ARC Resources Ltd.

Good morning, ladies and gentlemen, and welcome to the AHRQ Resources Limited Q1 2026 Earning Conference Call. At this time, all lines are in a 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 today, Wednesday, April 29, 2026. I would now like to turn the conference over to Dale Lucco. Please go ahead, sir.

Thank you, operator. Good morning, everyone, and thank you for joining us for our first quarter earnings conference call. Joining me today are Terry Anderson, President and Chief Executive Officer, Chris Bibby, Chief Financial Officer, Armin Jahangiri, Chief Operating Officer, and Ryan Barrett, Senior Vice President, Marketing. Before I turn it over to Terry and Chris to take you through our first quarter results, 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 and less otherwise stated. Also, please note that we will not address questions on the events leading up to the signing of the definitive agreement with Shell. We plan to disclose that information to the market at the time of mailing of our management information circular for the transaction, which we expect to do in the next 30 days. 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 and CEO, Terry Anderson. Terry, please go ahead.

Good morning, everyone, and thank you for joining us today. This morning, I'll provide a brief discussion of the Shell acquisition of ARC that was announced this week and provide an overview of our first quarter results. After that, I'll turn it over to Chris to discuss our financial performance. On Monday, ARC announced that we have entered into a definitive arrangement agreement to be acquired by Shell for approximately $22 billion Canadian, including debt. Over our 30-year history, we have built a high-quality Canadian energy company. The strategy was never to build and sell. However, we have always known that ARC's competitive strengths and attributes of the business would be attractive to others. We are a low-cost producer, have a long runway of world-class Montney assets, and we've assembled a team with a high-performance culture and technical depth that has been critical to our success. Through this transaction, we capture tremendous value and become part of a truly dynamic global energy leader capable of realizing the full potential of our business. And we join an organization that shares our core values and commitment to safety, community, and responsible energy development. I want to thank our people, our employees, and contractors for their commitment and contribution to ARC over the past 30 years. Your leadership in operational excellence and continuous improvement has led ARC to be the exceptional company that we are today and will support Shell in achieving their strategy tomorrow. Before I get into our Q1 results, I'd like to speak briefly to safety. Thanks to the focus and discipline of our employees and contractors, we delivered another strong quarter of safety performance. On behalf of our leadership team, Thank you for your ongoing commitment to keeping our people and work sites safe. Turning now to the quarter. 2026 is off to a good start with strong operational and financial results. In a year marked so far by geopolitical instability and commodity price volatility, ARC has demonstrated the value of being Canada's largest condensate producer. and having natural gas diversification to key demand markets in the U.S. Together, this contributed to about $1 billion of cash flow and a half a billion dollars in free cash flow this quarter. Q1 production was just shy of 420,000 DOE per day, another record for ARC. This represented a 12% increase year-over-year and 17% on a per-share basis. Consate production averaged more than 111,000 barrels per day. On top of the strength in global oil prices, Consate markets are also tight. Over the past month, Consate has traded at an $8 per barrel premium to WTI, with Consate prices in the second quarter to date averaging greater than $125 per barrel. While liquids drew the headlines, Natural gas prices in certain U.S. markets were also strong earlier in the year. We have structured our natural gas marketing portfolio to capitalize on these volatile conditions as we have proven to consistently capture asymmetric upside when these price dislocations occur. In the first quarter, ARC realized a natural gas price of $4.51 per MCF, which was 81% higher than the local ACO benchmark. Our market diversification strategy put in place years ago is a sustainable competitive advantage for our business. We have low cost transport in place to sell approximately 50% of our natural gas to premium markets south of the border, which has translated to higher natural gas margins. Turning to operations, there are a few notable things contributing to our performance. At CAFPA, our largest condensate asset, we had really strong low performance. Production averaged approximately 208,000 BUE per day. We also captured and realized operational and cost synergies from the CAQA assets we acquired last year. As a reminder, we expanded our footprint at CAQA with the completion of two tuck-in acquisitions. The most recent was $160 million tuck-in acquisition in Northwest CAQA, which extends our condensate inventory at our most profitable asset. Next, we had better than forecast production at Greater Dawson, which represents about one quarter of our production. This is largely due to stronger well performance from enhanced completion designs and our culture of continuous improvement. At Attachee, production held steady in the quarter, averaging approximately 29,000 BUE per day. This included 13,000 barrels per day of condensate, Activity was limited to the completion of our first lower Montney pad. Overall, we are continuing to advance our learnings and remain confident in the asset and our ability to realize its potential. With that, I'll turn it over to Chris.