This conference call transcript was computer generated and almost certianly contains errors. This transcript is provided for information purposes only.EarningsCall, LLC makes no representation about the accuracy of the aforementioned transcript, and you are cautioned not to place undue reliance on the information provided by the transcript.
spk_0: the morning and welcome everyone keep my lately for his fourth quarter and four year twenty tweaking earning conference call at the time all participate or in over in only mode and quite him her second will follow the formal presentation if you have i can ask question during a can win a second simply price star and the number of one are your telephone he had to withdraw your pleasure in fact star when again i will now can call over to that harris in virtually representatives were great wage for you every morning everyone refrigerator interest agree with resources we will begin recall with promise and remembered for degree kubo shirts to provide an overview of he knows where the fourth quarter and for lawyer two thousand four
spk_1: we voted for the fall over to fortune
spk_0: chief financial officer film review or wiggles little dirt road professor to supply of them out remember before we are going up with all the question i would often go to be facilitated country presentation to our website three proper go to a certain positions that are forward looking statements within the mean the federal security the signatures of his service in interviews can he have a full results to differ from those express or implied in the statement additional information on factor because results to differ is available in the company to say that was filed yesterday we were for with and the gophers david an early for me
spk_1: a replay will be made available on the right
spk_0: phone call when it reached with my son issues in obligation to a paper with you or revise any forward with the same of whether a result of new information you for this or otherwise recording you using march three hundred we live from form of the status these another other way to describe yourself personally identify with with the says he said because of how to include references are not yet for newcomers if i'm making currently naga are you from as discuss you the most directly comparable just for your forgiveness is available in our early thirties and posts i was like finally at reminder that have held the recording mcgrath open however the braver are perfect chief executive officer live
spk_1: when he was a good morning everyone
spk_0: the fly half an hour or more to say the with really do appreciate you joining us for state call we're young public company with a lot of work to do when for a story funny point three march ten year anniversary of returning law we were one of the first group with and travel specifically an harry of the for him he offered the while we are new to the public meeting creating value for foreign investors and law for years our business is built on a solid foundation the opportunity for there and we have the right here on the the fisher price for gamers with that we're pleased to report of finishing fourth quarter and for your results for twenty twenty two or outperformance is a direct result of the hard work of our network and proven operators across the country and authentication the professionals that unfortunate for the all i say thank you
spk_2: he focused and dedication
spk_0: or twenty twenty fourth quarter was successful and many for and we look for some original our country where i live for the fourth quarter including a forty five percent year over year increase in production twenty thousand barrels per day little revenue growth of forty six percent from the fire your future and year over year growth and fifty the down and adjusted net income of fifty nine percent bring the fourth quarter or operating partners are feeling well for sale which equated to six point the growing up which on a full year basis for operating partners turn two hundred and sixty five girl which equates to sleep with a lot for granted which the success seen in the development campaign to cross hardly to portfolio about three or four years one here's one for operational in peninsula corner including and twenty percent increase in the production he just under twenty thousand barrels of oil per day
spk_1: fifty one
spk_0: revenue four hundred ninety seven million dollars and seventy one percent higher than the twenty four one and he said he and the jaffa money hundred seventy four percent hundred and eighty percent respectively
spk_2: he and funny
spk_0: you with a fortress dollars including know that and with would have yet to earn one million dollars he couldn't fit fifty one million dollars trash or see you could also reflected in our view and as he he total proved reserves which was sixteen percent over the prior year to if you are new equivalent including defeated he found a boil for natural gas the increase in reserve represents an all and replacement ratio of one point have time for production for figures putting me for her to prove preserve un peacekeepers keeps for food bills producing one percent recruit it off manfredi from and thirty nine percent foolproof on the thought i would offer for the pt or foolproof reserve units and he prices for one hundred percent to one point six hundred dollars the diversity it can be cruel team of sorting a total proved reserves by reason of us fifty seven percent of our civil proved reserves were located in person he keeps him when he for henderson when he still and different about him and from upset when the future no from our outlook for twenty three the path him pull him much about aviation them to the to traverse the interstate carefully senators a surfaced he returns and journey year and the state's attorney in between that have that number includes wrong decision dollars as well worth about forty six million dollars and acquisitions and opportunity harsher cents for convenience here today it does not include any dollars for uncommitted i with a simple opportunity a blue nope it okay to finish opportunity on the key in each other with take roughly it was time to occur in the first half of the here but roughly sixty percent of that coming in the second quarter please take four year twenty twenty three production of twenty thousand five hundred twenty two thousand five hundred barrels per day he could to keep yourself well at the point that represent the nine percent increase over four years with the twenty two production which we believe of a responsible level of birth for the first quarter a slight reduction decline around five percent from our fourth quarter numbers of some flush russia
spk_3: twenty three robots and twenty four three or turn to fell away from the back half year
spk_0: there was out our power to discuss a punishment for mardi gras power for the was a good morning everyone that going with thomas we're very pleased with our financial results with the fourth quarter your two years you go two and look for ga ga growth in two thousand and twenty three during the fourth quarter our average daily production was twenty three thousand thirty one girl the royal club today an increase of forty five percent and seventeen percent compared to the fourth quarter of two thousand and twenty one and sequentially over the last quarter respectable a reminder we report or production on a t three baiters flowing the revenue realize for natural gas liquids failed it or natural gas revenues we realized low prices of eighty three dollars and forty two cents per barrel or personally one hundred and one for third of the benchmark have you tried average for the corner a natural gas prices a four dollars and ninety seven for and figure out which is approximately eighty percent of the average house price for the quarter this is moderately lower than a reminder to get crazy to the third quarter didn't was either faces differentials weaker and prices and a larger percentage of yeah production coming from the heathrow the overall result was oil natural gas revenues of hundred and fifteen point three million dollars for the quarter which was forty six percent higher than the fourth quarter of two thousand and one for me a car for the fourth quarter in our expectations for two thousand and twenty three the operating expenses were forty four four million dollars or seven dollars and eleven and for the elite for two thousand and twenty three we are looking after we have her followers he prefers to seven dollars and fifty cents per view really flushing avalon taxes for nine point eight million dollars or four our thirty percent for the early for a person a failed for two thousand and forty three respect him to be in the way the seventh eighth the the fail and recently since with when one point seven million or ten dollars and fifteen cents for the only our trash united states for the fourth quarter with his point five million or three dollars in my seat and for the only for ten years for the fourth quarter included two point one million dollars along with for a car and for the preparation of a f one found in january two thousand and twenty three and for ingesting it her international the formation of a fair wage in october two thousand forty two included in our dna or costs directly attributable to bring a minute and a management fee homeowner for services agreement with greater have reminder of the is ten million dollars per year or two for five million dollars for quarter and covers approximately twenty three like employees to provide various purposes were rich we have effect on full year of trash dna for two thousand and forty three to be in the range of twenty to twenty two million dollars google for the net income of fifty six point six million or forty three for sure for the quarter or just getting from with fifty point seven million or thirty acres per share with an approximately seventy three percent higher than just a married income of twenty nine and a half million or twenty two cents for sure for the for fourth quarter of two thousand twenty one one the guy made the job to do that with eighty three point two million compared to fifty two point five million for the same period in two thousand twenty while contributing to the city a year over year growth and the the the back for the forty five percent increase in production and a twenty one percent increase in life will prices there apart we offer by forty six percent decrease in realize that will drop prices capital expenditures during the quarter total ninety one point seven million i will deliver fellow man during the quarter of he completed and play from production six points you love love dearly fifty percent of which were in the from it to some fanatic increase from the few points memo refer to sell disabled for quarter and you're treated for promotion games were surprised a year and he had an additional fifteen point seven network and progress of which we scratch approximately one for to be whole production the first half of the thousand one three as we've already covered we're getting two thousand and one three capital expenditures are two hundred and sixty to two hundred seventy million dollars including for me about opportunity after that for to last me you do not guys with is an opportunity pressure beyond what have already for today he initiated ongoing for the we drafted and targeted at the sunni dollars annually or let them have to share for were during before for okay live in apartment forty four cents per share this represents an approximate nine percent dividend yield measured against the for a price as as friday march twenty fourth december or board approved fifty million dollars or five that plan to repurchase shares in the open market during work the december the repurchased a little over twenty five thousand shares and we continue to repurchase shares during the first world of you get rid of undervalued given our risk not our business model photo by diversified advertisement for production it located and he promises producing they come across the us
spk_1: filing for me to the balance you has of urine we had no borrowing from the revolving credit facility to be for them to the offer
spk_0: within availability of one hundred and fifty million dollars honorable and chance to fifty one million dollars we began this year with liquidity issue hundred and one million as such a strong to receive a t the execute on opportunity for teacher please stand the business through acquisitions and other immediately afraid of transactions that compliment or card business and create value for all shareholders oh no hint of actually putting on a loop i found it isn't it the whole of months uncle my in the october the market continues to evolve as it in my spare time
spk_4: mr i've been in a different number of conversations with her
spk_0: shareholders but why we regret definitely definitely whole for capitalizing on the forty five years or more just start we don't agree between conditions on multiple her foreigners are not business model the few decreases with from doctors as we pretty much smaller or larger number of well as compared to operators this provides opportunities to make sure the first fire off a physician copyright getty susan i'm not sure she has resulted in our current interest in more than three thousand three hundred fifty well across the permian people for he saw parking and easier
spk_2: our driven development efforts are focus on high quality years from germans toy to drive more medium sized rusher holders and mom hated him
spk_0: finally i'm not didn't fall a lot of scary was overhead for him with a path operators in each patient person filming internal operations or forces dollars off of he for the company we're to me to ensuring service members profile was heard was well given a cyclical nature and her fulfilled the only factor for the mama jody through much to participate in development sitting on a robot moment and you're not burdened by long term health for going out with his comment operators they also enjoy eating fish watch those related to hedges because he he even a small number of published purposes for brown on offer offered property grant which provides the public investors dodger the core areas of production on the best operators public and private vehicle have no leverage the suffer from for long term growth the report on the private operators me which are some of the country enjoy literally the crash as much he provide hobbled industry that the first class private operators it would have been previously inaccessible investors we're committed to the ongoing and long term return of half of our shareholders and our business model has elicited to ensure our success in the cigar he a business that was comfortably provide your passion for shareholders recognizing also the only just after the also implemented an opportunity surely purchase program that we have in broken he's are featured on the appropriate supporting our overall strategy focus on a little girl and are operation overtime we clearly recognize that the oil and gas and issue is cyclical and the tracking hydrocarbons and follow
spk_1: gosh
spk_0: key for emphasis on having athletes our portfolio a reasonable pace as sports or processor which a harvey and required minimal overhead increases the for a criminal production from i'm going to go off script year to rapper our squad performer to today has been settled you're trading like a company with a little cash were a lot of that on the opposite is true we have a painful challenge from added equity overhang a one day county the and really harm we left off with have left behind transformers market affidavit that nicotine nine percent individual for that were happening for him question for my have on the day off of her
spk_1: as a kind of like to remind everyone in order to africa
spk_0: please try
spk_5: and i'm here to refer to that our first class and will have from line shocked and of the capital one
spk_0: the right thing she's about the catholic guys for twenty three of focused on the dnc budget
spk_1: legal history
spk_0: cause inflation the sure what a lot of this is a four year from two hours it for either way they weren't don't think for being a novel question for grant return call a precaution on their place inside a cleaner
spk_1: what about this morning be careful consideration and really on a movie seven years and we thought for sure
spk_0: we'll be in or twenty twenty one twenty two from the iraqi people only like that have a conflation from way through well first his teeth have you have a right a lot of
spk_6: you those are point the point
spk_1: still have virgin
spk_0: from others for the really starting to flesh out in the front on average behavior flesh and theories or
spk_3: so you're on the whole thing to the numbers
spk_0: mike lee up that is the type number one to carry you he was from forty two the perfect for a for many for a point that love to plan for your prefer the last year's love worry about them you was your to be fairly for her to the last year around sixty for some proprietor and call it it is about a paper we're going out good
spk_1: the
spk_3: yeah he ever
spk_0: the question for you to be alone or to sick people i prefer to the time
spk_1: eagle ford or evil for operations the trigger your main driver there
spk_0: i one partnerships that we have
spk_1: researchers working they're fighting for your feeble her go to the closure fifteen time and had and then your jobs are to be the world behind early this year though from of the parthian well as with really on did was a plan
spk_0: last week virginity going anywhere wonderful there the attacker the getting validation
spk_1: i felt your for
spk_7: a version of yourself
spk_5: he flew down in philadelphia
spk_1: our
spk_2: yeah okay and the a snake one one for firearm good for you six united accusations and opportunity after budget from measure that time was conferred community here today to articulate my mission creep i'd love to hear anything about was that number might as well
spk_0: here yeah go ahead dog have opportunity the for me
spk_8: the first quarter
spk_1: i'll go away
spk_0: merger acquisition including the that offer that we close in january yeah sure five well i love to include any ah well for out here don't you started to move on idol i would not expect that to be or five i think her home years i would increase power but i would expect you to for a okay
spk_1: the for that number beside that number
spk_0: the gonna be for sending to our year
spk_3: furthermore literature fight hard cash for sure
spk_0: a here once again for any fucking simply passing star one your next question of oklahoma line with a cat grant that alliance global partner aha
spk_8: wonderful for the tough on me building on the on the last topic on the other the thing a little trouble hearing from the blocking the out that the ban in production and development of the patients than anything you guys that sure are available
spk_0: yeah think most of our after dollars to my word help we're three and remove the war or rupert into strategy you're gonna feel as you were the radar
spk_9: the most of them will be employed
spk_3: to specifically or whatever
spk_1: he will worked hard
spk_0: after three to take the dog with them couple of years in one of the challenges
spk_5: discography get approved deserve credit for tory
spk_0: one year but certainly be on to russian lawyer or photo is working high quality the that to the door and afraid people over the capital and he never competition after isn't that true i phone and the only better
spk_1: we are equal opportunity said
spk_0: at issue or in terms of tribal kind of but rather than a related i buy a loaf
spk_1: the four months
spk_0: and you may be fine image orientation a third cavalry
spk_10: and here's your title from there
spk_1: really though
spk_0: they describe your brows you can find different and so will be john and smaller production i could listen the refinery social for
spk_2: the khyber pass
spk_0: hello
spk_1: just as are horrible and i'm on the delaware think the flight deck russia today a partnership for you on this morning about of that
spk_0: the broader strategy that then maybe hundred he tells me he has plenty of it
spk_1: yeah you guys that that really are
spk_0: primary focus worth it for sure food without look like you finding a capital harder hidden operator we're flying about to be held for a long time as bad looking for a cheaper counselor
spk_1: goal is to me provide
spk_0: creative an instructor so what we did as recounted rebellion they weren't really like boy
spk_11: the center for a long time
spk_0: they were sort with private equity back and our that
spk_1: they were looking for that
spk_0: the private equity
spk_12: really
spk_0: for the past five years on any transition to fly half desert haven't either he has been they jill market you're so focused on smaller you are and how opportunity for on about the boy let's go
spk_13: i love how you feel
spk_0: you are fly bys your guy in to work together ammo the drawing and film from an officer really me a lot of the historical challenges with not have more control of the time work over the that in overpaid the floor in love with behavior a lot of the the really should he just as to are making like history the the guy here for been through it right for the the public pressure come with like private equity firm extra with do the witty and me frankly more mine i would be about yourself that the threat he does one is that they however i have a lot of our time on it certainly grow that the okay the day
spk_1: your burgundy strategy has suffered a great hauschka advertisement
spk_0: over the past decade monitor we can purpose lot of fish are certain kind of year old girl driver
spk_1: go forth
spk_0: amazon for football focus know typically or other to tend to be the house to the needs of the operator or theoretically slasher in terms of are you guys acquiring a working for for prof a grand very requiring at a partnership like a hobo for on undeveloped location or
spk_3: he had to hide out and disruption of he can share
spk_0: yeah the first an operator and have really would crash the term iraqis you whatever that caused private equity project with it is more projects than a of the nine
Disclaimer