APA Corporation

Good day and thank you for standing by. Welcome to the APA Corporation's first quarter 2026 financial and operation results conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you will need to press star 11 on your telephone. You will then hear an automated message advising you your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Stephan Aka, Managing Director of Investor Relations. Sir, please go ahead.

Good morning, and thank you for joining us on APA Corporation's first quarter of 2026 Financial and Operational Results Conference Call. We will begin the call with an overview by CEO John Chrisman. Ben Rogers, CFO, will share further color on our results and outlook. Steve Reine, President, and Tracy Henderson, Executive Vice President of Exploration, are also on the call and available to answer questions. We will start with prepared remarks and allocate the remainder of time to Q&A. In conjunction with yesterday's press release, I hope you have had the opportunity to review a financial and operational supplement, which can be found on our investor relations website at investor.apacorp.com. Please note, that we may discuss certain non-GAAP financial measures. A reconciliation of the differences between these measures and the most directly comparable GAAP financial measures can be found in the supplemental information provided on our website. Consistent with previous reporting practices, adjusted production numbers cited in today's call are adjusted to exclude non-controlling interest in Egypt and Egypt tax barrels. I'd like to remind everyone that today's discussion will contain forward-looking estimates and assumptions based on our current views and reasonable expectations. However, a number of factors could cause actual results to differ materially from what we discuss on today's call. A full disclaimer is located with the supplemental information on our website. And with that, I will turn the call over to John.

Good morning, and thank you for joining us. Today I will review our first quarter 2026 results, highlight our execution against APA strategic priorities, and share our outlook for the remainder of the year. I want to first acknowledge the ongoing events in the Middle East. The escalation in geopolitical tensions and the human impact of the conflict are deeply concerning. Our thoughts are with those affected. Our teams in Egypt continue to operate safely and without disruption. We remain in close coordination with our partners and government stakeholders. We have a long track record of operating in the country, and our priority remains the safety of our people and the reliability of our operations. The increased volatility in global energy markets reinforces the importance of a sound long-term strategy. At APA, our strategy is very clear. We will deliver top-tier operational performance across our assets, we will build and grow a high-quality portfolio, and we will maintain financial discipline. These principles have guided our strategic direction and capital allocation priorities over the last several years and continue to shape our path forward. Our operational focus has never been stronger. In the Permian, we've significantly improved capital efficiency while delivering resilient oil production volumes, all with fewer rigs and lower capital intensity. Our improving execution is driving cost leadership across key operational categories with great momentum and clear visibility to further progress ahead. In Egypt, we've strengthened base production reliability through targeted water flood investments, a more efficient workover program, and increased uptime, all of which have helped moderate effective base decline rates. At the same time, we're expanding our gas development activity to build a more durable total production foundation. Across the broader portfolio, we've continued to high-grade our key assets and build long-term optionality. First, in the Permian, we've repositioned the asset base to be entirely unconventional, establishing more than a decade of economic inventory with meaningful upside. Second, in Egypt, we've enhanced the value of our assets through improved fiscal terms and a more gas-weighted activity mix. Third, in Suriname, we're advancing a world-class development toward first oil. And finally, we're building future growth opportunities through exploration. With respect to financial discipline, we've streamlined our corporate overhead to drive sustainable structural efficiencies. This lower cost base, combined with disciplined capital allocation across our high graded portfolio, supports more steady free cash flow generation through commodity cycles. Alongside our highly profitable gas trading business, This positions us to deliver meaningful shareholder returns while accelerating progress towards the $3 billion net debt target we set just nine months ago. Together, these actions demonstrate consistent execution of our strategy, which is to drive strong operational performance, position the portfolio to deliver long-term value, and maintain balance sheet strength. Turning to the specifics of our first quarter performance, I'd like to highlight several notable achievements. Across the portfolio, our teams executed exceptionally well and delivered capital spend and operating costs below guidance, despite inflationary pressures. In the Permian, operational efficiencies and improved uptime drove oil production above guidance, while gas volumes were curtailed due to weak Waha pricing. In Egypt, continued success in the gas program, including on our newly acquired acreage, is underpinning the delivery of our ambitious 2026 targets. Longer term, we remain excited about the extensive prospectivity of the Western Desert. Robust asset performance, complemented by favorable commodity prices, generated nearly half a billion dollars in free cash flow during the quarter. Ben will discuss the steps we're taking to further strengthen our balance sheet in the current price environment. Looking ahead, we are carrying significant operational momentum into the balance of the year. In the U.S., we are raising our four-year oil production outlook to 122,000 barrels per day, reflecting our confidence in continued strong performance. In Egypt, despite gross production volumes above previous expectations, our adjusted volume guidance has been lowered to reflect the PSC impacts of higher commodity prices. We remain focused on capital discipline and cost management, with no change to our upstream capital or LOE guidance. In closing, our first quarter results reflect continued execution across our Permian and Egypt assets. In the current higher commodity price environment, we are prioritizing free cash flow generation over incremental activity and maintaining a sustained focus on cost reductions to drive long-term value. We remain rigorous in our capital allocation across our foundational assets in the Permian and Egypt, which are poised to deliver consistent production volumes for the next several years, providing a stable and durable base for free cash flow generation. Organic high-margin oil production growth is expected to come from Suriname Grand Morgue, which remains on track for 2028 First Oil. This is a clear differentiator relative to our peers, representing a significant free cash flow growth engine for the long term. We remain committed to our capital returns framework with a clear path to further debt reduction and share repurchases supported by our current free cash flow outlook. I will now turn the call over to Ben.