CTRA - Coterra Energy Inc. (CTRA) Q4 2023 Earnings Call Transcript

2024-02-23 14:15:20 ET

Coterra Energy Inc. (CTRA)

Q4 2023 Earnings Conference Call

February 23, 2024, 10:00 AM ET

Company Participants

Dan Guffey - Vice President, Finance, Planning and IR

Tom Jorden - Chairman, President and CEO

Shane Young - Executive Vice President and CFO

Blake Sirgo - Senior Vice President, Operations

Conference Call Participants

Nitin Kumar - Mizuho Securities

Arun Jayaram - JPMorgan

David Deckelbaum - TD Cowen

Neal Dingmann - Truist

Michael Scialla - Stephens

Scott Gruber - Citigroup

Kevin MacCurdy - Pickering Energy Partners

Ati Modak - Goldman Sachs

Charles Meade - Johnson Rice

Presentation

Operator

Hello and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Coterra Energy Fourth Quarter 2023 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker’s remarks, there will be a question-and-answer session. [Operator Instructions]

I would now like to turn the conference over to Dan Guffey, Vice President, Finance, Planning and Investor Relations. Please go ahead.

Dan Guffey

Thank you, Operator. Good morning. And thank you for joining Coterra Energy’s fourth quarter and full year 2023 earnings and 2024 outlook conference call. Today’s prepared remarks will include an overview from Tom Jorden, Chairman, CEO and President; Shane Young, Executive Vice President and CFO; and 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 reconciliation for 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 are joining us on the call. Coterra had an excellent fourth quarter, as shown by the results that we released last night. Shane will walk you through the specifics here, which include coming in above the high end of our guidance on oil, natural gas and Boe or barrels of oil equivalent, and below our capital guide.

For full year 2023, we finished the year with 5% year-over-year growth in Boe and 10% year-over-year growth in oil volumes, while hitting the midpoint of our capital guide. More importantly, we generated excellent returns. We also made great progress on emissions reduction and continue to push the envelope on our environmental initiatives....

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