SM Energy Company (NYSE:SM) Q3 2022 Results Conference Call November 4, 2022 10:00 AM ET
Company Participants
Jennifer Samuels - Vice President of Investor Relations
Herb Vogel - President and Chief Executive Officer
Wade Pursell - Chief Financial Officer
Conference Call Participants
Zachary Parham - JPMorgan analyst
Timothy Rezvan - KeyBanc
Gabriel Daoud - Cowen and Company
Oliver Huang - TPH
Gregg Brody - Bank of America
Daniel John - Daniel's Energy Partners
Operator
Good morning. My name is Emma, and I will be your conference operator today. At this time, I would like to welcome everyone to the SM Energy Third Quarter 2022 Financial and Operating Results Q&A. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.
Jennifer Samuels, Vice President of Investor Relations, you may begin.
Jennifer Samuels
Good morning and thank you for joining us. To answer your questions today, we have our President and CEO, Herb Vogel and CFO, Wade Pursell.
As usual, before we get started, our discussion today may include forward-looking statements and discussion of non-GAAP measures. I direct you to Slide 2 of the accompanying slide deck, Page 5 of the accompanying earnings release and the Risk Factors section of our most recently filed 10-K and 10-Q, which describe risks associated with forward-looking statements that could cause actual results to differ.
We may also refer to non-GAAP measures. Please see the slide deck appendix and earnings release for definitions and reconciliations of non-GAAP measures to the most directly comparable GAAP measures and discussion of forward-looking non-GAAP measures. Also, look for our third quarter 10-Q filed this morning.
And with that, I will turn it over to Herb for brief opening commentary.
Herb Vogel
Thank you, Jennifer. Good morning. Thank you for your interest in SM Energy and joining us this morning. We have reached a really exciting time for our business and I would like to reiterate that, we are very pleased to initiate our return of capital program ahead of expectations.
Our initiation of share repurchases in September was earlier-than-expected and our first increased fixed dividend gets paid next week. We designed our sustainable dividend program assuming $60 oil and $3 gas, which gives us upside flexibility in a stronger commodity price environment including acceleration of buybacks.
With that, let me now turn it to Emma to open the line for questions. Emma.