Parex Resources Inc.

Good morning, everyone, and welcome to PowerX Resources' fourth quarter and year-end 2021 conference call and webcast. Please note that at any time, participants on the webcast can submit their questions under the Ask a Question tab at the top of the webcast interface, and participants on the phone can press star 1. I would now like to turn the call over to Mike Crookton, Senior Vice President of Capital Markets and Corporate Planning, at Parix. Please go ahead, Mike.

Thank you, Operator, and good morning, everyone. On the call with me today are Iman Molson, Parix's President and CEO, Ken Penske, Chief Financial Officer, Eric Ferland, Chief Operating Officer, and Ryan Fowler, Senior Vice President of Exploration. I would like to remind you that this conference call includes forward-looking statements and non-GAAP and other financial measures, with the associated risks outlined in our news release and MD&A which can be found on our website or at cedar.com. All amounts disclosed today are in U.S. dollars unless otherwise stated. Please go ahead, Ahmad.

Thanks, Mike, and good morning, everyone. As we reflect on 2021, we are extremely proud of our records results and our team that's consistently executing in both Calgary and in Colombia. Looking back, we started the year at approximately 45,000 barrels a day. Increased our capital budget significantly and exited that same year at roughly 51,500 barrels a day production rate. And with increasing our production, we also saw an increasingly constructive global commodity price environment that ultimately contributed to Paris generating annual funds flow from operations of $578 million. U.S., which was a record and the largest in the company's history. More to come, I would add. During the year, I'm pleased to say that we materially improved the depth and the quality of our land inventory. We acquired 18 new blocks in 2021 Colombia-Bitrán, as well as expanded our strategic partnership with EcoPetrol in the northern Llanos, which combined represent a nearly four times increase in our total acreage in Colombia. Perixx is now the largest independent acreage holder in Colombia. We see this development as a cornerstone to our long-term strategy and vital to our commitment to grow our Colombia on the oil and gas production. Other noteworthy achievements for the year include our corporate ESG initiatives that Mike will briefly talk about, as well as our return of capital track record that Ken will touch on. Therefore, I make some final remarks on our outlook, before I make some final remarks on our outlook, as well as PEREC's positioning for 2021 and the long term.