Crescent Point Energy Corp.

Good morning ladies and gentlemen. My name is Michelle and I will be the operator for Crescent Point Energy's second quarter 2022 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 home page. 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 and analysis for the period ending June 30, 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. 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-GAAP 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 second quarter 2022 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 a slide deck, which can be found on our website. I'm pleased to report on our results for the past quarter, which demonstrate our continued focus on delivering value and returns for our shareholders. In the second quarter, we generated approximately $380 million of excess cash flow, allowing us to further reduce our net debt and accelerate a return of capital to shareholders. As a result of our significant excess cash flow generation, coupled with proceeds we received from our strategic non-core dispositions, we recently achieved our near-term debt target of $1.3 billion, ahead of our previously anticipated timeline. Given our success in strengthening the balance sheet, we recently increased our third quarter dividend by more than 20% to $0.08 per share or $0.32 per share on an annualized basis. This marks our fourth consecutive dividend increase in less than a year. We also continue to buy back shares under our NCIB and have now repurchased over 21 million shares since December of 2021. Earlier this month, we released our updated framework that highlights our commitment to returning capital to shareholders. As part of this framework, we are targeting to return up to 50% of our discretionary excess cash flow to shareholders above and beyond the return we are providing through our base dividend. We expect to provide this additional return through a combination of share repurchases, and special dividends. We see great value in our shares at the current levels and plan to allocate a sizable portion of our discretionary excess cash flow towards further share repurchases. As a reminder, we currently have the ability to purchase up to 10% of our public float under our normal course issuer bid, which expires in March of 2023. Our ability to deliver strong returns to our shareholders is a direct result of our focus on enhancing the company's balance sheet strength and sustainability Moving forward, our strategy will remain focused on executing around these two key pillars in order to create additional long-term value for our shareholders. We remain on track with our 2022 guidance to achieve annual production of 130 to 134,000 BUE per day this year, which includes the impact of our recent non-core dispositions. Subsequent to the quarter, we released our fourth annual sustainability report, which sets ambitious environmental performance targets, including Reducing our GHG emissions by 38% by the year 2030 and reducing freshwater use and enhancing the strategic management of our water resources. These targets build on our other environmental initiatives to reduce our inactive well inventory by 30% by 2031. Overall, we've had an incredible first half of 2022 and 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.

Dan? Thanks, Craig. For the quarter ended June 30th, 2022, adjusted funds flow totaled $599 million, or $1.04 per share diluted, driven by a strong operating net back of $76.57 per BOE. We also reported strong net income of $332 million in the second quarter, or $0.58 per share. Development capital expenditures for the quarter, including drilling development, seismic and facilities, total approximately $197 million. This generated quarterly excess cash flow of $380 million, the highest in our corporate history. We returned approximately $108 million, or 30% of our excess cash flow, back to shareholders during the second quarter through our base dividend and share repurchases. Our net debt at quarter end totaled less than $1.5 billion, reflecting $307 million of net debt reduction during the quarter. This included repayment of approximately $225 million of senior note maturities. In early July, we announced the disposition of certain non-core assets, allowing us to achieve our near-term debt target of $1.3 billion. Given our success in strengthening our balance sheet, we've accelerated our return of capital to shareholders, including an updated framework to return up to 50% of our discretionary excess cash flow beginning in the third quarter of 2022. As Craig mentioned, we have increased our third quarter dividend to $0.08 per share, or $0.32 annualized. Our dividend is based on a framework that targets sustainability at lower WTI prices while also allowing the flexibility to return additional capital through other forms. including a creative share repurchases and special dividends. We remain disciplined in our buyback process using a conservative mid-cycle price assumptions and expect to continue to buy back shares in the current market, giving our compelling valuation. Since December of 2021, we have repurchased over 21 million shares, including 7.2 million shares during the second quarter. Overall, Our allocation of capital continues to demonstrate our commitment towards a model that generates value through a combination of meaningful shareholder returns, continued debt reduction, and achieving strong returns on our capital invested within the business. As we have continued to strengthen our balance sheet, we've also lowered the percentage of production that we have hedged as a part of our risk management program. As a result, we have hedged approximately 20 to 25% of our production during the first half of 2023, which is down from the approximately 50% of our production hedge during 2022. We are currently layering hedges on future production on a 12-month rolling basis, allowing us to maintain a stable capital program and compelling return of capital offerings to shareholders. Through our continued capital discipline and operational execution, we have significantly strengthened our financial position while also reducing commodity price volatility risks. I will now turn the call over to Ryan to speak to our operational highlights. Brian.