Diamondback Energy, Inc.

Good day, and thank you for standing by. Welcome to the Diamondback Energy's fourth quarter 2025 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 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference call is being recorded. I would now like to hand the conference over to your first speaker today, Adam Lawless. Please go ahead.

Thank you, Corey. Good morning, and welcome to Diamondback Energy's fourth 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 Case Van Hoff, CEO, Danny Weston, COO, Jerry Thompson, CFO, and Al Bargwin, Chief Engineer. During this conference call, the 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 the 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. I'm now turning the call over to Case. Thanks, Adam. Welcome, everyone, to the fourth quarter earnings call. As usual, we will open up the line for questions. I hope everybody read the letter last night, a lot of good detail in there, and we look forward to discussing. So, operator, please open the line for questions.

Thank you. At this time, we will conduct a question and answer session. As a reminder, to ask a question, you will need to press star 1-1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1-1 again. Please stand by while we compile the Q&A roster. Our first question comes from Neil Mehta of Goldman Sachs. Neil, your line is open.