Crescent Point Energy Corp.

Good morning, ladies and gentlemen. My name is Grant, and I'll be the operator for Crescent Point Energy's fourth quarter and year-end 2021 conference call. This conference call is being recorded today and will be webcast along with a slide deck, which can be found on Crescent Point's website homepage. The webcast may not be recorded or rebroadcast without the express consent of Crescent Point Energy. All amounts discussed today are in Canadian dollars. with the exception of West Texas Intermediate, or WTI, pricing which is quoted in U.S. dollars. The complete financial statements and management's discussion analysis for period ending December 31, 2021, were announced this morning and are available on Crescent Point, Cedar, and Edgar websites. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session for members of the investment community. If you would like to ask a question during this time, simply press star, then the number one on your telephone keypad. If you would like to withdraw your question, please press star, then two. During the call, management may make projections or other forward-looking statements regarding future events or future financial performance. Actual performance events or results may differ materially. Additional information or factors that could affect Crescent Point's operations or financial results are included in Crescent Point's most recent annual information form, which may be assessed through the Crescent Point, CEDAR, or EDGAR websites or by contacting Crescent Point Energy. Management also calls your attention to the forward-looking information and non-gap measures sections of the press release issued earlier today. I will now turn the call over to Craig Brixa. President and Chief Executive Officer at Crescent Point. Please go ahead, Mr. Brixa.

Thank you, Operator. I'd like to welcome everyone to our fourth quarter and year-end 2021 conference call. With me today are Ken Lamont, our Chief Financial Officer, and Ryan Gritsville, our Chief Operating Officer. As the Operator highlighted, this conference call is being webcast along with the slide deck, which can be found on our website. I'd like to start today's call by briefly highlighting some key accomplishments that led to a very successful year at Crescent Point. In 2021, we continued to build on our key pillars of balance sheet strength and sustainability. We successfully executed our A&D strategy to enhance our asset portfolio, notably through our accretive KBOB Duvernay acquisition and through the sale of non-core assets. We demonstrated discipline by keeping our capital expenditures in line with our guidance. We generated over $785 million of excess cash flow. We continued our operational excellence by realizing efficiencies, and we made great ESG progress in reducing both our emissions and our asset retirement obligations. Through these successes, we further rewarded our shareholders by fully repaying $670 million of debt incurred from our KBOB acquisition, in addition to reducing our total net debt by approximately $144 million, and significantly increasing our return of capital offering through multiple dividend increases and share buyback. I'm happy to report that we have increased our planned share of purchases from $100 million to $150 million, which is expected to be executed by mid-year. This increase reflects the continued improvement in our financial outlook and our commitment to returning capital to our shareholders. Our progress in 2021 was a direct result of our continued discipline and execution over the last several years. A key element of our improved outlook is our new KBOB DuVernay asset, which is fundamentally enhanced both our excess cash flow generation and sustainability by adding substantial inventory of high return drilling locations. The full cycle returns we expect to generate from this asset has been improved significantly since our initial acquisition. This improvement has been driven by our success in reducing well costs and commodity price strength. Since entering the play, we have already reduced full cycle well costs by approximately $2 million, or 20%. We expect to achieve additional efficiencies over time as we gain further operational momentum in the plate. I'd note that we achieved these cost savings while also deploying a larger frac design than the prior operator. We believe this design will help us further enhance our ultimate recoveries and overall returns. I'd also like to highlight that we recently brought on stream our first fully operated multi-well pad in the Cave of Duvernay. Our initial well results are currently exceeding our 2P booked type well expectations. Ryan will speak to these results in more detail later in the call. We will continue to demonstrate our operational excellence in this play, and we are excited to share our future successes as we further develop the asset. I'd like to thank our employees for their hard work and contributions towards a great year at Crescent Point. I'll now turn the call over to Ken to discuss our financial results. Ken?

Great. Thanks, Craig. For the year ended December 31st, 2021, Adjusted funds flow totaled $1.48 billion, or $2.57 per share diluted, up from $874 million, or $1.64 per share in the prior year. Our annual development capital expenditures totaled $624 million. This is in line with our annual guidance. In 2021, we continued to strengthen our balance sheet by fully repaying the $670 million of debt to acquire the KBOB DuVernay assets. in addition to reducing our net debt by $144 million compared to the prior year. As a part of our commitment to balance sheet strength, we successfully renewed and extended our credit facilities to 2025 and retained significant unutilized credit capacity of approximately $2 billion at year-end 2021. Throughout the past year, we allocated most of our excess cash flow to our balance sheet. As a result, we've been moving quickly towards meeting our near-term leverage target of 1.3 to 1.4 billion in absolute net debt. As the year progressed and we closed in on reaching our leverage target, we began to increase our capital returns to shareholders. We delivered these additional returns through core dividend increases and share repurchases. Our current quarterly dividend a 4.5 cents per quarter or 18 cents annualized equates to a conservative payout ratio of 7% of adjusted fund flow at $50 WTI. We believe this payout ratio is both sustainable and allows for dividend growth over time. In addition to increasing our core dividend, we are also planning to repurchase up to 150 million shares under our NCIB by mid-2022, a 50 million increase from our previous plans. Since our December announcement that we would start buying back shares, we've repurchased and cancelled approximately 8.1 million shares for a total consideration of $60 million. We have also filed notice to the Toronto Stock Exchange disclosing our intention to renew our NTIB, which expires on March 8, 2022. Most of our excess cash flow in the first half of 2022 remains earmarked for additional debt reduction. By doing so, we expect to We expect to obtain our near-term leverage targets over the next six months at current commodity prices. We plan to return additional capital to ShareList as we further strengthen our balance sheet and will provide the investment community with a more formal return to capital framework. I will now turn things over to Ryan to speak to our operational and reserves highlights. Ryan?