Cenovus Energy Inc

Good morning, ladies and gentlemen. Thank you for standing by. And welcome to Synecdoche Energy's first quarter 2025 results conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. As a reminder, this call is being recorded. I would now like to turn the meeting over to Mr. Patrick Reed, vice president, vacillations, and internal audit. Please go ahead, Mr. Reed.

Thank you, operator. Good morning, everyone, and welcome to Synovus' 2025 first quarter results conference call. On the call this morning, our CEO, John McKenzie, and CFO, Cam Sandhar, will take you through our results. Then we'll open the line for John, Cam, and other members of the Synovus management team to take your questions. Before getting started, I'll refer you to our advisories located at the end of today's news release. These describe the forward-looking information, non-GAAP measures, and oil and gas terms referred to today. They also outline the risk factors and assumptions relevant to this discussion. Additional information is available in Synovus' annual MD&A and our most recent AIF and Form 40F. And as a reminder, all figures we reference on the call today will be in Canadian dollars, unless otherwise noted. You can view our results at synovus.com. For question and answer portion of the call, please keep to one question with a maximum of one follow-up. You're welcome to rejoin the queue for any other follow-up questions you may have. We also ask that you hold off on any detailed modeling questions. You can follow up on those directly with our investor relations team after the call. I will now turn the call over to John. John, please go ahead.

Great. Thank you, Patrick. Good morning, everybody. Just before we get started on our first quarter performance, I'd like to take a moment to recognize some of our great people who have accomplished great things while also ensuring we do it the right way, protecting our people and our assets. For example, on West White Rose, we have now worked over 27 million hours with a total recordable incident frequency of 0.18. This is exceptional performance by any measure and a clear example of how we'll continue to ensure that all of our workers return home safely each and every day. As another example of our safety programs at work, we've instituted a program on dropped object prevention across our company. This program focuses on planning, hard barriers, and work controls to reduce the risk of dropped objects. We have seen the impacts of this program and how our work is performed, mitigating risks across our business through the commitment and dedication of our people in the field. At Synovus, occupational and process safety is ingrained in our culture and our values. So now turning to our results. Our focus in 2025 is on flawlessly operating the base business, building momentum in the downstream, delivering on our growth projects, and maintaining our focus on cost structure. Upstream production in the quarter was 819,000 BOE per day, highlighted by yet another impressive result from our oil sands business. At Christina Lake, production was 238,000 barrels per day, and we have completed the Narrows Lake project which connects to the Christina Lake plant and are now running steam through a tieback pipeline and injecting steam into the first two well pads. First oil from Narrows Lake is expected early in the third quarter as planned. With first production on the way, let me take a moment to talk about what makes this project so special and unique. What we've done at Narrows Lake is a real feat of engineering and I'm incredibly proud of the technical and operations staff who have made this possible. At 17 kilometers long, the Narrows Lake tieback is the longest steam line ever started up in the oil sands industry. It allows us to access some of the best reservoir in the basin at a fraction of the cost of building a new plant. Over their producing lives, these first well pads at Narrows are expected to have cumulative steam well ratios well below two, and the best wells are expected to produce at peak rates of over 3,000 barrels per day. These are some of the longest and most productive wells in our industry, showcasing our technical and operating capability. We have now drilled the first five well pads at Narrows Lake. After bringing the first two well pads on, we'll begin steaming the third later this year with two more to follow in 2026. At Christina Lake, we already have the lowest steam oil ratio in the industry today, and with the tie-in of Narrows Lake, this will decrease further. By using steam more efficiently, we'll drive the SOR down and increase production by about 20,000 barrels per day. This is the first of our major growth projects that we'll be bringing on over the coming year, marking an important milestone for the company. Outside of Christina Lake, performance at Foster Creek continues to be exceptional with production of 203,000 barrels a day over the quarter. This was a result of new well pads drilled into very high quality reservoir, coupled with a successful redevelopment and optimized program. Foster Creek is now undergoing a turnaround that began in mid-April, and we're making excellent progress on the turnaround. We're already bringing back production to around 170,000 barrels a day, with the remainder of the volumes expected to be back before the end of May. During the turnaround, we're completing some of the tie-ins as part of the optimization project that will add four new steam generators and around 80,000 barrels a day of steam capacity. This will be the first new steam capacity added at Foster Creek since 2016, enabling us to bring forward high-quality resource that will add 30,000 barrels a day of production. The project is now 75% complete and on track for first oil in early 2026. At Sunrise, production averaged about 52,000 barrels a day in the quarter. In April, we brought on the fourth and final well pad from our first well package since acquiring this asset. And we've now completed the first phase of our growth program, which was focused on the central development area. Starting in May, we'll be commencing on the first of two turnarounds at Sunrise this year in preparation for bringing on the next phase of well pads from the east development area. This will move us into some of the highest quality reservoir in the portfolio and will allow us to fully optimize the steam capacity, leveraging new Synovus well and completion designs. That means lower SORs and higher production as we bring those well pads on starting in early 2026. In the offshore segment, Atlantic volumes were higher quarter over quarter as we saw increased rates from Terranova and the White Rose Field returned to production in March. Now, most importantly, the West White Rose Project continues to make great progress. The gravity or concrete gravity structure is ready to leave the graving dock and will begin tow out to Arnold's Cove in the next few days. That is where the dry ballasting will be completed before we move the structure to the White Rose Field location in June. The topsides are also being prepared for sale out to the field with the transportation vessel now on site in Ingleside. We'll bring these two major components together for installation this summer, which will position us to commence drilling from the platform before the end of the year and achieve first oil in the second quarter of 2026. In the downstream, Canadian refining performance was exceptionally strong with record quarterly throughput and utilization rate of 104%. We're certainly seeing the benefit of improvements we've made during the upgrade or turnaround last year, and we expect that business to continue to perform well despite narrow light heavy differentials. In the US, we're continuing to build momentum in our operating performance, highlighted by strong throughput, lower costs, and better process unit reliability in our operated assets. Our Toledo refinery is currently undergoing a major turnaround, including maintenance on eight units within the refinery, eight major units within the refinery, including the smaller of the two crude units. This work will help to drive a step change in performance going forward. Turnarounds at both our non-operated refineries, which began in the first quarter, are also now complete. With crack spreads improving and our Toledo turnaround wrapping up this quarter, we expect to see a clear runway for our U.S. refining business to deliver higher performance through the second half of this year. And I'll turn it over to Cam to walk through the financial results.