7/30/2026

speaker
Joelle
Conference Operator

Good morning, ladies and gentlemen, and welcome to the Advantage Energy Ltd. Q2 2026 Results Conference Call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Friday, July 31, 2026. I would now like to turn the conference over to Mr. Brian Bagnell, Vice President. Please go ahead.

speaker
Brian Bagnell
Vice President

Thank you, Joelle, and welcome everyone to today's conference call to discuss Advantage's second quarter 2026 results. Before we begin, I'd like to remind listeners that our remarks today will include forward-looking information and references to specified financial measures. Advisories on those items are contained in our news release, MD&A, and annual information form, which are available on our website and on CDAR+. I'm joined today by Advantage's executive team, including John Festival, Advantages Interim CEO, and Craig Blackwood, our CFO. As usual, if you have detailed modeling questions, we'd ask that you follow up with us individually after the call. And with that, I'll turn the call over to John.

speaker
John Festival
Interim CEO

Thanks, Brian, and thank you all for joining us this morning. Now, having recently stepped into the role of CEO on an interim basis, my focus today is to give you a broader perspective on the quarter and the direction of the business and the team through this transition period. So Advantage achieved several significant milestones during the second quarter. We completed our 21-day turnaround at the Glacier gas plant, and this was a major operation. There were more than 500 individuals on the Glacier plant site at points during this turnaround. I'd really like to thank the Advantage team and our contractors for completing this important project safely and on time. We also completed and commissioned the Progress gas plant. We moved past these major infrastructure phase embedded in our three-year plan. And we did all of this while keeping a resilient balance sheet in a capital-intensive first half of the year and even in a weak natural gas environment. So completion of the Progress gas plant has several significant benefits for Advantage. Our corporate production exited the second quarter at approximately 90,000 BWE per day, and it's a new record for Advantage. It unlocks opportunities to develop liquids-rich Montney and Charlie Lake opportunities in the region surrounding the Progress gas plant. It also reduces our reliance on third-party processing and increases the utilization of our owned and operated infrastructure and reducing our operating costs per BOE. Now with these major milestones behind us, we are entering a period of lower capital intensity and greater flexibility in capital allocation. And our focus has turned towards maximizing free cash flow generation and directing those returns to shareholders. Now, Craig's going to walk you through our quarter in a little more detail. Craig, over to you.

Disclaimer

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