Ovintiv Inc. (DE)

Good day, ladies and gentlemen, and thank you for standing by. Welcome to Eventiv's 2024 Second 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 would now like to turn the conference call over to Jason Verheist from Investor Relations. Please go ahead, Mr. Verheist.

Thanks, Joanna, and welcome everyone to our second quarter conference call. This call has been webcast and the slides are available on our website at ovento.com. Please take note of the advisory regarding forward-looking statements at the beginning of our slides and in our disclosure documents filed on EDGAR and CDAR+. Following prepared remarks will be available to take your questions. I'll now turn the call over to our President and CEO, Brendan McCracken.

Good morning. Thank you for joining us. We announced another strong quarter yesterday. We're pleased to continue our track record of industry-leading execution. Most importantly, we continue to be relentless at converting our execution into bottom-line financial results and delivering superior and durable returns for our shareholders. We've been seeing the benefits of our culture of innovation showing up in our results for quite some time now. We're on track to generate 60% more free cash flow per share this year largely because of the efficiency gains and value creation that our innovations have unlocked. For us, innovation is more than simply applying the latest technology to our operations. It is a mindset within our organization. It influences the way we approach challenges and manage complex operational objectives. We've been very deliberate in our efforts to cultivate this over time, and it is delivering tangible results. Ensuring the durability of returns requires a deep inventory of premium drilling locations. Our multi-year strategy of both organic and inorganic inventory extension has added about 1,650 premium locations to our portfolio, delivering a huge boost to our full cycle returns and the durability of our business. The combination of execution, inventory depth, and capital discipline is driving the strong capital efficiency you see in our business today. and it is showing up in our financial results as we make sure our operational gains flow through to higher returns. We are raising our annual production guidance once again, and we remain on track to generate approximately $1.9 billion of free cash flow, even as realized prices are settling lower than last quarter. We delivered net earnings of $340 million and cash flow of just over $1 billion, beating consensus estimates. Our cash flow beat was driven by both production and cost outperformance, as we exceeded the top end of our production guidance ranges on both oil and natural gas, and we came in at the bottom end of the guidance range on combined TMP and LOE costs. We generated free cash flow of $403 million, 60% of which we will return to our shareholders through our base dividend and share buybacks during the third quarter. With our increased production guide, we're set to deliver more production for the same amount of capital. Our full-year oil and condensate volumes will average about 208,000 barrels a day, while our capital guidance midpoint is unchanged at $2.3 billion. This is 8,000 barrels a day higher than our original 2024 outlook. Our 2024 program is repeatable in 2025 and beyond. allowing us to sustain approximately 205,000 barrels a day of oil and condensate production with capital investment of about $2.3 billion for the next 7 to 10 years, assuming flat commodity prices. This outcome reflects our leading capital efficiency and the depth of our premium inventory. I'll now turn the call over to Corey.