Parex Resources Inc.

Good morning and welcome to the Paris Resources Q2 operational and financial results conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star followed by the number one. As a reminder, today's call is being recorded. I will now hand today's call over to Mike Crockton, Senior Vice President of Capital Markets and Corporate Planning. Please go ahead, sir.

Good morning, everyone, and welcome to Parks Resources' second quarter 2025 conference call and webcast. My name is Mike Crockton, and on the call with me today are our President and Chief Executive Officer, Emad Molson, our Chief Financial Officer, Cam Granger, and our Chief Operating Officer, Eric Furlan. Please note that at any time telephone participants on the call can press star 1 to submit a question. As a reminder, this conference call includes forward-looking statements as well as 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 www.cdarplus.ca. Note that all amounts discussed today are in U.S. dollars unless otherwise stated. I'll now turn the call over to Imad. Please go ahead.

Thank you, Mike, and good morning everyone. With the first half of 2025 behind us, I'm pleased to say that we are seeing steady progress across the portfolio. At our core assets, Cabastero and Janus34, secondary recovery and EOR programs are advancing as per our plan. Development drilling has begun at Janus32, And near-field exploration success is being delivered in southern Llanos. All of these are key activities, supporting strong momentum for continued growth in the second half of the year. Our financial results for the quarter were strong, and our robust netback underscored the resilience of our business, even in a lower commodity price environment. Netback performance was supported by favorable Colombian crude oil differentials, as well as lower production costs driven by external power pricing in addition to an ongoing internal optimization effort. I want to recognize that our team's internal efforts across several projects and initiatives where we are seeing real improvements in our cost structure and corporate processes. As noted at the start of the year, our program is back and waited. In the second half of 2025, we expect to deliver steady production growth and achieve our annual guidance of 44K to 47,000 barrels of oil equivalent per day, with an anticipated strong exit that will set us up favorably in 2026. This momentum will also position us to continue to generate meaningful free funds flow, fully funding our current capital program sustaining a robust dividend, and executing on our planned share buybacks with surplus cash flow that can further strengthen the balance sheet. With that, I'll turn it over to Eric to provide an operation update. Please go ahead, Eric.