South Bow Corporation

Ladies and gentlemen, thank you for standing by. Welcome to the first quarter 2026 results conference call and webcast. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. And to ask a question during the session, you would need to press star 11 on your telephone, and you will then hear an automated message advising your hand is raised. And to withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to turn the conference over to Martha Wilmot, Director of Investor Relations. Please go ahead.

Thank you, Michelle, and welcome everyone to Southboat's first quarter 2026 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. 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 South Boath's CDAR Plus profile and in South Boath'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.

Thank you, Martha, and good morning, everyone. We appreciate you joining us. Southbow delivered solid first quarter results underpinned by strong operational performance and stable cash flows, despite heightened geopolitical and market uncertainty. During the quarter, we advanced the strategic priorities we laid out for the year. These included placing the Blackrod Connection project into commercial service. continuing remedial pipeline integrity work on our Keystone pipeline, and conducting the open season for Prairie Connector, which I'll address in a moment. Throughout this work, we remained focused on safe and reliable operations and disciplined capital allocation. Before I turn it over to Richard and Van, I want to address Prairie Connector directly and set expectations for today's call. We closed bids for the open season at the end of March, as planned, and we are currently in a 60-day evaluation period. As you can appreciate, these are significant decisions for Southbow and our customers being made against a complex macro regulatory and policy backdrop. We intend to use the full 60 day evaluation period to reach a commercial determination. So while I expect our analysts will have many, many ways to ask about it on today's call, we do not have anything further to add beyond what we have already disclosed. At the conclusion of the 60 days, we will communicate the outcome of the open season and outline potential next steps if the project continues to be advanced. As a reminder, the concept behind Prairie Connector is to move Canadian crude oil from Heart of Sea, Alberta to the Canadian-U.S. border where it could connect with downstream pipeline systems serving multiple U.S. markets including Cushing, Oklahoma and destinations on the U.S. Gulf Coast. Last week, a presidential permit was issued to Bridger Pipeline for cross-border facilities that would transport the Canadian crude oil we are proposing to move into the United States. This represents a meaningful development in the permitting process for cross-border energy infrastructure and one that has understandably attracted its fair share of attention. That said, we are continuing to work diligently to ensure any project we advance is within our risk preferences and that risks are allocated appropriately among the party's best position to manage and mitigate them. Our team brings deep pipeline development experience across multiple jurisdictions and projects, some more famous than others. And we are applying all those learnings to find an allocation of risk that makes sense for all stakeholders. Recent global events have reinforced that secure, reliable energy and the infrastructure that delivers it truly matter. At Southbow, we are encouraged to be part of the conversation and to support our customers in increasing competitive, responsible Canadian energy in a world that continues to need more of it. With that, I'll turn it over to Richard.