Crescent Point Energy Corp.

Good morning ladies and gentlemen, my name is Joanna and I will be your operator for Crescent Point Energy's third quarter 2022 conference call. This conference call is being recorded today and will be webcast along with the 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 and analysis for the period ending September 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 the number 1 on your telephone keypad. If you would like to withdraw your question, press star 2. 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, CEDAR, or EDGAR websites, or by contacting Crescent Point Energy. Management also calls your attention to the overlooking information and non-explanations that's affecting these issues. I'm going to call over to Craig Brooksett, President and Chief Executive Officer at Crescent Point. Please go ahead, Mr. Brooksett.

Thank you, Operator. I'd like to welcome everyone to our third quarter 2022 conference call. With me today are Ken Lamont, our Chief Financial Officer, and Ryan Gritzelt, 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. Our third quarter results once again demonstrate how our continued focus on balance sheet strength and sustainability delivers value returns for our shareholders. In July, we successfully reached our near-term debt target and released our updated return of capital framework. This framework targets returning up to 50% of our discretionary excess cash flow in addition to base dividends. As a result of our continued operational execution and financial success, we are delivering on that promise. For the third quarter, we are returning 50% of our discretionary excess cash flow through share purchases and special dividends. Including our base dividend, our total return of capital for the quarter is about $140 million. Our return of capital framework is only part of our overall shareholder value proposition. We also have built a strong balance sheet and continue to enhance the sustainability of our business. In the third quarter, we reduced our debt by an additional $270 million and further optimized our asset portfolio. We disposed of certain non-core assets that had limited scalability and higher decline and emissions intensity profiles. In addition to using the proceeds from this disposition to strengthen our balance sheet, we also expanded our proposition in the KBOB Duvernay Plate by adding 80 net sections of undeveloped land and a considerable number of drilling locations for $87 million. We remain very excited about this play, which continues to generate attractive asset level returns within our portfolio alongside significant well results. As part of today's release, we are pleased to announce our formal 2023 guidance. We expect to generate significant excess cash flow of $1.1 to $1.5 billion at $75 to $85 per barrel WTI pricing. This budget is fully funded at less than $50 per barrel WTI, including our base dividend. Our guidance anticipates delivering significant shareholder returns while producing between 134,000 to 138,000 BUE per day, with development capital expenditures of $1 to $1.1 billion. In the current price environment, we expect to attain this production guidance while spending at the lower end of this guidance range. Under this budget, we expect to achieve a year-end 2023 leverage ratio of less than 0.3 times at U.S. $75 per barrel WTI. providing us with significant financial flexibility. We will stay disciplined in our capital allocation and remain committed to our key pillars of balance sheet strength and sustainability. Before moving on, I'd like to thank our employees for their continued hard work and execution during the quarter and throughout the year. With that, I'll now turn the call over to Ken to discuss our financial results. Thanks, Craig.

For the quarter ended September 30th, adjusted funds flow totaled $577 million. or $1.02 per share fully diluted, driven by a strong operating net back of over $59 per BUE. Our net income for the quarter was $466 million, or $0.82 per share. Development capital expenditures, which include drilling and development facilities and seismic, totaled $309 million, resulting in excess cash flow generation of $234 million in the quarter. Our discretionary excess cash, or excess cash less our base dividend, totaled $189 million, of which 50% is being returned to shareholders through our buyback program and a special dividend. During the third quarter, we repurchased 8.2 million shares at an average price of $9.16 per share, and we have declared a special dividend for 3.5 cents per share, payable on November 14, 2022. We remain active on our buyback program given the underlying value of our shares, and have already repurchased 3 million shares during the month of October at an average price of $9.80 per share. In addition to the return of capital offering, we continue to direct a portion of our excess cash to our balance sheet, as of September 30, 2022, our net debt was $1.2 billion, reflecting approximately $270 million of debt reduction in the quarter. We remain disciplined in our hedging strategy in the context of market conditions. For 2023, we have hedged approximately 15% of our total production, including over 20% in the first half of the year. I will now turn the call over to Ryan as he speaks to our operations highlights. Ryan?