Cenovus Energy Inc

Good morning, everyone. Thank you for standing by, and welcome to Synovus Energy's first quarter 2026 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' 2026 First Quarter Results Conference Call. On the call this morning, our CEO, John McKenzie, and CFO, Cam Sandar, 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 indicated. 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 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'm going to start with our top priority, which is safety. At our Toledo refinery, we recently celebrated 12 consecutive months and over 3.3 million man-hours without a recordable injury. This milestone was delivered during a period which included a major turnaround on the east side of the plant, work that carries additional risk given the elevated activity and non-routine work. and the business delivered consistent execution, bringing that asset back online safely and 11 days ahead of schedule. The performance reflects the commitment and dedication of the Toledo team, supported by the strength of our safety systems, which focus on leadership engagement, a stop-work culture, and recognizing strong safety behaviors. So congratulations to the Toledo refineries. They continue to reinforce a belief core to Synovus. Strong operational performance starts with doing the work safely every day. So now turning to our results. Our priorities this quarter remain unchanged. We stayed focused on executing our business plan, delivering exceptional operating performance, and advancing our growth projects. The focus on execution translated into strong first quarter results with upstream production exceeding 972,000 BOE per day, supported by record oil sands volumes in our first full quarter following the mega acquisition. While geopolitical events late in the quarter resulted in increased price volatility and heightened uncertainty, our approach to operating our business remains the same. Our results reflect the strength of our business model. We are a reliable supplier of crude oil, natural gas, and refined products that to both North American and global markets. Starting with oil sands, at Christina Lake, production averaged 359,000 barrels per day in the first quarter, supported by strong well performance at Narrows Lake. Narrows Lake is now producing over 65,000 barrels a day from the first four well pads with a steam well ratio below two. Individual well performance has been exceptionally strong and exceeds our internal expectations. Our best wells at Narrows Lake are now producing over 5,000 barrels per day. Bringing on a project of this complexity and scale to 65,000 barrels a day in just over nine months is a testament to the quality of the asset and the capability of our technical, project, and operating people. Production from Narrows Lake will continue to ramp up as we bring on additional well pads, and we expect to reach 80,000 barrels a day later this summer. Now, integration work at Christina Lake North is also progressing well. We've completed a delineation and seismic program in the quarter and initiated the redevelopment program ahead of schedule. The first of the 42 redevelopment wells was split in March and began producing in April. Initial production results are exceeding our internal forecast. And as we execute our redevelopment program, we will see increased production from Christina Lake North throughout the remainder of 2026. At the same time, installation of the first new steam generators progressing ahead of schedule was startup expected before the end of the year. And with the acceleration of the redevelopment well program, we will exceed the $150 million synergy target we set for ourselves in 2026. Not to be outdone at Foster Creek, we set another quarterly production record of 223,000 barrels per day, with peak rates exceeding 230,000 barrels a day in March. These production rates were driven by the optimization project, which was delivered ahead of schedule and strong operating performance from our new well pads. We plan to start up an additional four well pads in 2026. The turnaround of Foster Creek Phase G began in April and has progressed well to date with limited production impact. We continue to optimize our turnaround activity across the Royal Sands portfolio which will result in more efficient and lower impact turnarounds. At Sunrise, production in the first quarter was just over 59,000 barrels per day. During the quarter, we successfully started up the first of the four new well pads on the east side development area of Sunrise. These pads are some of the largest Synovus has ever drilled, targeting high quality rich pay of up to 50 meters thick. Early indications from the first pad have met and exceeded expectations. We've seen recent daily rates reach as high as 68,000 barrels per day. And with another three pads to come on in this area, we expect to continue to grow production from sunrise all the way through to 2028. The White Minster Thermals delivered another strong quarter, averaging 102,000 barrels per day, supported by the continued outperformance of the Redevelopment Well Program. Recent redevelopment wells have surpassed our expectations, and some of our longer laterals nearly doubling our initial forecast. Of note, now this performance excludes any contribution from Vaughan, which we sold in December, and with limited initial volumes coming from Rush Lake, which continues to ramp up following the 2025 outage. At our Asia Pacific assets, production was over 57,000 BOE per day in the quarter, and production from the region continues to impress, delivering consistent and robust free cash flow to Synovus. In the Atlantic, production was over 18,000 barrels a day in the quarter, with strong performance from Terranova and the base White Rose field. Of note, we continue to benefit from the high netbacks and Brent Plus pricing in that region. At West White Rose, we have now completed all the elements of construction and commissioning and have commenced drilling. from the offshore platform, marking another important milestone for the project. I just couldn't be more proud of what this team has been able to deliver through an extremely challenging winter and challenging weather conditions, which really extended into the early spring. With drilling operations underway, we now expect first of all from the project later in Q3. In the downstream, first quarter results are once again very strong. The Canadian refining business delivered throughput of 115,000 barrels a day in the quarter, with a utilization rate of about 107%. During the quarter, we entered into agreements to sell our Canadian commercial fuels business, which includes card lock and travel center locations, for expected cash proceeds of $275 million. Now, this transaction is expected to close in the second half of 2026, pending approval from the Competition Bureau and other customary closing conditions. In U.S. refining business, crude throughput averaged 343,000 barrels a day, or approximately 94% utilization. Our Pad 2 refineries continue to deliver strong operational availability, allowing us to optimize margins as the opportunities arise. Adjusted market capture was 114% in the quarter, reflecting a market environment that continued to favor our configuration, including our ability to process heavy crude and our low gasoline to distillate yield ratio. So now I'll turn it over to Cam to walk through some of our financial results.