Canadian Natural Resources Limited

Good morning. We would like to welcome everyone to Canadian Naturals 2023 Fourth Quarter and Year End Earnings Conference Call and Webcast. After the presentation, we will conduct a question and answer session. Instructions will be given at that time. Please note that this call is being recorded today, February 29, 2024, at 9 a.m. Mountain Time. I would now like to turn the meeting over to your host for today's call, Lance Kasson. Manager of Investor Relations. Please go ahead.

Thank you, operator. Good morning, everyone. And thank you for joining Canadian Natural's fourth quarter and annual 2023 earnings conference call. As always, before we begin, I'd like to remind you of our forward-looking statements, and it should be noted that in our reporting disclosures, everything is in Canadian dollars unless otherwise stated, and we report our reserves and production before royalties. Additionally, I would suggest review our comments on non-GAAP disclosures in our financial statements. Speaking on today's call with me today are Tim McKay, Vice Chairman, Scott Stealth, President, Robin Zabeck, Chief Operating Officer, Conventional E&P, and Mark Steenthorpe, our Chief Financial Officer. Tim will first speak to how our strategy and execution has resulted in strong corporate results. Scott will deliver specifics on our record production and additional details on our safe, reliable, and world-class operations. Next, Robin will provide highlights of our growing high value reserves. And then Mark will summarize our strong financial results, including increasing shareholder returns as we reached an important net debt milestone. To close, Scott will summarize prior to open up the line for questions. With that, I'll turn it over to you, Tim.

Thank you, Lance. Good morning, everyone. Canadian Natural has a proven effective strategy. And as a result, in 2023, we delivered on our capital allocation strategy. We strengthened our balance sheet. We provided significant returns to shareholders. As well, we were strategic in developing our assets, achieving record annual production, as well as growing our reserves organically on a both total proven and total proven plus probable basis with reserve replacement ratios of 166% and 194% respectively. This strong execution in 23 sets us up to continue to deliver on our capital allocation strategies. through our disciplined 24 capital budget of approximately $5.4 billion. This budget is strategically weighted to longer cycle thermal development in the first half of 24 and shorter growth in the second half of the year, targeting strong exit production levels. As well, it provides us the flexibility to adjust to changing market egress and evolving market conditions, ensuring we are allocating capital effectively and maximizing value for our shareholders. Canadian Natural is committed to supporting Canada and Alberta's climate goals, and we continue to reduce our environmental footprint with our robust environmental targets, including net zero GHG emissions in the oil sands by 2050. We are uniquely positioned with a diverse, long-life, low-decline assets, which are ideal to apply technologies to reduce GHG emissions and provide industry-leading environmental performance. We believe it's important to continue to work together with the Canadian and Alberta governments to make Pathways Align a transform of industry collaboration and achieve meaningful GHG reductions in Canada. We believe Canadian energy is one of the most responsibly produced sources of energy in the world and should be a preferred energy choice. I will now turn it over to Scott for a detailed review.