Tidewater Midstream and Infrastructure Ltd.

Good afternoon, ladies and gentlemen, and welcome to the Tidewater Midstream and Infrastructure Ltd. and Tidewater Renewables Ltd. Q2 2026 Financial Results Conference Call. At this time, all lines are in listen-only 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 Thursday, August 13, 2026. and I would now like to turn the conference over to Mr. Ian Quartly, CFO. Please go ahead.

Thank you, Ina, and welcome everyone to the joint conference call for the second quarter 2026 results of both Tidewater Midstream and Infrastructure Ltd. and Tidewater Renewables Ltd. Joining me today is our CEO, Jeremy Baines, who will provide an update on our operational performance, regulatory tailwinds and favorable market conditions we have seen to start the year. I will follow with the financial results and details on the increased 2026 guidance, and then we'll open the line for your questions. This morning, both Tidewater Midstream and Tidewater Renewables reported results for the second quarter ended June 30th, 2026. A copy of the news releases, financial statements, and MD&As may be accessed on CDAR Plus or on the respective companies' websites. 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. A recorded call will be available through decision. 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 risks and uncertainties, which can cause actual results to differ from expectations. Some of the information provided refers to non-GAAP measures. To know more about these forward-looking statements, non-GAAP measures, and risk factors, please see the company's various financial reports, which are available on the company's website and on CDAP+. I'll now turn the call over to Jeremy.

Thanks, Ian, and good morning to everybody, and thank you for joining us today. I'm going to start off my remarks talking about Tidewater Renewables. During the second quarter, the HDRD complex achieved record average daily throughput of 3,315 barrels per day, representing a 111% utilization rate. The team has done a fantastic job completing a number of very low-cost de-bottlenecking initiatives, which along with flawless facility reliability, enabled the HDRD complex to consistently operate above nameplate capacity. This was extremely important to produce above nameplate capacity during a quarter when we realized record margins on the sale of the renewable diesel sold at U.S. import parity pricing from the facility. We also captured an additional $0.16 per liter of margin from the biofuels production incentive, which led to the record financial results that Ian will discuss later on the call. On the regulatory front, during the first quarter of 2026, Tidewater Renewables received conditional approval from Natural Resources Canada for the Biofuel Production Incentive Program. On July 7, the contribution agreement was executed which secures total funding in line with the full annual production capacity of the HDRD complex. We expect to receive both the first and second quarter cash contributions totaling $13.8 million during the third quarter of 2026, with subsequent contributions to be received quarterly in arrears, providing a consistent boost to our cash flow and liquidity. Moving next to the Sustainable Aviation Fuel Project, which continues to progress towards a final investment decision during the fourth quarter of this year. On June 19, 2026, Tidewire Renewables executed a new initiative agreement with the Government of British Columbia which will provide additional BCLCFS credits to support the funding of critical pre-FID activities. These pre-FID activities are expected to allow tidewater renewables to preserve project schedule, maintain vendor and fabrication capacity availability, mature engineering deliverables, support regulatory advancement, and position the project for efficient execution post-FID. Tidewater Renewables expects to receive BCLCFS credits in the third and fourth quarter of 2026 as certain project milestones are achieved. Now moving over to Tidewater Midstream. Throughput at the Prince George Refinery averaged 10,032 barrels per day in the second quarter due to a planned 17-day partial facility outage during April to complete scheduled equipment cleaning and other maintenance activities. Excluding the impact of the scheduled outage, throughput at PGR averaged 12,060 barrels per day, or 101% of design capacity. Market conditions for refined products were at historically high levels during the second quarter due to global energy supply disruptions and the reduction of global refining capacity, particularly in the Middle East and Russia. As a result, the Prince George crack spread averaged $118 per barrel in the second quarter of 2026, a 16% increase from the first quarter of 2026. Looking ahead to the second half of the year and beyond, the refining macro environment remains very constructive. Globally, there is approximately 10% of refining capacity offline, and most of that is due to damaged equipment that will take an extended time to repair or rebuild. At the same time, inventories of refined products are at historically low levels. As previously disclosed, Tidewater Midstream hedged approximately 50% of crack spread exposure between April and December 2026. Subsequent to the second quarter, during the second half of July, Tidewater Midstream entered into additional hedges for approximately 40% of its crack spread exposure for 2027, at fixed prices significantly above both mid-cycle pricing and 2026 realized hedge pricing. Tidewater's hedging program is designed to manage commodity price volatility and establish a baseline for the corporation's free cash flow. At the BRC gas processing, throughput averaged 105 million cubic feet per day during the second quarter of 2026, an 8% decrease over the previous quarter. The lower throughput was primarily due to NGTL curtailments that limited producer volumes coming through the facility, which also decreased fractionation facility utilization to 76% in the second quarter, compared to 90% in the first quarter of 2026. We continue to hold active discussions with prospective and existing customers as we focus on increasing utilization at the BRC. The Ram River gas plant remains temporarily curtailed while sulfur handling operations continue to operate. Current market prices, especially for sulfur, are at levels that 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 continue to remain focused on driving operational excellence, enhancing margins, and executing on strategic initiatives, including maximizing utilization at the PGR and HDRD complex, strengthening commercial platforms and offtakes, advancing our SAF project while managing capital prudently, increasing our midstream facility utilizations at BRC and Ram River, progressing non-core asset sales to unlock liquidity, and we continue to advocate for a fair regulatory and trade environment. We believe these building blocks position us for both revenue growth and margin expansion during the second half of 2026. With that, I'll now turn it to Ian for the financial review.