Plains All American Pipeline, L.P. (PAA) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day and thank you for standing by. Welcome to the PAA and PAGP first quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you will need to press star 11 on your telephone. You will then hear an automated message advising you your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Blake Fernandez, Vice President of Investor Relations. Please go ahead. Thank you, Michelle. Good morning and welcome to Plains All-American first quarter 2025 earnings call. Today's slide presentation is posted on the Investor Relations website under the news and events section at ir.plains.com. An audio replay will also be available following today's call. Important disclosures regarding forward-looking statements and non-GAAP financial measures are provided on slide two. An overview of today's call is provided on slide three. A condensed consolidating balance sheet for PAGP and other reference materials are in the appendix. Today's call will be hosted by Willie Chang, Chairman and CEO, Al Swanson, Executive Vice President and CFO, along with other members of the management team. With that, I will turn the call over to Willie. Thank you, Blake. Good morning, everyone, and thank you for joining us. This morning, we reported solid first quarter performance. with an adjusted EBITDA attributable claims of $754 million, which Al will cover in more detail. Before providing an update on our efficient growth initiatives, I'd like to offer some thoughts on the current market and policy en...