Good afternoon, everyone, and welcome to the 2025 Annual Meeting of Shareholders of Pembina Pipeline Corporation. My name is Henry Sykes. I'm Chair of Pembina's Board of Directors, and in accordance with our bylaws, I will preside over this meeting as Chair. Before we proceed to the rest of the meeting, though, I'd like to start with a land acknowledgment, recognizing that we have people joining us today from numerous locations. As Pembina continues to build strong relationships and partnerships with Indigenous communities, land acknowledgments are one way for us to communicate our respect for the land that we all share. Pembina acknowledges our traditional hosts and thanks them for their graciousness in welcoming us to carry out work in their traditional territories. Pembina plays a role in the economic reconciliation with Indigenous peoples and their respective communities where our operations take place.
We acknowledge the future generations and the collective responsibility we all have to these lands. Indigenous peoples are the traditional stewards of the lands and waters where each of us work and choose to live. We further acknowledge that the Indigenous peoples have inhabited these lands and waters since time immemorial. The Indigenous peoples' territory, culture, truths, traditions, teachings, and languages are sacred, and we are thankful to be here today as guests. This meeting is being held as a virtual-only meeting this year. Pembina has been and remains committed to maintaining and upholding shareholders' rights, including in respect of our virtual shareholder meetings. Accordingly, we've ensured that this virtual meeting offers shareholders the opportunity to participate, submit questions, and vote at the meeting.
Following the formal portion of the meeting, we'll have a question-and-answer session at which time all participants will have the opportunity to ask questions unrelated to the matters to be voted upon at today's meeting. If you do have any questions about Pembina, which don't specifically relate to an item of business to be voted on at today's meeting, please feel free to submit those questions at any time, and they'll be addressed during the question-and-answer session. We'll do our best to answer all questions, but if for any reason we're unable to do so during the meeting, we'll do our best to engage with shareholders after the meeting.
Now, with me on the webcast today are Scott Burrows, our President and Chief Executive Officer, as well as a Director. Jason Metcalf, Vice President, General Counsel, and Corporate Secretary. And Greg McDonald from our auditors, KPMG LLP, who is available to answer any questions related to their proposed appointment as Auditor. Joining us remotely are a number of representatives of Pembina's executive management team, employees, and external advisors. I would also like to welcome each of the other directors of Pembina who are all joining us remotely today. Now, to move on to the formal portion of the meeting. The meeting will now come to order. In accordance with our bylaws, I appoint Jason Metcalf to serve as Secretary of the Meeting.
In the unlikely event we experience any technical difficulty or disruption and I'm unable to chair the meeting, Jason Metcalf will be appointed, with the consent of the meeting and accordance with our bylaws, to chair the meeting in my absence so the meeting can continue as planned. I also appoint Jennifer Oliver, a representative of Pembina's Registrar and Transfer Agent, Computershare Trust Company of Canada, to act as scrutineer for the meeting. I'll now ask Jason to address a few housekeeping matters related to the formal proceedings. Jason?
Thank you, Henry. If at any time during the meeting you experience technical difficulties, please refer to the technical support button on the broadcast section of your screen. The platform we are using today allows our registered shareholders and duly appointed proxy holders the ability to vote online and ask questions during the formal part of the meeting. We encourage shareholders and duly appointed proxy holders who have specific questions on an item of business to submit your questions as soon as possible by clicking on the question icon on your screen. This will allow us to address your question at the most appropriate time during the meeting. If your question relates to a voting matter, we will answer the question when we reach that item. When submitting a question, please identify yourself and indicate whether you are a shareholder or a proxy holder.
Questions not related to a voting matter will be answered during the Q&A session following the formal part of the meeting. To ensure the meeting is conducted in a manner that is fair to all shareholders and to address questions from as many shareholders and duly appointed proxy holders as possible, we request each submission be limited to one question. We also request that each question be in one submission within the character limit provided on your screen and not spread out over multiple submissions. As we may receive multiple questions of a similar theme, we may also exercise discretion in responding to questions, including grouping or paraphrasing questions of a similar theme. While we will try and answer all questions, we will do our best to engage with shareholders after the meeting if there are questions that we are unable to get to during the meeting.
To assist us in doing so, please provide your contact information with your question. Let's move on to voting. All items of business for shareholder approval will be conducted by ballot. If you are a registered shareholder or a duly appointed proxy holder and have already voted in the manner indicated in the meeting materials that were sent to shareholders, you do not need to vote again during this meeting, even if the voting item appears on your screen. Any votes that you cast at this meeting will revoke your prior vote. If you are a registered shareholder or duly appointed proxy holder and have not yet voted, you may vote during the meeting by clicking on the voting icon at the top of the screen and selecting voting options on each ballot option.
The polls will be opened for all items of business for shareholder approval at the start of the meeting. This will allow you to vote on each item immediately, or if you prefer, you may wait until the conclusion of discussion on each item prior to casting your vote. Once discussion has concluded on all items of business, we will pause for a moment to ensure all votes are entered. We will then declare voting closed on all matters of business. The results of the votes will be announced prior to the close of the meeting. For meeting efficiency, we have asked certain registered shareholders or duly appointed proxy holders to move and second motions proposed at this meeting. This is not intended to limit discussion, and registered shareholders and proxy holders should feel free to initiate discussion on any motion at the appropriate time.
Thanks very much, Jason. I've now been advised by Computershare that the meeting materials were duly delivered to shareholders and that a quorum is present. Accordingly, I declare that the meeting has been duly called and is properly constituted for the transaction of business. Computershare's affidavit of mailing and the scrutineer's report on attendance will be filed by the Secretary with the minutes of this meeting. The reading of the notice of meeting will be dispensed with. I now declare the online polls open on each item of business for shareholder approval. Each person entitled to vote should see voting options displayed at the top of their screen. We'll now commence with the formal business of the meeting. The first item of business is the presentation of the company's financial statements for the fiscal year ended December 31st, 2024, and the auditor's report thereon.
These materials have been mailed to all registered shareholders and to any beneficial shareholders who requested a copy of those materials. No action is required by shareholders on this particular item. The next item of business is the election of the directors of the company. In accordance with our bylaws, the Board of Directors has fixed the number of directors to be elected today at 11. Pembina's information circular for the meeting sets forth management's proposed 11 director nominees. Each of the nominees is qualified and has consented to his or her nomination as director today and will serve for a term of one year, which expires at the 2026 Annual Meeting of Shareholders or until their successors are duly elected or appointed.
As we didn't receive any additional nominations in accordance with our Advance Notice Bylaw, I'll ask the Secretary to please read the names of those 11 individuals who have been named and described in the Information Circular to serve as directors.
The management director nominees are as follows: Henry Sykes, Anne- Marie Ainsworth, Scott Burrows, Cynthia Carroll, Alister Cowan, Ana Dutra, Maureen Howe, David LeGresley, Andy Mah, Leslie O'Donoghue, and Bruce Rubin.
All of the director nominees, other than Mr. Burrows, are independent, and all of the nominees currently sit on our board. The nominees bring a diverse set of skills and experience to our board, and further information with respect to each nominee is set forth in the information circular. The biographies of the director nominees in particular can be found on pages 20 through 30 of the information circular. I'd like to take this opportunity to say a few words about Alister Cowan, who joined our board in December. Alister has over 20 years of experience in the energy industry and has significant financial executive-level experience in various public companies. We're excited to welcome Alister, and we're sure to benefit from his contributions as we work together to ensure Pembina's continued success during this transformational period in the Canadian oil and gas industry.
Now, may I have a motion to elect the 11 nominees as directors of Pembina Pipeline Corporation?
Mr. Chair, I move to nominate the 11 individuals named and described in the Information Circular to serve as directors of Pembina and to hold office until the next annual meeting of shareholders or until their successors are duly elected or appointed.
I second the motion.
Thank you. We'll now open the floor to any questions on this item of business. Jason, can you please advise if we've received any questions?
Thank you, Henry. We do have a question. Pembina Pipeline has deployed time and resources to centralize emissions inventories leading to the build-out of a detailed roadmap to achieve the company's 2030 intensity target. After seeing the positive outcomes of this exercise, we were surprised to see Pembina's CEO sign on two high-profile public letters urging the declaration of an energy crisis, repealing of emissions caps and carbon pricing, and rapid expansion of fossil fuel infrastructure. The first of these prompted a response of frustration from the Federal Energy Minister and may have impacted Pembina's reputation and social license to operate both critical factors in future projects and success of the company. How was Pembina's Corporate Social Responsibility Committee involved in the development and sign-off of the Build Canada Now letters in April 2025?
How might this public positioning and requested policy changes impact Pembina's achievement of its long-term GHG emission reduction targets and ambition?
Pembina remains committed to working towards achieving our 2030 emissions intensity goals. We support carbon pricing as a valuable policy tool, but believe it has to be paired with a balanced policy framework that supports investment, energy reliability, and competitiveness. The letters referenced in your question were the product of collaboration between industry participants and intended to convey concerns about the broader investment environment in Canada and the need for pragmatic solutions that enable both emissions reductions and a responsible energy transition while supporting continued development of critical energy infrastructure. Thanks for that, Jason. If there's no further discussion or no further questions, I've been advised that sufficient votes have been cast in advance of the meeting to elect the 11 nominees as directors of Pembina. However, in order to comply with our majority voting policy for director elections, we will proceed with the voting on this matter.
Only registered shareholders or their duly appointed proxy holders can vote by online ballot by selecting the applicable voting options displayed on their screens. So while that is going on, we will move to the next item of business, the appointment of KPMG LLP as the auditors of Pembina. May I have a motion that the firm of KPMG LLP of Calgary, Alberta, be appointed auditors of Pembina until the next annual meeting of shareholders and that their remuneration be fixed by Pembina's Board of Directors upon recommendation of its audit committee?
Mr. Chair, I move that KPMG LLP be appointed as the auditors of Pembina until the next annual meeting of shareholders and that their remuneration be fixed by the Board of Directors of Pembina.
I second the motion.
Thank you both. You have heard the motion, and it is now open for questions. Jason, have we received any questions on this motion?
Mr. Chair, we have not received any questions in relation to this item.
As no comments have been received on this motion, I'll proceed to the next item of business then, and that is the consideration of an ordinary resolution approving the continuation of Pembina's Shareholder Rights Plan as more fully disclosed in our Information Circular. At this time, I would ask to have a motion to approve the resolution as set forth on page 17 of our Information Circular.
Mr. Chair, I move that the resolution approving the continuation of Pembina's shareholder rights plan as set forth on page 17 of Pembina's information circular be approved.
I second the motion.
Thank you both again. You have heard the motion, and it is now open for questions. Jason, have we received any questions on this item?
Mr. Chair, we have not received any questions in relation to this item either.
As no comments have been received, I will proceed to the next item of business, which is the consideration of a non-binding resolution accepting Pembina's approach to executive compensation as disclosed in the information circular. The text of the resolution is set out on page 18 of that information circular. This is an advisory vote, so the results are not binding on our board of directors, but the board will, however, consider the outcome of the vote as part of its ongoing review of executive compensation. If a significant number of shareholders oppose the "say-on-pay" resolution, the board will consult with shareholders to understand their concerns and then review our approach to executive compensation with their concerns in mind. At this time, I'd ask to have a motion to approve the resolution as set forth on page 18 of our information circular accepting Pembina's approach to executive compensation.
Mr. Chair, I move that the resolution as set out on page 18 of Pembina's information circular accepting Pembina's approach to executive compensation be approved as a non-binding resolution of Pembina's shareholders.
I second the motion.
Thank you. You've heard the motion, and it is now open for questions. Jason, have we received any questions?
Mr. Chair, no questions have been received on this motion.
Well, with there being no questions, I'll note that this was the final agenda item and the last matter to be voted on at today's meeting. For those of you who have not yet cast your votes, please do so now. I'll pause for one minute before closing the polls. The polls are now closed, and this concludes the voting at today's meeting. I've received the scrutineer's report on the ballots required for each of the items of business, and the results are as follows. In respect of the election of directors of Pembina, I'm pleased to announce that the election of each of the director nominees has been approved by a majority of the votes cast. Accordingly, I declare the 11 directors nominated hereby elected as directors of Pembina to hold office until the next annual meeting of shareholders or until their successors are duly elected or appointed.
With respect to the appointment of Pembina's auditor, I declare the motion regarding the appointment of KPMG LLP as the auditors of Pembina until the next annual meeting of shareholders to be passed. The ordinary resolution approving the continuation of Pembina's shareholder rights plan has been approved by 93.7% of the votes cast, and accordingly, I declare the ordinary resolution to be passed. Finally, the non-binding resolution accepting Pembina's approach to executive compensation has been approved by approximately 96.7% of the votes cast. Accordingly, I declare the non-binding resolution accepting Pembina's approach to executive compensation to be passed as well.
A report disclosing the number of votes cast in favor, against, and withheld from voting in respect of each item of business voted upon at this meeting will be filed on SEDAR+ promptly following the meeting, and in accordance with Toronto Stock Exchange policies, a report on the election of each director will be disclosed in a press release to be issued following the meeting. As there isn't any further business to be considered at this meeting, may I have a motion to terminate the meeting?
Mr. Chair, I move this meeting be terminated.
I second the motion.
I declare the formal portion of this meeting terminated. We'll now move to a presentation regarding Pembina's activities by our President and Chief Executive Officer, Scott Burrows, followed by a Q&A session during which we would be pleased to answer any questions that you may have. As a reminder, if you wish to ask a question, please click on the question icon, type in, and submit your question. You can submit your questions during Scott's presentation. One last thing before I turn the meeting over to Scott. On behalf of the board, I'd like to thank Gordon Kerr, who is retiring from the board and didn't stand for re-election at this meeting. Gord joined Pembina's board, not a committee, in 2015, chairing the latter for much of the past decade.
He also served on the Human Resources and Compensation Committee from 2015 to 2020, and then the Governance Nominating Corporate Social Responsibility Committee from 2020 to today. Gord's broad energy and finance experience have been an asset to the board as Pembina transformed over the past decade. On behalf of the board and management, I want to thank Gord for his wise counsel and his commitment and dedication to Pembina and its shareholders. We'll miss him around the boardroom table, and we wish him well. On behalf of the board, I'd also like to thank all of our shareholders for joining us today and for your ongoing support. The board is committed to working diligently on your behalf. Scott?
Thanks, Henry, and good afternoon, everyone. It's a pleasure to be able to address our shareholders in this forum. There is much to celebrate over the past year, including record 2024 financial results, continued execution of our strategy, and a variety of commercial developments. We are very proud of our accomplishments over the past year as we strive to build a resilient and thriving business and to ensure Pembina's future can be as successful as its past. For your reference, this presentation will be available on our website later today. Before we proceed, I would like to remind you that some of the comments made today may be forward-looking in nature and are based on Pembina's current expectations, estimates, judgments, and projections. 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.
We also refer to non-GAAP measures in this presentation. More information about these forward-looking statements and non-GAAP measures can be found in our annual and quarterly disclosure documents, which are available online at pembina.com and on both SEDAR+ and EDGAR. This first page summarizes many of our accomplishments over the past year. I will speak to most of these throughout my presentation, but suffice to say, 2024 was very successful in many ways. Importantly, the foundation of our success is the safety of our people. We achieved our tremendous 2024 results while delivering strong safety performance against both internal and external safety benchmarks. In 2024, we continued our track record of strong execution, achieved record financial results, transported and processed record volumes, and delivered new infrastructure projects on time and on budget. We made our business stronger through new customer agreements, new projects, and by acquiring high-quality assets.
All of this helped to support the 3% increase to our dividend that we announced yesterday. As I mentioned, 2024 was a record financial year, with Pembina generating Adjusted EBITDA of $4.4 billion, a 15% increase over 2023, largely driven by the positive impacts of consolidating the ownership of the Alliance and Aux Sable assets, higher NGL margins in the marketing business, and volume growth across the business. In particular, volumes across the pipeline and facilities divisions grew 7% year over year. The momentum in the business has continued into 2025, as evidenced by strong first-quarter performance. As you may have seen in our earnings release yesterday, Pembina generated first-quarter Adjusted EBITDA of $1.17 billion, driven by growing volumes in both pipelines and facilities due to increased upstream activity and a seasonally strong contribution from Alliance Pipeline.
Another strong quarter from the marketing business also contributed to the first-quarter results. 2025 Adjusted EBITDA is expected to be in the range of CAD 4.2-$4.5 billion. Relative to 2024, the midpoint of that range reflects an approximately 5% increase in fee-based Adjusted EBITDA, which excludes the marketing and new ventures segment. Our fee-based business and the pipelines and facilities segments are expected to benefit from growing volumes and increased utilization across our asset base, along with higher tolls offset by lower marketing results due to lower commodity prices than we saw in 2024. Pembina operates at the heart of the Western Canadian Sedimentary Basin, known as the WCSB, one of North America's most significant hydrocarbon-producing regions, playing a vital role in Canada's economy and the global energy market.
The WCSB has one of the world's largest reserves of natural gas, crude oil, and natural gas liquids, including the oil sands and those in the Montney and Duvernay formations, which are among the most prolific and economic in North America. Pembina has an extensive footprint, including a leading network of export, import, and gathering pipeline systems, with a total capacity of 3 million barrels of oil equivalent per day. In addition to our pipeline network, Pembina has extensive gas processing, fractionation, and storage facilities. Through Pembina Gas Infrastructure, the largest third-party gas processor in Western Canada, combined with our Pembina straddle plants, we have 6.7 billion cubic feet per day of net gas processing capacity. Additionally, our Redwater Fractionation Complex is the largest fractionation complex in Canada and continues to grow, and we will offer West Coast LNG services starting in late 2028.
We believe that our service offering is unique, and as our integrated value chain provides a full suite of midstream and transportation services across all commodities, we are the only Canadian midstream company that can say that, and it's something that we are quite proud of. A milestone achievement in 2024 was the full consolidation of the ownership of the Alliance Pipeline and Aux Sable assets. Since we first acquired an interest in these assets back in 2017, we have seen proof of the important role they play in North American energy industry and the advantages they bring Pembina and its customers. Pembina's business is built around integrated, difficult-to-replicate assets that provide an enduring competitive advantage and unequaled market access for customers. Alliance and Aux Sable are world-class energy infrastructure assets, and consolidating our ownership in them has further strengthened our growing franchise.
This acquisition tied directly to our strategic priorities, including to be resilient by sustaining and enhancing our businesses and to meet global demand by providing access for long-life resources from the Western Canadian Sedimentary Basin to premium end markets. Another significant milestone last year was a positive final investment decision on the Cedar LNG project. Together with our partner, the Haisla Nation, we are honored to have made the Cedar LNG project a reality. We are excited to be constructing a 3.3 million ton per year floating LNG facility, strategically positioned to leverage Canada's abundant natural gas supply and British Columbia's growing LNG infrastructure to produce industry-leading, lower-carbon, cost-competitive Canadian LNG for overseas markets. The Cedar LNG project aligns perfectly with our strategy and where we want to be as a company.
The project will enhance the resiliency of Pembina's business, provide much-needed new egress and greater access to global markets for our customers, and reflects the Haisla Nation and Pembina's shared values and commitment to supporting a more sustainable future. We strongly believe that Cedar LNG differentiates Pembina, both in terms of the services it offers customers and the way in which we do business. Our relationship with the Haisla Nation is a true partnership and demonstrates a new model for how industry and indigenous communities can work together for mutual benefit. We commenced onshore construction mid-last year, and the marine terminal and pipeline construction is expected to start shortly, while the floating LNG vessel construction will begin mid-year in South Korea. We look forward to bringing this project into service in late 2028.
Pembina is very well positioned to benefit from what we see as a transformational period in Canadian energy. Growing global demand for energy and petrochemicals is driving infrastructure opportunities in Western Canada that should unlock further growth in the WCSB. There are four catalysts we see driving growth in Canadian energy now and over the next few years. First, the 590,000 barrels per day Trans Mountain Pipeline expansion recently came into service and will support oil sands growth and therefore condensate demand for diluent. Second is the development of West Coast LNG, with approximately 2.8 billion cubic feet per day of natural gas demand from LNG Canada Phase 1, Cedar LNG, and Woodfibre LNG, and beyond that, there's the potential for at least another 2.1 billion cubic feet per day for LNG Canada Phase 2 and other proposed projects.
And of course, with incremental LNG comes a significant amount of natural gas liquids production. Third, we see West Coast LPG exports increasing with various projects on the horizon, which could add incremental demand pull. And finally, a petrochemical buildout continues in Alberta, including the Dow Path2Zero cracker that will drive new ethane demand, plus associated propane and butane production. That's a good segue into the projects we are working on to support this anticipated growth in volumes. Pembina has a clear pathway to growth and is currently constructing about CAD 4 billion of projects, several of which are expected to be brought into service in the first half of next year. RFS 4 will add 55,000 barrels per day of propane plus fractionation at the existing Redwater complex, bringing the total fractionation capacity to 256,000 barrels per day.
The Wapiti expansion increases the natural gas processing capacity at the plant by 115 million cubic feet per day. The K3 cogeneration facility adds 28 megawatts of cogeneration power to fully supply power requirements at the K3 plant while reducing GHG emissions. There's a Cedar LNG project, which I touched on earlier, and various infrastructure projects at PGI in support of recently closed transactions with both Whitecap and Veren. I'm happy to say that all the projects are trending on time and on budget. Last year, we brought on the Peace Phase 8 expansion and the Northeast B.C. Midpoint Pump Station expansion on time and under budget, furthering our exemplary project execution track record. Beyond the projects currently underway, we have a large portfolio of projects under development and under evaluation.
I won't touch on each individual project, but would highlight that we have more than $4 billion of projects that we are advancing towards being sanctioned and several billion dollars of additional early-stage projects that we are completing preliminary front-end engineering and design on. We have a significant backlog of projects to pursue to continue growing alongside our customers and providing unmatched services. There's a balance of greenfield and brownfield projects, and the returns on these projects and the commercial structures are expected to match what you've seen from Pembina historically. It's important to give you comfort that this growth does not come at the expense of a change in our risk profile. That is where the financial guardrails come in, as they are essentially the financial risk parameters for strategy.
Our ability to execute our strategy and the decisions we make around capital allocation have to fit within the confines of the financial guardrails. They've also been a valuable tool in managing our business and communicating our plans to our shareholders. As a quick recap of the guardrails, first, we want at least 80% of our Adjusted EBITDA to come from fee-based sources as opposed to commodity exposed sources. Second, we target less than 100% payout of fee-based distributable cash flow, meaning that we are not reliant on the commodity exposed portion of our business to pay our dividend. Third, we target at least 75% of our credit exposure to be with investment-grade and secured counterparties. And fourth, we strive to maintain a strong BBB credit rating, and based on our forecast for 2025, we are well within the limits for this rating.
Yesterday, we raised the quarterly dividend by 3%. This follows a similar dividend increase last year. Pembina has paid more than CAD 15 billion in common share dividends since inception and, importantly, has never cut or suspended its dividend. Over the last 10 years, we have grown the dividend on average by approximately 5% per year. We remain committed to executing our strategy within the financial guardrails, and our disciplined approach to capital allocation has ensured our dividend remains safe. In 2024, our payout ratio, that is, our dividends divided by our adjusted cash flow from operating activities, was under 50%, highlighting the significant cushion between the amount of cash we are generating and the dividends we are paying.
Pembina has a long history of returning capital to shareholders this way, and we look forward to continuing to grow the dividend over time to match the growth in Pembina's fee-based cash flow. Wrapping up, this slide summarizes the Pembina value proposition. I would offer that in our view, Pembina is a differentiated investment. As we see it, the distinguishing factors for Pembina are summarized here. We are the only company that has a full value chain across all commodities and an integrated service offering from wellhead to market. We have visible growth over the next few years in response to transformational catalysts in the Canadian energy industry. The execution of our strategy is done through the lens of financial discipline underpinned by our financial guardrails. Our cash flow stream is low-risk and predictable because it is underpinned by a strong fee-based component, including 65%-70% take-or-pay and cost-of-service.
We continue to demonstrate exemplary project execution, as evidenced by CAD 6 billion of projects delivered on time and on budget since 2017, and finally, we are well positioned for the future with a strategy that is designed for long-term hydrocarbon demand and a lower carbon economy. Over the past 70 years, Pembina has demonstrated its ability to reliably serve its stakeholders. We have consistently grown Pembina's enterprise value while delivering our investors a compelling total shareholder return. We have provided our customers with an expanding platform of timely, reliable, and value-enhancing transportation midstream services through our integrated value chain. We've been recognized as a top employer in Alberta and demonstrate a visible commitment to our employees that helps us attract, retain, and develop the best talent available.
Finally, we have grown our presence in communities throughout North America and developed a strong and mutually beneficial relationship with First Nations, furthering economic reconciliation. I'm extremely proud of all that our team has accomplished. I remain optimistic about the state of the Canadian energy market and believe we are poised to deliver another strong year. I'm looking forward to seeing what we together with our stakeholders will accomplish in the years to come. Thank you for your continued support. At this time, we would be pleased to answer any questions that you may have. If you wish to ask a question, please submit it using the online platform. In an online format, we may receive questions of similar theme. Your specific question may be paraphrased, and similar questions may be combined in the interest of efficiency and addressing as many themes as possible.
We will pause for the moment to review the incoming questions. Hearing no questions, I just wanted to jump in and thank everyone for joining us today. Please be safe and have a great weekend. Thank you very much.