My name is Kevin Andrus with EnerCom. It's my great pleasure to introduce Chad Lundberg, CEO of Baytex Energy. Baytex has done a great job optimizing their portfolio and what they have in front of them are a great set of assets, specifically in light oil in the Pembina and Duvernay, and in the Viking. Then on the heavy oil side, Peace River, the Clearwater play, Peavine, and Lloydminster. With that, I'll turn it over to Chad. Thank you. I think I don't need that. Yeah. Okay. Thanks for having us down in Denver. A good portion of my career I spent with Crescent Point Energy, and we were based in Denver. To some extent, it's a bit of an old stomping ground. I made many trips down into this basin. Newly appointed to CEO of the company, please bear with me. I'm not sure they elected me for my presentation skills. I hope and would like to say it's more for the ability to extract oil and gas, and in some senses, lead teams. But by the end of this presentation, I would expect that I've delivered enough information to maybe just whet the appetite a bit to continue your research with our story, because we're pretty excited about it. We're certainly happy to talk more about it and get into the details as you would request. I'm just going to go over some housekeeping. I'm going to get into the vision for the company. That's going to intertwine with some of the historical context. Baytex has been around for precisely 33 years, so it's not new. There's been different iterations of it, and so this iteration is purely Canadian-focused. Part of the historical context I'll give would talk about our movement into the Eagle Ford for more than a decade, and in a bigger way, three years ago, and then out again to become focused in Canada. Just first off, we are traded on the TSX and New York Stock Exchange. One of the benefits with the company is the liquidity. We do trade 3%-4% of our float on a daily basis, CAD 150 million between both exchanges. We're squarely a mid-sized company, so 71,000 barrels a day, 89% oil. We think that's a unique advantage is the oil position, and that is part of the vision forward. We do not intend to dilute down with more natural gas. We are a market cap of about CAD 4.4 billion and we spend annually about CAD 625 million on our capital programs. Modest dividend, and I'll get into our total return framework as top line for the vision of a 1.5% Or CAD 0.09 per share. Okay. I'm going to spend a bit of time here. Here's where I can intertwine some of the historical context. Baytex, in December of 2025, we sold out of our Eagle Ford position. Eagle Ford was about 60% of the company and became squarely focused in Canada as a 71,000 BOE a day entity. We are in some core key areas, cold flow, conventional heavy oil. That was the advent of the company 33 years ago. We have some remnants of the team, but most importantly, the institutional knowledge that we've learned along the way. Duvernay came to us in 2017. We started to assemble the position at Raging River Exploration. I came from Raging River, that's now Headwater, when Baytex bought it in August of 2018. It really started greenfield. We've been putting the team together to make it one of our core areas today. We produce about 10,000 BOE a day in the Duvernay light oil. We produce 45,000 BOE a day across our heavy oil fairway, of which about 20,000 BOE of that is in the Peavine. Peavine is the akin rock to the Clearwater Formation in Alberta. Then another 10,000 BOE a day out in the Viking in Saskatchewan. We have some conventional gasier stuff in the deep basin that would make up the balance of the company. When we sat down and exited the Eagle Ford, it was really for four reasons. One, to liberate ourselves from this cross-border entity. It was a bit confusing, and we certainly heard that from investors to be on both sides of the border. Two, was to rid the company of debt. In fact, we ended 2025 at CAD 800 million of cash, and if you read our Q2 release, CAD 600 million of net cash today as we exit Q2 of this year. Thirdly, though, is we had a large non-operated position. It was primarily be developed by Marathon. That became Conoco in the late years. Great operator, but big cash flows. That's very important to the story when I talk about flexibility and allocation of capital forward. We don't have that hanging over our heads. I think lastly, though, is we really sat down and looked at what makes a really good company, competitive company. In the Eagle Ford, as strong as it was, it was some of the lower returning projects in our project stack when you compare it with the Duvernay play at the spot it's at today and our conventional cold flow heavy. There were multiple reasons that we did what we did, and we're very pleased to come out the other side of the transaction today. Culture, we talk about, bullet point two. It's important to focus here. It's not nothing to have a strong debt position that we had in the past, to have the non-op position that we had. By that, I mean when you take assets in Canada, or anywhere, but in our particular instance in Canada, and a team that's accustomed to maybe getting projects pulled away from them, not being able to dream as much as they could dream ultimately about what they could do, or even just the large cash calls from a non-operative position. It does take us time now to refocus the culture on, I call it multiple degrees of freedom. Net cash is affording us the ability, and we can get into it, to capitalize on some of the projects that have been collecting dust on the shelf for, in some instances, more than a decade. There is a real cultural shift with our teams offering that flexibility. We have also gone through some layoffs, compressing fixed costs at Board of Management. Most recently, we embarked on a bit of a Board refresh where we added two new members to the Board. Lastly, this gets into ultimately our plan. The plan today, and you will see it in coming slides, offers the 7% growth, which is midpoint of guidance this year, which we then raised to 8% for the year, but midpoint in our multi-year plan. It is really underpinned by growth in the Duvernay and the heavy oil assets. There are assets above and beyond that, whether it be our small scale SAGD thermal properties that we are dusting off, refreshing, that are not part of the base plan, our water floods in the Clearwater that are not part of the base plan, but we do have pilots injecting today, or exploration projects like our Pekisko land base, where we have another 109 sections of land, 3D seismic shot through Q1. Those would all be additive to ultimately the story and base plan. Really, though, the Duvernay is the lion's share of the growth. Produced 8,000 BOE a day in 2025. That grows to 25,000 BOE in 2030. This year is our last year or our last stepping stone year to ultimately get to full scale commercial development pace. Full scale is one rig program. That gets us to that growth point. Heavy oil, as we step through the asset at an opportunity set inside heavy, it really underpins the cash flows and the company and delivers a lot of that cash to the Duvernay to be able to grow. I think that is important as our plan is free cash positive throughout the entirety at a mid-cycle price that we would define just for purpose of debate in the CAD 70 range. I just want to talk about, this will be the final point I make on the Eagle Ford sale. We did end in a net cash position. We have been very clear that that is going to be allocated in 2026, three quarters of CAD 867 million net cash to shareholders by way of buyback through NCIB. At the end of Q2, we had taken out approximately 9% of our shares outstanding, spending CAD 369 million. We are still spending CAD 2.5 million a day. It is very much a dollar cost average through the NCIB, not trying to time the market, just being in the market on a daily basis to exhaust three quarters of that funding. The other quarter is earmarked for what we would call long-term sustainability initiatives or small scale tuck-in acquisition style activity. Small scale in nature, cored up to our main assets, whether it be the Duvernay or cold flow heavy oil fairways. This speaks to our guidance this year and our capital breakdown. Maybe just a little bit on the assets. As you can see on the bottom right-hand side, we have had two guidance increases on the year. That is not necessarily a function of oil price, but it is underpinned by outperformance on the assets themselves. We had some stronger wells that we drilled in the heavy oil fairway specific to Peavine that allowed us to increase guidance. Our Duvernay wells, as I show the map, we drilled our first wells on our most southern acreage that we've been assembling and amassing. They outperformed expectations on an initial production basis. Obviously, we're looking longer term to see what they do from a decline perspective and fitting into a tape curve, but they did afford the ability to increase guidance ultimately. So 71,000 barrels a day, which is approximately 8% growth, CAD 625 million of capital. We started the year, again, in a $60 world, CAD 585 million of capital. Modest capital bump, rather large production bump underpinned by base performance and asset performance. This slide is a little bit busy. Look, the whole intent of this, when we look at our job as a management team, my job as an incoming CEO of the company, it's to be a strong steward of your money, shareholders' capital, as well as mine being a shareholder in the entity. This just speaks to how we think about capital allocation. If you look on the left-hand side, it just has various oil prices, and then across the bottom, it's the different buckets that we would think about. On the very far left, it just is maintenance capital, second to it being dividend. Maintenance capital, CAD 435 million would maintain our production streams on an annualized basis. That gets us to about a $52 break even, West Texas. On the maintenance capital, you layer in the dividend at CAD 60 million, and you're into a $55 break even. I think those are staple capital allocation points. Above and beyond that becomes the discretionary, and where do we go with the dollars from there? When we started the year, again, it was a $60 world. We came out with a more modest budget growing at 4%. Some of the underperformance and pricing has allowed us to think about these buckets differently. Growth, we've raised to CAD 90 million. We don't see the full extent of that, because as an example, we added an incremental Duvernay pad that's drilled, DUC'd into 2027, so we don't see first production till 2027. So it doesn't become part of the capital efficiency in year. But it really underpins the 8% growth. The second, and this I think is the constant tension in an oil company, is balancing near-term returns. What do I mean by that? Capital efficiency, IRR, rates of return with longer-term cash flow streams. So that gets into recycle ratio or CROIC style metrics, and it's just really balancing, maybe foregoing some of the immediate today with longer term. So long-term infrastructure. The bulk of the long-term infrastructure goes to the Duvernay. It really pairs with the growth plans in the Duvernay and its necessity. We're pretty proud of the infrastructure position, though, in the Duv. It's not as large as maybe what you would think about in an unconventional. For example, we don't have the large gas plant that we have to go out and build. The Duvernay that we sit on overlays an entire gas field from the 1990s. Actually, some of it I worked on early in my career, and there's a large third-party gas plant processing facility that we're able to flow into that has ample capacity to manage our growth as well as others. Then last is just exploration and land. Very key, especially in our conventional cold flow heavy, to continue the exploratory program as we think about advancing lands and well bores into the future. Speaks to our three-year outlook. Duvernay, as you can see, is the bulk of the growth, growing at greater than 30% per year. Heavy would be in the lower single digits. Why Duvernay versus heavy oil, some might ask. I think it's just that we've spent a long period of time, close to a decade, curating the Duvernay and the whole ecosystem that has to go into an unconventional to get it to a point where we're confident today that we're not overcapitalizing the asset or undercapitalizing the asset. We've all seen that through the last decade and a half as we've embarked on the unconventional journey, so we've had the affordability to, maybe some would say, slow play it, to get the right recipe to be able to advance it forward. When you get the recipe, though, it's becoming of you to grow at the right pace to ultimately optimize capital efficiency. So 25,000 BOE a day target by 2030 is not us saying, "Hey, teams, you need to grow to that." It's us saying, "Hey, what's the optimal growth rate? Where do the operations run and hum at peak efficiency? What's the outputs of that?" So it's a one rig pace operating around the clock that delivers the production growth of the Duvernay. I would also add that this, again, is fully funded within our cash flows in a $70 environment. In fact, we would have incremental cash flow at that point in time, free cash flow to contribute to our top line 15% return. We're not to 15% yet at $70 world, but we're making steps to get there. Duvernay growth and getting it to scale will be a big part of that. So that's kind of the high level. I'll flip to Duvernay heavy oil. So talk about the assets underpin the plan as it sits right now. Then I'm going to close with some of the upside opportunity. So this is our Duvernay position. As I said, we drilled our first well in that southern block that we've been putting together for a few years in Q1. It was most recently on production. Very strong performance. So 1,600+ BOE per day at 90% liquids. So it exceeded our expectations moderately for curves in this southern acreage. That couples with, we put out a record well for this West Shale Basin last year on more of our northern property at 1,900+ BOE per day. Again, 90% liquids. The Duvernay varies a lot across the fairway, from black oil to ultimately gas with liquids production, so it's important to understand the context of the point you're at. Duvernay grows to 25,000 BOE. We have 210 locations in inventory. Again, part of the ecosystem of an unconventional is the delineation of the asset. 210 wells because we've been at it for a decade trying to get to a point where we have the confidence. They're very, very strong opportunities, and we'd go and drill them today. They underpin the plan. We use a third of that inventory to grow to 25,000 BOE a day by 2030, and then we don't know where we go yet. We could elect to continue to capitalize at a one rig pace and step on the growth button in the Duvernay or walk back the activity levels to a more moderate 13, 14 well pace and just free cash the asset. There's enough inventory to free cash the asset for another decade from that point in time. This just speaks to lots of data, speaks to part of that ecosystem. If you just focus on the far right-hand side, it's what we've done with EURs. When I talk about undercapitalizing an asset, I would say that in 2024 when we were 80 BOE per foot, or even if you went back to 2022, where we're down at the 60 BOE per foot level, you could argue that today at 90 BOE on an EUR basis, we would have been under-capitalizing the asset. That's part of what I mean by getting the recipe right. Then on the bottom right-hand side, an improvement in well costs. CAD 1,150 a foot in 2024, moved to CAD 1,050 last year per foot. We're budgeted out at CAD 1,000 this year. This is the important key point about getting unconventionals to scale, is we're targeting CAD 900 or better as we get to that full rig activity pace that comes to us in 2027. We're pretty excited. There's a whole bunch and I'm an ops guy by background, started in drilling completions. I could probably park on this slide for 25 minutes. Not going to, but there's just so many things in the world of fracking that we're still looking at. Deploying fiber optics, looking at far field, what happens with the frack planes as we ultimately move sand through that stimulated reservoir volume. It's pretty complex. We think we've got the recipe right is the key point. Just maybe shifting into heavy oil. If I put this in context, the heavy oil position in Canada really is a 500 mi swath by 300 mi wide. We've got positions in a variety of those different places, from all the way down in Lloydminster on the far right-hand side of that map, all the way up into Peace River. Peace River is where our Clearwater property is in the Peavine. 750,000 acres, that's why exploration is so key, and geologists really are king because they are finding the subtle squiggles with old DSTs or old vertical penetrations to map us into new parts of the fairway. The important point is, though, we have 1,100 locations in inventory. We capitalize it in the base plans at 100 wells per year. You could say we have a decade of inventory to go out and drill. I guess beyond that, there's a whole inventory set of un-risked sticks that we are advancing forward to become part of the story. If you asked us five years ago what did the inventory position look like, we would have said there's 10 years of inventory. All that to say, if you ask us five years from now, we're probably still going to have 10 years of inventory as we continue to advance on top of that layering in our exploration programs. This is an example of that, and it's also an example of what we were doing while we had the Eagle Ford position. If you look at the map on the far right. Think about Cold Lake, Alberta, big air force base, kind of centered around that. 100 sections of land. This is called the Manville Stack, so that's very thematic today. Everything in dark orange we've assembled in the last five years. A lot of it came from Imperial Oil. It was old, held oil sands tenured rock that escalating rents were being paid on. We were able to farm into on it for a very reasonable cost. The point, though, is we doubled the acreage position to 100+ sections, but then we've also taken our multilateral expertise, our circulation single-string laterals expertise. By the way, we've done multilaterals for more than two decades. It's not this new whizzy thing. It's just how we're applying it as an industry now today, and we've really created now chasing eight different layers within this 100 sections of land. So it's really a stack or a cube of opportunity. I'm just going to finish out touching on some of the new upcoming not part of base plan. This is the Pekisko area. These are mounds, Waulsortian mounds, so a carbonate mound that you drill a single lat into, a line at. It really has the porosity to flow straight to wellbore. We're offsetting a producer to the west who grew to a 6,500 BOE a day position with 400 BOE a day wells. So the economics are incredibly strong. We shot 3D seismic in Q1 that verifies the mounds. First wells go down in Q1 2027. Excited about how that layers in ultimately to the base. Again, not there today. Our Peavine waterflood, it's sad. I'm only going to spend a minute on it. It does it injustice for what it's done for our industry, if you look at the likes of other operators through the Clearwater and what it's done to base declines. What I would say is we've got multiple pilots in the ground today. Some would say we've slow-played this. That's because of the tremendous outperformance that primary production gave us here. We hold 48 of the top 50 wells in the Clearwater. We have an enhanced bottom hole pressure in this part of the play that in some instances was paying out wells in two weeks' time. It's one of those amazing plays for an oil and natural gas person in their career that you don't see very often. Two pilots in the ground. We're looking for key things like injectivity, pressures, ultimate GOR suppression, and decline rates. How does that flow through to the offsetting producers? Then ultimately the top line of the company. As you contemplate modeling it into the business, it does great things with respect to what it does for our breakevens and ultimately driving free cash out of the business. Then lastly is just our Gemini SAGD project. That Northeast Alberta map that I showed earlier, that was purchased from Koch for this program more than a decade ago. We've since been extracting through multilaterals and single line circulation strings and nothing to do with small scale SAGD. That's a lot to do with the position the company was in through the last decade, a lot to do with the regulatory environment in Canada that's cleaned up a lot today and is a lot more promising for oil and natural gas entrepreneurs in the business. Gemini, though, is a 300 million barrel in place oil prospect in a SAGD typical thumbnail sense. 50% recovery puts us into 150 million barrels of oil. To put that in perspective, we have 280 million barrels on our books today of 2P reserves. We have regulatory approval for first phase development. It would be a 5,000 BOE a day development. We're working hard to understand characterization costs with respect to where small modular SAGD has gone to and regulatory framework as we approach FID decision half 2027. Again, not in base plan today. Very excited about it forward. I'd leave you with this. We're a very excited team, new in the seat, long in tenure at Baytex with a new opportunity in front of us. More degrees of freedom to go and capitalize. Incredibly strong balance sheet. Very focused vision to drive top-line returns. It's not rocket science running an oil company. It's very simple. Extract oil, do it in a very well-thought-out cadence and disciplined approach, and drive out money out the other end. Do it wisely, taking into account all stakeholders in the business, including our precious landowners. Then just the compelling valuation that we set out today. We think about, and I think about what am I chasing as an investor in the organization. It's this right here, and now it's about going out and seizing the opportunity and getting it done. I think we have a breakout. Happy to entertain any question for the next hour, but thanks for your time and attention.