Baytex Energy Corp.

Thank you for standing by. This is the conference operator. Welcome to the BATEX Energy Corp. First Quarter 2026 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 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.

Thanks, Dave. Good morning and welcome to VTEC's first quarter 2026 results conference call. Joining me today are Chad Lemberg, our President and Chief Executive Officer, Kendall Arthur, our Chief Operating Officer, and Chad Kalmakoff, our Chief Financial Officer. This is Chad's first call as CEO and Kendall's first as COO. Before we begin, please note that our discussion today contains 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. After our prepared remarks, we'll open the call for questions. Webcast participants can also submit questions online. With that, let me turn the call over to Chad.

Well, good morning, everyone. Q1 was a strong start to the year. Production averaged above the high end of our guidance at 69,500 VOE per day, driven by outperformance across our heavy oil portfolio. We exited the quarter with net cash of $591 million and repurchased 35 million shares, or 4.6% of our shares outstanding, for $174 million. With this outperformance and a constructive commodity backdrop, we are raising our 2026 production guidance to 69 to 71,000 DOE per day. This represents 7% annual growth at midpoint, up from 3 to 5% previously. We are maintaining discipline with capital expenditures moving to the high end of our guidance, $625 million, and includes incremental projects in our Duvernay and heavy oil. Along with updating our current year guidance, we're also updating our three-year outlook. With the depth and quality of our inventory, we are targeting 6% to 8% annual production growth through 2028, up from the prior midpoint of 4%, while maintaining a net cash position throughout the period. Before I turn the call over to Kendall, I want to acknowledge two appointments that were announced yesterday. Kendall Arthur moves into Chief Operating Officer role, and Adrian Blazovic has been appointed Vice President, Heavy Oil. I have worked closely with both for the past eight years. They have been instrumental in building our Canadian operations and are central to our long-term leadership plan. I am confident in their ability to execute and deliver against the strategy you will hear about this morning. Kendall, over to you.