Cenovus Energy Inc

Good morning, everyone. Thank you for standing by, and welcome to Synovus Energy's second 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. Reid.

Thank you, Operator. Good morning, everyone, and welcome to Synovus' 2026 Second Quarter Results Conference Call. On the call this morning, our CEO, John McKenzie, and CFO, Kam Sandhar, will take you through our results. Then we'll open the line for John, Kam, 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. For detailed modeling questions, please follow up 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 everyone. As always I'd like to begin by recognizing our safety performance and those who protect our people and our assets each and every day. On May 19th we safely completed the Foster Creek enhanced sulfur recovery project ahead of schedule and on budget. This is the fourth major project our projects group has safely and economically delivered over the last 14 months. After 24 months and 600,000 hours of work, the Aiming Close Unit was put into service, marking our first application of this technology in SAGD operations. The project improves how we manage sulfur at Foster Creek. It lowers chemical operating costs by 50 to 75 cents a barrel, supports regulatory compliance, and removes about 700 trucks per year from the road at site. Most importantly, though, With an established track record of consistently bringing projects online, on time and on budget, with outstanding safety performance, we continue to see our projects organization as a competitive advantage for Synovus. So now turning to our results. This was another strong quarter for Synovus and we're well positioned for continued performance and growth through the remainder of 2026 and into 2027. Market conditions were supportive and our people ran our assets very well through the quarter. The outcome was our best quarterly financial result ever. In our upstream business, production averaged more than 970,000 BOE per day this quarter. This included oil sands production of over 786,000 barrels per day, exceeding the production record we set in the first quarter. We've continued that momentum into the third quarter with July monthly production for the company well on track to average over 1 million BOE per day. This will be the first month the company has achieved this milestone, which is a testament to the quality of our people and assets as well as our resilient culture. Our largest oil sand asset, Christina Lake, continues to be the most material contributor to our strong production performance. Production in the second quarter reached a new all-time high of 372,000 barrels per day, supported by the ramp-up of Narrows Lake and the initiation of the redevelopment well program at Christina Lake North. Narrows Lake continues to exceed expectations and is now producing over 80,000 barrels per day, much earlier than planned. This is contributing to Christina Lake averaging about 400,000 barrels a day for the month of July. The Narrows Lake asset is one of the highest quality SAGD assets in the basin, and the growth we expected from Narrows Lake is coming much sooner than forecast. Notably, we reached that production rate we expected to get from the first five well pads from only the first four well pads, and we expect to bring on the next Narrows well pad later this year. At Christina North, the integration work is progressing seamlessly. We have delivered on all the upfront commercial and corporate synergies and remain on track to increase production to 150,000 barrels a day by 2028. We're seeing production volumes from Christina Lake North respond well with current rates reaching above rated capacity of 110,000 barrels per day. As our redevelopment program progresses and with our first new pad since the acquisition now online and performing well, and with the commissioning of the fifth OTSG later this year, we expect production from this field to increase in the second half of the year. In the third quarter, we'll conduct a planned turnaround on phases F and G at Christina Lake. As always, we continue to optimize the scope and execution of these major maintenance events to reduce the duration, cost and production lost. As a result, we've shortened the planned duration of the turnaround by nine days and reduced the expected production loss by over 700,000 barrels representing more than 20,000 barrels per day of increased production over the turnaround duration. The efficiency of our turnarounds in the oil sands has become a real competitive advantage for Synovus. The redundancy, interconnectedness and isolation we've built into our plants over the past two decades allows us to reduce the scope of scheduled turnarounds and optimized production inside the turnaround windows as well as under normal operating conditions. Combined with the optimization of the Foster Creek turnaround earlier this year, we are now on track to produce over 1.2 million more barrels than were budgeted during the turnarounds this year. This has been reflected in our revised annual guidance. At Foster Creek, production in the quarter was approximately 215,000 barrels a day. The asset exited the quarter at record production levels of 245 to 250,000 barrels a day, which continued through July. As mentioned earlier, we also brought on the sulfur recovery unit, well ahead of schedule, which is expected to reduce operating costs at Foster Creek by 50 to 75 cents per barrel. Moving to Sunrise, production was nearly 66,000 barrels a day during the quarter. following the startup of the first well pad in the east development area. With continued strong performance at Sunrise, we're now regularly exceeding 70,000 barrels a day of production, a target originally planned for 2027. We're also seeing consistent contribution from our Lloyd Minster thermal assets, where production averaged 103,000 barrels a day for the quarter. Strong results from the redevelopment program continues to deliver production ahead of our expectations at Spruce Lake, Pikes Peak, and Deed Valley. With the increased productivity we are delivering at each of Christina Lake, Foster Creek, and Sunrise, we are increasing our full year production guidance for the company to the range of 970,000 BOE to 1,010,000 BOE per day with no change to our capital investment guidance. We're also reducing unit cost guidance, reflecting higher production, increased utilization rates, and continued cost discipline. At West White Rose, drilling of the first production well remains on track and we expect to reach first oil in late Q3. At this point, we expect the increasing contributions from the East Coast to meaningfully support production growth and the cash flow profile. Now moving to the downstream business, strong operational availability across our assets saw us capitalize on a supportive pricing environment in the second quarter. The Canadian refining business delivered crude throughput of 102,000 barrels per day, or utilization rate of roughly 94%. Operations in the quarter included scheduled maintenance on the second train of the hydrocracker at Deloitte Upgrader, which was delivered under budget, setting the stage for consistent operations in the second half of this year and all the way through 2027. In the U.S. refining business, market conditions were highly favorable in the second quarter, supported by low Midwest inventories, robust crack spreads, and wider heavy oil differentials. Crude throughput averaged 350,000 barrels per day, or approximately 96% utilization. The business continues to run well, generating material adjusted cash flow for the company, and we are well prepared to execute the turnaround of the Lima Integrated Unit in September, October this fall. All in all, Sunovus had a very strong quarter and we expect that trend to continue as we continue to execute against our business plans. Now I'll turn it over to Cam to walk through our financial results.