Good morning, ladies and gentlemen, and welcome to the Pembina Pipeline Corporation Q2 2025 Results Conference Ball. 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 zero for the operator. This call is being recorded on Friday, August 8, 2025. And I would now like to turn the conference over to Ben Tuchanel, VP Capital Markets. Thank you. Please go ahead.

Thank you, Ina. Good morning, everyone. Welcome to Pemina's conference call and webcast to review highlights from the second quarter of 2025. On the call today, we have Scott Burrows, President and CEO, and Cameron Goldaid, Senior Vice President and Chief Financial Officer, along with other members of Pemina's senior leadership team. I would like to remind you that comments made today may be forward-looking in nature and are based on Pemina's current expectations, estimates, and judgments. forward-looking statements we may express or imply today are subject to risks and uncertainties which could cause actual results to differ materially from expectations. Further, some of the information provided refers to non-GAAP measures. To learn more about these forward-looking statements and non-GAAP measures, please see the company's management's discussion and analysis, dated August 7, 2025, for the period ended June 30, 2025, as well as the press release Pemina issued yesterday. All of these materials are available online at Tamina.com and on both CEDAR Plus and EDGAR. I will now turn things over to Scott.

Thanks, Dan. Yesterday, we reported our second quarter results, which were highlighted by quarterly adjusted EBITDA of $1.013 billion. We remain on track to deliver full year results within our original 2025 adjusted EBITDA guidance range. But as Cam will discuss in more detail, as we are through the halfway point of the year, we have updated the range to $4.225 billion to $4.425 billion. On the project front, Pemina continues to demonstrate its ability to deliver capital projects that provide strong returns and a competitive service offering. The Cedar LNG project continues to progress according to plan and remains on budget and on time with an expected in-service date of late 2028. We recently celebrated the achievement of a major milestone for the project as construction of the floating LNG vessel began with steel cutting on both the topside facilities and the vessel hull. Onshore activities are continuing and marine terminal clearing, drainage, erosion and sediment control, pipeline right away clearing and road upgrades have been completed. The market for LNG supply on the west coast of North America remains strong. and Pemina continues to progress remarketing of its 1.5 million tons per annum of Cedar LNG project capacity to third parties and expects to finalize these efforts by the end of 2025. The RFS-4 project continues to progress towards an in-service date in the first half of 2026. Pemina is pleased that the project is trending approximately 5% under the previous cost estimate with a revised expected total cost of approximately $500 million. On a cost per barrel of capacity basis, Pemina is on track to deliver its expansion 15% to 20% lower than competing projects currently underway, highlighting Pemina's advantage service offering. Looking beyond 2025, strong business fundamentals continue to reinforce our outlook for low to mid-single-digit annual volume growth through the end of the decade across all WCSB products. The outlook is supported by the strong economics and long inventory lives of the Montney Formation and oil sands operations. The resilience of our producer customers, despite the volatility and commodity prices in the broader economy. New egress projects, including LNG and NGL export facilities and potential oil pipeline expansions, combined with new demand from potential data centres and petrochemical facilities, and a more supportive policy environment and momentum towards reshaping Canada's energy strategy in a way that could unlock Canada's abundant and diverse energy resources. Against the backdrop of growing WCSB, Pemina has differentiated itself as the only Canadian energy infrastructure company with an integrated value chain that provides a full suite of midstream and transportation services across all commodities, natural gas, NGL, condensate, and crude oil. Our scope, scale, and access to premium North American and global markets uniquely positions us to capture incremental new volumes while unlocking new avenues for growth. Pemina's ability to maintain and grow its position in the rapidly developing WCSB is supported by the recent developments and projects we highlighted in our release yesterday. Pemina continues to strengthen its propane export capabilities and will soon have access to 50,000 barrels per day of highly competitive export capacity for its own and customers' propane through our own Prince Rupert terminal and a new commercial agreement with AltaGas for 30,000 barrels per day of LPG export capacity and the current RIPIT and future REF facilities. In addition, Pemina has approved an optimization of the Prince Rupert Terminal that, through increased storage capacity, will allow the use of medium gas carrier vessels. The optimization is expected to expand access to additional global markets with higher realized propane prices while significantly reducing shipping costs per unit, thereby improving netbacks for Pemina and its customers. We also highlighted how PEMAN and PGI continue to strengthen their relationship with leading WCSB producers and develop mutually beneficial solutions that support growing production while providing PGI with take-or-pay commitments that ensure the long-term utilization of its assets. PGI recently acquired from Whitecap the remaining 8.3% interest in three gas plants and a sales gas pipeline from PGI's DuVernay Complex. Concurrently, Whitecap entered into a long-term take-or-pay commitment for firm service at the Duvernay Complex and extended long-term take-or-pay agreements previously in place at PGI's KA plant. PGI has also entered into an agreement with a Motney producer to fund and acquire an under-construction battery and additional infrastructure in the Wapiti North Gold Creek-Montney area. The project enhances PGI's footprint in the Wapiti region, connecting directly into PGI's existing Wapiti gas plant. The North Gold Creek battery will be operated by the producer and highly contracted under a long-term take-or-pay agreement. Additionally, Pemina continues to advance more than $1 billion of conventional NGL and condensate pipeline expansions to reliably and cost-effectively meet rising transportation demand from growing production. These expansions include the Taylor to Gordondale project, which would be a new pipeline connecting mostly condensate volumes from Taylor, British Columbia to the Gordondale area. The Fox Creek to Nomeo expansion, which is a proposed expansion of the Peace Pipeline system that through the addition of new pump stations would add approximately 70,000 barrels per day of propane plus capacity to the market delivery points from fox creek alberta to the mayo alberta and other expansions to support volume growth in northeast bc including new pipelines and terminal upgrades the growth is secured by long-term contracts underpinned by ticker pay agreements areas of dedication across the money and duvernay formations and other long-term agreements that ensure a strong base of committed volumes final investment decisions on the fox creek to the mayo expansion and the taylor to gordondale project are now expected by the end of 2025 and the first quarter of 2026 respectfully these fully supported demand driven pipeline expansion opportunities along with the success we continue to have in re-contracting legacy volumes are taking place against the backdrop of increased competition we remain confident in our ability to continue to grow volumes across our conventional pipeline system our northeast bc and northern pipelines provide a full product integration across all commodities and connectivity both upstream and downstream combined with our marketing and export capabilities we believe we offer customers the most competitive midstream service offering as a reference point the weighted average contract life on approximately 1 million barrels of firm contracted volumes on peace and northern is approximately seven and a half years despite the passage of time this figure has remained relatively consistent over time and has in fact increased slightly over the past two years reflecting our successful efforts to blend and extend existing contracts and sign incremental new long-term contracts. Building upon its position as the leading supplier of ethane to a growing Alberta petrochemical industry, Feminate continues to work closely with Dow Chemical Canada. We are evaluating the various auctions available to meet our commitment under the mutually binding 50,000 barrel per day ethane supply agreement. Most notably, engineering and commercial discussions are ongoing related to the addition of a deethanization tower at RFS III within the Red water complex and a final investment decision is now anticipated by the end of 2025. Finally, Pemina continues to advance opportunities to provide integrated solutions to support an emerging Alberta-based data centre. Greenlight Electricity Centre, a partnership between Pemina and Kineticor, is developing an up to 1800 megawatt gas-fired combined cycle power generation facility and is in active discussions with a data centre customer to commercially underpin the project green light successfully advanced through phase one of the alberta electric system operator allocation process and through subsequent commercial efforts has secured a sufficient megawatt allocation to achieve a viable scale for this project in addition to the opportunity to invest in long-term contracted power infrastructure with an investment grade counterparty pemen is well positioned to leverage its existing and future value chain to further support this project for example the proximity of the alliance pipeline line offers a potentially accretive expansion opportunity to provide significant natural gas supply to the Greenlight Electricity Centre. In summary, the financial results continue to largely track our initial expectations for the year, and we continue to execute our in-flight construction projects and pursue expansions and new initiatives to respond to growth in the WCSB. I will now turn things over to Cam to discuss in more detail the financial highlights of the second quarter.

Thanks, Scott. As Scott noted, PEMRA reported second quarter adjusted EBITDA of $1.013 billion dollars this represents a seven percent decrease over the same period in the prior year in pipelines factors impacting the quarter primarily included lower toll lower firm tolls on the coaching pipeline due to re-contracting in july of 2024 lower revenue at the edmonton terminals largely related to the decommissioning of the edmonton south rail terminal in the second quarter of 2024 lower interruptible volumes and lower tolls on the vantage pipeline higher volumes on the peace pipeline system due to higher contracted volumes and fewer outages compared to the prior period which was impacted by the planned outages related to the phase 8 peace pipeline expansion higher revenue on the peace pipeline system due to increased tolls mainly related to contractual inflation adjustments higher demand on seasonal contracts on alliance and higher contracted volumes on the nipisee pipeline in facilities factors impacting the quarter included lower volumes due to planned outages at certain pgi assets and ongoing third party egress restrictions impacting the dawson assets higher contribution from pgi primarily related to recent transactions with white cap in marketing and new ventures in marketing and new ventures second quarter results reflected the net impact of lower net revenue due to a decrease in NGL margins as a result of lower butane and propane prices, coupled with lower volumes resulting from third-party restrictions at the Shanahan facility and planned outages at both the Shanahan facility and the Redwater complex, as well as higher input natural gas prices at Oxable. And finally, lower realized gains on crude oil-based derivatives, partially offset by lower realized losses on NGL-based derivatives. Finally, in the corporate segment, second quarter results were higher than the prior period due to lower incentive costs driven by a change in Pemina's share price in the period compared to the second quarter of 2024. Earnings in the second quarter were $417 million. This represents a 13% decrease over the same period in the prior year. In addition to factors impacting adjusted EBITDA, the decrease in earnings in the second quarter was primarily due to the net impact of costs associated with an asset retirement at redwater complex lower share of profit from pgi as a result of higher depreciation expense due to a larger asset base following the recent transactions white cap lower other income due to no similar gain to that recognized in the second quarter of 2024 related to feminist financial assurances assumed by cdlng upon positive fid lower acquisition and integration costs and finally no similar net gain on acquisition to that recognized in the second quarter of 2024 4. Total volumes in the pipeline and facility divisions were 3.6 million barrels of oil equivalent per day in the second quarter. This represents an increase of 1% over the same period in the prior year, reflecting the net impact of higher contracted volumes on the Nipiss pipeline and peace pipeline system and lower volumes at PGI, Redwater and Oxable due to planned outages. Turning to the full year, as Scott mentioned, we updated our 2025 adjusted EBITDA guidance range at $4.225 billion to $4.425 billion. Within our full-year outlook, due to seasonal and asset-specific factors, Pemina expects third-quarter results to be largely consistent with second-quarter results, with stronger results expected in the fourth quarter. First, while Pemina continues to benefit from rising utilization throughout its conventional pipeline and gas processing assets that aligns with volume growth across the Western Canadian sedimentary basin, Revenue volume growth of these assets is expected to be slightly lower than physical volume growth on a percentage basis as customers expand into their contractual take-or-pay commitments. Second, we anticipate the typical seasonality positively impacting Alliance in the fourth quarter due to the ability to transport higher volumes during colder periods. This is expected to be offset by the impact of the previously announced settlement agreement with shippers. Third, as usual, we expect a significant portion of our integrity and geotechnical costs on pipeline assets in the third and fourth quarters compared to the first half of the year. Fourth, we are forecasting a higher contribution from PGI in the second half of 2025 compared to the first half of the year, including at the Dawson assets due to third-party restrictions impacting the first half of the year and the startup of LNG Canada benefiting the second half of the year as well as at the duvernay complex due to higher second half volumes and finally we are forecasting a stronger fourth quarter contribution from the ngl marketing business relative to the second and third quarters due to typical seasonality of the end of the wcsb rack spread business we have also resolved revised our outlook for the company's 2025 capital investment program including capital expenditures and contributions to equity accounted investees to $1.3 billion, which is a $200 million increase compared to the prior outlook. This update reflects continued progress on previously identified core business initiatives, as well as two tuck-in acquisitions at PGI, offset by certain projects being under budget. I'll now turn things back to Scott.

Thanks, Cam. In closing, we remain focused on delivering value to our investors by best serving our customers, employees and communities. We are looking forward to delivering second half results in line with our full year 2025 guidance, progressing key proposed projects towards final investment decision over the coming few quarters, finalizing our Cedar LNG capacity assignment by year end, and continuing to progress new initiatives like the Greenlight Electricity Centre and related expansion projects within Pemina's value chain. Thank you for joining us this morning. Enjoy the rest of summer, and we look forward to meeting with you in person or speaking to you soon.

Please go ahead and open up the line for questions thank you ladies and gentlemen we will now begin the question and answer session should you have a question please press star four beta one on your telephone keypad you will hear a prompt that your hand has been raised and should you wish to cancel your request please press star four beta two if you are using a speakerphone please lift the handset before pressing any keys one moment please for your first question thank you and your first question comes from the line of Aaron McNeil from TD Caldwell. Please go ahead.

Hey, morning all. Thanks for taking my questions. I'm hoping that you can just take a moment to address some investor feedback that we're receiving. There's sort of this, I don't know what, I guess I would call it a death by a thousand cuts narrative out there. And if I were to sum it up as a theme, it's really just about different ways where Pemina's incumbency and the Canadian NGL value chain is being challenged. The theme covers a lot of ground and several specific points. so I can appreciate that it's difficult to touch on every one, but how do you respond to that criticism? What do you think it misses, if anything? And what do you see as the sort of unique value proposition for investors going forward?

Thanks, Aaron. It's Scott here. There are a few things I think that we need to, I guess, level set or unpack on that question. I'll try to address it at a high level versus kind of going through every specific point. But to me, there's difference between fundamentals and temporary noise and when you have kind of the extensive franchise that we have in native midstream space you know i'd say the bar is very high and there's always going to be something to to pick at when i step back and and get out of the noise and and kind of look across the horizon at the fundamentals you know i firmly believe that our business is rock solid and is driven today as it always has been by customer demand for our services When you think about the resource in the Montney, it's unbelievable. The basin is growing, and it's full of visible catalysts, whether it's gas egress through LNG, new LNG exports, tidewater egress for oil, and new avenues to create value for customers' hydrocarbons, whether that's incremental petrochemical demand or incremental gas to power. There's a lot of visible catalysts that we see coming at the basin. And when I think about Pemina specifically, you know, I think we're the only franchise that directly benefits and is involved in all of these catalysts. If you think about them one by one, there's direct LNG export ownership with the first of its kind partnership in Canada. We have significant LPG export capacity, proprietary and in partnership with our midstream peers, as we talked about. There's local Alberta demand, East Coast Sarnia access, and cost-effective unit trains across the US. So we really have an unparalleled marketing basis when it comes to LPG. We hit all markets. We have a significant and growing condensate franchise supporting the oil sands growth, which we continue to see growing with the bottlenecks across the system. We're currently providing gas egress in a constrained environment with access to high-value markets in the mid-continent in alignment with long-term shippers. you know we're supporting the stand-up of a world-scale cracker both through feedstock supply and ancillary midstream services and we're continuing to look to extend our value chain and lead the way for our stakeholders and customers you know we evolved the midstream sector in the early part of the last decade building the integrated value chain which is the core of our franchise today and now we're continuing to lead the sector through value chain extension initiatives and provide optionality for our customers our competitors are looking to build the Pemina from eight to 10 years ago where we're trying to go to where the balls are going, not where it's been. What's undeniable is that the WCSB is growing and Pemina will capture its share of this growth for the reasons I just mentioned while continuing to execute on our disciplined customer-supported growth projects in the core business. I think a real-life proof point of that is the billion dollars of visible capital deployment that we talked about for peace capacity today you know in a growing base and we and others are competing to provide value-added services to our producer clients and on that basis we are confident in the resilience of our performance we're not going to win every barrel that you know we know that but we do believe we're going to to win our fair share so the noise uh as you mentioned or death by a thousand cuts you know it can be a distraction from what's important but you know in my mind long-term excellence and execution is what's important and i believe that we have an unparalleled track record in the ngl midstream space uh so hopefully that answers your your question happy to take any

follow on yeah i guess just as a follow-up you mentioned growth uh across the basin we saw you bump the capital spend for the year and you know you outlined all the growth opportunities last quarter i think cam mentioned you know the potential for a buyback it seems as though maybe that the narrative is shifting more to a growth orientation so maybe you can sort of just give us a sense of your latest thinking around capital allocation.

Sure. Maybe just to address part of the question, you know, when I think about the capital program, what I think is important is the majority of that capital was due to the bolt-on acquisitions that we made in the quarter, as well as the advancement of some of our projects. Recall when we put out the capital release, we talked about potential increment. We had a baseline capital, and then we had a bucket of incremental capital should we advance some of our projects and that's really what this is tied to we're advancing projects i think what's what's lost in that in that mix and i just want to point out is that is offset by capital savings across our projects as we continue to execute our projects so i just don't want to leave the listeners with an impression that that that increase has anything to do with cost overruns that's all incremental new growth and is actually offset by cost savings across many of our projects.

Aaron, it's Garrett here too. And just kind of getting back to your original question, you were talking about some of the noise and maybe misconceptions. I think last week, one of Western Canada's largest producers came out and talked about some substantial growth termly and talking about growing their overall production by 200,000 BOE a day in the next kind of six years. We view that as extremely positive. And I think all midstreamers should view that as extremely positive, the investment that that organization's making in Western Canada and the quality of their reserves. There was some, you know, we obviously got some inbounds with respect to margin erosion, et cetera, with respect to some of their announcements. And, you know, that's where I think that clarity is required is they talked about a dollar per BOE that could be captured, but it required them to get to 850,000 BOE a day. And they also talked about how that value creation is split between operating costs, which I have to think is in their camp. They're doing something different to save OPEX. And then they talked about 50% of that being transportation value creation. That transportation was represented in a BOE basis, so barrels of oil equivalent, not just straight-up liquids. So we only move tourmaline's liquids today. so you know that could be gas egress value creation that could be rail value creation that could be trucking that could be liquids pipelines etc so just what kind of wanted to chat about that and overall i would say as customers in western canada grow physical barrels they're typically their dollar per unit does go down um that's not uncommon and specifically our northeast bc pipeline which they are a customer on that's a cost of service pipeline and as volumes go up tolls go down just like any other cost of service pipeline in north america um lastly just what i think that a lot of our listeners probably don't know in 2022 we announced a fairly large uh commitment with tourmaline for a chunk of their northeast bc development and uh that long-term deal for pipe and frac those tolls don't change those are fixed tolls that that we offer the customer and we take pride in in giving fixed tolls and providing highly reliable service. So, yeah, I just kind of wanted, you know, that's some of the noise that that I think requires a little bit of clarity. But overall, we're extremely excited about one of Western Canada's customers growing by 200,000 BOE a day in the next couple of years. So just to provide some color.

And maybe I'll just close it out on your question on capital allocation, Aaron. I mean, listen, I I think, you know, we've been pretty consistent for some time in terms of our approach to buybacks, you know, looking at the relative risk adjusted economics. You know, obviously, we've been continuing to do that. We've talked about our free cash flow profile over the next couple of years, likely staring at, you know, a modest amount of free cash flow in 2025 and likely, you know, flattish to perhaps offsetting that in 2026 based on the period of the CEDAR spend. And ultimately looking at it over a multi-year time period, I think obviously we continue to take data points and continue to look at the relative economics and we'll do that and sort of without signaling our intention either way here today. Obviously, it's something that we talk about sort of every week.

Thank you. And your next question comes from the line of Maurice Choi from Aubrey Sea Capital Markets. Please go ahead.

Thank you. and good morning everyone um just wanted to follow up on some of the comments you've made uh scott given how you've mentioned that you are seeing strong wcsv fundamentals and also your confidence in winning your fair share how do i translate all that to a long-term ebitda growth rate is it about starting with the the low to mid single digit volume growth through the end of the decade and then there you add on incremental capex driven growth so just your thoughts on that yeah thanks for the question marisa i think i think you know for from a guidance perspective uh at our last investor day we provided our guidance out towards 2026

um and that's that's the extent of our guidance at at this stage you know as we move to the end of 25 and into 26 we will look to to refresh that guidance going forward so you know i'm not prepared to give you a multi-year EBITDA guidance outside of what we've already publicly disclosed you know but from a volumetric perspective as we mentioned uh in our in our prepared remarks and you know in what you've heard from us before is we continue to see um somewhere in the neighborhood of of mid to high single digit growth in volumes across the base and mainly driven by uh the catalyst that we talked about previously so no real change from what we've talked about previously Maurice, it's Cam here.

I guess I would just supplement and appreciate, you know, history is not always a perfect example of the future. But, you know, if you look at history just as one proxy, and you can look across our business, but, you know, just focusing on the conventional for a moment, because that's what we often talk about as a proxy. You go back five years and actually, you know, our growth in that business and the growth in our business overall was always through a combination of volume growth, but also margin. And margin, you know, comes from a number of pieces. Obviously, you know, we have some contractual elements to that. We do that through operational excellence and reducing our own cost structure. But, you know, as much or more of the growth came from that piece. And so I think, you know, as we think about the future, I think we actually see really constructive volume growth as we look out over the next five years, you know, perhaps even stronger than we've seen in the last five, depending on product and obviously egress restrictions. And obviously, you know, we're continuing to do the hard work internally to continue to make our service offering more competitive, more creative, and obviously continue to be able to generate value through margin as well. So I would say that partly underpins our view on the long-term outlook.

Just to quickly follow up on that, you said the volume growth is really constructive and stronger than you've seen in the last five years. You just said generate value through margin. Are you seeing margin as being one where you can maintain margins or do you think that margin growth can also potentially come given a competitive landscape?

Yeah, I think there's two areas to answer that question. One is obviously, you know, in the past couple of years, we've had a couple, you know, sort of meaningful toll resets on some cross-border assets, namely caution and alliance. And obviously that, you know, that has been a headwind on the margin side, tough to get away from that. But I think, you know, in the rest of the business, conventional business, our gas processing business, our frack business, you know, we've done a lot of really solid things and continue to do things. You know, for example, our Prince Rupert announcement yesterday in terms of medium gas carriers, you know, that's a margin enhancement activity right there. And so we're looking for ways, you know, our team is really focused on doing that. And I think, you know, obviously that the business is evolving, you know, obviously competition is greater than it's ever been. But I think, as Scott said in his introductory comments, you know, we continue to believe that we have the very best franchise across the board. And so that gives us an advantage in terms of maintaining and frankly growing that margin. Understood.

I could just finish off with a comment you made on press release about evaluating flood expansions to support volume growth in Northeast BC. I know you have the Taylor's Gordon Dale project out there right now, but just curious in your thoughts about the long-term competitiveness of Fort Sask facilities versus the existing new ones in Northeast BC, particularly given how some of the propane butane incrementally setting out out west to explore.

Mayor Marese, Jared here. Yeah, great question. First off, the competitiveness of Fort Saskatchewan in totality, not just Pemina's frac, I say, is still very attractive. And the reason why I say that is that the majority of the NGLs that come into Fort Saskatchewan today, regardless if it's Dow, Pemina, Kiara, Plains, et cetera, they're all coming from downstream of North Pine, right? So there's kind of like maybe an imaginary line where products want to come into Fort Saskatchewan, you know, and a significant amount of those are coming from Alberta, a very large amount of the NGL is coming from Alberta. So also, then you need to look at the diversity and the rail connectivity. So there's obviously going to be opportunities at a significantly smaller scale. If you looked at all the C3 plus capacity in Fort Saskatchewan, compared to North Pine 1, 2 or 3, even, they don't even compare in size and scale, rail connectivity, inlet storage caverns, et cetera, et cetera, like there's a lot of efficiencies, pardon me, coming into Fort Saskatchewan. Further to that, pardon me, further to that, the Northeast BC, BRAC, you're going to be dedicated solely to the west coast now you know short-term fae um arbitrages you know they look extremely good and we we believe long term they're going to be good but there is we believe and i think even some of our competitors have talked to this there's optionality in having the ability to go to sarnia into conway into mount bellevue and meeting kind of that diversified north american market while having access to the west coast market so are there going to be opportunities to build smaller scale racks in certain areas absolutely there is um if you're close to rail and and those types of things if you want to do it at a massive scale and you know provide that redundancy and that optionality for diversity i think customers are going to continue to come to to the fort like they have been for for a really long time but i'm not it's not i'm not saying that there's not small niche opportunities.

Maurice, Cam, I'll just pile on one last thing. I think to complement what Jared said, the analogy would be other products. So whether it's the natural gas value chain, whether it's the oil value chain, I mean, obviously, there's been export market opportunities in both of those. And customers have long chosen to diversify their market egress options for a number of reasons. And one of those is obviously market ARBs, premium markets do ebb and flow. There's operational redundancy reasons for that. So, you know, I think that's what we really like about our offering. And obviously the export piece, you know, complemented by the announcements that we made yesterday and obviously the week before absolutely enhanced that. But we also really like sort of the other pieces of our portfolio and think it's an incredibly competitive offering and, frankly, one that no one else has. Thank you very much for that.

Thank you. And your next question comes from the line of Robert Cattelier from CIBC Capital Markets. Please go ahead.

Hey, good morning and thanks for the wholesome discussion so far. I want to touch on that last point that you made, Cam, about other products. Exports have been a part of your philosophy for a while now. I'm just curious what your long-term plans are for ethane. Any thought given to eventual waterborne exports of ethane?

Hey, Rob. You know, I think for us, I mean, if we back up and, again, look at the fundamentals and the macro, there is a significant amount of ethane, not just Pemina, but across the basin being produced and, quite frankly, re-injected in the WCSB. So the amount of ethane available here could lead to various options, whether it's further petrochemical investments within the province or other opportunities. As it specifically relates to ethane, the challenge right now is the location of the ethane and where it's produced and where it needs to get to. And we do not believe as of right now, you know, there's a scalable amount of ethane, call it in northeast BC, to support a pipeline because this would need to be pipelined to the west coast and the economics just aren't there yet so you know for we do believe that it's an opportunity in the future but right now the economics of it look challenged okay and then uh what are your thoughts on how the competitive landscape changes if kira completes the plains ngl acquisition as efficient yeah you know i from our perspective those assets exist today they exist in planes in a very in a very competent and and you know very fierce competitor so from our perspective not not a lot changes in in terms of of assets that exist today capacity exists today so um you know they were they were owned by a formidable competitor and they're going into a formidable competitor's hand so not you know it's kind of business as usual for us.

And last one for me, I'm just wondering if you could comment on how the marketing conditions have evolved since your last update. And maybe if you can provide any update to the FRAC Spread Hedgebook for 2026.

Hey, Rob, it's Cam here. I'll take that. So I guess what I would say is that the FRAC Spread Hedgebook is substantially on, excuse me, the marketing plan is substantially on plan. If you look at where we are on the NGL side, it's tracking very close to budget. If you look at propane prices and gas prices, they kind of bounced around. And frankly, that's in spite of a ton of variability and a ton of volatility. In Chicago, obviously, that gas has been a little bit stronger, which has obviously been net positive for Alliance and obviously a bit of a headwind for Oxable, but, you know, sort of net-net, you know, and I think what we have observed is that the crude oil complex has clearly been highly variable. You know, we're likely seeing, you know, somewhat, you know, more modest storage opportunities, albeit recognizing that that's a, you know, a relatively small piece of the marketing book. But I think if you take my comments and the guidance and the guidance update, you know, together, you know, we're sort of talking at the margin. Differentials have obviously been a little bit narrower than they were in the fall. So all those pieces together, I'd say we're very close to where we were, maybe just slightly lower than budget time. But clearly, I think what we do see as tailwinds is, I think if you went back three, six months, we were looking at a stronger ACO strip as we got into the fourth quarter of this year. And obviously, we've observed that as months have tipped by here, even following the startup of LNG Canada, you know, obviously there's still a quite a bit of storage to work through on the Canadian gas side. And so that, you know, that, that strength has been pushed out. You know, that is obviously in the near term supportive of our NGL, of our NGL business. As far as, as far as the 2026 outlook for hedges, you know, you'll remember that about two or three years ago, you know, we went to a more dynamic hedging strategy, which effectively involved, you know, sort of looking at our looking at our own market knowledge, looking at the probabilistic outlook of where the business was and sort of right setting our hedge levels based on that. As we sit looking at 2026 at the moment, you know, we're relatively modestly hedged because, you know, we see the P levels, you know, sort of at or slightly below a P50 level. And so from that perspective, we do see some constructiveness coming. I think particularly, as I mentioned, you know, in the natural gas space. And so we've really opted to defer our hedging probably a bit later than we have in the past because we do believe that there's some constructiveness to the market.

Okay. Thanks for that update.

Thank you. And your next question comes from the line of Ben Pham from BMO. Please go ahead.

Hi, thanks. Good morning. First question on CRL&G. Could you talk about your progress on the remarketing? It sounded like there was a qualitative positive tone on it early this year in terms of solidifying something. Could you share progress going forward?

Is it more oversubstryption versus the capacity? and as a more narrow in terms of the conversations there hey man it's stew um yeah we you know the the remarketing of our capacity um you know we're very pleased with the progress that we've made to date we've uh engaged in in multiple uh counterparties and uh through that process in time um you know we have continued to refine our discussions uh we are exchanging um you know agreements with counterparties at this point in time and looking to, as Scott already described, finalize definitive agreements in 2025. As far as the capacity, we've always had the intention of selling the capacity portion of it and are open to and considering selling the entire 1.5 MTPA and those conversations have began and again are part of what we expect to close at this point in time. Again, there remains tremendous interest in the capacity, and it's just the effort and details to get through some very large and complex discussions and agreements as we go forward.

So we remain optimistic that we're going to arrive at something that works for us and for our customer. okay got it uh maybe switch switch what we did a the piece you referenced uh a seven-year average contract length and i just wanted to clarify because i was thinking you go back you got pricing expansions 10 years ago you put in with 10-year ticket contracts can you can you clarify those contracts are probably expiring this year and next you effectively have extended those contracts that there's no expirations that you're you're dealing with for renegotiating

morning ben jared here uh you absolutely nailed it so scott mentioned we had about a million barrels um on the total peace northern system um on the conventional system at about seven and a half years so yeah a lot of those uh um contract roll-offs have been um extended um you know with incremental barrels with our customers.

And then just as a reminder, I mean, I was just going to say that's been a multi-year thing going all the way back, you know, frankly, to 2019, 2020 when, you know, we started talking about areas of dedication and extensions through that, some of the extensions we've done over the past three or four years. It's been an ongoing and regular process each year.

Yeah, I understand. I'm just looking back what you've done. It's all pulling together now. for me um it may want one last thing some early questions around on some of the commentary on your stock and and sentiment and you know stock stocks down 10 10 bucks or so over a short period of time and yet at what point do you do you actually start to maybe just push push down growth capex and buy back stock instead yeah well i ben i think as we think about this year's capital program and next year's capital program.

They're largely committed in terms of advancing FID projects like CEDAR. A vast majority of next year's capital is CEDAR capital, as well as pipeline capital. We've signed agreements that require us to build and expand the pipeline. So the majority of the capital is committed towards FID projects, but buying back stock versus growth capital is always, you know, a constant debate amongst our team here and with our board. But right now, as we've talked about, capital is dedicated to projects and the projects we are considering, you know, generally enhance our franchise. Buying back stock is a nice economic outcome, but it doesn't necessarily enhance your franchise and enhance the service offerings that can provide to your customers. So it's always a balance. And of course, as stock prices go down, it increases the discussion as it relates to buybacks. But right now, for this year and next year, the capital program is essentially locked down for existing projects. Okay. Got it. Thank you.

Thank you. And your next question comes from the line of Jeremy Tonett from JP Morgan. Please go Hi.

Hey, Jeremy.

I just wanted to pick up with the AltaGas agreement there. I was wondering if you might be able to expand a bit more on the go forward, I guess, LPG export strategy, and do you see kind of more partnerships going forward versus growth projects to expand your capabilities? I was just wondering if you could talk a little bit more there on the thought process and what we could expect going forward.

Well, I think for now, we're happy with the two announcements that we made today. You know, obviously, the AltaGas 30,000 barrel a day incremental contract and the investment in our own facility to optimize. For us right now, I think getting the MGCs up and running and advancing that project is a big focus. Like any asset, we will continue to look to optimize that facility. As Cam pointed out earlier, the MGCs are an optimization of that facility, and as we get closer to in-service of that, we will again look to optimize that, whether it's continuing to lower the cost of that or potentially optimizing shipping and rail, which could increase capacity. So optimizations remain key, and then augmented with our AltaGas agreement, we're pretty satisfied. Now, that being said, if you listen to our comments around volume growth and pipeline growth, we continue to see growth in the NGL space. And as those NGL volumes grow towards the end of the decade, we will continue to assess where the optimal market is for those barrels. And as Jarrett pointed out, it's always good to have optionality in any product in any marketing, because while ARBs are open right now, we know that ARBs aren't always open. And so we will, you know, look to continue to build out our assets in Fort Saskatchewan. And as we secure more barrels, we will look to where the optimal markets are. And that could be further barrels off the West Coast, or it could be to other markets, depending on the time and where the markets are open at that time.

Got it. That's helpful. Thank you. And just want to pivot towards Project Greenlight, if I could, and sound like there's, you know, good, I guess, commercial progress there. I was wondering if you could provide maybe a little bit more color on how that's coming together, I guess, you know, when you could see more signings or getting closer to visibility and when FID could be possible.

Yeah, thanks. It's Stu again. Yeah, as you stated, I think we've made tremendous progress on the Greenlight project with our partner, Kineticorp. You know we worked hard as a team and a group to to successfully advance through phase one of the ASO allocation process and with subsequent commercial efforts you know the project was able to sufficiently secure a megawatt allocation that will allow you up a viable scale that the project can move forward. That was very exciting for us. That allocation of megawatts off the grid is a stopgap measure until we can get uh our facility built the the power generation facility um you know we're taking all the steps necessary to you know progressing all of the elements such that our project could be in service uh in 2029 and so we're very excited about that and uh you know we're working with uh commercially working with the off taker of that power uh they would be in service the data center itself would be in service in 27 consuming that grid power that I just talked about, and then switching over to the generated power from our site. We're having very good conversations commercially and are expecting to further those through the remaining part of 2025 and are excited about the progress that's been made.

Jeremy, I'll just maybe add that with our Alliance press release kind of there late in July with the settlement we also talked about the expression of interest to to expand the lines kind of that interprovincial um short haul and the interest there that would obviously you know feed a lot of the gas that would go into project green light so the interest there is extremely high so yeah it's it's all coming together got it thanks for that and just the last one if i could with regard to um cedar if uh you could provide maybe a little bit more color with regards to commercial discussions there as we approach in service, how I guess that impacts the tone of

those conversations.

Yeah, I think from where we were a year ago, you know, we are FID'd, which is obviously a key milestone. We're a year closer to in service and the project's real. I mean, if we were, as I talked about with the steel cutting has happened, we were up in Kitimat last week and the progress along the terminal and the right-of-ways is tremendous so that's garnered real interest from multiple counterparties which has led to you know a broader a broader process and you know as Stu mentioned we we've seen significant interest and we're very optimistic about getting these deals done here in the next quarter or two got it sounds great thank you thank Thank you.

And your next question comes from the line of Patrick Kenney from National Bank Financial. Please go ahead.

Thank you. Good morning. Just on PGI, on the back of these most recent tuck-ins, I was just wondering if perhaps you could provide a bit more colour on what the opportunity set looks like, what else you're seeing out there in terms of low-hanging fruit consolidation or investment opportunities that you could add to the portfolio, what type of assets or resource plays across the basin look more most interesting and also on the back of that if if you had an update on what the remaining internal funding capacity of the jv uh looks like going forward that'd be great thanks yeah so obviously you know when we created

pgi uh there was obviously some extreme like having kkara as a partner and they've been a great partner it's been a tremendous outcome that business is growing tremendously and it continues seems like quarter over quarter uh chris and his team are are pumping out uh new integrated deals feeding feminist value chain um you know their strategy really is to focus on number one high quality resource um you know focus on liquid rich resource that's going to feed uh the peace pipeline and into you know the fractionation complex etc um focused obviously on customers who typically don't build their own processing infrastructure and batteries and those types of things. So there's a lot of opportunities out there. Some recent acquisitions, some lands have changed hands and those types of things. You know, there's opportunities out there to build new greenfield, but there's a lot of opportunities for us to expand our existing footprint. Like, you know, we're doing work at K3 right now, Wapiti expansion. we did a small expansion at our height complex like so there's a lot of brownfield opportunities specifically in the sour gas space that's obviously where western canada is is ultimately constrained is sour gas processing and we have a lot of it a big portfolio of it and extensive pipelines that interconnect a lot of that so those are kind of the the brownfield greenfield short opportunities um with respect to you know targets or acquisitions um can't really speak to that obviously you know i'd have to have uh kkara's backing to speak to anything like that but

um we're always looking like we are here at pemina and if it's the right uh opportunity presents itself we will we'll be on it and maybe i'll let cam talk to the financing yeah hey pat Just with respect to funding capacity, I think obviously what we've seen is that JV has been funded with a very supportive bank credit market to date and obviously consistent contributions from both of the partners. I would say that we've got some existing liquidity under the existing arrangements to the tune of a few hundred million dollars under the existing credit stack. We've also got an accordion facility there, which could provide another few hundred million dollars on top of that. And obviously, you know, there's always other opportunities to look at various markets. So I don't see funding capacity being a constraint for PGI in the near term. Clearly, you know, I think that JV has done exactly what it was intended to do. And the performance from it has been very solid. across the board and so continue to have strong access to capital to execute the strategy.

And then I guess, you know, zooming out on a consolidated basis, just looking at the upsized capital budget for the year might be a bit early here. I appreciate to give us a sense as to how you're thinking about 2026, but just wondering, given all the potential projects that are still in the queue, Cam, if you had a sense as to what your internal funding capacity might look like coming out of 2025 based on, you know, now that you've turned up your financial guidance for the year, where you see the balance sheet exiting the year and, you know, based on run rate pre-cash flows?

Yeah, sure. It's a great question, Pat. So, first of all, I mean, I guess reminder that, you know, we've been pretty clear and pretty consistent over time around our target leverage and our, I guess, our financial theory or our financial orientation, which has always been around a strong BBB rating, and ultimately, you know, looking at targeted, proportionally consolidated debt deep, but kind of in that at three and a half to four times, you know, obviously, we've had the official range kind of up to four and a quarter. And that's really meant to capture, frankly, situations that we're in right now. And I think what, you What I speak to when I say that is, obviously, we're in the middle of a four-year build project with Cedar LNG and something that is accruing debt each year, but with no positive EBITDA contribution until late 2028. And so obviously that, you know, that shows up in the leverage metrics. It'd be wrong to disregard that entirely. And so as you'd see our leverage metrics, you know, sort of notch up a little bit, you know, into 2026, it's really as a function of that, you know, if you start to back that out, we're really comfortable in the leverage range of where we are and really square within that target range. As for, you know, what the funding looks like, you know, I would say, obviously, I mentioned earlier that, you know, we've got a bit of free cash flow this year, modest amount based on our current forecast. Next year, you know, we probably are slightly the other way. You know, we're probably modestly in a deficit position, but, you know, on a multi-year basis, I think we are free cash flow neutral to slightly positive based on, you know, our three-year range that we disclosed back at Investor Day last year. And so that, you know, continues to afford us, you know, a strong position, I think, as we've talked about, and the ability to sort of still seize opportunities if and when they, you know, they come about because of our strong financial position.

Okay, that's great, Cam, and Jared, appreciate the color on PGI. Thanks.

Thank you. And your next question comes from the line of Teresa Chan from Barclays. Please go ahead.

Thank you. As a follow-up to the discussion of the competitive dynamics earlier, given that it does seem to be intensifying, whether that be from traditional midstream players or your customers taking some of these midstream activities in-house, in addition to the level of contracting that you have across your portfolio and the seven-and-a-half-year average duration comment, how do your fees compare to alternative options, whether that be the competing pipeline system across your footprint or different mode of transportation to the BC West Coast for export. Can you help us think about the composition of the relative economic alternatives from a customer's perspective and how your assets stack up?

Yeah, Teresa, it's Cam here. I'll maybe start out. You know, I think a couple of points. One point that we continue to reinforce is capital execution. And really why that's relevant is, you know, we think that capital execution from PEMMA's perspective is a strategic advantage. We see ourselves on a dollar per unit basis of capacity, whether it's in the pipeline or the FRAC sector, being more competitive than our direct competitor. We obviously gave up, you know, a stat on the FRAC space. That's really observable. You know, we've looked at other stats for comparable pipeline projects and believe, you know, the same sort of directional magnitude is also true. And so we sit there and look out and say, you know, over the long term, you know, we're in a very strong position to be able to compete and continue to offer competitive fees. You know, I think the, you know, the advantage or the dynamic is that, you know, all of our tools are posted, you know, on our website for our customers and our competitors to see. You know, we don't have the same specific visibility there with our competitors. You know, I think obviously we get into conversations with our customers and are looking to provide the most efficient tools. But, you know, from our experience contracting, you know, over the past three years, you know, we have a sense that we are as equally competitive, you know, and obviously have the advantage of being an incumbent and all the connectivity and capital that exists today to serve our customers. And ultimately, we think that, you know, that gives us an advantage.

And just further to that, good morning, it's Jarrett. I think, you know, we talked about, Cam talked a lot about capital tolls. You know, when you're moving a very large number of physical barrels, our customers are very focused on operating costs. So our operating costs amortized over a large denominator, obviously, is a bit of a competitive advantage for Pemina. Also, the upstream connectivity. When you're moving roughly, you know, when you've got, you know roughly a million barrels under contract you have a lot of existing assets that are already connected to to pamina's infrastructure and to you know obviously some assets are duly connected today and everyone knows that and then some assets are the proximity to alternatives are extremely close some of them aren't um so the capital that's required that's obviously incremental capital from the customers to to connect into those pipes and then when you think about downstream connectivity We've been, you know, fairly public about this, that our pipelines connect into multiple condensate delivery points, multiple fractionators, et cetera, et cetera. And the alternatives don't necessarily do that. So it doesn't provide the customer's redundancy. And as you think about LNG growing and that gas needing to flow every day to LNG, you need your liquids to be able to flow. So the redundancy of having, you know, a full suite of diversified pipelines like Pemina has and then the redundancy that all of our pipelines connect into multiple receipt points in the Edmonton and Fort Saskatchewan market, it provides those customers that redundancy to make sure that that gas can flow every day, you know, and to keep obviously their cash flow streams going. and then just the torque we have one on the size and scale of our infrastructure you know the the optimization we can do with respect to adding a pump station and or you know just optimization through technology on on pushing the limits of our assets can provide some pretty high margin and needed space for our customers thank you for that detailed answer turning to the regulatory

As Canada sits at an inflection point of reshaping its energy strategy, maybe for decades to come, and given that Pembina has a front row seat here, can you tell us about the progress you're observing, either at the federal or provincial level?

Obviously, the words coming out of Ottawa and the provinces are generally optimistic around future energy growth. You know, to me, one of the challenges that as an industry we face is due to the regulatory and political environment for the last decade. You know, there hasn't necessarily been a significant amount of, say, greenfield projects being engineered to go to the West Coast. So we're kind of starting from scratch. But I think what we're hearing from the government is relative support for industry to start to assess some of those situations. You know, we continue to believe incremental LNG is going to be needed off the West Coast and that that is a very logical outcome. As it relates to the discussion around crude oil pipelines, you know, it's interesting to talk about a pipeline, but if you still have an emissions cap and a tanker ban, that obviously is a huge impediment to a new oil pipeline. So there's certainly lots of things that need to be worked through, but we are positive in terms of what we're hearing and what we're seeing in the reach-outs to industry. I just think it's complicated, and it's going to take some time to work through the system.

Thank you.

Thank you. And your next question comes from the line of Rob Hope from Scotiabank. Please go ahead.

Morning, everyone. Just one for me. The MD&A specifically referenced that the supply agreement for Dow is mutually binding. How have the discussions on the supply agreement changed just given recent commentary from Dow and the delay there and is it the expectation that the agreement will come into effect regardless of when the craft director service?

Sorry Robert did you say the discussions?

The discussions.

Oh, the discussion. Sorry. You know, I think obviously we've been working very closely with Dow on that. And obviously they're, you know, they're analyzing the project and ultimately, you know, sort of right-sizing the spend profile. Well, you know, what I would say is that, you know, we had a tour of our Redwater asset in July, and I think the group there, you know, sort of went past the work site. And I think speaking for most of those people, they were very pleasantly surprised to see the amount of activity that was still ongoing at that site. You know, not speaking for Dow, but it was clear that there was a ton of activity still ongoing. I think you're correct. In the words chosen, there's a mutually binding supply agreement there that with an agreement on our part to sell and on their part to buy 50,000 barrels a day of that thing. It's pretty clear. Thank you.

Thank you. And your next question comes from the line of Samantha Banerjee from UBS. Please go ahead.

Hi. Thank you for taking my question. This one for me um so another one related to power generation and green light um if you're looking at any other opportunities would you like to do them more similar to a partnership as you would with with green later just more detail on potential future opportunities i'm sorry could you repeat the question we had a hard time hearing actually we just didn't hear the first part of the question apologies okay all good um yeah so um just wanted to ask about uh potential future power generation opportunities and if you would follow a similar strategy with partnerships such as green light or any other details that you could provide yeah i think for for now we're not focused on future

power opportunities we're really happy uh with our with our jv with kinetacore um and really focused on getting uh this this potential data center opportunity uh up and built you know if we are successful and we FID we've talked about this being multiple phases and a significant amount of capital and therefore you know solely focused on this as it stands today.

And just as a reminder I mean the rationale for this specific project was obviously the integration with all of the other elements of our business, the location of it, the fact that it's based around our Fort Saskatchewan land position to enable a CO2 solution, the opportunity to enable gas egress on on both our processing business and and you know hopefully alliance so this was a really sort of hand-in-glove kind of opportunity for pemina which is why uh you know we we thought it was interesting to pursue got it thank you so much i'll turn it over thank you and your next question comes from the line of braneet satish from miles pargo please go ahead thanks good morning um i

guess you kind of touched on this but i just want to put a pin on it i guess so um you know as we bridge from 2025 to 2026 EBITDA maybe if you can just um frame the moving pieces so i guess on the you did give the guidance at the analyst day but but we now have the alliance uh rate case maybe something on the u.s side uh maybe marketing a tad weaker but then on the tailwinds you've got a bunch of new projects mid single digit volume growth so i guess just kind of net net putting that together, should we expect positive EBITDA growth in 2026, or is 26 more flattish and then the growth kind of resumes in 27?

Yeah, hey, Bernice, it's Cam here. I guess what I'll sort of speak to is the guidance that we've got out there today, which is obviously a fee-based guidance. Obviously, we would continue to see positive fee-based guidance, or excuse me, positive fee-based growth into 2026. I think we were trending very, very strongly on that. Obviously, you know, the alliance settlement is an unavoidable setback to that for 2026. And so, you know, we can't ignore that. Outside of that, I think we're doing a tremendous amount of work and we do see visible growth opportunities, you know, in the rest of the fee-based business. And the team, you know, I can tell you the focus of our team, you know, really starting from, you know, a few months ago till now has been on opportunities for 2026 and adding value and new opportunities. So, you know, we feel we feel constructive about 2026. You know, the marketing business will be what the marketing business will be. And I think, you know, I would point that despite the fact that, you know, it is a commodity exposed or commodity related business, you know, the history of that business has been confined to a relatively, you know, narrow range over time. I mean, if you looked at the last few years on an apples to apples basis, you know, there's probably a couple hundred million dollar range there, you know, in most years. So, you know, it'll be what it'll be. And we can probably get more pointed on that as we get closer to to setting our guidance towards the end of this year. but would point to the fact that we continue to reiterate our 4% to 6% fee-based EBITDA per share guidance through 2026 and are obviously working hard on that.

That's helpful. And then I know you kind of touched on this with the prior question on the piece phase three and phase four contracts that um expire soon but can you give any more clarity i guess on how much of that capacity has been blended and extended you gave the seven year average duration and i think you said that a lot of it has but maybe just can you get a little more granular um have you recontracted over 50 at this point just trying to get a sense there i know it's the competitive process. And then tied to that, I guess, on the Fox Creek to Nemeo expansion, are you looking to kind of blend and extend some more of those legacy contracts with that expansion?

First part?

Yeah, you know, I'd say, first of all, Praneeth, you know, I mean, you can obviously appreciate that it's a competitive market out there. You know, I think obviously we've been pretty transparent for a lot of years on our disclosure. And so, you know, So the fact that the weighted average life has extended from, you know, really from seven years, a couple of years ago to seven and a half today, kind of, you know, just purely mathematically has to tell you that a meaningful portion of that has been recontracted. I would also remind you that contracts do not equal capacity. Those two are independent. Capacity came over time, and obviously there was a swath of contracts that came with phase three.

Subsequent to that, there have been deep bottlenecks, and we've been adding contracts over time. so to to the earlier points we've continued to push uh to come to push that recontracting out over time based on our service offering um and just and just to uh follow up on your last question on fox and ameo specifically like if you if you take a look back and you look and you break down the entire suite of products that pamina has we obviously um you know scott referenced the million barrels but that's broken out between crude c2 plus c3 plus and c5 plus and and as you probably are well aware permanent has a segregated system of bringing those products into the edmonton and port saskatchewan market so you know with the increased demand and with you know obviously increased um ngls coming at the system as part of that you know single digit growth um mid single digit growth that we're seeing here in western canada we're really seeing an uptick on the c3 plus volumes and so the specific fox in the mayo like you know just if if i just looked into northeast bc alone you know we've we've seen material re-contracting we've seen uh we've been public about three large montany producers and i think one of the things you need to look at is the producers that we have um under contract that we've been public about you know of those three we've talked about conoco and tourmaline but if you look into kind of go go edmonton west We've been public about our previous Chevron, CUFEC, now CNRL, CUFEC, 20-year area of dedication. I think through PGI, we've talked extensively about these long-term, fully integrated deals. And we've essentially captured a significant amount of all the volatile oil, Montnei Window, and the very liquids-rich Montnei Oil, or Montnei Windows. So there's a lot of NGLs coming at us. And the reason I'm pointing that out is that when we see a constraint on a certain aspect of our system, that's where we need to deploy the capital. So that capital, there wouldn't be, you know, a blend and extend. These are new contracts that our customers are taking to get their C3 plus into Fort Saskatchewan. And so it wouldn't be like kind of a standalone project. It's in the need and necessity of customers' demand. That's helpful. Thank you.

Thank you. There are no further questions at this time. I will now hand the call back to Scott Burroughs for any closing remarks.

Thank you for your time today and as I said previously, I hope everybody has a great summer. Thanks everyone.

This concludes today's call. Thank you for participating. You may all disconnect.