Centennial Resource Development, Inc.

Good morning and welcome to Centennial's Resource Development Conference Call to discuss its first quarter 2022 earnings. Today's call is being recorded. A replay of the call will be accessible until May 12, 2022 by dialing 855-859-2056 and entering the conference ID number 3033538 or by visiting Centennial's website at www.centennial.org. C-D-E-V-I-N-C.com. At this time, I will turn it over to Hayes Mabry, Centennial's Senior Director of Investor Relations, for some opening remarks. Please go ahead.

Thank you, Ludi. And thank you all for joining us on the company's first quarter earnings call. Presenting on the call today are Sean Smith, our Chief Executive Officer, George Gliffis, our Chief Financial Officer, and Matt Garrison, our Chief Operating Officer. Yesterday, May 4th, we filed a Form 8K with an earnings release reporting first quarter results, as well as operational results for the company. We also posted an earnings presentation to our website that we will reference during today's call. You can find the presentation on our website homepage or under Presentations at www.cdevinc.com. I would like to note that many of the comments during this earnings call are forward-looking statements that involve risk and uncertainties that could affect our actual results and plans. Many of these risks are beyond our control and are discussed in more detail in the risk factors and the forward-looking statement sections of our filings with the Securities and Exchange Commission, including our quarterly report on Form 10-Q for the quarter ended March 31st which will be filed with the FCC later this afternoon. Although we believe the expectations expressed are based on reasonable assumptions, they are not guarantees of future performance, and actual results or developments may differ materially. We may also refer to non-GAAP financial measures that help facilitate comparisons across periods and with our peers. For any non-GAAP measure we use, a reconciliation to the nearest corresponding GAAP measure can be found in our earnings release or presentation, which are both available on our website. With that, I will turn the call over to Sean Smith, our CEO.

Thank you, Hayes. Good morning, and welcome to Centennial's first quarter earnings call. Overall, Q1 was a strong quarter, and we are very pleased to have started the year off with robust financial and operational execution. From a financial perspective, we generated record free cash flow that allowed us to fully repay all borrowings under our credit facility and build a significant amount of cash. This net debt reduction delivered leverage of 1.1 times at the end of the quarter, a level that is ahead of previous expectations. Operationally, we continue to deliver from a technical perspective with strong well results from our northern and southern Delaware positions across a variety of zones. Additionally, we were able to deliver capital expenditures in line with our expectations, despite completing six more wells than originally anticipated. This dynamic underscores our operation teams focus on continued drilling and completion efficiencies, as well as continuing our quarterly success of drilling and completing wells ahead of schedule and under budget. In my comments from the year end 2021 call, which is highlighted on slide five, I laid out a differentiated 2022 game plan that was predicated on three core principles. First, delivering meaningful free cash flow generation and reducing leverage below one turn. Second, targeting top-tier oil production growth of 10% to 15%. And third, announcing and executing on our two-year $350 million share repurchase program once we have achieved our leverage target. As I look back at our execution in the first quarter and look ahead to our expectations for the remainder of the year, we believe that these objectives are not only on track, but are ahead of schedule relative to our initial expectations. From a growth perspective, we believe we are well positioned to deliver on our targets based on our strong well performance and continued operational efficiencies to date. From a free cash flow and deleveraging perspective, we have made significant progress in Q1 and are raising our free cash flow target by $150 million from greater than $400 million to now greater than $550 million at today's strip. Third, with our revolver fully repaid, meaningful free cash flow on the balance sheet, and leverage nearing our target levels, we look forward to commencing our share repurchase program in the near term. All in all, Q1 was a very strong quarter, and I'm excited for our continued financial and operational execution of our 2022 game plan. With that said, I'll turn it over to George to review our financial results.