South Bow Corporation

Good day and thank you for standing by. Welcome to South Bow Q2 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. 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 call is being recorded. I would now like to hand the conference over to your first speaker today, Martha Wilmot. Please go ahead.

Thank you, Dana, and welcome everyone to Southville's second quarter 2026 earnings call. With me today are Bevin Wirzba, President and Chief Executive Officer, Van Dafoe, Senior Vice President and Chief Financial Officer, and Richard Prior, Senior Vice President and Chief Operating Officer. Before I turn it over to Bevin, I'd like to remind listeners that today's remarks include forward-looking information and statements that are subject to the risks and uncertainties addressed in our public disclosure documents available under South Bow Cedar Plus profile and in South Bow'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 Bevin.

Good morning, everyone. We appreciate you joining us today. While we're proud of our safe and reliable operations, strong financial performance, and improved outlook for 2026, the defining achievement of the first half of the year was the success of our open season and the momentum we've continued to build across our growth portfolio. Securing 465,000 barrels a day of 20-year customer commitments from a broad producer group was a significant milestone for our team and, more importantly, a strong endorsement from our customers. This demonstrates the value of our corridor, the strength of our market position, and the continued need for additional egress capacity to support growing Western Canadian crude oil production and deliver significant long-term economic benefits. These commitments are also a critical enabler for our customers. The production growth associated with these commitments will help generate the cash flows needed to enable ambitious, larger-scale investments across the Western Canadian sedimentary basin in the years ahead. Achieving commercial success has enabled us to move into the next phase of development as we advance the work required to support a final investment decision, which we are targeting for mid-2027. Over the coming months, we will focus on stakeholder engagement, execution planning, cost refinement, financing, and securing the permit durability needed to support that decision. As we've said previously, permit durability remains a key requirement for South Bow. The infrastructure we operate today and the infrastructure we are looking to develop will be needed for decades to come, spanning multiple governments and market cycles, while delivering significant long-term economic benefits. That's why it's critical that the certainty needed is in place to support these investments through the duration of their construction and throughout their operations. We have considered that requirement at every stage of this process and we would not have launched the open season or advanced commercialization activities if we did not believe There was a credible path to securing the certainty needed to support a project of this importance and this scale. As with all growth opportunities, we will continue to evaluate the opportunity through the same disciplined, low risk framework that defines Southbow. With that, I'll hand it over to Richard to provide more detail on our operational performance, integrity activities and the progress we're making across our growth portfolio.