Wael Sawan
CEO & Director

Welcome, everyone, and thanks for joining Sinead and me to discuss Shell's acquisition of ARC Resources. Today, we want to talk about the strategic logic behind the acquisition, why it makes sense now and what it means for our business and our investors. Yesterday, we published a presentation together with our press release and today, we will make some brief comments before we go into Q&A.

Let me start by saying that I'm really pleased that the Boards of both companies have unanimously supported the deal, which is expected to close in the second half of 2026 subject to regulatory approvals. We look forward to continuing to work with ARC's management and Board as we move towards completion. ARC couldn't be a better strategic fit for Shell. As we outlined at our Capital Markets Day, where we see value, we will take the opportunity to add high margin, low cost and lower carbon intensity production to our portfolio in areas where we have competitive advantages.

ARC delivers exactly that. It is one of the largest pure-play operators in Canada's Montney basin with a substantial portfolio of Tier 1 undeveloped inventory, which are complementary to Shell's assets. And importantly, it