Coterra Energy Inc.

Gaffey, VP of Finance, Investor Relations, and Treasurer. Please go ahead.

Thank you, John. Good morning, and thank you for joining Cotera Energy's second quarter 2025 earnings conference call. Today's prepared remarks will include an overview from Tom Jordan, Chairman, CEO, and President, Shane Young, Executive Vice President and CFO, Blake Sergo, Executive Vice President of Operations. Michael DeShazer, Executive Vice President of Business Units, is also in the room to answer questions. 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.

Thank you, Dan, and thank you all of you for joining us on the call this morning. I will provide an overview before handing it over to Shane for financial results and an operational update from Blake. Cotera had an excellent second quarter. We exceeded the high end of our guidance range for natural gas and total barrel of oil equivalent production and came in well above our midpoint on oil volumes. Our revenues for the quarter were nicely balanced between oil and natural gas, inclusive of natural gas liquids. We generated outstanding returns on capital and are on track to finish the year investing approximately 50% of our cash flow. A low reinvestment rate is one of the primary measures of asset quality, and Cotera remains top tier in our ability to deliver consistent, profitable growth with high capital efficiency. I would like to provide an update on our Culberson Harki program. We are on track with our efforts to address the issues that cropped up in our Wyndham Harki flow backs last quarter. We have additional evidence that strongly indicates that the issues we encountered are localized around the Wyndham development and not widespread through our Culberson assets. Blake will give you more details around six new Harki wells recently brought online that are in the immediate vicinity of the Wyndham Row. We're making meaningful progress and expect the Harkey to be a solid contributor to our program for years to come. We have seen some weakening in natural gas prices over the past quarter, and the recent announcement of the cessation of the OPEC Plus curtailments have led to a softening of oil markets. We live in an environment of perpetual commodity uncertainty. Coterra's assets and capital allocation discipline allow us to maintain a steady operational cadence across modest peaks and valleys. Last quarter, during the uncertainty around the impact of terrorists, the Iranian enrichment response, the broader Middle East conflicts, and the potential impact of these and other forces on the world economic outlook, we discussed a plan to lay down activity. As we've seen this macro situation stabilized, we have decided to keep nine rigs deployed in the Permian, two rigs in the Marcellus, and one to two rigs in the Anadarko. These decisions in aggregate will maintain consistent activity through the second half of 2025 and put us on solid footing for 2026. We look forward to updating our three-year outlook in February. As always, our outlook will be underwritten by steady cash flow, outstanding assets, and investment returns that help to accomplish our mission of consistent, profitable growth. We seek to grow our free cash flow and demonstrate its durability. We see the quality and durability of our free cash flow as one of Cotero's differentiating features. Volume growth is an output, not an input. We are bullish on the long-term prospects for our industry and for Cotera in particular. Recently, there has been discussion about the industry being in the final chapter of Tier 1 inventory. To that, we would like to make two comments. First, although it is inevitable, it will happen to different companies at different times. With our deep inventory of low-cost assets, Cotera is best positioned to maintain its strong capital efficiencies for many years to come. Second, a decline in Tier 1 inventory will ultimately lead to an increase in cost structure and an increase in the clearing price for incremental volumes. A logical consequence will be commodity price increases necessary for our industry to keep pace with demand. These consequences will materialize differently for oil than for natural gas, furthering our thesis of having meaningful exposure to both commodities. And one final thought. Our industry will indeed face headwinds, but if we have learned one lesson in the past 20 years, it is to never underestimate the ingenuity, adaptability, and creativity of the American oil and gas producer. Our industry will find a way forward, and Cotera will be there to help. With that, I will turn the call over to Shane.