Cenovus Energy Inc

Good morning, everyone. Thank you for standing by, and welcome to the Sinovus Energy Second 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 a session, you will need to press star 1-1 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, Invest Relations and Internal Audit. Please go ahead, Mr. Reed.

Thank you, Operator. Good morning, everyone, and welcome to Sinovus' 2025 Second Quarter Results Conference Call. On the call this morning, our CEO, John McKenzie, and CFO, Cam Sandhart, will take you through our results. We'll then open the line for John, Cam, and other members of the Sinovus 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 Sinovus' 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 indicated. You can view our results at sinovus.com. For the question and answer portion of the call, please keep the one question with a maximum of one follow-up. You are 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, and good morning, everyone. As always, I'll start with our top priority, health and safety. This quarter posed some unique challenges, and I couldn't be more proud of the way our people responded. In late May, the Caribou Lake wildfire forced the evacuation of over 2,000 workers from our Foster Creek and Christina Lake operations. The fire came within a couple kilometers of Christina Lake, and as a result, the facility underwent an orderly shutdown as per our protocol. After a brief outage, and thanks to the tireless and determined work of our people, we safely ramped production back up to 250,000 barrels a day and returned to normal operations over the course of the week. Now, this effort included draining and restarting over 50 kilometers of steam pipelines, bringing 26 boilers back online, returning the cogen facility back to service, and remobilizing all 2,000 people back to site. It was an incredible effort, all safely done, and without damage to our assets. It's a privilege to witness how our people step up when it matters most, and I'd like to thank our staff for their resilience and continued commitment and dedication. Now, turning to the quarter. This was a terrific quarter for the company. A lot of important work got done, and many important milestones were achieved. We underwent a heavy maintenance period, completing large turnarounds in both the upstream and the downstream, which came in ahead of schedule and under budget. We achieved some very significant milestones on our major projects, bringing us closer to delivering on our production growth targets and completing our three-year cycle of higher capital investment. And through all that activity, we delivered exceptional operating performance across the company. Together, these achievements set the stage for the second half of the year and beyond, and they were accomplished thanks again to the hard work and determination of our people. Now, I wanna speak to some of the details. Beginning with the upstream, production in the quarter was 766,000 BOE per day as we completed turnarounds at Foster Creek and Sunrise, and managed the production impacts from the wildfire activity at Christina Lake and the steam release at Rush Lake. The turnarounds at Foster Creek and Sunrise both went very well. We completed the work and restored production well ahead of schedule, minimizing volumes lost over the quarter. At Christina Lake, production came back strongly following the brief wildfire-related shut-in. Production was 218,000 barrels a day in the quarter and has averaged over 250,000 barrels a day in July. And we achieved an important milestone with the Narrows Lake tieback to Christina Lake. Narrows Lake produced first oil earlier this month in July. This is a huge accomplishment and a testament to the technical and operations team who made this -a-kind tieback possible. We'll ramp up the first pads at Narrows Lake over the remainder of the year, and this means a lower steam-oil ratio and sustained higher production rates as we maximize the value from this asset. Now, the second quarter was also a very busy quarter at the West White Rose Project. During the quarter, both the concrete gravity structure and the top sides were transported out to the offshore field location. In June, the CGS was placed on the seabed, and in mid-July, the top sides were lifted and set atop the CGS well ahead of