California Resources reports improved production decline rates and strong cash flow, positioning for growth amid favorable regulatory changes and strategic partnerships.

20:26 let's start with the highlights. California's energy and regulatory environment is improving in meaningful ways and CRC is well positioned. The recent passage of key legislation has created the most constructive framework we've seen in more than a decade, strengthening oil and gas permitting, authorizing CO2 pipelines and extending the Cap and Invest program through 2045. Together, these laws help support reliable in state production while encouraging investment in the state's rapidly rising energy demand. CRC's EMP, CCS, and power businesses can support California's need for energy security and clean energy solutions. Our EMP business continues to perform exceptionally well. Our teams are executing safely and our assets are demonstrating strong production performance and low base declines. With our successful ERA integration behind us, we can now move our annual base decline assumption to 8% to 13% which is down from 10 to 15% previously. This significant change strengthens our cash flow generation, improves our capital intensity and enhances the value of our large PDP reserve base. CRC's conventional reservoirs are advantage with significantly higher estimated ultimate recoveries when compared to shale resource plays. As many of the lower 48 producers are moving towards lower quality locations, we are well positioned with long duration, high quality, low decline reservoirs. We believe that this will allow us to effectively replace reserves, maintain production with less capital and deliver consistent results through the cycle. Strong execution and smooth integration remain key strengths of our operating teams. We recently announced our merger agreement with Berry Corporation. Like era, this deal was well timed, is progressing as planned and will add assets that are adjacent to our current positions, creating meaningful synergies that further enhance our leading operational scale in California. Through Era, we demonstrated our ability to effectively integrate assets, improve operating efficiencies and rapidly capture value. We plan to apply that same approach to Berry. Turning to our carbon TerraVault business Momentum continues to build. We are well ahead of the competition and close to making history at Elk Hills with our first CCS cash flows. Our first carbon capture and sequestration project at our Elk Hills cryogenic gas plant is advancing with construction underway and first CO2 injection expected in early 2026. Pending regulatory go ahead. This will be California's first commercial scale CCS project and a critical step towards realizing the state's decarbonization goals. Now that the CO2 pipeline moratorium has been lifted, our strategically positioned CCS reservoirs across the state have the potential to provide storage solutions for existing brownfield emitters that don't have the benefit of colocation, creating a true statewide framework for emissions reduction. We are also advancing our regulatory efforts in permitting inventory to expand our statewide storage network. We currently have seven Class VI permits under active review with the EPA and are preparing additional applications totaling 100 million metric tons across central California. As we focus on the most attractive markets for ccs, one thing is clear. California's biggest opportunity lies in delivering clean, reliable power. The California Public Utilities Commission estimates that incremental power capacity in the state will need to double by 2035 to meet. Demand. Layer on the projected investment in AI inference targeting major population centers, and it's clear that California is heading towards a substantial power shortfall. While renewable resources and scalable battery storageage have a role, they will not be enough to satisfy demand. California needs clean, reliable baseload power to enable data center growth while ensuring a reliable grid. State leaders recognize this challenge and have proposed several pathways to address it with ccs, CRC and CCS are well placed to be part of this solution. Google recently announced plans to deploy natural gas generation with carbon capture for their Illinois data centers. Here in California, the Energy Commission recently issued a report highlighting that pairing natural gas generation with CCS is a practical and scalable path to decarbonize baseload power across the state's legacy assets. It's clear that leading innovators share this vision, and so do we. CRC and CTV have an unequal portfolio of assets located in the heart of the nation's largest economy. We can readily pair existing power generation with carbon capture to rapidly unlock firm clean baseload power in proximity to major demand centers. We are evaluating multiple opportunities today in this rapidly expanding market. First, utility and wholesale markets where front of the meter sales could provide decarbonized baseload power directly into the grid to support system reliability and reduce emissions under the CPUC's newly proposed Reliable and Clean Power Procurement Program, or RCPP. Second, we can help meet demand from existing large technology and data center operators. Based on PGE's interconnection queue, data center requests in California have now exceeded 10 gigawatts, reflecting surging energy needs tied to AI, cloud computing and electrification across the state. As the AI revolution advances from training to inference, data center sites are expected to shift from prioritizing areas with cheap, abundant electricity to low latency areas near major population clusters. As the largest state in the Nation with nearly 40 million people and four of the top largest US cities, California screens extremely well. As we evaluate our options, it's important that we do the right deal at the right time to create the most value for our shareholders. We're focused on turning an evolving market opportunity into real progress and earlier today, we took another important step in our Natural Gas Power with CCS strategy in Kern county as we announced a new partnership with Capital Power to develop carbon management solutions for the La Paloma Power facility. This builds on our previous announcements with Hull Street and our own project CalCapture in Elk Hills. These partnerships validate market demand, expand scale from front or behind the meter data centers and highlight CRC's ability to connect firm power generation with carbon storage. With strong execution, disciplined growth and a constructive policy environment, CRC is well positioned to lead California's energy comeback, one that values both reliability and responsibility. Leo, over to you.