Diamondback Energy, Inc.

Good day and thank you for standing by. Welcome to the Diamondback Energy First Quarter 2025 Earnings 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 the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Adam Lawless, VP of Investor Relations. Please go ahead.

Thank you, Lauren. Good morning, and welcome to Diamondback Energy's first quarter 2025 conference call. During our call today, we will reference an updated investor presentation and letter to stockholders, which can be found on Diamondback's website. Representing Diamondback today are Travis Dice, Chairman and CEO, Cade Fantoff, President, Danny Wesson, COO, and Jerry Thompson, CFO. During this conference call, participants may make certain forward-looking statements relating to the company's financial condition, results of operations, plans, objectives, future performance, and businesses. We caution you that actual results could differ materially from those that are indicated in these forward-looking statements due to a variety of factors. Information concerning these factors can be found in the company's filings with SEC. In addition, we will make reference to certain non-GAAP measures. The reconciliations with the appropriate GAAP measures can be found in our earnings release issued yesterday afternoon. Now I'll turn the call over to Travis Stice.

Thank you, Adam. I hope everyone has had a chance to review our stockholder letter that was released last night. Most of our commentary today will be found inside that letter. Operator, would you please open the line for questions?