Imperial Oil Limited

Good day and welcome to the Imperial Oil Third 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, and welcome to our third 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 the links 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. and many more. Thank you. John is going to start this morning 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 operational update. Once that is done, we will follow with a Q&A session. With that, I will turn it over to John for his opening remarks.

Thank you, Peter. Good morning, everybody, and welcome to our third quarter earnings call. Hope everybody's doing well, and as always, we appreciate you taking the time to join us this morning. Since our last earnings call, we've seen continued volatility in commodity markets driven by geopolitical events, highlighting the important role Canada plays as a reliable supplier of energy and the additional opportunity for Canada to play an even larger role going forward. We have also seen policy announcements to support growth in Canada, such as the productivity mega deduction and regulatory reforms to improve project approval timelines. Governments and industry continue to work closely together to put in place the conditions needed to support a globally competitive, growing and lower emissions Canadian oil sands sector. I remain encouraged by the progress to date. Further fiscal certainty and regulatory reform can unlock significant industry investment, improving our economy and creating jobs. An imperial is uniquely positioned with our advantaged portfolio of high-quality, undeveloped resource that underpins the opportunity to materially grow, with the potential to double our gross operating production. Looking at the current quarter, our results benefited from our integrated business model. In particular, our downstream segment, which delivered record earnings Reflecting tightness in refined product markets as we continue to reliably deliver the fuels Canadians need. We generated over $3.2 billion of cash flow from operations in the quarter, excluding the impact of working capital. Cash flows from operating activities were nearly $3 billion. In the quarter, we increased our cash balance to $2.9 billion, even after funding our capital expenditures, dividend payment, and accelerated share repurchases. And we continue to see strong market conditions in October. We're on pace to complete our NCIB by year-end and are well-positioned to return additional surplus cash to shareholders in the new year. As we continue to maximize the value of our existing assets, I want to highlight a few key achievements. In the downstream, I'm particularly pleased with the team's progress in achieving record renewable diesel production, allowing us to provide low carbon, locally produced renewable diesel fuel to the tight Canadian market while capturing significant ongoing value from this strategic investment. In the upstream, We recognize the third quarter was below expectations. The team at Curl was challenged this quarter with a third-party pipeline outage caused by a transformer failure that resulted in a full production shutdown for a few days. Last quarter, I shared that we were expecting to end the year at the low end of upstream production guidance range, and we still remain on track at Coal Lake and Syncrude to achieve that. However, as we disclosed in the press release this morning, given the impacts of third-party events on Curl's year-to-date production, we are now targeting gross annual production of 280,000 barrels per day at Curl. Stepping back from the quarter for a moment, I'd like to recognize the team at Curl for achieving an important milestone. One billion barrels of cumulative production in the third quarter. I'm very proud of this accomplishment and the team, and I'm excited for what's to come. We continue to target higher volumes in the fourth quarter and remain confident in our strategy to maximize value at Curl and Coal Lake, including previously shared higher volumes and lowering unit cash costs. Overall, we feel really good about our strategy and the investments we're making to grow free cash flow, progress long-term growth, and return substantial surplus cash to shareholders. And on that note, I'll pass it over to Dan to talk about our financial performance.