Permian Resources Corporation Class A

Good morning and welcome to Permian Resources conference call to discuss its third quarter 2022 earnings. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on a touch-tone phone. To withdraw your question, please press star then two. Today's call is being recorded. A replay of the call will be accessible until November 16, 2022 by dialing 877-344-7529 and entering the replay access code 5341497 or by visiting the company's website at www.permianres.com. At this time, I will turn the call over to Hayes Mabry, Permian Resources Senior Director of Investor Relations, for some opening remarks. Please go ahead, sir.

Thank you. Thank you, Vishnavi. And thank you all for joining us on the company's third quarter earnings call. On the call today are Will Hickey and James Walter, our Chief Executive Officers, George Glyphos, our Chief Financial Officer, and Matt Garrison, our Chief Operating Officer. Yesterday, November 8th, we filed a Form 8K with an earnings release reporting third quarter earnings 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 the news and events section at www.permianres.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 in 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 September 30th, which was filed with the SEC this morning. 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 gap measure, can be found in our earnings release or presentation, which are both available on our website. With that, I'll turn the call over to Will Hickey, co-CEO.

Will Hickey Thank you, Hayes. Good morning and welcome to our first quarterly earnings call as Permian Resources. We are extremely excited, having recently closed the merger of equals between Colgate and Centennial. Both teams have been working hard prior to and post closing, and I couldn't be more proud and appreciative of our employees' efforts. People are the foundation of any business, and if there's one thing the integration process has highlighted for me, it's the quality and talent of the employees from both legacy companies. I firmly believe that we have one of the highest caliber employee bases in the industry, which will continue to create outsized returns for our investors. During Q3, Our team executed very well in the field with no issues, producing strong well results while demonstrating cost control in a difficult operating environment, all while working through the integration of a corporate merger. On a pro forma basis, we operated eight drilling rigs and three frac fleets during the majority of the third quarter, which spud and completed 36 and 38 wells, respectively. In addition to driving solid well results across both New Mexico and Texas, our production team has done an excellent job in the field, as we saw a reduction in surface-related downtime quarter over quarter. As a result, we remain on track to achieve our fourth quarter 2022 and full year 23 targets. I'd also like to provide a quick update on merger synergies on slide seven. On the DNC side, we've been implementing shared best practices and design changes to reduce cycle times and well costs. Our drilling department has reduced flat times, incorporated offline cementing, and optimized our bit selection since closing. During the quarter, we had Two standout successes in our parkway asset, where we drilled a two-mile second-bone spring sand well and a two-mile third-bone spring sand well in eight days and 12 days, respectively. While these are fantastic early-time results, we expect to pull additional levers in hopes of further reducing cycle times over the next 12 months. Additionally, we recently used our own recycled water during completions for the first time on legacy Colgate acreage, which not only advances our sustainability initiatives, but also provides both CAPEX and LOE savings. Going forward, we plan to use recycled water whenever possible in our operations. As you can see from our progress to date, we remain on track to achieve the 65 million annual synergy target laid out at announcement. I would remind everyone that our combined team has only been together for two months since closing. As a result, I'm confident that we'll continue to get better and really begin to show what this new company can do over the next several quarters. Before we touch on financial results, I'd like to quickly hit on the topic of full field development as it's certainly become quite topical this earnings season. For the past several years, both Colgate and Centennial have been targeting larger scale multi-well co-development projects to efficiently develop our asset bases. Our strong technical teams work to make sure we are optimizing the development of our assets by simultaneously developing zones that we believe need to be co-developed, maximizing the profitability of each pad while minimizing any future well degradation. Importantly, The idea of full field development does not represent a change from how either company has developed their assets previously and won't change how Permian Resource develops the assets going forward. We are fortunate to be located in the Delaware Basin, where we have over 4000 feet of high quality overpressured rock with over eight proven intervals and significant frac barriers between many of the zones. Thus, we feel very confident in our 2023 plan and don't anticipate any major changes to our development philosophy or capital efficiency as compared to previous years. And with that, I'd like to turn the call over to George to review third quarter financials.