Crescent Point Energy Corp.

Good morning, ladies and gentlemen. My name is Sylvie and I will be your operator for Crescent Point Energy's first quarter 2022 conference call. This conference call is being recorded today and will be broadcast along with a slide deck which can be found on Crescent Point's website homepage. This 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 and analysis for the period ending March 31, 2022, were announced this morning and are available on the Crescent Point, CDAR, 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 number one on your telephone keypad. And if you would like to withdraw your question, please press star 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 accessed through the Crescent Point, CDAR, 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 Mr. Craig Brixa, President and Chief Executive Officer at Crescent Point. Please go ahead, sir.

Thank you, operator. I'd like to welcome everyone to our first quarter 2022 conference call. With me today are Ben 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. We've had a great start to 2022, building upon our balance sheet strength and sustainability. Our first quarter results demonstrate our continued capital discipline and our focus on growing excess cash flow for increased shareholder returns. We generated $290 million of excess cash flow in the quarter, which allowed us to further reduce our net debt by $230 million and accelerate our return of capital to shareholders. As a result of our significant excess cash flow generation, we are now on pace to achieve our near-term debt target of $1.3 billion in the third quarter. I'm also pleased to announce that we are increasing our quarterly dividend by more than 40% to $0.065 per share or $0.26 per share on an annualized basis. This marks our third consecutive dividend increase. We also remain on track to execute our previously announced plan to repurchase up to $150 million of our shares by mid 2022 as we continue to see tremendous value in our shares at current valuations. Of these plan repurchases, we have already executed approximately 13.5 million shares, more than 70% of our plans for the first half of the year. As we reach our near term debt target, back to be an even stronger position to increase the level of excess cash flow we return to shareholders. We plan to announce a more detailed return of capital framework in the upcoming months as part of our commitment to our shareholder returns. On the operations side, we continue to proactively control our costs despite the current inflationary environment. By putting in place contracts with a number of our service providers, we have successfully managed our supply chain to mitigate inflationary pressures. Our cost control efforts have also been enhanced by our ability to realize efficiencies across our asset base. As a result, we expect our development capital expenditures will be between $875 to $900 million, which is within our prior guidance range. We will continue to monitor our cost assumptions as the year progresses. We have also realized great progress on our ESG performance. I'm pleased to report that we have surpassed our GHG reduction targets three years ahead of schedule and, continued our board renewal process, putting forward a new independent director for election at our AGM next week. I'd like to thank our employees for their hard work and contributions towards another great quarter at Crescent Point. I'll now turn the call over to Ken to discuss our financial results.

Thanks, Craig. For the quarter ended March 31st, 2022, adjusted funds flow totaled $534 million, or $0.92 per share diluted, driven by a strong operating net back of $62 per BOE. Development capital expenditures for the quarter, which includes drilling and development, facilities and seismic, totaled approximately $204 million. We reported net income of $1.2 billion for the first quarter, primarily driven by reversal of a non-cash impairment resulting from an increase in forward commodity prices. Adjusted net earnings from operations was approximately $241 million. Our net debt at quarter end totaled $1.8 billion, which was down $230 million since year-end 2021. our unutilized credit capacity also remains strong at over 2 billion. As Craig mentioned, we have increased our dividend for the upcoming quarter. Our new quarterly dividend of 6.5 cents per share, or 26 cents annualized, is based on our framework that targets dividend sustainability at lower WTI prices and allows for flexibility to return additional capital over time. To further supplement this core dividend, we remain active on our buyback program. and expect to complete the purchase of approximately $150 million of our shares by mid-year. Since December 2021, we have now repurchased for cancellation approximately 13.5 million shares for total consideration of $110 million. Under our current NCIB, which expires in early March 2023, we have approval to repurchase up to 10% of our public float. Our buyback process remains disciplined and is based on a framework that incorporates conservative Mid-cycle price assumptions. We remain active on repurchases in the current market given our compelling valuation. Overall, our allocation of capital continues to demonstrate our commitment to a model that generates value through a combination of capital return to the shareholders, including a dividend, and debt-adjusted per share growth. Further details on our return to capital plans for the second half of the year will be provided with our framework in the following months. I will now turn the call over to Ryan to speak to some of our operational highlights. Ryan?