Coterra Energy Inc.

Thank you for standing by. At this time, I would like to welcome everyone to today's Cotera Energy third quarter 2025 earnings 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. If you'd like to ask a question during this time, simply press star followed by the number one on your telephone keypad. And if you'd like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to Dan Guffey, Vice President of Finance, Investor Relations and Treasurer.

Dan. Thank you, Greg. Good morning and thank you for joining Cotera Energy's third 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, and Michael DeShazer, Executive Vice President of Operations. Blake Sergo, 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 to all who are listening this morning. Cotera had a strong third quarter and is on track to deliver on the ambitious annual goals that we set for ourselves for the full year 2025. Furthermore, we released a soft guide to our coming three-year plan update that shows that we remain committed to a long-term path of consistency, profitable growth, and value creation for shareholders. I want to give a shout-out to our field and office personnel who have worked valiantly to deliver results as promised and to do so safely, with environmental integrity, and with a relentless focus on maximizing full-cycle returns. We could not be prouder of our organization and their commitment to excellence. We delivered on all fronts during the third quarter. Our volumes on gas, oil, and barrel of oil equivalent came in above the midpoint of our guidance. We delivered outstanding returns on invested capital with great capital efficiency. The integration of the Lee County assets that we acquired early in the year has gone well and we are realizing significant uplifts in asset performance cost reductions, and future inventory. Michael DeShazer will provide further details here. We plan to deliver a comprehensive updated three-year outlook with our fourth quarter release in February. Last night, however, we provided an early look into 2026, which demonstrates our multi-year commitment to growing revenue, cash flow, free cash flow, and profitability. As we see it today, We expect capital to be modestly down year over year while still achieving consistent, profitable growth. Our low break-evens and deep inventory, coupled with our balanced revenue between gas and oil assets, provides the opportunity to deliver through the cycles and maintain a degree of consistency that differentiates us. We view our future entirely through a lens of increasing shareholder value, and we best achieve this by consistently making smart, full-cycle investments through the commodity swings. I do want to emphasize that we are providing a soft guide for 2026 and final decisions are a work in progress. We are watching markets carefully. Oil markets have a lot of moving pieces. These include the timing and impact of Russian sanctions, the situation in Venezuela, Chinese and Indian behavior, and global economic robustness. While we have the projects and wherewithal to further increase our oil growth if warranted, we are remaining disciplined and not chasing growth in the current environment. Although capital may modestly flex up or down each year, our sole goal is to consistently grow our profitability and maximize our free cash flow. We are living in rapidly changing times. The increase in LNG exports and growing electricity demand is constructive for the medium and long-term outlook for natural gas. We are prepared to be patient and not front-run demand increases. Our marketing group is heavily engaged in discussions with counterparties seeking new natural gas supply arrangements to further diversify our portfolio. which already has committed 200 million cubic feet a day to recently announced LNG deals, 350 million cubic feet per day to Cove Point LNG, 50 million cubic feet per day Permian power deal with CPV, and our 320 million cubic feet per day of natural gas supply deals to local power plants within the Marcellus. While these deals total approximately 30% of Cotera's gas production, the team continues to bring fresh ideas to the table to further improve and diversify our portfolio. Our marketing team has a mandate to generate value, not press releases. We are confident that patience is prudent and that the future of natural gas will provide tremendous opportunities for Cotera. There is a lot happening under the hood. We are also watching oil markets carefully, as I said. The swing between optimism and pessimism here is remarkable. A tiny change in facts can drive huge swings in emotion. Cotera has a deep inventory of oil assets with one of the lowest break-even portfolios in our sector. Our bias is steady as she goes without wild reactive swings. Before I turn the call over to Shane, you will note that Michael DeShazer will be delivering the operational summary today. Blake Sergo is with us and will undoubtedly have the opportunity for comments. We recently switched the portfolios of Blake and Michael, with Blake assuming oversight over our business units and Michael taking on our operational and marketing portfolios. This change was entirely driven by a desire to build redundancy in our skill sets and build broader depth of expertise on the executive team. We have a highly collaborative executive team that by design is broadly familiar with all aspects of our business. This change will further increase our flexibility, bring fresh eyes on critical issues, and provide an ability for both Michael and Blake to enlarge their impact. Every now and then, it is good to repot the plant. Finally, we know that many of you have seen the letter that Kimmeridge released this morning. Although we think that it contains some factual errors, we have great respect for many of the thought pieces that the Kimmeridge team has produced over the years and have had constructive engagement with them in the past. We are disappointed that they have chosen to release a public letter without reaching out to us. Nonetheless, We are open to suggestions that can improve Cotera, and as always, we will listen, carefully consider ideas, and be thoughtful in our response. With that, I will turn the call over to Shane for a financial summary.