Imperial Oil Limited

Good day and welcome to the Imperial Oil Second Quarter 2026 Earnings Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Peter Shaw, Vice President of Investor Relations. Please go ahead, sir.

Good morning, everyone. Welcome to our Second Quarter Earnings Conference Call. I am joined this morning by Imperial's senior management team, including John Whelan, 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 a 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 factor and assumptions are described in further detail on our second quarter earnings release that we issued this morning, as well as our most recent Form 10-K. All of these documents are available on CDAR+, EDGAR, and our website, so I would ask you to reference those. John is going to start with some opening remarks and then hand it over to Dan, who is going to provide a financial update. And then John will provide an 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 second quarter earnings call. I hope everybody 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 ongoing volatility in commodity markets, driven by geopolitical events, reinforcing the strategic importance of commodity and product supply from Canada to the rest of the world. For Imperial, our advantaged long-standing 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. As you will have seen with the recent trilateral MOU signing, governments and industry through the Oil Sands Alliance continue to collaborate on creating the conditions needed to support a more competitive, growing, and lower emissions Canadian oil sands sector. The MOU is a positive step. And while there's definitely more work to do, I'm encouraged and optimistic about the potential for Canadians, for Albertans, for the industry, and for Imperial. With a supportive fiscal and regulatory framework, Imperial has the potential to double our gross operated upstream production over time with the development of our high quality oil sands leases using our advantaged technology. Consistent with that, we continue to construct the enhanced bitumen recovery technology pilot at our Aspen lease, which is scheduled to start up early next year. We also continue to maximize the value of our existing assets, leveraging our competitive advantages of technology, scale, integration, execution excellence, and most importantly, our people. From a financial perspective, cash flows from operating activities were over $2.7 billion in the quarter. Excluding the impact of working capital, cash flows from operating activities were over $2.5 billion. Moving to operations, I want to highlight several key achievements. At Curl, production was in line with our second best second quarter ever. We also successfully completed our planned turnaround work ahead of schedule and below budget. At Coal Lake, we continue to see strong results from our Grand Rapids solvent-assisted SAGD project and the ramp-up of our Lemming SAGD project. These projects support our strategy of transforming Coal Lake with advantaged technology. In the downstream, we completed the planned turnaround at our Strathcona refinery following a record 10-year interval for the crude unit. And we expect the turnaround to be ranked in the first quartile for cost and duration against industry benchmarks. Overall, we feel really good about our strategy and the investments we're making to grow free cash flow and to continue to deliver unmatched industry-leading total shareholder return. However, we have had some short-term challenges in the downstream. and I'll talk to a bit more detail as we go through the operations. And as a result, we've lowered our downstream throughput guidance by approximately 6%. That said, I would highlight that we still expect higher volumes and throughput across our entire business in the second half now that our significant turnaround activity is behind us. 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 now grown for 31 consecutive years. And then, as we generate surplus cash above and beyond our commitments, we look to return that to shareholders in a timely manner. As you've seen in the release and given our strong financial performance and confidence going forward, we plan to accelerate the share repurchases under the NCIB program and anticipate repurchasing all remaining allowable shares prior to year end. And on that note, I'll pass it over to Dan to talk about our financial performance.