Cenovus Energy Inc

Good morning, everyone. Thank you for standing by. And welcome to the Synovus Energy's third 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 1-1 on your touchtone telephone. As a reminder, this call is being recorded. I would now like to turn the meeting over to Mr. Patrick Reed, Vice President, Investor Relations and Internal Audit. Please go ahead, Mr. Reed.

Thank you, Operator. Good morning, everyone, and welcome to Synovus' 2025 Third 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 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 indicated. You can view our results at synovus.com. For the 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 these directly with our investor relations team after the call. I will now turn the call over to John.

John, please go ahead. Great, and thank you, Patrick, and good morning to everybody. To begin the call, I'd like to recognize some of our employees for safely achieving a number of critical accomplishments and milestones over the quarter. Coming into this year, we set some very ambitious goals for the company in 2025, and our execution has been near flawless. What makes these achievements even more satisfying is that we have remained focused on the safety of our people, the communities in which we operate, and the environment. Now, for example, at the West White Rose project, we completed some intricate and critical work in the third quarter that included installing the topsides on the gravity-based structure, making subsea connections at 120 meters below the ocean surface, and completing a turnaround of the Sea Rose FPSO. These operations require thousands of offshore hours when we're completed in one of the most hostile operating environments, the North Atlantic. And I'm incredibly proud of our people and their continued commitment to our core values as we meet our goals and milestones. Now before I get to the results, I'd also like to take a moment to speak about the MEG acquisition. As many of you are aware, MEG Shareholder Vote, which was scheduled to take place yesterday, has been postponed to next Thursday, November 6. The delay is to give time for Meg to respond to a regulatory inquiry related to Meg's consideration of the amended terms of the transaction and related matters. The inquiry is associated with a complaint raised by a former employee of Meg who holds approximately 4,000 shares. We do not expect this inquiry to have any impact on the transaction. There continues to be very strong support for the transaction from Meg shareholders with 86% of the shares voted in favor of the transaction. We expect the vote to proceed as planned next week. Synovus remains resolute in our commitment to this transaction. When completed, this acquisition combined with the organic growth we're already delivering across our business is transformational to this company. Subject to shareholder and court approval, we anticipate closing this transaction in November and welcoming the MEG team and moving quickly to capture the identified synergies and beyond. Now turning to the quarter, we've spoken about 2025 as being an inflection point for our company where the investments we've made in our people, our assets, and in the growth of our business start to come through. The third quarter results are a proof point of more to come. We achieved our highest ever upstream production of 833,000 BOE per day, highlighted by the best ever performance of our oil sands assets, which contributed 643,000 barrels per day. At Christina Lake, production was 252,000 barrels a day in the third quarter, supported by the ramp up of volumes from Narrows Lake. In the quarter, we brought on three well pads at Narrows Lake, which are continuing to ramp up as expected. We expect Christina Lake to sustain or exceed its current production rates in the coming quarters. At Foster Creek, we achieved a production record of 215,000 barrels per day in the quarter. As part of the Foster Creek optimization project, we brought on four new steam generators online in July, and they're already supporting consistently higher production from the asset, well ahead of schedule. Commissioning of the water treatment and de-oiling facilities is underway and approaching completion. New pads will be brought online in the first quarter of 2026. We have effectively brought forward a portion of the growth from this optimization project that was really not expected until 2026. We expect to build on the high level of production in the coming quarters as we fully utilize the steam capacity and complete the project. At Sunrise, we executed a turnaround in September and production was 52,000 barrels a day in the quarter. With turnarounds at both sides of the plant completed in the year and followed by an efficient ramp up, we expect Sunrise to exit the year around 60,000 barrels a day. The first of the new well pads from the east development area at Sunrise is planned for start up in early 2026. Development of the high-quality reservoir in this region will deliver the next phase of growth from the asset over the next two years. The Lloyd Minster thermals produced 96,000 barrels per day in the quarter. The assets have performed very well despite 18,000 barrels of production from Rush Lake facilities remaining shut in, as strong performance from the other assets in the region offset some of the lost volumes. At Rush Lake, we have confirmed the integrity of the asset and are working towards a phased restart of production prior to the end of the year, subject to approval by the regulator. We expect to safely ramp up production through 2026. At West White Rose, I'm pleased to say the commissioning is nearly complete, and there has been an extraordinary achievement by everybody involved, and we will be drilling from the platform prior to year end and seeing first oil in the second quarter of next year. Now, moving to the downstream, we had an excellent third quarter. The Canadian refining business continues to run well with crude throughput of 105,000 barrels a day and a utilization rate of about 98%. In U.S. refining, we delivered record production with crude throughput of 605,000 barrels per day and a utilization rate of 99%. Our assets ran as expected during the quarter with high rates of utilization and availability. And this, in conjunction with seasonally stronger crack spreads, generated positive refunds flow for the business. Cost control in the downstream has been a focus area for the business, and we continue to see unit costs trend downward towards competitive benchmarks today. And with the sale of WRB, which closed at the end of the quarter, our downstream business is now fully owned, operated, and within our control. Now I'll turn it over to Cam to walk through some of the financial results.