Crescent Energy Company (NYSE:CRGY) Q3 2022 Results Conference Call November 10, 2022 11:00 AM ET
Company Participants
Brandi Kendall - Chief Financial Officer
David Rockecharlie - Chief Executive Officer
Todd Falk - Chief Accounting Officer
Benjamin Connor - Executive Vice Presidents
Conference Call Participants
Neil Dingman - Truist Securities
Lloyd Byrne - Jefferies
Tarek Hamid - JP Morgan
Brandi Kendall
Good morning and thank you for joining Crescent’s third quarter 2022 earnings call. Our prepared remarks today will come from our CEO, David Rockecharlie, and myself, Todd Falk, Chief Accounting Officer and Ben Connor and Clay Rynd both Executive Vice Presidents are also here today and available during Q&A.
Today’s call may contain projections and other forward looking statements within the meaning of the federal securities law. These statements are subject to risks and uncertainties, including commodity price volatility, the continued impact of Covid 19, geopolitical conflict, including in Russia and Ukraine, 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 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. Thank you, Brandi, and good morning. Next month we will mark our first anniversary of becoming a public company. A lot has changed in the market environment over the last year, but at Crescent, we continue to execute the same strategy that we have used successfully over the last decade through market cycles and volatility.
Number one, generating significant free cash flow. Number two, exercising prudent risk management, and number three, producing outsized returns on investment and thanks to the dedication, expertise and hard work of everyone of the members of our team, we are pleased to discuss yet another strong quarter and exceptional progress on our value creation goals.
Before moving to this quarter’s results, I would like to highlight some of the significant achievements from this past year, both operationally and financially, which add value to the company and keep us well positioned for continued long-term value creation for our shareholders.
To begin, we continued our successful acquisition track record with the highly accretive $690 million Uinta Basin acquisition closed earlier this year. We believe these assets add meaningful value for shareholders significantly increasing the scale of our production base with approximately $1 billion approved, developed PV-10, while also enhancing our margins and adding attractive oil weighted inventory.