South Bow Corporation

Good day and thank you for standing by. Welcome to the South Bow fourth quarter and year-end 2025 earnings call. At this time, all participants are in listen-only mode. After the speaker's presentation, we'll open up for questions. To ask a question during the session, you will need to press star 1-1 on your telephone. You'll 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 call is being recorded. I want to hand it over to your speaker, Martha Wilmot, Director, Investor Relations. Please go ahead.

Thank you, Victor, and welcome everyone to South Pole's fourth quarter in year-end 2025 earnings call. With me today are Bevan Worsba, President and Chief Executive Officer, Van Defoe, 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 CEDAR Plus profile and in Southbow's filings with the SEC. Today's discussion will also include non-GAAP financial measures and ratios that may not be comparable to those 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. 2025 was an important year for Southbow. It was a year that tested our organization, but ultimately a year that demonstrated the resilience of our business and the discipline of our decision making. We delivered financial results that were slightly ahead of expectations, advanced our first growth initiative to completion, and most importantly, continued to operate safely. Safety remains the foundation of everything we do. In a year of significant activity, we delivered a strong occupational safety record, reflecting the commitment of our employees and contractors, even under challenging conditions. We also made meaningful progress on our milepost 171 remedial actions, continuing to prioritize system integrity and working toward returning Keystone to baseline operations. Richard will speak to milepost 171 shortly. Our focus on safety and operations goes hand in hand with Southbow's financial discipline. Strong financial performance in 2025, supported by our highly contracted and predictable cash flows, enabled us to deliver on our capital allocation priorities. Now, turning to growth. At our Investor Day last November, we outlined our ambitions to grow our business. Today, we see multiple potential paths to achieving those growth objectives. This will include a combination of organic opportunities that leverage our existing infrastructure to support anticipated crude oil production growth in the Western Canadian sedimentary basin, as well as inorganic opportunities that diversify and enhance the competitiveness of our base business. The policy environment in North America is becoming more constructive, and we believe Canada has a tremendous opportunity to grow production and add incremental egress in the coming years. Canadian producers aspire to materially grow their asset bases, and with our customer-led strategy, we are looking to put forward the most competitive solutions to meet their needs, while aligning with our capital allocation principles and risk preferences. All growth at Southbow will be balanced with financial discipline. This is non-negotiable for our team and board of directors. We remain committed to maintaining a strong balance sheet, returning a meaningful and sustainable dividend to our shareholders, all while investing in growth. That balance is central to our strategy. The Black Rod Connection project is a good example of how we think about organic growth at South Bow. It builds on existing infrastructure and enables us to safely and reliably move Canadian crude to a desirable market at a competitive toll. A recent endeavor of ours, the Prairie Connector Project, has garnered some attention. While currently in early stages, the project would provide firm transportation service from Hardesty, Alberta, leveraging and optimizing Southbow's pre-invested infrastructure and connecting to other systems downstream to deliver Canadian crude to US refining and demand markets, including Cushing and destinations on the Gulf Coast. An open season to determine commercial interest is currently underway, and we look forward to discussing this potential solution further in the future. With that, I'll now ask Richard and Van to provide an update on the operational, commercial, and financial aspects of the business. Go ahead, Richard.