ConocoPhillips

Welcome to the first quarter 2026 ConocoPhillips earnings conference call. My name is Liz, 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 Guy Baber, Vice President, Investor Relations. Sir, you may begin.

Thank you, Liz, and welcome everyone to our first quarter 2026 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 the Q&A, we will be taking one question per caller. A few quick reminders. First, along with today's release, we published 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. We will make reference to some non-GAAP financial measures today. 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 first quarter 2026 earnings conference call. As we begin, I want to start by acknowledging the ongoing conflict in the Middle East. Our thoughts are first and foremost with our employees, our partners, and the broader communities directly affected by these events. The supply curtailment and ensuing macro volatility have not only impacted energy markets, but are also being felt across the global economy. Periods of volatility in our industry are inevitable. But this conflict reinforces the importance of both U.S. and global energy security. We certainly hope for a swift and diplomatic solution that resolves the conflict, protects U.S. interests, opens commerce, and provides stability in the region. Now, turning to the first quarter results, we delivered another strong quarter of strong financial and operational performance. We generated $2.4 billion of free cash flow and returned $2 billion of capital to our shareholders. In the lower 48, where we have the deepest and highest quality inventory of any operator, we continue to improve our peer leading capital efficiency, meaningfully increasing the number of three mile plus laterals in our program. In Alaska, we're winding down another successful winter construction season with the Willow project now 50% complete. Our teams have completed the project's gravel scope, an important milestone, and mobilization for summer work is underway. We also recently completed our four-well exploration program in Alaska, the first in a multi-year program to leverage existing infrastructure to unlock additional low-cost-to-supply resource, consistent with our long-term track record. It's still early days, but we're excited about the opportunity and the results and more low cost of supply resources coming to the greater Willow area. As the broader industry increasingly recognizes Alaska's unique resource potential, we believe our longstanding position, legacy infrastructure investments, and technical expertise provide us with a meaningful competitive advantage. Turning to LNG, we recently executed a third-party tolling agreement in Equatorial Guinea, extending the life of the LNG facility well into the next decade. This is a strategically located asset in a gas-rich part of the world surrounded by discovered resource, which supports its long-term potential. Additionally, the Port Arthur LNG project continues to progress very well, with first LNG expected next year. Turning to the outlook, while ongoing events have significantly tightened crude oil and LNG markets, the macro environment remains volatile and pretty impossible to predict. Amidst such uncertainty, it's critical our priorities remain steadfast. They are clear, consistent, and they are durable. They have served us well for the last decade and will continue to guide us into the future. We will continue delivering base dividend growth competitive with the top quartile of the S&P 500. We will maintain and protect our investment grade balance sheet. Recall last year, we were one of the only companies that delivered on our shareholder return objectives and strengthened the balance sheet. We'll continue returning significant CFO to shareholders right off the top. We've averaged about 45% over the past decade through the cycles. And after meeting all these priorities, we'll evaluate disciplined reinvestment for growth. In terms of how these priorities are translating to our 2026 plan, our expected CFO generation is up materially given our unhedged oil and LNG torque. Shareholders will directly share in this upside with our 45% of CFO return of capital objective. We have also added a modest amount of Permian activity over the second half of the year to maintain our operational efficiency into 2027. Long term, ConocoPhillips continues to offer a compelling value proposition that is differentiated in the market. We believe we have the highest quality asset base in our peer space. As we have said before, We are resource rich in a world that is looking increasingly resource scarce. This is a distinguishing competitive advantage. We have the deepest and most capital efficient lower 48 inventory in the sector. And outside the lower 48, we have an abundance of diversified, low cost of supply legacy assets. And we are uniquely investing in our portfolio to drive peer leading free cash flow growth. We're on track to deliver our previously announced $7 billion free cash flow inflection by 2029, driven by our cost reduction efforts, LNG projects, and Willow. So with that, let me turn the call over to Andy to cover our first quarter performance and updated outlook in more detail.