Coterra Energy Inc. (CTRA) Q1 2023 Earnings Call Transcript

Coterra Energy Inc. (NYSE:CTRA) Q1 2023 Earnings Conference Call May 4, 2023 10:00 AM ET

Company Participants

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

Tom Jorden - Chairman, CEO and President

Scott Schroeder - EVP and CFO

Blake Sirgo - SVP, Operations

Conference Call Participants

Arun Jayaram - JPMorgan

Umang Choudhary - Goldman Sachs

Michael Scialla - Stephens

Neal Dingmann - Truist Securities

David Deckelbaum - TD Cowen

Operator

Good morning. My name is Rob, and I will be your conference operator today. At this time, I would like to welcome everyone to the Coterra Energy First Quarter 2023 Earnings Conference Call. [Operator Instructions].

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

Dan Guffey

Thank you. Good morning, and thank you for joining Coterra Energy's First Quarter 2023 Earnings Conference Call. Today's prepared remarks will include an overview from Tom Jorden, Chairman, CEO and President; and Scott Schroeder, Executive Vice President and CFO. Also on the call is 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 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

Thank you, Dan, and welcome to all of you who have joined us for our first quarter conference call. Coterra had an excellent first quarter. We delivered on all fronts, Production at the high end of our guidance, capital within our targeted front-loaded cadence and significant progress on our buyback. These results were driven by outstanding asset performance, a recurring trend you should expect from Coterra.

Oil production exceeded the high end of our guidance, driven by strong performance in our Permian, Wolfcamp and Harkey developments. Our Anadarko projects also continued to deliver above our expectations and set the stage for future activity increases. In particular, part of our production beat was driven by continued outperformance of the Anadarko Miller Trust project, which was brought online last year. The Anadarko is an underappreciated gem within a strong portfolio.