demand centers we serve, but also highlight the resilience of our customers' businesses. Southbow's assets are strategically positioned to serve their needs, and we are focused on being the first choice for our customers. As we evaluate opportunities to leverage our pre-invested corridors, it will be important to establish appropriate risk and return frameworks and carefully consider our investment requirements, which include minimizing shareholder capital exposure, adhering to our capital allocation priorities, and seeking permitting durability. On safe operations and asset integrity, we have made significant progress in our remedial actions following the milepost 171 incident. The work our team is completing increases our confidence in the integrity of our system as we work towards returning Keystone to baseline operations and closing out the requirements of PHMSA's corrective action order. Richard will provide further details on this shortly. Finally, we have laid out a clear set of priorities for our team as we focus our attention on our second year. These priorities include maintaining safe operations, maturing and executing on our growth portfolio, continuing to enhance our competitiveness, and the ongoing demonstration of discipline in our capital allocation and shareholder returns. I will now ask Van and Richard to touch on the financial and operational expectations that come with these priorities.