Coterra Energy Inc. (NYSE:CTRA) Q3 2023 Earnings Conference Call November 7, 2023 10:00 AM ET

Company Participants

Dan Guffey - Vice President, Finance, Planning and Investor Relations

Tom Jorden - Chairman, Chief Executive Officer and President

Shane Young - Executive Vice President and Chief Financial Officer

Blake Sirgo - Senior Vice President, Operations

Conference Call Participants

Nitin Kumar - Mizuho Securities

Umang Choudhary - Goldman Sachs

Arun Jayaram - JPMorgan

Doug Leggate - Bank of America

Scott Gruber - Citigroup

David Deckelbaum - TD Cowen

Josh Silverstein - UBS

Derrick Whitfield - Stifel

Neal Dingmann - Truist Securities

Matt Portillo - TPH

Roger Read - Wells Fargo

Leo Mariani - ROTH

Charles Meade - Johnson Rice

Operator

Ladies and gentlemen, thank you for standing by. My name is Cheryl and I will be your conference operator today. At this time, I would like to welcome everyone to the Coterra Energy 3Q ‘23 Earnings Conference Call. [Operator Instructions] Thank you. I would now like to turn the call over to Dan Guffey, Vice President of Finance, Planning and Investor Relations. Please go ahead.

Dan Guffey

Thank you, operator. Good morning and thank you for joining Coterra Energy’s third quarter 2023 earnings conference call. Today’s prepared remarks will include an overview from Tom Jorden, Chairman, CEO and President; Shane Young, Executive Vice President and CFO; and Blake Sirgo, Senior Vice President of Operations. Following our prepared remarks, we will take your questions during our Q&A session.

As a reminder, on today’s call, we will make forward-looking statements based on our current expectations. Additionally, some of our comments will reference non-GAAP financial measures. Forward-looking statements and other disclaimers as well as reconciliations to the most directly comparable GAAP financial measures were prepared in our earnings release and updated investor presentation. Both of which can be found on our website.

With that, I’ll turn the call over to Tom.

Tom Jorden

Thank you, Dan and thank you all for joining us this morning. Coterra had an excellent third quarter, exceeding expectations across the board. This was the result of several factors, including outstanding performance from our top-tier assets and excellent operational performance from our organization. I want to particularly acknowledge our field employees and vendors, who are the driving force behind our outstanding results.

Although we are pleased to announce these results, quite frankly, it’s what you should expect at Coterra and what we expect of ourselves. We are not interested in being average. These results are best understood within the framework of the core thesis of Coterra. With top-tier oil and natural gas assets, Coterra can flexibly allocate capital to take advantage of changing commodity prices, changing technical innovations and changing field conditions. We work for our shareholders and we believe that they are best served by a disciplined approach that generates consistent, profitable growth.