Imperial Oil Limited

and welcome to the Imperial Oil Second Quarter 2025 Earnings Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Peter Shaw, Vice President of Investor Relations. Please go ahead.

Good morning, everyone, and welcome to our Second Quarter Earnings Conference Call. I am joined this morning by Imperial's Senior Management Team, including John Whalen, Chairman, President, and CEO of Dan Lyons, Senior Vice President, Finance and Administration. Cheryl Goldin-Smith, Senior Vice President of the Upstream. And Scott Maloney, Vice President of the Downstream. Today's comments include reference to non-GAAP financial measures. The definitions and reconciliations of these measures can be found in attachment six of our most recent press release and are available on our website with the link to this conference call. Today's comments may contain forward-looking information. Any forward looking information is not a guarantee of future performance and actual future performance and operating results can vary materially depending on the number of factors and assumptions. Forward looking information and the risk factors and assumptions are described in further detail on our second quarter earnings release that we issued this morning, as well as our most recent foreign 10K. All these documents are available on CDAR Plus, EDGAR and our website. So I'd ask you to reference those. John is going to start with some opening comments. and then hand it over to Dan, who's going to provide a financial update, and then John will provide an operations update. And once that's done, we will follow with Q&A session. So with that, I will turn it over to John for his opening remarks.

Thank you, Peter. Good morning, everybody, and welcome to our second quarter earnings call. I hope everyone is doing well. I'm really pleased to kick off my first earnings call with strong results for the second quarter. We generated cash flow from operations of nearly $1.5 billion. and end at the quarter with approximately $2.4 billion of cash on hand. And we achieved these results while successfully completing significant planned turnaround activity across our integrated portfolio. At the macro level, our upstream price realizations continued to benefit from improved egress in Western Canada. While in the downstream, margins were supported by higher crack spreads since the last quarter. Our resilient business model and strong financial position have allowed us to remain focused on delivering safe, reliable operations while executing on our business plans and strategy, despite significant market volatility. I also want to highlight some major project milestones we achieved in the quarter. At Curl, we completed work that doubles the turnaround interval at one of our two trains. The next turnaround of the K2 train is now scheduled for 2029. At Coal Lake, we finished construction of the new SAGD redevelopment project at Lemming and initiated steaming in the final days of the quarter, setting us up for first production late this year. At Strathcona, construction of the renewable diesel facility was completed, and I'm very pleased to share that first production of renewable diesel began in July. When I think broadly about the outlook for future investment, I'm very encouraged by the constructive dialogue and level of engagement with the federal government and the work that is now ongoing to potentially support industry and major projects in Canada. It's still early, but initial conversations have been encouraging. And finally, our philosophy of returning surplus cash in a timely manner is unchanged. As such, I'm pleased to announce that we've chosen to accelerate share repurchases through our NCIB once again and plan to complete the program by year end. And on that note, I'll turn over to Dan to discuss our financial results in more detail.