Crescent Point Energy Corp.

Good morning, ladies and gentlemen. My name is Sylvie, and I will be your conference operator for Crescent Point Energy's fourth 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. 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 discussion and analysis for the period ending December 31, 2022 were announced this morning and are available on the Crescent Point, Cedar, and Edgar website. 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, 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 accessed 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 Greg Brixa, President and Chief Executive Officer at Crescent Point. Please go ahead, sir.

Thank you, operator. I'd like to welcome everyone to our fourth quarter 2022 conference call. With me today are Ken Lamont, our Chief Financial Officer, and Ryan Gritzfeldt, 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 fourth quarter results wrap up a very successful year for our company and our shareholders. We made great strides in executing on our key pillars of balance sheet strength and sustainability. In many aspects, 2022 was an inflection point for us in terms of our fundamental strength of our business and our value proposition to our shareholders. Over the past five years, we've worked diligently to optimize our portfolio, including our strategic entry into the KBOB Duvernay, and the execution of multiple non-core dispositions. Prioritize our balance sheet strength by reducing our net debt by $3 billion. Improve our capital discipline by executing our programs on budget. Illustrate our technical capabilities with consistent operational excellence and affirm our commitment to returning capital to our shareholders. As a result of our accomplishments, we generated $1.2 billion of excess cash flow in 2022. driven by our portfolio of industry-leading netbacks. We also reduced our net debt by $850 million, returned nearly half a billion dollars directly to our shareholders, and delivered very strong year-end reserves. I'm pleased to report that in 2022, we also achieved our safest year on record, driven by our relentless focus on safe operations across our asset base. During the past year, we executed a disciplined A&D strategy, by disposing of non-core assets while increasing our growth capacity in our core KBOB Duvernay plate. We currently have over 20 years of inventory in KBOB, which gives us significant running room and operational flexibility, as well as the opportunity to realize further efficiencies given our increased scale. We plan to accelerate development of this asset in late 2023 with the addition of the second drilling rig. Our capital discipline throughout 2022 mirrored our framework. As we first prioritized our balance sheet strength to achieve our near-term leverage targets, we then began increasing our base dividend, which we supplemented with additional return of capital offerings. In total, we returned nearly $500 million to our shareholders in 2022 through dividends and share repurchases. This includes the return of 60% of our excess cash flow in the second half of the year once we formalized our return of capital framework. We continue to focus on share repurchases as our primary tool within this framework, given our current valuation. During 2022, we repurchased over 5% of our float, with an increased pace of repurchases in the second half of the year. Through our dedication to our strategy over the past five years, we have significantly transformed our company, delivering tangible results and an improvement in the underlying value of our business. As we look to 2023, we are on track to generate $1 billion of excess cash flow at $75 WTI price, allowing us to return over $600 million of capital directly to our shareholders, while also delivering per share growth and further net debt reductions. Our long-term outlook is also very strong with a disciplined plan that focuses on maximizing returns and excess cash flow generation. Under our current five-year plan alone, we expect to generate over $4.2 billion of cumulative after-tax excess cash flow at $75 per barrel pricing. That's equivalent to 80% of our current market capitalization. Before I pass it over to Ken to discuss our financial results, I'd like to thank our employees for their continued hard work and execution during the quarter and throughout the past year to realize our vision. Ken?

Thanks, Craig. For the quarter ended December 31st, adjusted funds flow totaled $523 million, or $0.93 per share, diluted. On an annual basis, our adjusted funds flow was $2.2 billion, or $3.91 per share, diluted, driven by our strong operating net back of approximately $63 per BOE. Our 2022 capital expenditures, including drilling and development, facilities, and seismic, totaled $956 million, in line with our annual guidance. During the year, we significantly reduced our debt by $850 million, or over 40%, and exited the year with a leverage ratio of 0.5 times funds flowed. We reported net income of approximately $1.5 billion for the year, including the positive impact of non-cash impairment reversal of $400 million due to the higher commodity prices. In 2022, we steadily increased our base dividends to $0.40 per share on an annualized basis. This dividend provides a stable yield and equates to a simple payout of less than 10% of funds flow at current commodity prices. As part of our return to capital framework, we target to supplement our base dividend with share repurchases and special dividends. In the fourth quarter, we repurchased 8.6 million shares, bringing our total repurchases to greater than 31 million shares for the year, equating to over 5% of our shares outstanding. Altogether, we allocated $294 million to share repurchases in 2022. We remain active on our buyback program given the underlying value of our shares and have repurchased an additional 3.2 million shares year to date. To ensure we return our targeted percentage of discretionary excess cash flow in each quarter, we also provide for a special dividend to round out our total return of capital to shareholders. Based on the fourth quarter 2022 results, we have declared a special dividend of 3.2 cents per share, which is payable on March 17th, 2023. This is in addition to our quarterly base dividend of 10 cents per share, or 40 cents a share on an annualized basis, which will be paid on April 3rd, 2023. Subsequent to the year end, we successfully closed the acquisition of certain KBOB DuVernay lands and associated production for cash consideration of 370 million. Our net debt as of closing of this deal on January 11, 2023, was approximately $1.5 billion. Based on our guidance for the year, we expect our net debt at year-end 23 to be less than $1.1 billion at $75 WTI, or 0.5 times net debt to adjusted funds flow. Given our high liquids weighting, a $5 change in WTI for us generates approximately an additional $200 million in funds flow in 2023. To further protect our financial position, we also remain disciplined in our hedging strategy. For 2023, we have currently 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 to speak to our operating highlights. Ryan? Thanks, Ken.