ARC Resources Ltd.

Good morning, ladies and gentlemen, and welcome to the Arc Resources Limited Q4 2025 earnings conference call. At this time, all lines are in the listen-only mode. Following the presentation, we will conduct a question-and-answer session. And if at any time during this call you require immediate assistance, please press star zero for the operator. Also note that this call is being recorded on Friday, February 6, 2026. At this time, I would like to turn the conference over to Dale Luko. Please answer.

Thank you, operator. Good morning, everyone, and thank you for joining us for our fourth quarter earnings conference call. Joining me today are Terry Anderson, President and Chief Executive Officer, Chris Bibby, Chief Financial Officer, and Ryan Barrett, Senior Vice President, Marketing. Before I turn it over to Terry and Chris to take you through our fourth quarter results in 2025 reserves, I'll remind everyone that this conference call includes forward-looking statements and non-GAAP measures, with the associated risks outlined in the earnings release and our MD&A. All dollar amounts discussed today are in Canadian dollars unless otherwise stated. Finally, the press release, financial statements, and MD&A are available on our website as well as CDAR. Following our prepared remarks, we'll open the line to questions. With that, I'll turn it over to our President, CEO, Terry Anderson. Terry, please go ahead.

Good morning, everyone, and thank you for joining us today. This morning, I'll speak to our fourth quarter results, 2025 reserves, and provide an update on our plans for 2026. After that, I'll hand it over to Chris to discuss our financial results. Before I dive into the quarter, I want to take a moment to recognize our team's exceptional safety performance with 2025 coming in as one of the strongest in our history. As you've heard me say before, safety is our number one priority. Our people did an incredible job outperforming all of our key safety metrics, which is notable given the high levels of activity and degree of complexity we worked through this year. On behalf of our leadership team, thank you to our employees and contractors for your ongoing commitment to safety. Fourth quarter results were exceptional. We delivered operational and financial results above expectations. Production in the fourth quarter was a record 408,000 BUE per day, representing 7% growth year-over-year and 10% on a per-share basis. Consate and oil production was very strong in the quarter, at 119,000 barrels per day. CAQA was supported by strong well performance and the acquisition in July. In Q4, CAQA production of 215,000 BUE per day, was up 10,000 BUE per day, quarter over quarter, and included record high condensate production. With natural gas prices strengthening towards the end of the year, we restored production at sunrise that was previously curtailed. In combination with our low-cost transport to U.S. markets, ARC realized the natural gas price of $3.77 per MCF, which was nearly $1.50 per MCF above ACO. In 2025, we curtailed nearly 400 million cubic feet a day of natural gas at sunrise during periods when natural gas prices were low. This highlights our disciplined approach of focusing on profitability over BOEs, allowing us to defer roughly $50 million of capital while preserving resource. As we look ahead, ACO prices are constructive. We have commenced deliveries to the LNG Canada project through our agreement with Shell. This is an important project and one of several future LNG developments in Canada that will represent a meaningful increase in natural gas demand and bolster long-term profitability. In addition, we are approximately one year away from shipping a portion of our natural gas to international markets through our LNG supply agreements, which will add exposure to global LNG prices. Moving on to Hitachi. We completed our first year of operations since commissioning the asset in late 2024. Production in the fourth quarter averaged 28,000 VUE per day and included approximately 13,000 barrels per day of condensate. At over 360 net sections, Atachi is a large condensate-rich asset in its early stages of development. Our main goal was to prove up and deliver predictable results in the upper mining, And second, to assess the lower montany potential. Attachee well performance varied over the past year. We've had some really strong wells and some weaker ones. While current production is 30,000 BUE per day with 14,000 barrels per day of condensate, early results from our most recent upper montany paths in late 2025 and early 2026 are not meeting our expectations. Therefore, we've chosen to adjust our development schedule to allow our technical teams more time to analyze the results. This will allow us to determine the optimal development plan moving forward. In terms of the lower montany, with our first trial pad just about to come on stream, it is still too early to assess the opportunity here. ARC will continue to take a disciplined approach towards allocating capital at Attachee to maximize asset learnings, This will lay the foundation for future development activity, focusing on long-term profitability over BOEs. Atachi remains a high-quality development opportunity, and we remain confident in its long-term resource potential. Today, we are working on just 10% of the 360 net sections we've accumulated in the area. It's an important asset for us, and we will take the time to ensure we get it right. And while we do, we'll lean on the strength of our base business, which provides decades of high-quality development opportunities. In terms of guidance, 2026 corporate production guidance remains unchanged at 405 to 420,000 BUE per day, and capital stays at $1.8 to $1.9 billion. With the adjustments we are making at Attachee, Capital activities and timing may shift across our asset base throughout the year. Our primary focus is to maximize our learnings from this asset and improve capital efficiency. We will remain nimble as our learnings evolve, so too will our plan. Finally, before I turn it over to Chris, I'd like to speak briefly to our reserves. There are a couple of things I'd like to highlight this year. First, reserves were a record across all three categories, increasing by 15% on a PDP basis and about 10% on approved plus probable basis. And second, we reported a before-tax NPV of 2P reserves of $39 per share, which is based on roughly a quarter of our internally identified inventory. This highlights both the value embedded in our business and the inventory runway to continue to grow reserves in the future. So to sum up 2025, we advanced our strategic priorities by profitably growing our business on a per share basis. Notable achievements include, first, we delivered record average annual production of 374,000 BUE per day, which increased our profitability and improved our per share metrics. Production and reserves per share increased by approximately 10%, while free cash flow per share doubled to $2.20 per share. This allowed us to sustainably grow our dividend for the fifth consecutive year, increasing it by 11%. And second, we executed two strategic opportunities that will improve long-term profitability. First, we consolidated Montney Resource counter-cyclically directly adjacent to our existing assets at CAQA. And second, we added 36 sections of land at Hitachi through a unique agreement with TDZE, further extending the asset duration. With that, I'll turn it over to Chris.