Calfrac Well Services Ltd.

Good day and thank you for standing by. Welcome to the CalFRAC Well Services first quarter 2023 earnings release and conference call. At this time all participants are in a listen-only mode. After the presentation there will be a question and answer session. To ask a question during the session you'll need to press star 1 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question please press star 1 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Michael Olenek, Chief Financial Officer. Please go ahead.

Thank you, Liz. Good morning and welcome to our discussion of CALFRAC Wealth Services first quarter 2023 results. Joining me on the call today is Pat Powell, CALFRAC's Chief Executive Officer. This morning's conference call will be conducted as follows. Pat will provide some opening commentary, after which I will summarize the financial position and performance of the company. Pat will then provide an outlook for CALFRAC's business and some closing remarks. After the completion of our prepared remarks, we will open the conference call to questions. In a news release issued earlier today, CALFRAC reported its first quarter 2023 results. Please note that all financial figures are in Canadian dollars unless otherwise indicated. Some of our comments today will refer to non-IFRS measures such as adjusted EBITDA. Please see our news release for additional disclosure on these financial measures. Our comments today will also include forward-looking statements regarding CALFRAC's future results and prospects. We caution you that these forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause our results to differ materially from our expectations. Please see this morning's news release and CALFRAC's CDAR filings, including our 2022 Annual Information Form, for more information on forward-looking statements and these risk factors. Lastly, as we have previously disclosed, The company is committed to a plan to sell its Russian division and has designated the assets, liabilities, and operations in Russia as held for sale and discontinued operations in the financial statements. CALFRAC is continuing to make progress to complete this transaction as soon as possible while complying with all applicable laws and sanctions. The focus of the remainder of this call will be on CALFRAC's continuing operations unless otherwise specified. Pat, over to you.

Thanks, Mike. Good morning. Thank everybody for joining our call today. Before Mike provides the financial highlights of the first quarter, I'll offer some opening remarks. CALFRAC executed on our brand promise during the first quarter as we overcame adverse weather conditions and delivered significant year-over-year financial improvement. In addition to increased utilization across our existing equipment and all operating divisions, we reactivated one large track fleet and one coil tubing unit in North America. Safety is not mentioned first in our brand promise by accident. We know that an excellent safety track record is paramount to being a high-quality service company. And as such, we appreciate that we must continually work to improve our safety performance across all locations. We ended the year with a rolling trip of 1.19. We improved to 1.13 in this quarter and look to continue that trend throughout the year. Another example of our safety-centered culture is that one of our operational districts has gone almost four years without a OSHA recordable incident. We understand that a strong safety record allows us to maintain our long-term customer relationships and successfully serve our clients across all business cycles. Our fleet modernization program is progressing on schedule. We have started to deploy our initial tier four DGB pumps and expect to have seven repowered and two new units rolled out onto location before the end of the quarter. We have five of those seven in the field today. Our long-term goal is to continue to be a best-in-class service company. So the current fleet modernization program is simply another step towards that objective. I am proud of what the CALFRAC team has been able to accomplish so far and excited about building upon it through the rest of this year and the strong financial and operational results have given us a solid start to the three priorities established for the company this year, which are maximizing consolidated net income and free cash flow through a disciplined returns-focused pricing strategy and stringent cost management. The second one is Dedicating all free cash flow to reducing the company's long-term debt and evaluating additional strategies to improve its capital structure. And thirdly, investing in new technologies that enhance CALFRAC service deliverability in the field and drive improved profitability into the future. I look forward to updating everybody on the progress of these objectives throughout the year. And as the largest Canadian headquartered pressure pumping company, I think that we are uniquely positioned to leverage our operating scale to accomplish our objectives in 2023. I'll now pass the call back to Mike, who will present the financials.