Good morning. I'm my name is Bevin Wirzba. I'm the President and Chief Executive Officer of South Bow Corporation. We are taking the opportunity to broadly share the South B ow story and tell you a little bit more about our business ahead of legal separation on October first. Joining me today are Hal Kvisle, our Board Chair, Richard Prior, our Chief Operating Officer, and Van Dafoe, our Chief Financial Officer. We intend to keep our remarks brief so that we can reserve time at the end for your questions and answers with sell-side analysts. Before we get started, please be reminded that this presentation contains estimates, projections, and other forward-looking statements. These statements are subject to certain risks and uncertainties and other factors that may cause our actual results to differ. Please review the advisory statements on the screen and available online. We will also be referring to certain non-GAAP financial measures that may not be comparable to similar measures presented by other issuers. Please refer to the reconciliations of these financial measures in the appendix to this presentation. You know, Southbow is a critical energy infrastructure company that connects the most resilient crude oil supply to the strongest demand in refining markets in the U.S. Midwest and Gulf Coast. I will later speak to the following key attributes. The structural demand is critical. We have a supply push and demand pull asset. We have enduring fundamentals with a multi-decade persistent outlook. We have industry-leading commercial structures in place at market-driven rates, with over seven and a half years of remaining life on our contracts. We have a pre-invested strategic corridor with the most direct and competitive pathway for our customers, and we have an investment-grade debt capital structure. We also will be providing a meaningful and sustainable dividend, supported by 88% contracted EBITDA, with 96% investment-grade customers. You know, I joined TC Energy five years ago to be a part of the liquids business. We had significant pre-investment into our system to make way for the Keystone XL project, which included the Gulf Coast section and our Alberta corridor and our Alberta systems. But we needed to shift our strategy post the cancellation of Keystone XL, and we've made sustainable improvements over the past number of years in how we operate the assets, how we partner with our customers and stakeholders, and how we measure performance. One of South Bow's values is we win as a team. So we built an amazing team, bringing together individuals who have been closely managing the operating and liquids pipeline assets since inception. But we've added and brought in people to the team that have the functional expertise in financial, legal, human resources, external relations, and information systems. So I'm just going to introduce a few of the team that are with me today. So our CFO, Van, has four decades of accounting, finance, capital markets, and board experience. He has attracted strong talent to join his finance organization, and he also works with Tamara Loewen to lead our information systems organization. I have known and worked with Van for a long time, and I couldn't imagine launching Southbow with anyone else. Richard, our Chief Operating Officer, has been my partner since nearly the beginning of my time at TC, where he led the liquids pipelines business over the last number of years and supported me in the execution of getting Coastal GasLink mechanically complete late last year. He started his career on the pipeline right of ways and has tremendous operational, commercial, and financial expertise. Richard is a strong leader who intimately knows our business. Lori, our General Counsel, has hit the ground running at Southbow. She was the General Counsel of Shell's Midstream Partners business, and having her experience in spinning that organization on our team has been invaluable. Her deep and strong governance skills and intimate knowledge of our business has made her an ideal partner for our team. I've highlighted these three senior members of our team, but we have a great bench across each function. We've also assembled a top-tier board of directors that will guide Southbow in reaching its full potential with deep energy infrastructure experience from all perspectives. We have also brought together a workforce that is agile, has breadth of skills and experience, and a can-do attitude. Together, we are building an operating model that is bespoke to a business of our size, with the commercial and operational constructs of our liquids pipeline system. You know, we took a significant amount of time and effort to focus on developing our Southbow vision, values, and commitments. This is more than just putting words on a page. Values have to be verbs. They have to be lived. Collectively, our team of founders established a vision that will compel our team to strategically grow our business and unlock value from our corridor through commercial and operational excellence. We will deliver on this vision by operating safely and holding ourselves to the highest standards of integrity. We will do so with pride, and most importantly, as a team. Southbow's franchise corridor has many strategic attributes that are irreplicable. Every day, we strive to safely and reliably deliver a premium service to our customers as a critical energy infrastructure company. We connect the most resilient crude oil supply to the strongest demand markets in North America, and uniquely, our supply push and demand pull asset, with half of our customers on both ends of our system. We offer competitive tolls and commercial structures to customers that will help preserve their netbacks. We provide the most direct path to the U.S. Gulf Coast, and we are actively working to enhance our system, making it increasingly connected to additional delivery points to provide our customers increased optionality and flexibility. Lastly, our batch system ensures our customers know the product they're getting, and this is especially important to our vertically integrated and refiner customers. Underpinning our strategic corridor is a high-quality contractual framework. Southbow generates stable, predictable cash flows, with 88% of our comparable EBITDA contracted and a weighted average remaining contract term of around seven and a half years. We are partnered with some of the most relevant upstream Canadian producers and the most relevant downstream refiners. Our business is low risk. 96% of our revenue exposure is to investment-grade counterparties, and we carry little to no volumetric or commodity price risk, and nearly all of our operating costs and maintenance capital are recovered through our variable toll. Not only are our business fundamentals durable, so too is the outlook for crude oil. The Western Canadian Sedimentary Basin's crude oil production profile is resilient. The Canadian oil sands have a reserve life index of over 50 years, with low sustainable capital requirements and an improving carbon footprint. Our system serves the two largest refining markets in the United States: the PADD 2 in the Midwest and the PADD 3 in the Gulf Coast. Over the next several decades, it is forecast that these refining markets will increase their market share, backstopping the growing demand for Canadian heavy crude oil. You know, the WCSB crude oil supply has grown over a million barrels per day over the last decade, and we expect that it could grow by another million barrels per day over the next decade. Many of our customers are publicly stating their intentions to grow. We believe that as this growth takes place, we are ideally situated to move these barrels out of Western Canada, given the strategic attributes of our system I just spoke to. Our view, that any incremental egress out of the WCSB is good for the Canadian energy industry. While we're experiencing near-term headwinds to our spot movements because the basin is currently long pipe, our long-term strategy centers around strengthening and enhancing our corridor so that we can capitalize when the basin becomes egress-constrained again, which we expect could happen within the next two to three years. We have been busy meeting with equity and fixed income investors over the last year to ensure that they understand the merits of the spin and the overall durability of the Southbow business. To date, we have been met with strong support. We received 97% shareholder approval of the spin transaction, and we saw strong market interest in our inaugural debt offering last month. The total offering was over six times oversubscribed, while our hybrid notes were eight times oversubscribed, resulting in better-than-expected pricing and placing Southbow in a stronger financial position heading into the legal separation. Strong support speaks to the underlying outlook for crude oil and the ability of our assets and our customers to meet growth in global demand. That brings me to Southbow's capital allocation priorities and how we intend to deliver the best risk-adjusted return for our shareholders. As part of the spin-off transaction, we are taking proportionate share of debt and dividend from TC Energy. While our stable cash flow profile and solid contractual framework support these higher leverage and dividend levels, we will initially be focused on strengthening our investment-grade financial position, lowering leverage to be more in line with peers of our size. We're targeting four and a half times net debt to comparable EBITDA in the medium term, plus the Blackrod Project coming in service, and around four times over the long term. We will deleverage by investing in our pre-capitalized corridor, including our recently sanctioned Blackrod Connection project. This project is credit accretive and supports Southbow's accelerated deleveraging profile. Not only does debt reduction put us in a stronger financial position, it accrues value to the equity shareholder by lowering our debt service charges. At Southbow, we want to preserve optionality in how we allocate capital, and we will look to enhance our return of capital to shareholders through potential share buybacks. We want the option to be opportunistic when we believe dislocations exist between our share price and the intrinsic value of our business. And lastly, we will pay a dividend that is both stable and sustainable. However, we believe dividends must come out of profits, so we will not consider increasing our dividend until we can reduce our payout ratio to below 100% on an earnings basis. In summary, we believe that Southbow provides a differentiated investment opportunity. Not only will we pay a compelling dividend that will be attractive to income investors, we have a significant runway of low-risk, modest-growth projects that deleverages our-- or leverages our pre-capitalized corridor and provides last-mile connectivity and flexibility to deliver those options to our customers. We believe we can unlock a significant amount of value as a standalone company, and our team is incredibly excited to get going on this journey. We have the right people, the right assets, and the right market backdrop to successfully execute our vision of delivering energy, forging progress together. It now brings me great pleasure to introduce our board chair, Hal, Hal Kvisle, someone who knows Southbow's business intimately, making Keystone a reality in twenty ten when he was the CEO of TransCanada. I wouldn't have wanted to take on this unique challenge with anyone else. Hal has been a great mentor to me over the years, and I'm thrilled at the opportunity to partner with him again. So over to you, Hal. Thank you, Bevin, and it's a real pleasure for me to be involved with Southbow at this stage and to work with Bevin and the executive team. Bevin and I gave a fair bit of thought to the priorities for a new board at Southbow. We set out to create a board that brings both a high standard of corporate governance and deep energy sector expertise. Recognizing our large asset base in the United States and the importance of shippers and customers in both Canada and the U.S., we deliberately recruited a group of industry experts with deep experience across the North American oil value chain. I won't go into the background of each director. You can find their resumes on the Southbow website, but I'd like to highlight the strong capabilities of our four committee chairs, just as an example of the kind of directors that we brought on board. First of all, Don Wishart will chair our Safety, Environment, and Operations Committee. Don was the executive leader on the construction, startup, and operation of the Keystone Pipeline when Don and I worked together at TransCanada. Don is an expert on all aspects of oil pipeline engineering, construction, and operations. I'm confident our Safety, Operations, and Environment Committee will work well with Richard Prior's operating team and fulfill its responsibilities to a high standard. Sonja Read will chair our Human Resources Committee. Her experience and success as the senior HR executive at Phillips 66, and the organizational work that I've done with Sonja over the past six months, gives me confidence that our Human Resource Committee will be in very good hands. Shannon Ryhorchuk will chair our Audit Committee. Her extensive career with PwC and her deep accounting and audit experience will serve Southbow very well. Shannon will be an excellent chair of our Audit Committee. And finally, George Lewis will chair our Governance and Risk Committee. I know George from our time together on the Cenovus board. His executive experience at Royal Bank, his deep knowledge of the North American financial sector, and his governance expertise have already and will continue to serve Southbow well. So Southbow is now up and running as an independent company. The commencement of trading in October will be the final step. Over the past six months, we've benefited greatly from the expertise and contribution of our board members, all working on an interim basis to position the new company for success. I'm delighted to chair an exceptional board. Turning to slide 19, I'm often asked why the Keystone Pipeline was built along a zigzag route from Alberta to Wood River, Patoka. When we conceived of Keystone, we had to be competitive with the large and extensive Enbridge system. We needed to find some sort of competitive edge if we were to enter the oil pipeline business successfully. Fortunately, TransCanada had an underutilized, large-diameter gas pipeline from Empress to Winnipeg. We were able to convert that gas line to crude oil service at a very attractive cost, and from there, we built the new line south to Nebraska and east to Wood River.... Right from the earliest days of Keystone, we foresaw the opportunity to build south to Cushing in Houston, and that's why the original route made sense. Don Wishart and I spent a lot of time with the engineering and construction teams on the original Keystone system. As the photo shows, I was honored to turn the valve and commence the flow into our customer facilities at Wood River and Patoka as my last act as the CEO of TransCanada. So going on to slide 20, TransCanada really does have an exceptional project management and execution team, starting right from the original Keystone project team. And I'd now like to turn it over to someone who's involved right from the start, Richard Prior, a member of our team back in 2010. Richard, over to you. Okay. Thanks very much, Hal. So, as Hal mentioned, I was part of the Keystone project team that constructed the first phase of the system under Hal's CEO leadership, as he mentioned, Don. And it's very exciting to work alongside Hal again, as well as Bevin and Van, and to be a part of the leadership team as we take this business into the next chapter. So, as Hal mentioned, Keystone started as a grand idea to convert underutilized capacity on TransCanada's gas mainline into crude oil service. And after three years of permitting design and then two years of construction, Keystone was placed into service in early twenty ten, when first barrels were delivered into Wood River, Illinois. So Keystone connects world-class crude oil supply from the Western Canadian Sedimentary Basin with refining markets in the U.S. Midwest and Gulf Coast. For our customers, Keystone provides delivery flexibility and the most direct path to these markets, maximizing their transportation value. Keystone originates in Hardisty, Alberta, transporting crude oil across the Canadian prairies before reaching the U.S. border just south of Winnipeg. From the border, barrels are transported south until reaching a junction at Steele City, Nebraska, and then from Steele City, barrels moving east are destined for Wood River or Patoka, Illinois, and barrels moving south are either destined for Cushing, Oklahoma, or go on to the Gulf Coast. Cushing, being the largest crude oil storage hub in North America, provides our customers connectivity to domestic refineries and other third-party pipelines. In the Gulf Coast, the Keystone line forks either between Port Arthur or Houston, which sit in the heart of the PADD 3 refining and export market. Throughout Keystone's history, we've seen flows along the system evolve, and following completion of the Gulf Coast segment in twenty fourteen, an increasing portion of volumes are being delivered to the Gulf Coast. As shown on this slide, we've steadily increased throughput on the Keystone system over the past five years. Currently, we have five hundred and eighty-five thousand barrels per day of contracted capacity, in addition to thirty-five thousand barrels per day that we reserve for spot or uncommitted volumes. This increase in throughput is underpinned by strong demand, and it's made possible by steady, incremental improvements in our operating performance. So to measure South Bow's operational performance, we think about Keystone's system operating factor, or SOF. SOF is how we measure the availability of the system's design capacity. So the higher the SOF, the more barrels that can be safely transported. Through technology, targeted investments, and process improvements, our engineering and operations teams have been able to sustainably increase SOF over the past five years from the high eighties up into the mid-nineties. In the first half of this year, we've achieved a system operating factor of 95%, which has enabled us to safely transport over 620,000 barrels per day. I'll note that while our team has delivered exceptional results this year, we do expect that throughput will be tempered over the balance of this year. With TMX coming on stream in May, price differentials have narrowed, and as a result, we've seen some expected near-term reduced demand for the uncommitted capacity on Keystone. However, Keystone is 94% contracted, which mitigates against the risk of reduced volumes, and we continue to see our contracted volumes flow. South Bow also operates terminals in Hardisty, Cushing, and Houston that provide both operational storage for the system as well as merchant services. In total, we have 7.6 million barrels of storage capacity between three locations. So in sum, as an innovative solution brought into reality, the Keystone system is the backbone of our irreplaceable corridor. So the Gulf Coast segment of Keystone went into service in 2014, and it added delivery locations to Houston and Port Arthur. At the same time, we also established Marketlink, which leases capacity from Keystone on the Gulf Coast segment, effectively creating a pipe within a pipe. So the same physical pipe provides long-haul transportation from Hardisty to the Gulf Coast via Keystone and short-haul domestic transportation from Cushing to the Gulf Coast via Marketlink. And in total, this Gulf Coast leg is capable of delivering in excess of 800,000 barrels per day. We've had recent success attracting additional volumes to Marketlink, which is partly attributable to our focus on creative commercial terms and our focus on operational excellence. And through the first six months of 2024, the Keystone Gulf Coast and MarketLink volumes have reached multiyear high throughput levels. We have strong connectivity on the Gulf Coast segment of our pipeline system as well, and our Cushing terminal is connected to all the major third-party terminals in Cushing, which provide access to crude grades from all of the top-producing basins in North America. And then in the Gulf Coast, we have significant connectivity to terminals, pipelines, and marine export facilities, which provides customers with competitive delivery options. So we'll move on to the next slide. Our U.S. Gulf Coast connectivity, as I mentioned, with interconnections in Port Arthur and Houston. Our systems connect to over four million barrels per day of refining and terminal capacity. In thinking about a subset of compelling growth projects that Southbow may pursue, we're focused on projects that enhance the value of our existing corridor or can help us attract more barrels to flow greater distances through the system. When we think about enhancing the value of our corridor, we believe this can be done in several ways. Our first is by continuing to add and build to the connectivity of our assets, and then the second is increasing our customer optionality and flexibility. Our recent Gulf Coast ventures are examples of capital-efficient projects that enhance the value of our corridor. In 2023, we partnered with Motiva to place the Port Neches Link pipeline into service. Port Neches Link, or PNL, is a 4-mile, 36-inch lateral that provides a direct connection from the Keystone system to Motiva's Port Arthur refinery. At a capital cost of CAD 160 million, it was delivered on time and under budget. Port Neches Link is an example of a capital-efficient project that has compelled short-haul and long-haul barrels onto our system and to flow either the short path or the longer path of our system. Likewise, through a joint venture we have with ONEOK, our Houston Link pipeline provides a connection to their East Houston terminal, which gives optionality for barrels to come off of our system and access their entire Houston distribution network of refineries and terminals. Next, an important component of our business is our intra-Alberta pipelines, which provide transportation from the Canadian oil sands to the Edmonton and Heartland areas. With reserves of more than a hundred and sixty billion barrels, Canada's oil sands are a world-class supply source and will continue to be for decades to come. On the north end, the White Spruce Pipeline provides service from CNRL's Horizon facility to an interconnect to the Grand Rapids Pipeline at our Fort Mackay terminal. Then the Grand Rapids Pipeline, which is a fifty-fifty joint venture with PetroChina, provides a connection from Fort Mackay to Edmonton and the Heartland region. Our Grand Rapids system is also, I should mention, directly connected to TMX. And with a remaining contract term length of twenty years, our intra-Alberta pipeline systems will continue to underpin Southbow's stable cash flow profile. So this brings me to Southbow's next growth project, the Blackrod Connection. So the Blackrod project connects to IPC's SAGD production facility, which is a new oil sands development. The project consists of a dual 25 km crude oil and natural gas pipelines, which connect Blackrod into Grand Rapids, and then it also supplies natural gas to their facility from NGTL. We first announced the project in April of this year, and we've since received all of our regulatory permits. Capital costs are expected to be CAD 250 million, with a build multiple at the low end of our target range of six to eight times. Construction has started with the tank pads and right-of-way clearing, and we have an estimated in-service date in 2026. The expected cash flows from this project underwrite a substantial portion of Southbow's near-term growth outlook, and the project is credit accretive to our deleveraging profile, which Van is going to talk about in a few minutes. With remaining latent capacity and competitive expansion opportunities on our Alberta system, Southbow is well-positioned to be a big part of Alberta's future oil sands production growth, which is forecast to increase by over 500,000 barrels per day through the end of the decade. Guided by our values, at Southbow, we place our strongest focus on safety and operational performance. Safety is a core value and will always be the number one priority at Southbow. Our team has steadily improved our occupational safety metrics, and we expect, with strong oversight and guidance from the Safety, Environment, and Operations Committee of our board of directors, we will deliver on our safety objectives. The integrity of our assets is critical to our ability to deliver on our business objectives and subsequent to the Milepost 14 incident that occurred in 2022, working with our engineering teams, expert consultants, and with oversight from PHMSA, we've conducted in-line inspections on the entirety of the new build sections of the Keystone System, spanning over 3,400 km of pipeline. We are deploying a world-class pipeline integrity program and are confident in the integrity of our assets. Combined with a strong focus on our system operations, we've been able to achieve new throughput records on our Keystone system by minimizing downtime while providing competitive commercial offerings to our customers. I'll now turn it over to Van, who will walk through our Southbow financial strategy. Thank you. Thank you, Richard. As Bevin mentioned, our job as a management team is to allocate capital to generate the best risk-adjusted returns for our shareholders. We will be disciplined in allocating capital. Our stable cash flow profile is underpinned by our highly contracted assets, with 88% of comparable EBITDA locked in for the next seven-plus years. This provides us with the flexibility in how we choose to allocate capital. Southbow's capital structure includes taking our share of TC Energy's debt and dividend obligation, approximately CAD 7.9 billion of debt and a dividend obligation of CAD 570 million, or CAD 2.75 per share. Walking through our capital allocation priorities, first, we'll be focused on strengthening our financial position through reducing leverage. We can accomplish this with absolute debt reduction, growing our EBITDA, or both. By investing in our pre-capitalized assets through discretionary capital projects, we can grow our EBITDA and enhance our strategic corridor. Richard has already highlighted examples of this in previous slides with the Port Neches Link and the Blackrod project. Next, we will look to enhance our return of capital to shareholders through opportunistic share buybacks when we see dislocations in our share price relative to the intrinsic value of our business. Last, we will consider growing our sustainable base dividend once we have reduced our payout ratio, both on a distributable cash flow and an earnings basis. Foundational to the spin-off of Southbow is an investment-grade rating, and we received that from three rating agencies. Last month, we successfully raised CAD 7.9 billion of long-term debt. We issued the debt to match the approximate currency split in our revenues: 80% U.S. dollar-denominated and 20% Canadian dollar-denominated. We spread out the maturities, ranging from 3 years to 30 years. This helps us reduce refinancing risk. As Bevin mentioned, our inaugural debt offering was met with considerable market interest, with almost 50 billion in orders. This strong market feedback reaffirmed our views that we have a unique long-term value proposition for both debt and equity investors. Southbow's weighted average interest rate is 5.68%, with an annual interest charge of approximately 450 million. This came inside our initial expectations, putting Southbow in a stronger free cash flow position at the outset. Our initial net debt to comparable EBITDA ratio is approximately 5 times. That is high compared to our peers. We have line of sight to reduce it to 4.5 times in 3-4 years and a longer-term goal of around 4 times. We also have a $2 billion credit facility with 15 banks. This gives us additional liquidity if needed. A key component to Southbow's value proposition is paying a meaningful and sustainable dividend. Our dividend philosophy at Southbow is simple. Dividends will be primarily means of returning capital to shareholders, and stability and sustainability of our dividend is critical. Our low risk, high contracted cash flow protect the stability of that dividend. Southbow is starting with relatively high payout ratios, both on a distributable cash flow and earnings basis. We believe that dividends should be distributed out of earnings. We plan to grow those earnings through modest capital investments like the Blackrod project. We will not increase our dividend until our payout ratios are more in line, likely in four years. We intend to declare our inaugural quarterly dividend of CAD 69, $0.50 per share, concurrent with TC Energy's dividend declaration in the fourth quarter. The dividend will be payable on January thirty-first to shareholders of record on December thirty-first. We expect that future dividends of Southbow will be declared in U.S. dollars. This next slide provides some helpful parameters to our financial outlook. One important item to note is that Southbow will report its financial results in U.S. dollars. We've articulated several times already today, our cash flows are expected to be relatively stable over the medium term. The predictability in our revenue and EBITDA is underscored by our very limited exposure to commodity prices, and that operating, maintenance, and administrative costs are recovered through our tolls. It's also worth highlighting that our maintenance capital expenditures are also a flow-through cost. As Richard's team develops a backlog of compelling growth projects, we expect that we will invest approximately $500 million in discretionary growth projects over the next four years, or an average of about $150 million annually. We can comfortably fund this discretionary growth out of free cash flow while simultaneously strengthening our financial position. The $500 million is inclusive of the $250 million earmarked for Blackrod. With approximately three weeks remaining until expected legal separation, we have received the required tax rulings in Canada and the U.S., as well as all the shareholder and court approvals. Standing up our investment-grade debt capital structure was the last major milestone to consummate the transaction, which remains on track to close on October first. That brings me to the expected trading timeline of Southbow's common shares on both the Toronto and New York Stock Exchanges. This morning- ... TC Energy announced that we have set a spinoff distribution record date of September twenty-fifth, with an expected closing date of October first. This means that if you are a shareholder of TC Energy on September twenty-fifth, you will receive one Southbow common share for every five common shares of TC Energy you hold. As a means of price discovery, Southbow's equity, when issued trading, will be available to investors on the TSX between September twenty-fifth and October first. Our first day of regular trading on the TSX is expected to be October second. It is on this date that we anticipate we will be removed from the S&P/TSX 60 index. For the New York Stock Exchange, we will begin regular way trading on or about October seventh. Lastly, I want to highlight a few important dates for the investment community to look out for. Southbow expects to provide market guidance for twenty twenty-five early next year, ahead of our Q4 twenty twenty-four reporting, which will be released on March fifth, twenty twenty-five. Our investor relations program will include quarterly earnings calls that will provide brief insights from Bevin, Richard, and I, dedicating the majority of our calls to Q&A with our sell-side analysts. We will also publish updated investor presentations with our quarterly results. Once we have a strategic planning session with our board of directors, we will host an inaugural investor day in late twenty twenty-five or early twenty twenty-six. So with that, we welcome the opportunity to answer questions from our online participants. Can you talk about WCSB volume growth over the next three years, please? Over the last decade, despite what people might not have been aware, has grown over a million barrels. At the end of Q2 of this year, the four largest oil sands producers, each in their quarterly releases, described the growth aspirations of their organizations. So we anticipate. You know, I mentioned in my remarks that we're long pipe today, but we expect that within the next, you know, between eighteen months and three years to that, supply will already eclipse what is available for egress out of the basin. We're already in discussion with our customers on what their long-term aspirations are and where they want to move their barrels. Fortunately, we're connecting again the most premium supply basin to the premium demand markets. And so if we can offer them that service, we'll find solutions to do so. So over the next two to three years, you know, we believe that the gap currently of, you know, a couple hundred thousand barrels a day gets closed, and we're back to a short pipe situation in Western Canada. Okay, our next question comes from Robert Hope at Scotiabank: How do you think about the ultimate capacity on Keystone in 2027 and 2028 if pressure restrictions are reduced and some incremental capital is spent? Yeah. Thank you, Robert. I'll start, and then I'll pass it over to Richard, if he has any augmenting kind of comments. So our plan today is, you know, we're fortunate. We have 94% of our Keystone asset fully contracted, and we have to reserve 6% for spot. Irrespective of the market conditions and the D rate, we've been able to deliver 100% of our contracted volumes, and 100% of our spot volumes have also flowed. You'll recall, Robert, back in 2019, we ran an open season to seek if there was additional interest on contracting volumes on Keystone. We declared partial amount of that open season, but we've reserved that we didn't declare the balance in order to just ensure that we could deliver safely and reliably. Since milepost 14, and those pressure restrictions that you've identified, we've similarly been able to deliver all our contracted volumes, and spot volumes, because those movements are very competitive, but also because our system operating performance has been very strong through that period, allowing us to make those movements. I don't know if there's anything else you'd like to add. Yeah, I don't have a lot to add to that. I would just put the emphasis on our focus in the near term is working through the requirements in the corrective action order, and that we're at this time, we're not providing any additional guidance to upward increases in throughput. And so, you know, through a combination of, as I talked about, you know, very strong operating performance as well as the technology that's been delivered through drag reducing agents, we've been able to deliver that 620,000 barrels per day average amount, you know, through the year to date. So... Okay, we have another question online. This comes from John Mackay at Goldman Sachs. How many new WCSB oil growth projects, like Blackrod SAGD, are this close to your existing assets? We're fortunately situated right through the heartland of the oil sands area. There are quite a number of projects that are offsetting us that have been currently producing for many, many years. Many have been producing and delivering through actually trucking to oil terminals, as opposed to being pipeline connected. If you think about our assets, though, the Grand Rapids and White Spruce were effectively a catcher's mitt to any growth in the oil sands going north. And in particular, the White Spruce, as Richard pointed out, is right into the Horizon mine area that Canadian Natural Resources is operating today, and has identified technology to increase its capacity as well. Over the last couple years, one additional connection point that we made in advance of the TMX pipeline coming on was a TMX connection directly off our Heartland terminal, so we're able to provide service for customers that wanna allocate take capacity on our system and deliver into the TMX system as well. Thank you, Bevin. We have another one from John: What does the ongoing FERC court process look like? I think I'll do a very high level, and then I'll pass it right away over to Richard. We over the last number of years have been responding to a FERC challenge by a number of our customers. We were very successful with the litigation through that period of time, but what's most important is our getting to a settlement or an agreement with our customers going forward. And, you know, the steps, I'll just turn it over to Richard on the details. Yeah, I just... There is a small subset of customers that have filed protests with both the Canada Energy Regulator and the FERC around certain components of our variable toll that go into the pass-through component of our toll. And so we've been working through that process. It's a legal process. There's you know, certain outcomes that have occurred with the CER, and there's still a compliance filing aspect to that to get the Canadian portion finished. And then there's the FERC decision. You know, there's been an ALJ decision, and then the FERC Commission recently ruled and largely affirmed the ALJ decision. Now it's anticipated that there may be an appeal process that we'll have to work through. One thing that I'd point you to is, though, that there is information on our disclosures regarding how the liabilities with respect to these decisions will be allocated between TC Energy and South Bow. Okay, the next question online comes from Ben Pham at BMO: How do you think about diversification of cash flow long term relative to peers? Are you comfortable with it today, and what are your future plans? Yeah, thank you, Ben. You know, the first low-hanging fruit that we have is that pre-invested corridor that we've got in the Gulf Coast and in our Alberta system. So by bringing on organic, low capital, highly capital-efficient growth projects that can leverage that pre-invested capital that we've got in the ground, that will accrete more value to the shareholders as quickly as possible and get us on our de-leveraging journey. Diversifying our revenues and cash flows going forward will be opportunistic, but we want to ensure that we can accrete value back to the shareholders as quickly as possible, and we see that first and foremost with our existing corridor. Thanks, Bevin. The next question comes from Burke Sanseviero at Wolfe Research: What other projects are you considering within the $500 million worth of growth CapEx over the next four years, and what type of visibility do you have on unsanctioned growth? Great question. When we set our guidance of the 2-3% EBITDA growth over the number of years, that was made with tremendous amount of confidence in the outlook of what our system can deliver. You know, the Blackrod project gives us that first step, but both on the upstream side of our system, as well as in the downstream side, we see a tremendous amount of opportunity. You'll have to recall that the liquids business hadn't been afforded capital over the last number of years, so we're just now becoming open for business again, and we're in a number of conversations with customers in both jurisdictions, in the Gulf Coast, as well as in Alberta. We do have a significant project in... already identified, not ready for prime time, but very akin to what we're doing, with low capital, with our existing system, that would follow subsequent to the Blackrod project coming into service. With Blackrod, just to give a couple more details on it, it is a very short cycle time, low EV to EBITDA build multiple project that will come in service in around 15 months from now. Okay, this next question is probably for Richard. It's from Zack Van Everen at TPH. On MarketLink, there's an incentive rate which adjusts frequently and somewhat correlates with the spread between Cushing and the U.S. Gulf Coast. I was hoping you could talk about the outlook for that spread and how much financial upside you could see from potential widening. Yeah, and so, good question. You know, we obviously price the capacity on the MarketLink system to attract volumes and throughput onto the MarketLink system. And, you know, we have to price that according to what the arbs or differentials between Cushing and the Gulf Coast are doing. As I mentioned, you know, that portion of the line is also shared with Keystone and MarketLink. So we look at, you know, barrels flowing long haul from Hardisty all the way to the Gulf Coast, and barrels using that for domestic capacity from Cushing to the Gulf Coast. And so, you know, I don't have a crystal ball predictor of what arbs are going to do, you know, into future years. But I do know that we've put a lot of emphasis on creating, you know, creative customer solutions or commercial solutions with our customers. You know, we've got a couple of offerings out there that essentially have an arb-sharing component to them, and through that, we've been able to increase the amount of flow that we've had on the system. And, you know, I think we're largely seeing that part of our system at capacity right now. And so, as the pipelines get closer to capacity, that's typically when you see the arbs start to expand and widen. Thanks, Richard. The next question comes from Keith Stanley at Wolfe Research, and I might pitch this one over to Van. The $1.4 billion-$1.5 billion EBITDA outlook is different than TC's prior 2026 liquids outlook of $1.6 billion. Can you please discuss what some of the differences are in operating and cost assumptions between the two outlooks? Yeah, I'll take it. I was here at the time and Van wasn't, so not fair, not a fair question. At that time, we saw the arbs wider between Cushing and the Gulf Coast, and our outlook a little bit stronger. We've seen that tempered, and with the onset of TMX coming on, and their impact to our spot volumes here in the near term being challenged with a lower spot toll. That's what's reduced that outlook here in the near term. We also at the time had owned the Northern Courier asset, which was sold in that timeframe, which is out of our current EBITDA outlook. Okay, that looks to be the end of questions. So Bevin, if you wanted to wrap it up? Yeah. Thank you, everyone, for joining us for our inaugural webcast. Just a brief outlook of how excited we are about launching Southbow. We've got a very unique asset. We've got a tremendous investment opportunity for shareholders to consider. And we look forward to giving you ample updates as we go forward and start being our standalone public entity. So thank you for your time. If you have any follow-up questions, please don't hesitate to reach out to any of us and directly to our investor relations team. And we wish you a great week. Have a great day!