Acacia Research Corporation (NASDAQ:ACTG) Q3 2023 Earnings Conference Call November 13, 2023 4:30 PM ET

Company Participants

Jeff Stanlis - FNK IR

MJ McNulty - Interim Chief Executive Officer

Kirsten Hoover - Interim Chief Financial Officer

Conference Call Participants

Anthony Stoss - Craig-Hallum Capital Group

Brett Reiss - Janney Montgomery Scott

John Levin - Levin Capital Strategies

Operator

Greetings, and welcome to the Acacia Research Third Quarter 2023 Financial Results Conference Call. [Operator Instructions] Please note, this conference is being recorded.

I will now turn the conference over to your host, Jeff Stanlis of FNK IR. Jeff, you may begin.

Jeff Stanlis

Thank you. Hosting the call today are MJ McNulty, Interim Chief Executive Officer; and Kirsten Hoover, Interim Chief Financial Officer.

Before beginning, I would like to remind you that the information provided during this call may contain forward-looking statements relating to current expectations, estimates, forecasts and projections about future events that are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to the company's plans, objectives and expectations for future operation and are based on the current estimates and projections, future results or trends.

Actual results may differ materially from those projected as a result of certain risks and uncertainties. For a discussion of such risks and uncertainties, please see the risk factors described in Acacia's annual report on Form 10-K and quarterly reports on Form 10-Q filed with the SEC.

I'd also like to remind everyone that a press release disclosing financial results was issued this afternoon just after the close of the market. This release may be accessed on the company's website under the Press Releases section of the Investor Relations tab at acaciaresearch.com under the News and Events tab.

With all that said, I would now like to turn the call over to MJ McNulty. MJ, the call is yours.

MJ McNulty

Thanks, Jeff, and thanks to everyone for joining us this afternoon. We've had a highly productive few months here and have several recent developments that I'd like to review on today's call.

As you may have seen today, we announced that we acquired a majority stake in Benchmark Energy II LLC. Benchmark is an independent oil and gas company engaged in the acquisition, production and development of long-lived oil and gas assets in mature resource plays in Texas and Oklahoma. I'll speak more about this in a few minutes, but Benchmark is an established entity managed by executives with whom we have a positive history and a team with a demonstrated track record of success across market cycles.