Crescent Energy Company (NYSE:CRGY) Q1 2023 Results Conference Call May 11, 2023 11:00 AM ET
Company Participants
Emily Newport - IR
David Rockecharlie - CEO and Director
Brandi Kendall - CFO and Director
Ben Conner - EVP of Investments
John Rynd - EVP of Investments
Conference Call Participants
Bertrand Donnes - Truist
John Abbott - Bank of America
Roger Read - Wells Fargo
Tarek Hamid - JPMorgan
Operator
Greetings, and welcome to Crescent Energy First Quarter 2023 Results Conference Call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce Emily Newport, Senior Vice President of Finance and Investor Relations. Thank you. You may begin.
Emily Newport
Good morning, and thank you for joining Crescent's first quarter conference call. Our prepared remarks today will come from our CEO, David Rockecharlie; and CFO, Brandi Kendall. Todd Falk, Chief Accounting Officer; and Ben Conner and Clay Rynd, both Executive Vice Presidents are also here today and available during our Q&A session.
Today's call may contain projections and other forward-looking statements within the meaning of the federal securities laws. These statements are subject to risks and uncertainties, including commodity price volatility, global geopolitical conflicts, our business strategies, and other factors that may cause actual results to differ from those expressed or implied in these statements and our other disclosures. We disclaim any obligation to update any forward-looking statements after today's call.
In addition, today's discussion may include disclosures regarding non-GAAP financial measures. For reconciliation of these historical non-GAAP financial measures to the most directly comparable GAAP measure, please reference our 10-Q and earnings press release available on our website.
With that, I will turn it over to David.
David Rockecharlie
Great. Thanks, Emily. Good morning, and thank you for joining us today as we close out another solid quarter. We continue to generate significant EBITDA and operating cash flow through our maintenance level development program, allowing us to prioritize returning cash to shareholders and maintaining a strong balance sheet.
Our base business is performing well, and we are highly encouraged with how our team continues to find innovative ways to safely reduce costs and maximize the value of our development program.
Before jumping into the first quarter results, let me spend a few minutes on our recently announced bolt-on acquisition. Last week, we announced an accretive acquisition of operatorship and incremental working interest in our existing nonoperated Western Eagle Ford assets from Mesquite Energy for $600 million. We acquired the original nonoperated interest in the Western Eagle Ford over 6 years ago. So we know the assets incredibly well.