Baytex Energy Corp.

Thank you for standing by. This is the conference operator. Welcome to the Baytex Energy Corp first quarter 2024 financial and operating results conference call. As a reminder, all participants are in listen only mode and the conference is being recorded. After the presentation, there will be an opportunity for analysts to ask questions. To join the question queue, you may press star then one on your telephone keypad. You may also submit questions in writing at the time using at any time using the form in the lower section of the webcast frame. Should you need assistance during the conference call, you may signal an operator by pressing star, then zero. I would now like to turn the conference over to Brian Echter, Senior Vice President, Capital Markets, Investor Relations. Please go ahead.

Thank you, Ashia. Good morning, ladies and gentlemen, and thank you for joining us to discuss our first quarter, 2024, financial and operating results. Today I am joined by Eric Greger, our President and Chief Executive Officer, Chad Kalmakoff, our Chief Financial Officer, and Chad Lundberg, our Chief Operating Officer. While listening, please keep in mind that some of our remarks will contain forward-looking statements within the meaning of applicable securities laws. I refer you to the advisories regarding forward-looking statements, oil and gas information, and non-GAAP financial and capital management measures in yesterday's press release. All dollar amounts referenced in our remarks are in Canadian dollars unless otherwise specified. And following our prepared remarks, we will be taking questions from the analysts. In addition, if you are listening in today via the webcast, you will have the opportunity to submit an online question and we will do our best to answer all questions submitted. With that, I would now like to turn the call over to Eric.

Thanks, Brian. Good morning, everyone, and welcome to our first quarter 2024 conference call. In the first quarter, we safely and efficiently executed the largest exploration and development program in company history and delivered operating and financial results consistent with our full year guidance. We're off to a strong start in 2024 and expect to deliver substantial free cash flow and meaningful shareholder returns over the next three quarters. We increased production per share by 15% in Q1 2024 compared to Q1 2023, with production averaging more than 150,600 BOE per day, 84% oil and NGLs. We drilled 83 net wells with 13 rigs running at the peak of the quarter and E&D expenditures totaling $413 million, one-third of our guided full-year expenditures. Our 2024 guidance remains unchanged with E&D expenditures of $1.2 to $1.3 billion and production of 150,000 to 156,000 BOE per day. Based on the forward strip, we expect to generate approximately $700 million of free cash flow in 2024. Our strong free cash flow profile reflects the efficiency of our E&D program, higher forecast production volumes for the remainder of the year, and improved crude oil realizations in Canada and the Eagle Ford. In Canada, we are benefiting from the completion of the Trans Mountain Pipeline expansion and increased oil export capacity, which is contributing to narrowing basis differentials out of Western Canada. In Eagleford, we benefit from our exposure to premium U.S. Gulf Coast pricing for our light oil and condensate production. We intend to allocate 50% of free cash flow to the balance sheet and 50% to direct shareholder returns, which includes a combination of share buybacks and a quarterly dividend. I'd like to now turn the call over to Chad Kalmakoff to discuss our financial results.