Good morning, ladies and gentlemen, and welcome to the Rockpoint Gas Storage Inc. second fiscal quarter 2027 webcast and conference call. This conference call is being recorded, and at this time, all lines are in a listen-only mode. I would now like to turn the call over to Rahul Pandey, Manager of Investor Relations. Please go ahead. Thank you, operator, and good morning, everyone. With me today are Toby McKenna, CEO, Jon Syrnyk, CFO, and other members of the senior leadership team. We will begin the call with some prepared remarks from Toby and Jon, after which we will open the call for the Q&A session. In order to accommodate as many questions as possible, we kindly request to limit your questions to one plus a single follow-up if necessary. Our investor relations team will be available after the call to answer any additional questions. Further, I would like to remind listeners that some of our comments and responses today relate to future events. These forward-looking statements are given as of today's date and reflect events or outcomes that management currently expects. In addition, we will refer to some non-IFRS financial measures. For additional information on non-IFRS measures and forward-looking statements, please refer to Rockpoint's quarterly financial statements and MD&A available on our website or SEDAR+ With that, I will turn the call over to Toby. Thank you, Rahul, and good morning, everyone. Let me start by reflecting on our journey since our IPO in October of 2025. Over our first year as a public company, we have executed against our strategic priorities and established a strong foundation for long-term growth and shareholder value creation. We have delivered record annual adjusted EBITDA, increased take-or-pay revenue by 15%, grew distributable cash flow by 9%, and expanded our contracted fee-for-service revenue backlog by 6%. We delivered these financial results while maintaining strong EBITDA margins and DCF conversion. During the year, we also demonstrated our disciplined approach to capital allocation through our first 5% dividend increase, the launch of our NCIB, and investment in high-return brownfield projects. Last February, our oversubscribed secondary offering of Brookfield-owned Class A shares increased our public market float and enhanced trading liquidity. Taken together, these results reflect the strength of our underlying business fundamentals, focus on disciplined execution, and commitment to creating long-term value for shareholders. As we look ahead, our focus remains on building on that foundation by growing cash flows through disciplined organic growth investments and responsible contracting. Starting with organic growth, we continue to advance capital-efficient brownfield projects while simultaneously de-risking select greenfield development opportunities. In Alberta, both our previously announced Warwick Battery and gas storage expansion projects remain on budget and on schedule. In California, we are advancing a project at Kirby Hills that is expected to add approximately 2 Bcf of incremental working gas capacity for an estimated cost of $2 million. This project is expected to enter service in the first quarter of fiscal 2028. Overall, we continue to expect to deploy up to $150 million across our brownfield project portfolio through fiscal 2029, targeting attractive build multiples of 4x-6x. At the same time, we continue to leverage our decades of natural gas storage development, operations, and commercial expertise to evaluate greenfield opportunities in select markets with attractive long-term fundamentals. As these opportunities advance, we expect to provide further updates on material developments and timelines as appropriate. Importantly, our capital-light, highly cash-generative business model and strong financial position allow us to pursue these growth opportunities while also maintaining ample flexibility to increase capital return to shareholders. Alongside our sustainable and competitive dividend, opportunistic share buybacks remain an important component of our capital allocation framework. In that regard, between July and October of 2026, we repurchased just over 1.15 million Class A common shares at a weighted average price of CAD 25.94 per share for a total consideration of approximately CAD 30 million. We believe these repurchases represented an attractive use of capital, reflecting our disciplined approach to capital allocation and confidence in the underlying business. Turning to our contracting strategy, we continue to see strong demand for our services. Our take-or-pay business has delivered consistent growth, with its contribution to gross margin increasing from 29% in fiscal 2023 to 51% in fiscal 2026, and now to 52% over the last 12 months. This progress demonstrates that our commercial strategy is delivering results and reinforces our confidence in achieving our medium-term target of 60% take-or-pay gross margin contribution. At the same time, we remain highly disciplined in how we contract our capacity. As an energy infrastructure company, our priority remains to balance the sustainability and visibility of contracted cash flows with the ability to capture incremental value from strengthening market fundamentals, with the ultimate objective of maximizing long-term shareholder value. As we look ahead, we believe the long-term fundamental backdrop is increasingly supportive for our business. Rockpoint remains well-positioned to benefit from the widening gap between limited natural gas storage capacity across North America and accelerating natural gas demand growth. This all being driven by LNG exports, growing power generation needs, oil sands production growth, and increasing reliance on intermittent renewables. I want to spend a few moments on these structural demand drivers and why we believe they create a compelling long-term opportunity for natural gas storage. Let's start with LNG, where the U.S. Gulf Coast provides a useful precedent for how large-scale LNG development can reshape regional natural gas market dynamics. Since its arrival in 2014, LNG demand is growing to approximately 18% of lower 48 natural gas production. Because LNG demand is highly inelastic to price and operates year-round, LNG facilities rely on natural gas storage for day-to-day operational flexibility. This dynamic represents a fundamental shift from storage's traditional seasonal balancing role and has been a key driver behind the tripling of storage rates in that region. Today, in Western Canada, approved LNG projects are expected to add approximately 4.3 Bcf a day of demand by 2031, equivalent to roughly 22% of our current production. Further, an incremental 1.9 Bcf a day of projects are expected to be sanctioned over the next year, potentially increasing LNG export demand to 6.2 Bcf a day in the early 2030s. The similarities in the relative size and demand profile of LNG exports across these two markets highlight the potential for meaningful growth in Western Canada's natural gas storage demand and rates. Importantly, Rockpoint's long-term total shareholder return target of 15% assumes a more conservative 4%- 5% of annual EBITDA growth driven by increasing storage rates. Turning to AI data center development, which is emerging as a significant source of incremental power demand. In Alberta, the data center connection queue has grown to 26.5 GW, up from 20.7 GW in September of this year. To put that in perspective, this potential demand significantly exceeds Alberta's current power load, which ranges from 9.5 GW- 11 GW. In California, the data center connection queue currently stands at 12.7 GW, up from 5.1 GW in March of this year. Given that data centers operate around the clock and require reliable power, even if a portion of this potential demand is realized, it could materially increase the long-term natural gas consumption for power generation, driving greater natural gas market volatility and increasing demand for natural gas storage services. We're also seeing developments that could support continued oil sands production growth and, in turn, drive incremental natural gas demand. Recently, the Pacific Link, previously called the West Coast Oil Pipeline, was designated as a project of national interest. Together with the other proposed crude oil infrastructure expansion projects in the WCSB, Pacific Link is expected to support continued oil sands production growth into the next decade. These secular trends point to a significant structural shift in the North American natural gas market. At the same time, there is a growing mismatch between natural gas production and storage capacity growth. Over the last decade, the natural gas storage-to-production ratio across Canada and the U.S. has shrunk by approximately one-third, and the effects of this imbalance are even more pronounced today, given tighter energy markets and increased system volatility. As the role of natural gas becomes increasingly critical for operations, we believe the scarcity value of strategically located, large-scale, and high-deliverability assets will continue to grow. Overall, Rockpoint is well-positioned to support the evolving needs of our customers and partners, benefiting from favorable market fundamentals and drive sustained value for our shareholders. With that, I'll now turn the call over to Jon to provide a financial update. Thank you, Toby, and good morning, everyone. I would like to start with three quick reminders related to our reporting framework. First, Rockpoint reports on a fiscal year that ends March 31st, and therefore, we are reporting and discussing our second fiscal quarter for the period ending September 30th, 2026. Second, Rockpoint's functional and reporting currency is U.S. dollars, and as such, all reported figures are presented in U.S. dollars unless otherwise noted. Third, all quoted results reflect OpCo-level performance on a 100% basis, of which Rockpoint Class A shareholders hold a 40% ownership interest. Now, turning to our second fiscal quarter 2027 results. We delivered a quarterly adjusted gross margin of $105 million compared to $101 million in the prior period. The results were driven by higher take-or-pay and optimization revenue, partially offset by lower short-term storage revenue. Adjusted EBITDA for the quarter was $86 million compared to $83 million in the prior period, with the variance being primarily attributable to changes in adjusted gross margin. Our quarterly distributable cash flow totaled $49 million relative to $48 million in the same period of fiscal 2026. We expect to continue reinvesting excess distributable cash flow through organic capital projects, accretive strategic investments, and opportunistic repurchases of Class A common shares. Our net earnings for the quarter were $83 million compared with $46 million in the prior period, and this variance was largely driven by an unrealized gain on our interest rate swaps during the quarter, which reduced net financing costs. Overall, our results continue to reflect the strength and stability of our contracted business model while demonstrating our ability to create additional value through optimization activities over time. Our financial position continues to remain strong. We ended the quarter well below our long-term leverage target of 3.5x, with net debt to adjusted EBITDA leverage of 3.1x on a trailing 12-month basis. Our disciplined financial approach was further recognized during the quarter, with Moody's upgrading Rockpoint's credit rating from B1 to Ba3. In terms of our capital allocation, we will continue to deploy capital where we believe it will deliver optimal risk-adjusted long-term returns for our shareholders. Within that framework, our priorities remain clear. First, we remain committed to maintaining a strong balance sheet, which positions us well to self-fund organic growth opportunities and pursue other accretive capital allocation initiatives. Next, we aim to invest in high-return, capital-efficient projects to grow our distributable cash flow. Beyond that, our focus is to return capital to shareholders through a sustainable and growing dividend, as well as share buyback activity. With respect to our dividend, we continue to maintain a conservative payout ratio. On a last 12-month basis, our payout ratio was approximately 48%. In terms of our buyback activity, our approach remains disciplined, value-driven, and opportunistic. In determining the pace and magnitude of our buybacks, we consider corporate liquidity, market conditions, relative return opportunities, leverage levels, and growth capital needs. During the quarter, we reduced the outstanding share count by approximately 2%, and to date, our share buyback activity has driven approximately 2.5% per share accretion for our shareholders. Lastly, we remain committed to delivering a competitive annual total return of 15% over the long term. Our total return profile entails three components. First, 5%-6% DCF growth driven by growing storage rates across our portfolio. Second, DCF growth of 4%-5% underpinned by continued investment in high-return, capital-efficient organic growth projects, as well as other alternative forms of return of capital. Third, an attractive dividend yield backed by that conservative payout ratio. That concludes my remarks this morning. I will now turn the call back to Toby. Thanks, Jon. The broader market environment continues to reinforce the importance of energy security and the strategic value of natural gas infrastructure. North American energy is becoming increasingly important to countries across Asia and Europe seeking to diversify their supply and strengthen security. At the same time, energy demand is accelerating across North America, driven by the convergence of several long-term trends. Combined with constrained natural gas infrastructure, these trends are contributing to structurally elevated natural gas market volatility, which is constructive for our business. Taken together, we remain confident in the long-term natural gas storage fundamentals, the growing scarcity value and strategic importance of our assets, and the continued demand for our services. As we look ahead, we are focused on maximizing the value for our existing asset base, executing our disciplined commercial strategy, investing in attractive growth opportunities, and increasing capital returns to shareholders. On behalf of Rockpoint's board of directors and management team, I want to thank all of our stakeholders today for their continued support and partnership. With that, I will turn the call back over to the operator for the Q&A session. Thank you. We will now begin the question-and-answer session. If you would like to ask a question, please press star, then the number one on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star one again. Your first question is from Maurice Choy with RBC Capital Markets. Your line is open. Thanks, and good morning, everyone. Just wanted to start with a broader philosophical question. You've completed your first year as a listed entity, and I wonder if you could just speak to what you think you may now seek to do in your second year, and maybe perhaps highlight what is going to be similar and what could be accelerated or different. Morning. Thanks, Maurice. Yeah, no, appreciate that. As you noted, we wanted to highlight some of our achievements during the first year on some of the messaging when we IPOed and to report sort of where we are today. I would say, looking at the current year, we envision momentum continuing in a favorable way towards contracting. The market has and continues to evolve significantly where, as we mentioned in our opening statements, customers are looking for a much more bespoke service than they had traditionally looked at. The LNG customer segment, for example, are looking for higher injections. There's a variety of stakeholders looking for higher withdrawals. But overall, we're noticing a continued trend away from just load balancing of pipelines between seasonal demand, where folks would look to have a low injection profile in the summer and a high withdrawal profile in the winter. This overall is driving us to evaluate consistently the overall operational capacity of our assets, and we continue to evaluate ways to enhance and tweak our current assets to service these changing needs of our customers. That business is very accretive and not so challenging to bring to market. At the same time, we are witnessing an overall wave of customer demand and behavior changing, and we envision slowly executing on that wave, enhancing our overall contract profile, as promised, with a focus on the 60% take-or-pay category being executed in the next 24 or so months, bringing our brownfield project queue to market in a meaningful way to adjust to the continuing change of the consumers. But overall, really just with an overall focus on what we said a year ago, executing on the overall plan. Disciplined capital, execution on our contracting strategy, and really a focus on bringing some of these brownfield and even evaluating greenfield projects. Those will be the focuses of the year. Perfect. That makes sense. If I could finish off with a comment you made about responsible contracting, at least in a press release. I know that in the past you've mentioned that part of this pace of contracting is driven by securing competitive storage rates. How would you characterize how far you think you are from the expected value that's required to lock in contracts, both in California and Alberta? Yeah. Thanks, Maurice. I'll answer first, and then if Jon wants to chime in, we can hear from him on it. I'd say we're still in early days. I mean, you heard our analog of the Gulf being a potential look-through as to a shrinking storage market, the impact on those storage rates, and the changing demand, and what impact that has on a market. As of today, we're really only about a half a year in of LNG Canada startup, and that, in our view, from an overall North American perspective, can be expected, could be the biggest disruptor of current times. We've had a summer of pretty stable operations, but those stable operations are, in some ways, a little bit masked by the amount of flaring that we witnessed. I believe we're over 4 Bcf in total flaring events. Those are events that would have brought disruption to Coastal GasLink, ultimately disrupting Station 2, and ultimately being balanced and cleared, in our view, by AECO storage facilities. Because of those flaring events, it's been somewhat masked. But as we enter the winter, this will be our first opportunity to witness what an LNG operation, both on the Pacific Ocean and in the Canadian market, will have on the overall market. My expectation is as we witness the behavior of the LNG facility operating in the WCSB, that the changing consumer needs will start to evolve towards these bespoke storage services that I speak of. We continue to work with our partners in the LNG Canada space. We continue to help educate, and they continue to help educate us on what their needs are. We do envision that as these operations become higher operational in need, that we'll execute on short and long-term contracts to service this market. We expect that to be the beginning of a wave where overall, all market participants will need to make adjustments to the way they use storage, given the scarcity of the overall storage picture as it stands today. So, I would say we're in early innings, but we're not in the first inning anymore. I think we've moved on beyond that as LNG Canada ramps up, and early days, but really encouraged at what we're seeing and the impact overall of how we are able to service this market. But a little bit of time still needed, especially at getting at least one winter under our belt. Yeah, fully agreed, Toby. Ultimately, we continue to be very excited about the outlook for enhanced storage values in both our regions. As Toby mentioned, clearly driven by higher gas demand, higher volatility, and the overarching constraint infrastructure environment. As we are still very much early in our, call it, first month of our re-contracting season, we are very much encouraged by the inbounds we received, early engagement, and as noted in the prior quarter, had contracted that large-scale Alberta contract. So, we are engaging well with counterparties. We are seeing strong insurance values for our services, which is obviously a testament of the supply-demand balancing role we play and how critical we are. That is great. Thank you very much. Your next question is from Robert Catellier with CIBC. Your line is open. Hey, good morning, folks. I just wanted to ask about California and the CPUC process. I know there is not a lot of visibility to a decision date, even if the application to increase your ownership there is uncontested. I wondered if you could give your updated views on what your expectations are for timing, and in the event of a positive decision, what sort of impetus do you expect that will have on your transaction timeline? In other words, do you expect the decision from the CPUC will put a timeline or obligation to transact on those facilities? Yeah, thanks, Rob. Appreciate the question. In terms of our timeline on the CPUC approval, we continue to have the same expected timeline with the first half of calendar 2027. You are correct, it was positive developments with no intervention on that process, largely as we had expected. We continue to reiterate that first half of calendar 2027 as the likely outcome. They are not bound to any specific timeline, but that is Rockpoint's expectation. In terms of follow-on activity after the change of control decision, that is ultimately at Brookfield's discretion, clearly based on market conditions, other factors. So, will not opine on that one, but Rockpoint and its management team continues to be laser-focused on ultimately the goals and ambitions of our business and driving value for shareholders, primarily continuing to focus on our commercial strategy as well as allocating capital appropriately. Time will tell ultimately in terms of that process, and we are managing and focused on what we can control. Okay, understood. Thanks for that. Another question here. Just on the, as you look at greenfield opportunities, which presumably are going to be larger than a lot of the brownfield opportunities you have. Is there a little bit of tension to transact there, just given all the dynamics that you talked about in the market? It seems like the direction of price is probably going to be higher for most markets. Is there an impetus to get in, establish a greenfield position earlier rather than later, just to participate in that pricing dynamic that you described? Yeah. That is a great question. I would not say there is tension per se, Rob, but at the end of the day, because projects are being announced, there is a natural opportunity that has started to arise for us, where we have got strong credit buyers of natural gas coming to market looking for new pipelines that have intermittency in their usage, especially when it comes to power consumption, and I am referring mostly to AI data center development. On the other side, producers also with this bullish view that you speak of are looking to bring natural gas to market in a more meaningful way. Because we have, for the first time in a long time, a matching of supply and demand needs to come to market, we are seeing a lot of bespoke smaller pipeline projects being announced, particularly in the U.S. South. But we're also encouraged by what we're hearing in Canada with a variety of initiatives happening on both the national scale and in the WCSB specifically. There's an enormous amount of new demand coming in from not just the LNG sector, but oil sands are looking for now increased natural gas demand, with those pipelines expected to be probably first in the queue. There's a need for a whole variety of different natural gas development. So, because of that, we are encouraged about the opportunity to potentially participate in a way that is, for the first time in a long time, doesn't have the major barriers to entry. I think you've all listened to me speak about how North American supply and demand today is constrained. The infrastructure is the number one hurdle to make connectivity. But as the North American infrastructure expands, that does represent an opportunity for storage to participate. And therefore, we are getting a lot of inbounds, and we're really encouraged by the amount of opportunity that that's created for Rockpoint. So, yeah, we are evaluating greenfield projects, to be more frank. There's a variety of initiatives that we've been evaluating for the last couple of months, and we're encouraged by what we're seeing, and we're encouraged by the market signals, and that's probably one of the most important features of this. The next important feature is, what is the customer take-up? What are the services that we'd ultimately provide? What is the regulatory process? So, these things take a little bit of time, but we're optimistic about an opportunity to participate, and we'll give you an update as these opportunities arise. Okay, great. Thanks, everyone. Your next question comes from Aaron MacNeil with TD Cowen. Your line is open. Hey, morning all. Thanks for taking my questions. Just trying to, I guess, bridge the gap on the new brownfield projects or organic project backlog. I know you said you'd provide project-specific updates when opportunities materialize, but you've also reiterated the $150 million of spending through, I think, fiscal 2029, of which $20 million is currently committed. There are several projects that you disclosed in the prospectus, I think, the Wild Goose Plant 5 and pool expansion, the AECO Hub battery, and Warwick Salt Caverns. Could you give us a sense on each of those, where things sit today and what still would need to happen before you were able to talk about those opportunities more specifically? Yeah, thanks, Aaron. You're correct. Ultimately, we continue to provide meaningful updates on brownfield projects over the last couple quarters. In this particular quarter, we did provide an update on the Kirby Hills optimization project. I do acknowledge that these are smaller-scale brownfield capital projects. However, I do want to reiterate that as an incumbent, we have these excellent opportunities to execute on low-risk brownfield deployment at extremely high returns. Yes, we have communicated the up to $150 million of brownfield capital over the medium term at those, an average 4x-6x build multiple. We're pleased to communicate that the projects we've provided updates on to date, such as this new development with the Kirby Hills optimization program, continue to actually outpace those provided brownfield economics. The Kirby optimization program related to a dehydration program, for example, is less than a single-year payback. The quick to commercialization, providing meaningful earnings growth driven by, yes, small-scale capital programs. Ultimately, as we look forward and provide a bit more context on our deployment pace up to that $150 million, we do have larger capital projects, as you alluded, in our queue. Our teams continue to advance and de-risk those projects, as you mentioned, Countess Battery, U1 pool at our Wild Goose facility. As mentioned in our press release, we'll continue to provide the market with meaningful updates when we have them, and we expect to do so in the coming quarters. I appreciate the question. We feel like we are executing on our strategy to deploy smart capital at strong returns and continue to affirm our overall brownfield outlook and be excited about the role we play, ultimately looking to optimize our facilities to meet that increasing demand for our services. Just to follow on that real quick, Aaron, and thank you for the question. We do have the six facilities, and what's happening in this market, and it's happening really quickly, is the consumer demand is really quite different than it used to be. You can appreciate six different facilities with enormous amount of pipeline infrastructure, compression infrastructure, obviously wells for injection and withdrawal. Each of those facilities, in their own way, is uniquely positioned to be the best facility for some of these changing consumer needs. In some cases, we're looking at enhancing injection capacity. In other situations, we're looking at enhancing withdrawal capacity. We can't necessarily do both at every one of the facilities. While our backlog continues to grow internally, we have a phenomenal amount of brownfield opportunity for expansion, but we also want to make sure that we are matching that to the consumer needs, because at the end of the day, if we can deliver on these very bespoke changing needs, it will give us a major competitive advantage, and that is also part of the rationale as to why we are not being completely explicit with each and every project, other than the guidance of the $150 million over the next couple of years. Yeah, fair enough. Maybe switching gears for my second question, you guys can put your meteorology hats on. Just looking at sort of past strong El Niño winters, what precedent do they provide for storage volatility and specifically optimization opportunities? Could you look back at prior El Niños, like, where did they generate unusually high or unusually low optimization opportunities? And what is sort of different about an El Niño year versus a normal year? Yeah, great question as well. I mean, first of all, I believe it is 2015 would be one of the analogs where we had an El Niño pattern. Again, I think at the end of the day, it is awfully difficult to take thousands of years of weather patterns and come up with an analog. But big picture, if that is one analog, what we did witness in that year was, while overall it was warmer than normal, we still had an unusually higher than normal amount of polar vortexes. And so, keep in mind that an El Niño brings warmer temperatures, but it is also disruptive to the weather pattern, broadly speaking, and brings more volatility. And so, en masse, when you look at an El Niño winter, month to month to month, you will see warmer than normal temperatures. You might see on a daily basis or on a monthly basis a higher degree of polar activity. So, five really cold days in a month, 10 really cold days in a month, yet the overall month liquidates warmer than normal. So, bigger picture, I would say that we do expect continued volatility. This year particularly looks really warm. We are in day three of the winter today, the traditional winter being November to March. And today, for instance, we are witnessing really low prices as a result of low demand, and we are witnessing curtailments. And for our customers, I would say that actually is a good opportunity for them to purchase their withdrawals and move those hedges into forward months and profit from it. From a storage operator's perspective, bullish weather or bearish weather, all weather is, at the end of the day, value-adding to our customer portfolio, our ability to contract, our ability to continue to gain on our insurance premiums that we charge to customers, even contracting. Starting with this winter, what we've observed at least so far is it has been warmer than normal. I think the 15-30 day forecast continues to show most of North America warmer than normal. That likely means that we'll have less withdrawals in the early winter, which means that we'll have more than likely a higher exit storage rate. The impact of that on our business, just for example, means higher intrinsic spreads next year, and it also means that our customers are more motivated to contract early because they want to be able to carry their inventory into the next year, especially those that are expiring. Big picture, we're expecting a few more than normal, maybe polar vortexes, probably an overall warmer than normal winter. Broadly speaking, we believe that it won't change our contracting strategy, and it ultimately doesn't really change our view of volatility. Okay, thanks. Appreciate the time. I'll turn it back. Your next question comes from Patrick Kenny with National Bank Capital Markets. Your line is open. Hey, good morning, guys. Maybe zoning in on data centers, as you highlighted, lots of capacity in the queue, but still lots of delays on both the regulatory and the commercial front. I am just curious how close you might be to the goal line in terms of working with proponents on, say, bilateral contracts for existing capacity or perhaps hoping to sanction one or two brownfield expansions within your backlog. Yeah, thanks, Pat. Great question. You are right. We iterated the amount of demand that has grown in the queue in both California and Alberta. Certainly, we are following that development fairly closely, and we are receiving inbounds both from an indirect and direct participation basis. I think there is a lot of knowledge that a storage facility, for instance, would be able to potentially supplement gas supply during a time when some of these proponents are looking to move projects forward as quickly as possible, and the overall regulated pipeline, for instance, may not be in a position to give them the full amount of that supply. We are getting inbounds in that regard. On the other side of the equation, indirectly speaking, it is as important as the direct calls that we are getting, it just ultimately means that the system is going to continue to tighten. Existing infrastructure is still under a lot of pressure to provide supply and demand to these new emerging markets. As much as these data centers want to come into our markets, they also require, obviously, production to service them. California is severely constrained, and so we are working inside California with a variety of stakeholders to service some of these new potential projects, both directly and indirectly participating. In Alberta, we are witnessing the same. On the Alberta side, we are really encouraged by the amount of projects that have been announced. We are also encouraged by some of the projects that are in the queue. We are also encouraged by some of the rumblings of how we believe that the NGTL system is at least a preferred place for these projects to be located. Ideally, we can participate in a meaningful way, directly and indirectly, and we are in, I would say, early days in those conversations, but we are encouraged by the progress. Got it. Okay, thanks for that. Just wanted to clarify, you touched on the optimization business already, but just looking at the $76 million of realized margin over the last 12 months, how would you say that annual contribution compares to your internal normalized expectations going forward, assuming optimization remains 15% of working capacity? Yeah, thanks for the question, Pat. You're thinking about it the right way. Just to remind folks, we view that strategy as a de-risked and highly accretive one. Ultimately, we view it, as you suggested, on a rolling 12 performance, because we do have seasonality and quarterly variations, just given the fact how we recognize gross margin into that revenue strategy. Big picture, like you said, we have seen strong gross margin growth from our optimization activities. As a reminder, over our last three years, we've averaged about $61 million of gross margin contribution from our optimization. Like you suggested, our last 12 months were in the $76 million range. We have consistently seen growth over the last several years in that revenue strategy, which we point to increasing volatility in the regions for which we're able to continue to capture good value from. Ultimately, we continue to remain and have a very robust outlook on that strategy. As a reminder, the way we participate is entirely discretionary, so we are able to inject or withdraw on a de-risk basis when there is positive value to be achieved. We do not take material open commodity positions, and all those transactions ultimately are supported by locked-in gross margins. So, it's a small, 15% of our overall working gas capacity, but provides us with a lot of flexibility commercially to take advantage of volatility in the regions, and we continue to remain very positive in the outlook of how that strategy participates, and also participates in what we think is asymmetric upside in the event that there are larger disruptions, whether operationally or other. Okay, that's great. Thanks, guys. I'll leave it there. This concludes our question-and-answer session. I would now like to turn the conference back over to Rahul Pandey for any closing remarks. Thank you all once again for your time, your interest, and joining us today. We encourage you to contact our investor relations team with any additional questions you may have. We wish you have a great day ahead. Ladies and gentlemen, this concludes your conference call today. Thank you for your participation, and you may now disconnect.