Ovintiv Inc. (DE)

Good day, ladies and gentlemen, and thank you for standing by. Welcome to Eventiv's 2025 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 OVENTIV 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 OVENTIV. 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 25 conference call. This call is being webcast and the slides are available on our website at oventive.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, we will be available to take your questions. I will now turn the call over to our President and CEO, Brendan McCracken.

Thanks, Jason. Good morning, everybody, and thank you for joining us. Our team delivered another quarter of strong results across our portfolio, meeting or beating all our guidance targets. Our well performance continues to be very strong. This is a combination of both our completions innovations and the consistency that comes with CUBE development. Our team has also continued to unlock new capital and operating cost wins. Our money asset integration went seamlessly as we successfully met our well cost reduction target in the second quarter. and we've made significant progress on debt reduction. We are increasing our full-year production guidance while cutting CapEx and OpEx, while keeping our planned activity unchanged. The result is a 10% increase in our expected full-year free cash flow, which means more buybacks and faster deleveraging. In our industry, there are three requirements to deliver superior durable returns. First, you need inventory depth in the best parts of the best basins. Second, you need the culture and the expertise and increasingly the private data to convert that inventory to free cash flow. And third, you need capital discipline to make sure you're not leaking away returns by allocating capital to underperforming uses. We have centered our business around continuously improving in each of these three areas, and the outcomes of this focus differentiate us versus our peers. we believe we have assembled one of the most valuable premium inventory positions in our industry. We have focused and high-graded our asset base with anchor positions in the Permian and the Montney, and these assets are complemented by our low-decline, high-free cash flow generating asset in the Anadarko Basin. Our work to build inventory over the past several years means we have nearly 15 years of premium inventory in the Permian, close to 20 years of premium oil inventory in the Montney, and over a decade in the Anadarko. Our total company post-dividend break-even price is under $40 WTI, meaning we can continue generating superior returns in free cash flow through the commodity cycle. Our team's culture and expertise has earned us a reputation of being a leading operator in each of the basins we're active in. We've long been first movers in adopting innovation, and on our recent Montney tour, we unveiled how we're using AI technology to leverage our extensive private data set to optimize our execution in real time. While we showcase this in our Montney asset, we're using this new technology across our entire portfolio. This has led to faster cycle times, more production, and significant cost savings. We pioneered cube development nearly a decade ago to efficiently develop our inventory and deliver long-term repeatable results. The benefits of this approach are evidenced by our well results, specifically in the Permian, where we're currently delivering oil-type curves that have improved 10% over the last three years, while most of our peers are facing productivity degradation. We remain disciplined stewards of our shareholder capital. Our focus on capital efficiency has rendered savings of about $50 million this year. We continue to execute a maintenance or stay-flat program with any additional savings occurring to free cash flow. And we have complete flexibility to adjust activity should market conditions warrant. Our hard quality inventory and operational excellence are translating into highly competitive rates of return, and our capital discipline is ensuring those returns flow through to the bottom line. From 2021 to 2024, we delivered cash flow per share growth of about 25%, This growth was not driven by commodity prices. In fact, our 2024 realized price was 10% lower than in 2021. Rather, it was driven by portfolio high grading, share buybacks, and our continued focus on profitability. And over the same period, we extended our oil inventory life by three years, the largest increase among our peers. In fact, most companies saw their inventory life decline. We believe our ability to continue generating superior returns will be differentiating, and we are set to deliver significant free cash flow this year, and we're confident we can continue to do this durably for many years to come. I'll now turn the call over to Corey.