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SVP & COO Jaret Sprott detailed PGI's strategy of focusing on high-quality, liquid-rich resources and highlighted brownfield expansion opportunities in sour gas processing. SVP & CFO Cameron Goldade confirmed PGI has ample funding capacity, with several hundred million in liquidity plus an accordion facility, and that capital is not a constraint. On a consolidated basis, Cameron Goldade reiterated the 3.5-4.0x leverage target, noting that while metrics will rise due to Cedar LNG construction, the balance sheet remains strong and free cash flow is expected to be neutral to slightly positive over a multi-year period.

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SVP Chris Scherman highlighted a focus on optimizing West Coast propane exports and evaluating opportunities for butane. CEO Scott Burrows stated that patience on remarketing Cedar LNG capacity has paid off, driven by growing NEBC gas supply, strong arbitrage, and the project being a year into construction. He confirmed there is demand for a Cedar 2 expansion, but the gating item remains securing capacity on Coastal GasLink or other transport solutions.

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Executive Stuart Taylor confirmed Pembina is a 50% partner with strong governance controls and is confident in Kineticor's development capabilities. Executive Jaret Sprott stated that NE B.C. will require significant new infrastructure, including another fractionator, to meet expected growth. He also noted the Western pipeline's abandonment is due to its age, and the financial impact is immaterial.

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SVP and CFO Cameron Goldade explained the loss was a non-cash accounting requirement for a step acquisition, offset by a deferred tax recovery, resulting in a negligible net impact. SVP Jaret Sprott detailed that RFS IV cost increases were due to design modifications for feedstock flexibility, inflation, and a strategic shift to a lump-sum contract to mitigate labor and execution risk. He confirmed the project's sanctioned metrics have actually improved due to new contracts and that the Whitecap deal economics remain in line with expectations.

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EVP of Liquids Pipelines Colin Gruending reported that volumes at Ingleside are growing 'up and to the right,' with optimizations like connecting to an adjacent dock underway. He and CEO Gregory Ebel reiterated that the strategy remains to leverage Ingleside's advantages for other commodities like NGLs and clean ammonia, suggesting any new locations would more likely be along the Gulf Coast rather than in Canada.

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President and CEO Greg Ebel confirmed the company is actively pursuing indigenous partnerships across its businesses, not as a funding tool but as a strategic priority for relationship-building and project delivery. Colin Gruending, EVP of Liquids Pipelines, described Ingleside as the #1 U.S. export terminal, well-positioned to capture its share of growing Permian volumes. He expressed confidence that Ingleside will compete effectively against potential new offshore terminals due to its significant advantages.

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President and CEO Bevin Wirzba reported encouraging and consistent customer interest at both ends of the system since becoming an independent company, noting the team is building a strong hopper of opportunities. Regarding Big Sky, Wirzba confirmed the open season was closed for commercial reasons but stated the team has not stopped exploring other opportunities to leverage that strategic corridor for growth, independent of the outlook for uncommitted volumes.

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President and CEO David Lebeter responded that the company will remain focused on its approved budget envelopes to show fiscal prudence. CFO Harry Taylor added that significant costs from a recent ice storm preclude any 'over-earning' concerns and that while an early equity raise is tempting, the company does not currently need the capital and will prioritize managing dilution.

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President and CEO David Lebeter expressed confidence in maintaining a constructive relationship with the company's unions, highlighting continuous engagement between bargaining periods as key to avoiding disputes. On LDC consolidation, he noted that while interest from potential sellers has increased, it is driven more by their own financing needs rather than the lower interest rate environment.

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CEO John Kousinioris stated that returns from repurposing legacy assets like Centralia are superior to typical greenfield or M&A projects. He clarified that the company's growth focus is on the Western U.S., not B.C. Regarding Alberta's REM, Kousinioris and EVP Blain van Melle expressed optimism, anticipating increased volumes and better pricing for ancillary services over time, which will benefit their flexible fleet.

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President and CEO John Kousinioris and EVP & CFO Joel Hunter attributed higher sustaining capital to the integration of Heartland assets and dam safety projects. John Kousinioris stated that contracting thermal assets directly with data centers offers more value than AESO reliability products. He also explained that green options can be provided by bundling environmental attributes from their hydro and wind portfolio, offering power from merchant wind assets, and developing new projects like Tempus.

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CEO John Kousinioris affirmed TransAlta's commitment to the Heartland deal's original investment thesis but noted the company will remain disciplined amid regulatory review. He highlighted significant redevelopment opportunities at legacy sites in Alberta and Washington for data centers and grid reliability. Kousinioris mentioned that discussions for re-contracting are in early stages and could take various forms. EVP & CFO Joel Hunter, in his first month, stated that capital recycling will be an important, opportunistic part of the strategy to add shareholder value, such as selling a higher-multiple asset to fund a lower-multiple one.

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CEO of FortisBC Roger Dall’Antonia, joining the call, noted that BC Hydro's call for power creates long-term opportunities for capacity and infrastructure, though immediate impacts are limited. President and CEO David Hutchens added that the modest ROE decrease at FortisAlberta is manageable within their plan and does not require significant changes to their capital or cost strategy.

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Randy Toone, President of Midstream, stated that a decision on the Dimsdale storage project is expected around the end of Q2 or early Q3, ahead of other potential expansions like Pipestone III. Vern Yu, President and CEO, confirmed the company's long-term goal of reaching 90% contracted EBITDA by 2027 and affirmed there are no plans to sell any rate-regulated assets, citing their robust growth prospects. D. James Harbilas, EVP and CFO, added that the utility business is credit positive and important for the company's business mix.

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President of Midstream Randy Toone confirmed active discussions for Pipestone III, contingent on acid gas disposal, and noted strong interest in expanding Dimsdale storage. President and CEO Dai-Chung Yu stated that the REEF facility will be fully capable of exporting ammonia, but the primary challenges are upstream production and rail transportation, not the terminal itself.

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EVP & President of Utilities Blue Jenkins confirmed active studies for building gas infrastructure to data centers in the WGL territory. EVP & CFO James Harbilas noted Blythe is well-positioned to benefit from higher power demand. President and CEO Vern Yu clarified the Trigon litigation is with the Port Authority and is not impacting strong commercial demand for REEF.

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CEO Francois Poirier acknowledged a need for more storage, particularly in the U.S. Gulf Coast, but stated TC Energy will remain focused on integrated, rate-regulated assets for LDC reliability. Executive Annesley Wallace reported that the Bruce C impact assessment is in its very early days and will take years to complete, with the primary focus remaining on the existing fleet's life extension.

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