ConocoPhillips

Welcome to the first quarter 2023 ConocoPhillips earnings conference call. My name is Michelle and I will be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session. During the question and answer session, if you have a question, please press star 1-1 on your touchtone phone. I will now turn the call over to Phil Gresh, Vice President, Investor Relations. Sir, you may begin.

Thank you, Michelle, and welcome to everyone to our first quarter 2023 earnings conference call. On the call today are several members of the ConcoPhillips leadership team, including Ryan Lance, Chairman and CEO, Bill Bullock, Executive Vice President and Chief Financial Officer, Dominic Macklin, Executive Vice President of Strategy, Sustainability, and Technology, Nick Olds, Executive Vice President of Lower 48, Andy O'Brien, Senior Vice President of Global Operations, and Tim Leach, Advisor to the CEO. Ryan and Bill will kick off the call with opening remarks, after which the team will be available for your questions. A few quick reminders. First, along with today's release, we publish supplemental financial materials and a slide presentation. which you can find on the Investor Relations website. Second, during this call, we will be making forward-looking statements based on current expectations. Actual results may differ due to factors noted in today's release and in our periodic SEC filings. Finally, we will make reference to some non-GAAP financial measures. Reconciliations to the nearest corresponding GAAP measure can be found in today's release and on our website. With that, I will turn the call over to Ryan.

Thanks, Phil, and thank you to everyone for joining our first quarter 2023 earnings conference call. Since we just hosted our analyst and investor meeting in New York a few weeks ago, we are going to keep our prepared remarks fairly brief today. ConocoPhillips delivered a strong first quarter result, setting a new production record for the company, as well as in the lower 48. Underlying production growth was 4% year-on-year, including 8% year-on-year growth in the lower 48. We are confident in our outlook for the rest of the year, and we are increasing the midpoint of our full-year production guidance. We are keeping our full-year capital and operating guidance unchanged. Shifting to returns on enough capital, we continue to demonstrate our returns-focused value proposition in the first quarter. Our return on capital employed once again exceeded our goal of being top quartile in the S&P 500. And as we highlighted at the recent analyst and investor meeting, we remain confident in our ability to achieve this objective in a mid-cycle price environment over the course of our 10-year plan. On return of capital, we are on track to deliver on our plan $11 billion for 2023. which represents greater than 50% of our projected CFO and is highly competitive with peers. And we are able to achieve all of this while investing in our attractive mid- and long-term opportunities. Our first quarter was also quite busy from a strategic perspective. At Port Arthur LNG, we acquired a 30% equity interest in the joint venture upon final investment decision on Phase 1. At Willow, we are pleased to receive a positive record of decision and began road construction. And at APL&G, we announced plans to become upstream operator following the closing of EIG's transaction with Origin and to purchase up to an additional 2.49% in the project. We also accelerated our 2030 greenhouse gas emissions intensity reduction target to 50 to 60%, versus a 2016 baseline as we further advance our net zero operational emissions ambition. I know everyone has the question on Cermont, so let me address that right now. We acknowledge that we received our right of first refusal notice, and we're certainly reviewing it carefully. Now, in conclusion, as we shared at our analyst and investor meeting last month, Our deep, durable, and diversified asset base is well-positioned to generate solid returns and cash flow for decades to come. And as I said then, we challenge any other E&P company to show you a plan with this kind of duration. Now let me turn the call over to Bill to cover our first quarter performance in more detail.