Imperial Oil Limited

Please stand by. Good day, and welcome to the Imperial Oil First Quarter 2026 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. Welcome to our First Quarter Earnings Conference Call. I am joined this morning by Imperial's Senior Management Team, including John Whalen, Chairman, President, and CEO. Dan Lyons, Senior Vice President, Finance and Administration, Cheryl Gomez-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 a number of factors and assumptions. Forward-looking information and the risk factors and assumptions are described in further detail on our first quarter earnings release that we issued earlier this morning, as well as our most recent Form 10-K. All these documents are available on CDAR+, EDGAR, and our website, so I'd ask you to refer to those. John is going to start this morning with some opening remarks and then hand it over to Dan, who's going to provide the financial update. And then John will provide his operations update. Once that is done, we will follow with the 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 first quarter earnings call. I hope everyone is doing well, and as always, we appreciate you taking the time to join us this morning. Since our last earnings call, we've seen significant volatility, in commodity markets driven by geopolitical events in the Middle East. This has served to tighten the supply-demand balance for a range of commodities globally, resulting in a materially different outlook for this year and potentially beyond. It also reinforces the strategic importance of commodity and product supply from Canada to the rest of the world. Our longstanding business model uniquely provides significant leverage to upside conditions while also protecting against downside scenarios. This is a substantial long-term structural benefit that allows us to return additional surplus cash to shareholders at higher prices while adhering to our investment plans and strategic priorities over a range of price scenarios. There continues to be a dynamic global backdrop. However, our corporate strategy and investment plans remain consistent. We continue to maximize the value of our existing assets and progress material, high-quality, organic growth opportunities, leveraging our competitive advantages of technology, scale, integration, execution excellence, and very importantly, our people. Speaking of technology and scale, we also continue to advance our business transformation restructuring plans. As a reminder, we expect to capture significant long-term efficiency and effectiveness benefits as we further leverage rapidly advancing technology and ExxonMobil's global capability centers. Now, from a financial perspective, cash flows from operating activities were $756 million in the quarter. Excluding the impact of working capital, cash flows from operating activities were over $1.2 billion. Moving to operations, I want to highlight several achievements. At Curl, production was in line with our second best first quarter ever, despite the impact of a third-party natural gas supply outage. At Coal Lake, we achieved our highest first quarter production in over eight years, supported by new, technology-advantaged, low-cost volume that is transforming the asset. In the downstream, our renewable diesel facility at Strathcona captured significant value compared to more costly imports. In terms of capital allocation, our approach remains consistent with our long-standing priorities, which begins with investing in the business to sustain and grow value. Next, a reliable and growing dividend remains a key priority. Our annual dividend has grown for 31 years. And then, as we generate surplus cash above and beyond our commitments, We look to return that to shareholders in a timely manner. And as you've seen in the release, we intend to renew our normal course issuer bid at the end of June. Overall, I'm excited about the opportunities in front of us, including our long-term in situ growth potential. We continue to construct the enhanced bitumen recovery technology pilot at our Aspen lease, which can unlock significant new low-cost volume growth for Imperial and its shareholders. With that, I'll pass things over to Dan to walk through the financial results in more detail.