Crescent Energy Company (NYSE:CRGY) Q2 2024 Earnings Conference Call August 6, 2024 11:00 AM ET
Company Participants
Reid Gallagher - Principal, Investor Relations
David Rockecharlie - Chief Executive Officer
Brandi Kendall - Chief Financial Officer
Clay Rynd - Executive Vice President-Investments
Conference Call Participants
Neal Dingmann - Truist Securities
Tim Rezvan - KeyBanc Capital Markets
Oliver Huang - TPH & Company
Michael Scialla - Stephens
John Freeman - Raymond James
Operator
Ladies and gentlemen, greetings and welcome to the Crescent Energy Q2 2024 Results Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host Reid Gallagher. Please go ahead.
Reid Gallagher
Good morning, and thank you for joining Crescent's second quarter 2024 conference call. Our prepared remarks today will come from CEO, David Rockecharlie; and CFO, Brandi Kendall. Our Chief Accounting Officer, Todd Falk; and our Executive Vice President of Investments, Clay Rynd will also be available during Q&A.
Today's call may contain projections and other forward-looking statements within the meaning of the federal securities laws. These statements are subject to risks and uncertainties, including commodity price volatility, global geopolitical conflict, 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 have no obligation to update any forward-looking statements after today's call. In addition, today's discussion may include disclosure regarding non-GAAP financial measures. For a 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 our CEO, David.
David Rockecharlie
Good morning and thank you for joining us. We have another great quarter to go over today and we're eager to get started.
Before we get into the details, I want to begin with a few key points I hope you take away from this call. First, our standalone business continues to produce strong results, generating significant cash flow and attractive returns on our invested capital. We are increasing standalone guidance for production for the second time this year and improving our expectations for capital spend as the team continues to capture efficiencies in our development program.
Second, we closed on our transformative acquisition of SilverBow Resources. We are grateful for the trust from our original Crescent shareholders and our new SilverBow shareholders who voted almost unanimously to approve our merger and elected to take equity consideration in order to participate in the go-forward company highlighting their belief in the value proposition ahead.