Ovintiv Inc. (DE)

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to OVENTIV's 2022 Third Quarter Results Conference Call. As a reminder, today's call is being recorded. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question and answer session. Members of the investment community will have the opportunity to ask questions and can join the queue at any time by pressing star 1. For members of the media attending in a listen-only mode today, you may quote statements made by any of the OVINTIV representatives. However, members of the media who wish to quote others who are speaking on this call today, we advise you to contact those individuals directly to obtain their consent. Please be advised that this conference call may not be recorded or rebroadcast without the express consent of OVINTIV. I'd now like to turn the conference call over to Jason Verhest from Investor Relations. Please go ahead, Mr. Verhest.

Thanks, Michelle, and welcome everyone to our third quarter 22 conference call. This call is being webcast and the slides are available on our website at oventov.com. Please take note of the advisory regarding forward-looking statements at the beginning of our slides and in our disclosure documents filed on CDAR and EDGAR. Following prepared remarks, we will be available to take your questions. Please limit your time to one question and one follow-up. And I'll turn the call over to our CEO, Brendan McCracken.

Good morning. Thank you for joining us. Our third quarter results demonstrate that our strategy to deliver superior, durable returns and substantial free cash flow is working. This strong financial performance is directly translating to increased cash returns to our shareholders. In the quarter, we doubled shareholder returns to 50% of post-dividend free cash flow. As a result, we bought back 2.5% of our shares outstanding in the quarter. We delivered these additional buybacks ahead of our original plan due to our significant debt reduction and strong business performance. We remain on track to deliver about $1 billion to our shareholders this year through the combination of share buybacks and base dividend. And this amount is set to grow significantly in 2023 as our new hedging policy comes into effect. To put it in perspective, under our new hedging program, our third quarter free cash flow would have totaled approximately $1.3 billion, or about $5 billion on an annualized basis. This has us very excited about unleashing the free cash flow generating potential that we have built into our business. In addition to increasing cash returns, we continue to make progress reducing debt. At the end of the quarter, our net debt to adjusted EBITDA ratio was below one turn. Our team delivered another quarter of strong operational results, with outperformance from our new wells in Armantini driving natural gas and NGL production to the high end of our guidance range, which in turn delivered total production levels also at the high end of our guidance range. We are focused on maximizing free cash flow and returns in an inflationary environment. As a result, we've elected to preserve capital by slowing down some of our planned fourth quarter completions activity in our U.S. basins. We chose to finish our Montney completions to have those wells online and exposed to higher gas prices through this winter season. Greg will cover the specifics of our updated guidance. We're increasing total full-year production by 5,000 BOEs per day and holding capital at $1.8 billion. Our reservoir management and planning expertise is also paying off. We continue to see consistent well performance in the Permian, where we have been in cube development mode since 2015. Our approach has not changed. As Greg will show, our well performance year to date is both generating strong return on invested capital over 200% IRRs on strip pricing, but also is generating very consistent year-over-year oil productivity per lateral foot. I'll now turn the call over to Corey, who will cover our financial performance.