Baytex Energy Corp.

Thank you for standing by. This is the conference operator. Welcome to the BATEX Energy Corp First Quarter 2025 Financial and Operating Results Conference Call. As a reminder, all participants are in a 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 the star key followed by 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, Dave. Good morning, ladies and gentlemen, and thank you for joining us to discuss our first quarter 2025 financial and operating results. Today, I am joined by Eric Greger, our President and Chief Executive Officer, Chad Kalmacar, 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-GAF 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 analysts. In addition, if you are 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. Welcome to our first quarter 2025 conference call. In the first quarter, we efficiently executed our exploration and development program, delivering results consistent with our full-year plan. Despite a challenging macroeconomic environment, we continued to generate free cash flow and deliver returns to shareholders. The broader operating landscape remains complex as global crude oil markets face macroeconomic uncertainty, concerns over tariffs, global trade tensions, and OPEC's recent decisions to increase supply. Benchmark WTI prices have also softened recently trading in the US $55 to $60 per barrel range, down from a high of $80 in early January. In response to these headwinds, we are focused on managing what's in our control. This includes focusing on safe and efficient operations and a disciplined approach to capital allocation. Yesterday, we outlined adjustments to our 2025 plan to enhance free cash flow and strengthen our balance sheet. Our 2025 E&D capital budget is set at $1.2 to $1.3 billion. and supports annual production of 148,000 to 152,000 VOE per day. In light of the current commodity price environment, we anticipate full-year CapEx and production to trend toward the low end of these ranges. With these ranges, we expect to generate approximately $200 million of free cash flow in 2025, assuming $60 per barrel WTI for the balance of the year. This represents an improvement over our original plan and highlights the resiliency of our business in this lower price environment. In addition, we are refining our shareholder return framework to prioritize the balance sheet. In the near term, we plan to allocate 100% of our free cash flow to debt repayment after funding our quarterly dividend. Given the volatile pricing environment, we will maintain a prudent approach to shareholder returns, which has historically comprised a mix of share buybacks and quarterly dividends. With that, I'll turn the call over to Chad Kalmakoff to discuss our financial results.