ConocoPhillips

Please press star 1-1 on your touchtone phone. I will now turn the call over to Guy Baber, Vice President, Investor Relations. Sir, you may begin.

Thank you, Liz, and welcome everyone to our second quarter 2025 earnings conference call. On the call today are several members of the ConocoPhillips leadership team, including Ryan Lance, Chairman and CEO, Andy O'Brien, Chief Financial Officer and Executive Vice President of Strategy and Commercial, Nick Olds, Executive Vice President of Lower 48 and Global HSE, and Kirk Johnson, Executive Vice President of Global Operations and Technical Functions. Ryan and Andy will kick off the call with opening remarks, after which the team will be available for your questions. For Q&A, we will be taking one question per caller. A few quick reminders today. First, along with the release, we publish supplemental financial materials and a slide presentation which you can now find on the Investor Relations website. Also, during this call, we will make 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. 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'll turn the call over to Ryan.

Thanks, Guy, and thank you to everyone for joining our second quarter 2025 earnings conference call. Starting with results and outlook, we delivered another strong execution quarter, once again exceeding the top end of our production guidance range. We reiterated the midpoint of our full year production guidance, even with the announced agreement to sell our Anadarko Basin asset for $1.3 billion. And our capital spending and operating cost guidance ranges, both of which we lowered last quarter, remain unchanged. On return of capital, we may remain on track to distribute about 45% of our full-year CFO to shareholders this year. That's consistent with our prior guidance and our long-term track record. The bottom line, we're operating well, we're delivering on our plan, and we're well positioned for a strong second half of the year with clear free cash flow tailwinds, including lower capital spending. Turning to the Marathon Oil acquisition, I'm pleased to announce that the asset integration is now complete and that we've significantly outperformed our acquisition case. We added more high-quality, low-cost supply resource, we're achieving more synergies, We're delivering a more efficient lower 48 development program, and we've already announced more asset sales than we guided at the time of the transaction announcement. While these are all significant achievements, we're not stopping there. Given our integration success, which builds upon other successful transactions, as well as our recent implementation of a new company-wide enterprise resource system, we continue to drive for improvement across every level of the organization. As part of this effort, we've identified more than $1 billion of additional cost reduction and margin enhancement opportunities. To be clear, that's on top of the more than $1 billion of marathon synergies we've already expected to realize. Additionally, now that we've exceeded our $2 billion asset sales objective ahead of schedule, We're raising our total disposition target to $5 billion. Collectively, these initiatives will strengthen our ability to generate strong returns on and of capital through the cycles and enhance our long-term value proposition. And that's a value proposition that's already differentiated, not only relative to our sector, but relative to the broader S&P 500 as well. We believe we have the highest quality asset base in our peer space. Our global portfolio is deep, durable, and diverse, and we're recognized as having the most advantaged U.S. inventory position in the sector. We believe this advantage will become increasingly apparent as the U.S. shell industry continues to mature, and investors are forced to more clearly sort through what we call the inventory haves and have-nots. We are a clear leader in the U.S. inventory haves. In addition, we're uniquely investing in our high-quality portfolio, specifically in our longer cycle projects in LNG and Alaska, to deliver strong returns and a compelling multi-year free cash flow growth profile. Assuming a $70 per barrel WTI price environment, we expect the major projects we're currently progressing, in combination with the additional cost and margin enhancements we just announced, to drive a $7 billion free cash flow inflection by 2029. That would almost double the consensus free cash flow expectation for the entire company this year. Now with that, let me turn the call over to Andy to cover our second quarter performance, 2025 guidance, and strategic objectives in more detail.