Crescent Energy Company (NYSE:CRGY) Q3 2024 Earnings Conference Call November 5, 2024 11:00 AM ET
Company Participants
Reid Gallagher - Investor Relations
David Rockecharlie - CEO
Brandi Kendall - CFO
Clay Rynd - EVP of Investments
Conference Call Participants
Neal Dingmann - Truist Securities
Tim Rezvan - KeyBanc Capital
Oliver Huang - TPH & Company
Michael Scialla - Stephens
John Freeman - Raymond James
Arun Jayaram - J.P. Morgan
John Abbott - Wolfe Research
Michael Furrow - Pickering Energy
Operator
Greetings, and welcome to the Crescent Energy Third Quarter 2024 Conference Call. At this time, all participants are in a listen-only mode. A 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, Investor Relations. Thank you. You may begin.
Reid Gallagher
Good morning and thank you for joining Crescent's third quarter 2024 Conference Call. Prepared remarks today will come from our CEO, David Rockecharlie; and CFO, Brandi Kendall. Our CAO, Todd Falk; and our EVP 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 reconciliation of historical non-GAAP financial measures to the most directly comparable GAAP measure, please reference our 10-Q and earnings press release available under the Investors section on our website.
With that, I will turn it over to David.
David Rockecharlie
Good morning and thank you for joining us. Yesterday, Crescent posted another solid quarter of financial and operating results. 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 team continues to execute on our proven and consistent strategy of growing profitably through acquisitions and driving operational efficiencies. Because of that, we have raised our outlook for the year for the third consecutive quarter, reaffirming our production guidance with more efficient capital spending and increased free cash flow.
Second, our integration of the SilverBow business is yielding significant synergies even beyond our initial expectations. We've already realized approximately $65 million of annualized synergies or the low end of initial expectations within just a few months of closing. We have successfully integrated the people, the assets and the best practices of both businesses ahead of schedule to drive incremental value.