Ovintiv Inc. (DE)

Good day, ladies and gentlemen, and thank you for standing by. Welcome to Eventiv's 2026 First 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 Verheis from Investor Relations. Please go ahead, Mr. Verheis.

Thanks, Joanna, and welcome, everyone, to our first quarter 26 conference call. This call is being webcast, and the slides are available on our website at eventive.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 CDER+. 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. We believe the strategic steps for an E&P company to generate differentiated value creation will be to build a portfolio with best-in-class assets and inventory depth, create a competitive advantage with stacked innovation and execution, demonstrate a proven track record of capital allocation to deliver superior and durable returns, and combine all of that with a clean balance sheet. We are very excited to have put Oventus into the valuable position of delivering on all fronts. Since 2023, we've increased our Permian and Montney drilling inventory by more than 3,200 locations. This inventory-like expansion has been unmatched by our peers and leaves us with one of the most valuable inventory positions in the industry. We did it without diluting our shareholders and while increasing Roche and substantially reducing depth. And all along, our team has continued to build on their track record of operational and commercial excellence, the evidence of which is observable in public data. We make the highest productivity oil wells in the Midland Basin and in the Monty, and we do that as the undisputed cost leader in the Monty and among the top two lowest cost operators in the Midland Basin. We have also boosted profitability by strategically marketing our volumes to deliver high realized prices, lowered our cash costs, and reduced our interest expense and overhead. I'm extremely proud of our team. They have shown tremendous resolve to build our business into a leading EMP. We are pleased to see the value of what we've built start to become recognized in the market, and we are excited because there is still a lot of room to run. We've had a productive start to the year with the successful integration of the recently acquired Nubista assets, the sale of our Anadarko assets, and the significant deleveraging of our balance sheet. We accomplished all this while maintaining our focus on execution excellence and delivering another strong quarter of operational and financial results. We believe stability has real value for our shareholders. we have fundamentally de-risked our business and positioned ourselves to deliver durable returns for many years to come. Since the inception of our shareholder return framework in 2021, we've returned $3.7 billion to our shareholders, through $2.4 billion of share buybacks and $1.3 billion of base dividends. In early March, we introduced the next logical progression of our framework, designed to deliver substantial value to our shareholders while allowing greater flexibility. We committed to returning 50% to 100% of our free cash flow via dividends and share buybacks. In 2026, we began the year planning to allocate at least 75% of our free cash flow to shareholder returns. The market has shifted dramatically since then with substantially higher oil prices than we expected. Even with our shares up strongly year-to-date, we continue to see a substantial gap between our share price and the intrinsic value of our business at mid-cycle prices. That said, with the higher prices and higher free cash flow, we believe it makes sense to avoid over-indexing on pro-cyclical buybacks. We also believe it makes sense to take the opportunity to further accelerate net debt reduction. So, if oil prices continue to stay elevated, we would expect to be in the 50% to 75% range. But even then, we will still allocate more absolute dollars to share buybacks than we had anticipated at the start of March. If oil prices retreat, we will have capacity to be opportunistic with incremental buybacks, and we would expect to be back into the 75% or above range in that scenario. Again, regardless of price movements from here, Our returns to shareholders this year are now anticipated to exceed our original plan on an absolute dollar basis. I'll now turn the call over to Corey to discuss our financial results.