Tidewater Midstream and Infrastructure Ltd.

Good afternoon, ladies and gentlemen, and welcome to the Tidewater 4th Quarter 2025 results call. At this time, all lines are in a listen-on-we mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star 0 for the operator. This call is being recorded on March 26, 2026. I would now like to turn the conference over to Ian Courtley. Please go ahead.

Thanks, Vincent. I welcome everyone to the joint conference call for the fourth quarter of 2025 results of both Tidewater Midstream and Infrastructure Limited and Tidewater Renewables Limited. Joining me today is our CEO, Jeremy Baines, who will provide an update on operations during the quarter. I will follow with the financial results in 2026 guidance, and then we'll open the line for your questions. This morning, both Tidewater Midstream and Tidewater Renewables reported results for the fourth quarter ended December 31st, 2025. A copy of the news releases, financial statements, MD&As, and annual information forms may be accessed on CEDA Plus or on your respective company's website. Before we get started, I'd like to note that today's call is being recorded for the benefit of individual shareholders, the media, and other interested parties who may want to review the call at a later time. The recorded call will be available through CISIONS. Some of the comments made today may be forward-looking in nature and are based on Tidewater's current expectations, judgments, and projections. Forward-looking statements we express today are subject to risk and uncertainties, which can cause actual results to differ from expectations. Further, some of the information provided refers to non-GAAP measures. To know more about these forward-looking statements, GAAP measures, and risk factors, please see the various companies' financial reports, which are available on the company's website and on I'll now turn the call over to Jeremy.

Thank you, Ian, and thanks to everyone for joining us today. I'll begin with tidewater renewables, followed by tidewater midstream, covering regulatory and strategic developments, operational performance, and commercial updates. Starting with regulatory developments, on September 5th, 2025, the Government of Canada announced a $370 million biofuels production incentive program to address the economic challenges caused by U.S. subsidies and policies. The details of the incentive program were communicated to eligible program recipients, which includes Tidewater Renewables, in December of 2025. The program will provide non-repayable cash support from January 2026 to December 2027 at an incentive rate of 16 cents per liter for the first 170 million liters produced annually. With the HDRD complex expected to produce between 150 million and 170 million liters annually during this period, Tidewater Renewables is ideally positioned to receive between $24 million and $27 million in both 2026 and 2027. In addition, the Government of Canada also announced its intention to make targeted amendments to the Clean Fuel Regulations to further support Canada's biofuel sector. There are two amendments currently being evaluated. The first is a minimum renewable domestic content approach Similar to the policy implemented by the government of British Columbia in early 2025, the second is a credit multiplier approach, whereby domestically produced low-carbon fuels would receive a higher ratio of CFR emission credits than imported fuels. Tidewater supports both proposed amendments and is well positioned to benefit from either or a combination of both if implemented. Moving to operations at the HDRE complex. The planned turnaround and subsequent equipment failure reduced throughput to 48% of design capacity for the fourth quarter of 2025. As previously communicated, the equipment repair was successfully completed on December 12, 2025, and utilization has been near nameplate capacity during the first few months of 2026. Now, let's move over to Tidewater Midstream, starting with regulatory and strategic developments. During the fourth quarter, Tidewater Midstream executed two initiative agreements with the government of British Columbia to provide DCLCFS credits to support the production of low-carbon renewable diesel and renewable gasoline from the HydroTrader and FCC coal processing units at the Prince George refinery. The BC LCFS credits awarded under the initiative agreements are expected to fund a significant portion of the cost of the renewable feedstocks required to operate the coprocessing units for the next two years at rates up to 300 barrels per day for each of the units. In addition, the sale of coprocessed low-carbon transportation fuels into the British Columbia market will generate CFR emission credits and additional BCLCFS credits for Tidewater Midstream. On the strategic front, Tidewater took over full operational control of the acquired western pipeline system during the fourth quarter of 2025. Our team has done an excellent job integrating the pipeline into our existing operational systems and processes, and we expect to fully realize the operational synergies and 10 to 15 million of annual cost savings we announced previously. In January of 2026, Tidewater announced that it had entered into long-term agreements for gas handling and NGL supply at the Brazil River Complex. Under these agreements, Tidewater will process up to 75 million cubic feet per day of natural gas at the BRC from dedicated producer facilities and will receive the marketing rights to the ethane, propane, and butane for initial terms of approximately five years. These are important agreements for Tidewater as they provide significant gas volume to the BRC facility from dedicated producer facilities on a long-term basis. We also continue to advance our non-core acid sales program. On October 21st, the Sylvan Lake gas processing facility was sold for cash proceeds of $5.5 million. In December 2025, we received the final $1.5 million of cash proceeds from the sale of the BRC roads. And in February 2026, Tidewater Renewables received $2.1 million of final proceeds from the sale of the Renewable Natural Gas Partnership. We continue to work on further divestiture opportunities, including growing market interest in repurposing energy sites for data center developments. We look forward to updating the market as discussions progress. Next, let's turn to operations at the Prince George Refinery. Throughput at the PGR averaged 10,809 barrels per day in the fourth quarter of 2025, a 5% increase from the third quarter of 2025. The semiannual heat exchanger cleaning was completed in October, and throughput levels averaged approximately 11,900 barrels per day during November and December 2025. Refined product margins improved during the fourth quarter as the Prince George crack spread averaged $94 per barrel, compared to $90 per barrel during the third quarter of 2025. During the start of 2026, the market conditions for refined products have significantly improved. The Prince George crack spread averaged $94 per barrel in January and $98 per barrel in February. During March, the crack spread widened further as a result of the ongoing conflict in Iran, and has averaged $113 per barrel in March month to date. As Ian will expand on later, throughout March, we have layered on 2-1-1 crack spread hedges for approximately 50% of forecasted production from April to December 2026 in order to capture the current market strength in the crack spreads. Now we'll move to our broader midstream operations. At the BRC gas processing facility, throughput averaged 102 million cubic feet per day in the fourth quarter, compared to 124 million cubic feet per day in the third quarter of 2025. The decrease was largely due to lower straddle volumes. The Rand River gas plant remains temporarily curtailed while sulfur handling operations continue to operate. The current market prices for both natural gas and sulfur are at levels that we believe are highly economic for sour gas producers, and our intent is to restart the gas plant when production in the area resumes. Looking ahead, we remain focused on driving operational excellence, enhancing margins, and executing strategic initiatives, including maximizing efficiency at the PGR and HDRD complex, strengthening commercial platforms and off-takes, advancing our SAP project while managing capital prudently, progressing non-core asset sales to unlock liquidity, and we will continue to advocate for a fair regulatory environment. We believe these building blocks position us for both revenue growth and margin expansion during 2026. With that, I'll now turn to Ian for the financial review.