Baytex Energy Corp.

Thank you for standing by. This is the conference operator. Welcome to the Baytex Energy Core fourth quarter and year-end 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 1 on your telephone keypad. You may also submit questions in writing 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 and Investor Relations. Please go ahead.

Thank you, Michael. Good morning, ladies and gentlemen, and thank you for joining us to discuss our fourth quarter and full year 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. On the call today, we will also be discussing the evaluation of our reserves at year-end 2024. These evaluations have been prepared in accordance with Canadian disclosure standards, which are not comparable in all respect to United States or other disclosure standards. Our remarks regarding reserves are also forward-looking statements. 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 analysts. In addition, if you're listening in today via the webcast, you will have the opportunity to submit an online question, and time permitting, we will strive to answer your question. With that, I would now like to turn the call over to Eric.

Thanks, Brian. Good morning, everyone, and welcome to our year-end 2024 conference call. I'm excited to discuss our 2024 results, but first, I want to take a moment and recognize the hard work of our high-quality teams in Texas and Western Canada. We have a strong and resilient organization that we are all proud to be part of. I would like to give special mention to our field staff who work under extraordinary conditions. We were reminded of that again this year with extremely cold temperatures across North America. We are grateful to our employees and contractors for their commitment to operating safely and their perseverance to deliver energy to power people's lives. Let's turn to the highlights of 2024. Our 2024 production and capital expenditures were in line with original full-year guidance, and our results speak to our disciplined capital allocation philosophy that continues to deliver increased per share returns. In 2024, we generated 10% production per share growth and grew reserves per share across all categories. We improved our cash cost structure by 5% on a BOE basis. We increased our 2P net asset value per share by 13%, and we reduced net debt by 5% in Canadian dollar terms and 13% in U.S. dollar terms. It's important to keep in mind that most of our debt is held in U.S. dollars and converted to Canadian dollars for reporting purposes. On the reserves front, we replaced over 100% of our production on both 1P and 2B bases. Importantly, our booked drilling locations within our 2P reserves report represent only half of our net risk drilling inventory. We generated strong PDP recycle ratios of 1.9 times and 2.7 times on a 1P and 2P basis, respectively, which reflects the efficiency of our capital program and our high net back oil-weighted portfolio. Across these important value creation measures, I am pleased to say that our team delivered. Now I'll turn the call over to Chad Kalmakoff to discuss our financial results.