Coterra Energy Inc. (CTRA) Q3 2022 Earnings Call Transcript

For the period ending September 30, 2022

November 4, 2022 10:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Thank you for standing by. At this time, I would like to welcome everyone to the Coterra Energy Third Quarter 2022 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. Thank you.

Dan Guffey, Vice President, Finance, Planning and Analysis and Investor Relations, you may begin your conference.

Dan Guffey – VP, Finance, Planning and Analysis and IR

Thanks, Cheryl, and good morning. Thank you for joining Coterra Energy’s third quarter 2022 earnings conference call. Today’s prepared remarks will include an overview from Tom Jorden, CEO and President; and Scott Schroeder, Executive Vice President and CFO. Also on the call, we have Blake Sirgo and Todd Roemer. 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 provided 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 – CEO and President

Thank you, Dan, and thank you all for joining us today for our third quarter 2022 recap. At third quarter end, Coterra completed our first full year as a new company. We’ve made remarkable progress and have established a consistent operating rhythm, a spirit of collaboration and teamwork, our commitment to excellence and a common economic language throughout the company. We’ve developed new methodologies, learn from one another and are building a culture of technical excellence, capital discipline, transparency and open and productive debate. We are deeply proud of the organization and the progress we’ve made. It all starts in the field, 100% of our assets are in the field, and the top-notch field staff is foundational to an excellent operating company.

I want to give a shout out and a big thank you to our field personnel whose perseverance in hostile environments inspires us all. During the past week, I visited Coterra field offices in Susquehanna, Pennsylvania, Carlsbad, New Mexico and Oklahoma. It is impossible to spend time in these offices without coming home fired up by the commitment that our field team has to the company and to one another. Their passion for excellence, safety and environmental stewardship reflects the heartbeat of Coterra.