Financial Data and Key Metrics Changes - Net sales for Q2 2025 were $16.1 million, a 38% decrease from $25.8 million in Q2 2024 [13] - Gross profit for Q2 2025 was $2.5 million, a 45% decrease from $4.6 million in Q2 2024 [14] - Net loss for Q2 2025 was $1.5 million, compared to a net income of $0.3 million in Q2 2024 [14] - Cash and cash equivalents increased to $18.4 million from $17.3 million at the end of Q1 2025, driven by $1.8 million in cash flow from operations [15] Business Line Data and Key Metrics Changes - The company has signed several long-term contracts with new and existing customers, with over 80 customers now under long-term agreements [8] - A new product purchase agreement was established with Innovative Renal Care, representing a multimillion-dollar commitment over three years [9][10] Market Data and Key Metrics Changes - The company remains a leading supplier in the hemodialysis concentrates market, serving over 12,000 purchasing facilities in the U.S. and select international markets [7] - The transition of the largest customer to another supplier has significantly impacted sales, but the company is working to stabilize and grow its customer base [5][11] Company Strategy and Development Direction - The company aims to secure its base business with long-term contracts and fill revenue gaps caused by customer transitions [5] - Focus on capital investment in equipment to enhance manufacturing efficiency and reduce costs [26] Management's Comments on Operating Environment and Future Outlook - Management believes the company is well-positioned for growth in the latter half of the year despite current challenges [6] - Discussions with the largest customer, DaVita, are ongoing for a long-term supply agreement, which could positively impact future revenues [22][23] Other Important Information - The company has reduced customer concentration risk, with the largest customer now accounting for only 10% of revenue, down from 40-45% [37] - The company is focused on creating a reliable and reproducible business model to ensure consistent performance and cash flow [28][29] Q&A Session Summary Question: Expansion plans in the Western United States - Management sees significant opportunities in the West, with a potential market of approximately $100 million, and is working on acquiring larger customers [19][20] Question: Negotiations with the largest customer - Ongoing discussions with DaVita aim to establish a long-term supply arrangement, which could impact financials positively towards the end of the year [22][23] Question: Capital allocation priorities - Current focus is on investing in capital equipment to enhance manufacturing efficiency, while ensuring sufficient resources for debt obligations [26] Question: Gross margin stability despite revenue decline - The organization has been right-sized, and investments in new equipment have improved efficiency, helping to maintain gross margins [33][34] Question: Customer concentration risk mitigation - The company has successfully diversified its customer base, significantly reducing concentration risk [37][38] Question: Impact of competitor's product recall - The company is working closely with customers to supplement supply due to issues faced by a competitor, which has created opportunities for Rockwell [41][42]

Financial Performance & Projections - Q1 2025 Adjusted EBITDA was $82 million[8], with zero net deferred earnings from contracted sales and $10 million of depreciation in cost of sales from Fast LNG 1[64] - The company expects 2025 AEBITDA to be between $1.25 billion and $1.5 billion, higher than previous estimates, including ~$500 million in core earnings and $750 million to $1 billion in one-off gains[9] - Net loss attributable to stockholders in Q1 2025 was $200 million, a $42 million decrease QoQ[67] - Total liquidity after the Jamaica sale is $1.116 billion, including $393 million from the sale[67] Jamaica Sale & Debt Reduction - The sale of the Jamaica business for $1.055 billion is expected to yield net proceeds of $778 million[16] and a book gain of ~$430 million[11] - Proceeds from the Jamaica sale will be used to pay down $270 million of revolver debt and $55 million of Term Loan A[56] FSRU Sub-charters - Sub-chartering four FSRUs is expected to generate $312 million nominally over the lives of the contracts[11, 61], with a PV10 of ~$236 million[11] Brazil Operations - Construction of CELBA 2 is ~95% complete, with cash flows expected to commence in the second half of 2025[42] - PortoCem is ~54% complete, with capacity revenues expected to commence in the second half of 2026[42] - The company has registered for 2 GW+ of its own projects in the upcoming Brazil energy auctions and has been requested by 3rd parties to supply gas to 3 GW+ of projects[46, 47]

Financial Data and Key Metrics Changes - The company reported quarterly earnings of $572 million, with record quarterly adjusted EBITDA of $1.254 billion, and record quarterly adjusted cash flow from operating activities of $922 million or $1.59 per share [6][7] - For the full year 2024, earnings reached $1.874 billion, with record annual adjusted EBITDA of $4.408 billion, a 15% increase from 2023, and record full year adjusted cash flow from operating activities of $3.265 billion or $5.70 per share [7][22] - The fourth quarter adjusted EBITDA increased by 21% compared to the same period in the prior year [19] Business Line Data and Key Metrics Changes - In the pipelines segment, higher contributions were noted from Alliance due to increased ownership and higher demand for seasonal contracts, while lower net revenue was observed on the Cochin pipeline due to lower firm tolls [20] - Facilities saw an increase in contributions from PGI due to higher revenue associated with oil batteries acquired in Q4 2024 [20] - The marketing and new ventures segment reflected higher net revenue from contracts with customers due to increased ownership interest in Aux Sable and higher NGL margins [20] Market Data and Key Metrics Changes - Total volumes were 3.67 million barrels per day in Q4, representing a 6% increase over the same period in the prior year [22] - The company executed contracts for approximately 170,000 BOE per day of pipeline transportation, primarily on Alliance and Peace Pipeline [9] Company Strategy and Development Direction - The company aims to strengthen its existing franchise, increase exposure to lighter hydrocarbons, and access global market pricing for Canadian energy products [8] - Pembina is focusing on capital-efficient projects, including the Cedar LNG project and the Phase VIII Peace Pipeline expansion, to accommodate growing production in the Western Canadian Sedimentary Basin [10][11] - The company is also exploring opportunities in the data center industry through the Greenlight Electricity Centre project [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed excitement about the growth opportunities in the Western Canadian Sedimentary Basin and the company's strategic positioning to benefit from this growth [24] - The company anticipates continued momentum into early 2025, reflecting a strong position in the Canadian energy industry [17] Other Important Information - The company announced a 3.4% increase in the common share dividend, reflecting strong financial results [22] - The ratio of proportionally consolidated debt-to-adjusted EBITDA was 3.5 times, indicating a strong balance sheet and a BBB credit rating [23] Q&A Session Summary Question: What kind of commercial and growth opportunities might the rights to the NGLs off the Yellowhead mainline project create? - The company estimates it could build approximately 500 million cubic feet per day of extraction capacity, resulting in about 25,000 barrels of NGL extraction [29] Question: Can you talk about the potential capital requirement for the NGLs off the Yellowhead mainline? - The estimated cost for an asset of this size is in the range of $400 million to $500 million [49] Question: How is the company progressing in contracting capacity for Cedar LNG? - The company has received positive responses from a broad range of customers and is working through the contracting process [54] Question: What is the expected return profile for the Greenlight project? - The returns are expected to be consistent with midstream infrastructure returns, with ongoing negotiations for long-term contracts [66] Question: How is the company addressing the ongoing rate case situation with shippers on the Alliance pipeline? - The company is actively engaging with shippers to reach a negotiated settlement and is evaluating expansion opportunities based on shipper demand [41][72] Question: How does the company view the appetite for risk and purchase returns in the current market? - The company continues to evaluate opportunities across its value chain, focusing on creative solutions and maintaining a strong track record in capital execution [111]