CRGY - Earnings call transcript Q4 2021

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Operator

00:06 Greetings. Welcome to the Crescent Energy 2021 Results Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] 00:25 I would now like to turn the conference over to Emily Newport, SVP of Finance and Investor Relations. Thank you.

begin. may You

Emily Newport

Falk, Executive and A Rynd, morning our joining meaning XXXX Kendall. the today other during Presidents Crescent’s are David session. Ben XX:XX prepared thanks forward-looking projections remarks of and XX:XX the in risk and Today’s statements federal COVID-XX, Conner, and price continued subject any both call. strategies Todd Brandi also be CFO, security laws. and the Russia will brief and These from Accounting We and these today earnings factors Vice Officer; disclosures. Clay XX:XX that Rockecharlie; of Good call. our contain within Ukraine, statements volatility, our to and available after for obligation Chief Q&A are will CEO, to other here geopolitical other call statements come impacts from in and may commodity uncertainties, cause actual including implied business to our conflicts, disclaim results any including defer today’s forward-looking update the statements or those expressed may

non-GAAP discussion regarding include disclosure measures. addition, today’s In may financial

press will reconciliation available XX:XX to non-GAAP financial measures earnings GAAP measures, our to on For David. turn I please the reference of call With XX-K and most that, directly website. our the historical comparable release over

David Rockecharlie

earnings XX:XX first a as call good us everyone. morning Emily company. today Great. public and Thanks on We appreciate our joining you

to issued ESG with accretive offering Uinta Last our XX:XX our publicly For our of Contango announced in were bond We and the we assets, truly we and the company, June, listed inaugural year. month, was April, transformational continue Basin EP’s in advance we XXXX in strategy. a announced acquisition merger December.

and the Cash our principles year’s decisions moment XX:XX and are simple. want guiding results flow, presents. The quite management, attractive XXXX take and differentiated behind appreciate you outlook, Before our returns. all a I our opportunity investment Crescent risk this strategy discuss that we to ensure to and of

model expertise nearly investor successfully mindset with our is Our operational strategy an for decade. is a Cash of deep have flow we business. this foundation and XX:XX combining unique, executed the

producing at a outlook $XX have diversified is developed Our $XX free had nearly at EBITDA our XX:XX an stability review We large million base our chance a projected billion you've only cash oil. the low per XX:XX more that recognize free significant from to I of PDP adjusted $X.X PV-XX acquisition, of $XXX cash proved flow. with asset barrel the scale oil, estimated hope Uinta Assuming leading XXXX and months of XX%. generate of business. and the SEC nine barrel pricing XXXX rate and contribution $X a billion with is levered than flow, of decline industry decline

generate risk is market strong effectively investments decisions returns in on organic leverage and for don't cash to dividends. from energy hedging core utilize exploration. and our strategy. consistent XX:XX recognize of also a pursue strong of and and acquisition to acquire and low record managing and a and protect We We of continuous any profitable perspective opportunities. to We XX:XX We growth. we're in us assets, both measures risk capital returns, a risk asset investment Disciplined ESG the improvement shareholders framework XX:XX we as balance have through long-term a We We develop returns diversified allow a transition, part to cash and decisions. adjusted track returning well-defined a generate to cash value, we committed capital strong capital approach have our portfolio pursue proven protect maintain low sheet. flows

Xx the is base, Rockies undeveloped acquisition. XX:XX providing $X.X barrel Crescent is $XXX we flow. EBITDA we were free XX:XX financial multiple one and XX:XX asset or and value accretive, XX:XX meets SEC increase XXXX In The cash we While to cash expected transaction XXXX substantial are a not base back of estimated our existing billion substantial assets our a stacked point. of flow acquire very XX:XX per provide significant projected years addition is front, transaction returns XXX,XXX with existing PDP when well production, and demonstrated position accordance our annualized in our amount The costs, position. Uinta entry we Before per On side, substantial operating and significantly of low leverage This XX% will into ESG despite what XX% cash we council assets commitment scale will the both well margin the recently improve per opportunity in oil formation industry wells, substantial quality and highlighted adjusted our through completion accretive EBITDA, capital PV-XX standards our The of any will the announced our years, cash completed existing Ford Methane high acquisitions OGMP a on barrel flows at on shareholder last to proved focus us entry purchase means of add to asset to ESG operatorship and operated, of do XX:XX investments. the is about flow potential and we Ford and Eagle to commodity XX% announced with to Xx About our adjusted we performance of combined In the important of methane among strategy, sustainable participate the resource our $XXX drilling and program cash ample aligns XX:XX high milestones, From and Eagle The in assets. but joined lot have see perspective, high uncompleted in drilled, returns. acquisition Offset Rockies the an to and greater basin excited our attractive place. estimate about of a Rockies an contiguous, acquired on than modern in approximate to of million EBITDA. believe less price we regions than working inventory production measurement our estimated positioned inventory is it me of certainty ESG quality report We of interest. reservoirs assuming to footprint to is let organic of opportunity value a $XX Reducing The We the Brandi, justify three the we well allows of we a We've not the OGMP decline. multiple of high-return Uinta the our to a net the comment XXX% balance XXXX In-line December, represents oil. is The we goals million] framework about integration have it with the its and to inventory. most Gas for to first is we the scale project industry come call and drive inaugural neutral, XX:XX with generate and addition profitability we the cash reduction the increasing goals understood quickly while over Basin oil runway months. the $XXX top flow to slowing $XX acquisition largely Uinta On PDP, & we and change. The February, asset impact being issued of Ford around of our production. the business. with Uinta or and maintaining million, Partnership opportunity also the FASB attractive oil scaled, only At our provides of stable free continue comes from our basis, a nearly public XX:XX developed rigorous. [ph] substantial that flow. The approximately from production data, will XX into consolidation. maintaining window turning acre quarter. cash strategic valuations. X.X. operators of ESG flow market X.X similar also Oil our designs. of across multiple or transactions and the with have step the are in for acquisition existing do when Uinta of generating XX:XX [$XXX on On for application grow asset this production Uinta a the prices and from drill multi-year Basin asset. a the acquisition EBITDA strong simply advance accretive locations nine efforts. our with from weighted achieved have XX:XX are great low believe business Utah. leading development sheet. several XX:XX our X.X million or that We've critical into an at On to the production climate potential net Eagle initiative regions. adjusted advisory future and two see able of and attractive emissions oil, as roughly the think a dividend, an pricing In multi-year XX:XX

reductions to now emissions perform as cover that, core strategy. will I'll all accurate this membership programs, Our call targeted a in Brandi XX:XX our results as reporting, to and of a XXXX create of outlook. and reduction. leader over us efforts aid emissions our XXXX We business view the establish With turn to part

Brandi Kendall

XX:XX Thanks, David.

will dividend and capital share the I inherent announced capital any Priority first which shareholders cash the of for I a the we sheet on overview the transaction dividends strategy. our XXXX. dividend a the flow results the to XX:XX percentage dividend We Xb flow, of provide low We a hedge XX% many sheet. adjusted consistent impacted our within to by outlook, to $X.XX of robust company, to allocate XX% and Basin nine our and Before we free framework paid would Uinta dividend years Today, referred XX:XX given upon same a We decline is XX:XX EBITDAX, investors for our of policy our and dividend in not as our of to is We decisions our XXXX rates, business quarterly continue program. $X.XX based per public a is of increase leverage, and like framework. consistent an based closing EBITDAX as dividend before our balance free our fourth for low our to expect private period Xa company. our XXXX on stability will decisions. our to share our so allocation book. EBITDA of with cash a of balance our the target not per it capital quarter on peers, fixed investment public equal as framework Unlike making turn

On the with in-line Xx. we the balance at sheet, year X.Xx long-term of goal net exited leverage our

Depending adjusted our footprint on the stability and all we and targeted price acquisitions risk cycles us reinvestment has delay allows consistent to returns and strong to business, decisions investment uniquely when making returns of of elected broader environments. weather balance the well leverage our driven drilling the do we XX:XX our inherent in support thresholds. and think dividend commodity Due to volatile structure Over we We are averaged the a return this evaluate after positioned past X.Xx sheet existing on not single importance business. commodity it know while to have decade, basis. a potential do price our both XX:XX market purely conditions, can securities our capital and about Only acquisitions. on through facing of the

approach and In low historically and prices of in We’ve XX:XX approximately XXXX the we is draw substantial resource development inventory. stronger allocation our priced uniquely [high The targets. in on to to hedge achieve markets capabilities. And the Our capital and goals. opportunities. paused HBP] of our XX% to [ph] commodity on our two fact, key depressed inventory development supports strategy our nature our meet develop returns like hedge XX:XX didn't on our when and organic of and strong activity low today's, base do designed We disciplined decline given risk EBITDAX are commodity this, stability business. our we drilling program base average half XXXX invested were in our positioned and proven

oil in the protecting flow focus in we hedge hedge within Second, a of our the entered our a strategy Consistent sheet. period. transaction, XX% We downside flows about commit a capital into for or tenor we we our balance the us approximately XX% XX:XX cash hedged PDP] Uinta cash Uinta returns First, acquired transaction, three-year the we covering acquisitions. basis to drilling allow a debt XXXX. our scenario. with of on [ph] we additional are lock upon signing [Uinta for hedged our to with portion On of book PDP combined repay expected when to in XX:XX slots

downside of book per $XXX exposure year protection, only and the to results the XX:XX generated XX% MBoe free on levered flow net to at cash development of for Independence, cash borrowings achieved future EBITDAX, but and proved in combined combination after Proforma December provides million currently Crescent now guidance. on XXX commodity revolver proforma We are produced Uinta and and debt reserves X.Xx fund plan exited of of Contango and prices roughly to provides We We to net million adjusted hand. near-term Our long-term the initially in the hedge day the $XXX have XXXX. with of transaction XX:XX roughly transaction impressive XXX Turning XXXX million also capital. and our developed hedged. in XXXX. EBITDAX we we

nine Eagle capital the includes lenders revolving program roughly upon date the contingent an estimate commitment on approximate and of non-op activity. Uinta reflects months to an of program in March Ford, gross a working elected books. Eagle XX XX adjusted the XX:XX amount assuming to the than million existing XX% closing Ford on of purchase is closing. the Basin operate We the increase customary assuming XX greater We from our in $XXX average budget million budget million based This facility million capital adjustments. interests. a billion authorize X.X $XXX program price wells to X-rig Our X-rig XX:XX modest with price, $XXX under purchase $XXX XXXX To announced credit Uinta

rollover Eagle paused I XXXX mentioned early quarter. XXXX towards online and some so earlier, As activity first one-third end the mid-XXXX XXXX, and impact Eagle over activity wells come to XX:XX that occur in we’ve restarted and Ford the the Ford reflects production development of The in of will budget will in we rolling are Uinta and is ex-Uinta towards our CapEx of be weighted of Like QX EP Energy first our across capital inflationary the guidance currently in XX:XX and the pressures year. operating million standalone guidance seeing half $XXX X-rigs expect we the this business. pace. the proforma others, reflects

commodity is finding some inflationary our some are are in and ideas period are our cash COX best is the have taxes, offset Boe, as related completion our costs Our expense Crescent and costs people pressures. of purchase impacted whether includes asset flow the indexed certain in another in Specifically PDP less than guidance is inflationary note industry that this relative expected peers to our at input today. inflation these certain outlook costs per safely we We well-positioned, by towards that such on including to to COX prices, as factored operating flood drilling of to Wyoming. new weighted I pressures activities. production, XX:XX production our which would XX:XX to

oil commodity a Our On $X.XX to XXX a higher project per for These per but in per of Uinta prices. by realizations. higher combined OpEx on are we to MMBtu barrel pricing, costs the guidance XXX XXXX offset day. tandem MBoe costs acquisition, Hub price per be are figures these Henry move of expected for Boe production XX:XX with and portion WTI $XX based basis

positioned $X.XX cash EBITDAX the to X.XX that, flow In the I'll and with and today This summary, the well guidance. industry With decline billion dividend today's up adjusted million significant natural share. believe David. of would XXX per XXXX turn announced XX:XX leverage XX:XX back oil scale increase in allow midpoint we to of $XX to is dividend attractive market at and of generate transaction [XXX] and program. Crescent us call in we [ph] stay leading rate gas, would free Assuming we $X.XX

David Rockecharlie

XX:XX Thanks, Brandi.

today's me highlights. let summarize specific Before key your today, we take quickly questions

proven strategy successfully deliver we last First, a We've the for to have decade. long-term investors. been this executing value strategy to

simple is and strategy Our unwavering.

flow, developed XX:XX billion We a management, and of business returns. risk pricing. over $X scaled are projected EBITDA Second, with $X.X of focused PV-XX on XXXX SEC and adjusted we and large cash are proved billion

We have acquisitions. quality the driving of a return this deep being incredibly record opportunities, important E&P industry, is industry. our today's factors key and proven of competitive across consolidation inventory have of drilling low adding in risk, scale value one a through Lastly, track high we is XX:XX to

operating accretive today financial us synergies, Our in people and that maintain XX:XX structure. capital opportunities your able for joining identify our company. to for operational are investment our our capture again and strong to play strengths, and Thanks

Operator? be take happy now will your We to questions.

Operator

XX:XX question with line [Operator Morgan. J.P. the first of Our Thank you. Instructions] comes from Tarek Hamid

may You with proceed your question.

Tarek Hamid

for my morning Good taking XX:XX question. and thanks

Brandi Kendall

XX:XX Good Hi, morning. Tarek.

Tarek Hamid

It's a but transaction in of the million stub I proforma period, kind of EBITDA, XXX walking sort XX the with didn’t only roughly day math, the for close start is the XX:XX of this to true very a if obviously complicated quarter quarter. of through transaction get

a would just this understand, standalone to do but how versus at sort kind that at look to kind to it strip guidance, versus point, you bridge the is also be below the help guidance me you $XX at book of I As help XXXX big I wonder of hedge of part guidance? if I that being anything appreciated? of assume the pricing

Brandi Kendall

the Thanks Tarek, question. it's for XX:XX Hey Brandi.

related hedge to of XXX. that basis XXX. announced and an we with attributed in standalone a so to it increase to book. EBITDAX to a largely is would over I XXX the in our XXXX in proforma On at it's hedge So, the you hedge book. [XX] hedged the XXXX, book We barrel largely $XX increase increases were for XXXX agree just [ph]

Tarek Hamid

then then do the terms sort but first the it. of you that period, you looks think the was release sort close cadence, I give Got if production of it’s XXX, XX:XX probably math XXX, closing of guess the flavor of kind I think you And on I at into what that Brandi, a had on on correctly quarter transaction? may of like it to sort for this note Uinta of, kind stub just hopefully in could heading you, touched in a

Brandi Kendall

Yes. XX:XX

account roughly agree the I mention standpoint, period an we for time did end a the probably I expect owned Ford flow will XQ third of So, note wells if Eagle our that you in quarter. and it. exit of production, we the quarter We impact come so Contango of XXX will to that for the the first to from online really we're production towards closer which that in forward. actually that cash guidance first

Tarek Hamid

sellers potential Uinta, out highlighting worth, XX:XX and a what’s a any and relatively in target picture came transaction just in of And is there sort that but of sort maybe kind anything you, least with kind from guys prices of kind of Got just very interesting and a that the of at buyers question. trade sort have point? you this it. of, obviously then I’d at environment, can think flavor Obviously, up terms standpoint? bigger commodity of And quickly, say

Ben Conner

supply expect of that formation is it's say, be come with no going coming seen Hey, a the capital to a to It's the the and XX:XX thing assets we’ve of continuing year to question. Tarek, backdrop the there's big in Ben. into see space. that large really a market good I'd to

done volatility, say continue put I getting liquidity What to on Having of that timing potentially would in to that, set look the of does you think that, this just the pretty would to that context people we to XX:XX interesting tell market. that the a acquisition obviously and up in just So, we opportunistic of terms find would is friction and do market [indiscernible] market. continue expect said in spread deals that with little to expect recent a be I though, volatility. that we

there. business XX:XX decline Our segments, see We've do kind less to successful low of our which be our segments, reflective to of but around we large XX supply, see conventional, is acquisition. the in decline as of we really that for and focus months we so, low last us of be think a And been both steady over assets, as there's a been a expect production our is supply. very kind to well continues our buying those strategy bid the XX sets which to where expect just mid-cycle, opportunistic Uinta for up to a two pretty

risk curve things watch back up [indiscernible] heavily to with is And Clay, you’d still we of moving XX:XX know don't to at if to continue last but quarter. is certainly strategy. our curve, here anything capture so, think continue risk the returns, We were interesting to over the else the management I able which that. the

Clay Rynd

right. that's think I XX:XX

Tarek Hamid

appreciate in guys. Well, I'll XX:XX back congratulations it. thanks, get And earnings call your I now first company. public a the as again on queue.

Brandi Kendall

Tarek. Thank XX:XX

Ben Conner

XX:XX Yeah. Thank you.

Operator

Fargo. XX:XX next with Mackay Wells of from Joseph the comes question line Our

may You question. with proceed your

Joseph Mackay

XX:XX Thanks the Hey questions. taking guys.

Just kind incremental from curious how you color cash around can the thoughts prices, continued get your any M&A commodity there? flows envision reduction, in just you activity, thoughts debt dividends, higher just coming provide around to of

Brandi Kendall

Brandi. XX:XX Joe, Hey it's

in announced which share, $X.XX a morning. XX% we our to XX:XX that balance additional reminder capital resulted more the strategy, dividend framework. talked based prices, annual cash allocation obviously just debt pay That at we'd to is with year higher our dividend, we before, set standpoint, the the of a we’ve beginning sheet at guidance the our priority generate down EBITDA flow about from this pricing of expect respect dividend do As and pursue If a the and on earlier free acquisitions. accretive selectively and we

in to the going near-term that us we dividend $X.XX. $X.XX outside transaction increase from So, announced intention to the obviously of Basin the no Uinta

Joseph Mackay

XX:XX Got you.

kind of industries that being in on commodity talk seeing, And how then other in helps. again seeing seeing of potential what opportunities, just there That kind about just higher kind touching shaped that's today? of and mode, what Okay. M&A prices we're you by the terms front, of know just out you you're maybe, consolidation the you're can

David Rockecharlie

I'll XX:XX Yeah. level, quick let Hey, it's specific. a and be then high Ben Clay David. I'll and little give more you a

think transactions at XXX come that thing typically high-end of that the year. we of to across a expect this one I business. be to highlight the kind see We'd year is to XXX

heard us typically you from say, of the As the year, four we three XX:XX have So, looks level, a of average environment on percentage or on at conversion attractive low-single-digit so any high market those. a done deals supply.

move to top a this And things want when to XX:XX get their We attractive just have who a pretty environment we're low just check you XX:XX either sellers sort before. definitely this reshape to to probability a $XX existed would your of general and getting very exit decided or have things And that relative The sellers opportunistically particular exit for are invested always this we're in just thing who market address time sellers can and environment are this I looking patient find portfolio They're any that of rather line. are assume one And are done environment. environment then quickly two of I at. keep specifically the there case different oil on for $XXX looking and and to the into in been challenge and get and so, what sellers who've for for price highlight, thing in paid to think strong question. a sort position. is paid their long general they in be environment than There's looking market a looking things. may have that's

Joseph Mackay

XX:XX Thanks. All for my Thanks right. helps. That questions. taking

David Rockecharlie

Thank you. XX:XX Yeah.

Operator

the America. next Gregg from line comes Bank of with Brody XX:XX of Our question

You with proceed question. may your

Gregg Brody

guys. XX:XX Hi, morning, good

to that the the you Uinta answer announced, with what And you you think do acquisitions, question, CapEx transaction where talk cash that your more I about you growth? it can be where is transaction, Repayment And in starting debt. how will allocating for bit you do Just maintenance profile? performing is for think for about there know a as just – asset capital a how but allocated makes little you said the prioritizing potentially sense? [indiscernible] growing? the point

David Rockecharlie

EP Hey currently Obviously, the where active. happy actively take question. expect to and to to continue XX:XX is an asset Yeah. be adding we're we

And to are, million this in we kind kind at environment, its kind to extremely of so, XX:XX tightening kind on the a our look focused where prices $XXX and look as in I execution. before capital that, so, strong we've decline, strategy, maintain at look know, of as think, on talked $XXX business. continue roughly we we And returns about we're you but we as of, where really low operational million of on asset capital

would think basins here I largely two] for our So, we where between ourselves will I foreseeable in of, as that's continue capital we is pro-rata a going sit those Uinta, be. see future. two be and perspective, [then So, the Ford rig kind Eagle a where the is today, to running in think the [ph] XX:XX and from

close be capital basins. that’s XX% spend would think proforma to between those I two of our

be to think pace that. kind of in think I We'd fair beyond to So, not looking and at it's expand a environment. consistent really this

Gregg Brody

said – to you million, to with $XXX your budget is million you $XXX year. XX:XX $XXX million $XXX That's million this

things be that growth, So strategy is are? just, growth some that, right? have you assuming a that implies And stay proforma and XXXX, into thinking be able from we then here is low where XXXX should won't to that

Brandi Kendall

XX:XX Hey, Gregg, it's Brandi.

maintenance the part the for in doesn't year. and some, XXXX just Eagle restarted So, is spends going our which kind the we $XXX a the is capital level slight of Ford carryover that's $XXX XXXX, highlight right growth I back into million to imply will bit I of capital there given good it program just also just some forward. but coming makes it in a noisy, million range for think us little

Gregg Brody

your it. two is of Eagle one or is in what or And in you not-op for XX% infrastructure XX:XX – that [indiscernible] as you Got could Uinta capital, said, that's is? Ford, explain the that

Brandi Kendall

XX:XX the non-op for Mostly Yes. remainder.

Gregg Brody

that includes guide Ford When and you your, it’s full or…? is equipment and Uinta you Eagle say a that member XX:XX that XX% [DC&E]

Brandi Kendall

[Indiscernible]. Correct. XX:XX

Gregg Brody

you how just of obviously, new now, If incentives Pluses general versus know shares, for management of the minuses, Be a market? thoughts you the can interested here, think, making have hear if any public are you you your structure. centralized, do I'm you to is think updates? there help public any are curious Look, changes? benchmark do and how and thinking your kind with about XX:XX is I unique investors now? you

David Rockecharlie

things Happy cover We your we market. to the of changes to about – or I'll from in absolute David. think two just cost Happy heavily that no secondly, driven to point are then it And in-line one, Yeah. it business call think performance. It’s incentives it. be updates level been I'll should take to XX:XX be the needs how that. what's to important: again call than better or management disclosed. by it, the from

like in of and the industry, the based when public overall peers. that. is on management the no it's so, that business better ourselves based then than in XXX% the and data benchmark first time in-line we And the or vesting think we performance XXX% performance from based, anything stock XX:XX which think unique the the [Technical it's costs and There's incentive is compensation, Difficulty] the with there or And we case, sector. that operating out are associated

how phone, So, equity XX% of we and the minimum an just shareholder long-term of the around compared is performance compares. So, on XX:XX return, which long-term on has is of a feel requirement incentive that IRR, strong about potential that, comp the reminder relative to total represents a for the everyone value the which X% to as peers. second of a XX% based incentive have piece great side

the all to the with compensated. for feel shareholders and be well is and work also have also We do opportunity by performance motivated aligned how good management investors the

Gregg Brody

is about talked in shares, points you is or appreciate good where this something not shareholder back the capital? contemplate a return it be to be [indiscernible] that flow just I clearly strategy. of a that difficult And makes traded, definitely buyback, you to it it stock is shareholder the is future XX:XX might program, might? limited Is buy today there your use you but maybe

David Rockecharlie

two [ph] coverage I [long side about it well market on into, we on do would the scale. that very things. incremental in call have in and typical strong pre-merger XX:XX transitioning company as a the as as One, we're the of we creating sure investor on think Contango And well really I'll and a both XX:XX it awareness with environment, and current from, market all mindset capitalization the recognition be company. short] Yes, free of the particular, I company that's, what terms this we're would that as focus liquidity, obviously I'll smaller focused cash flow. cash think institutional In had research, more the of call of

As on framework Brandi announced we're we've said, focused maintaining the historical which for now publicly. the dividend,

sheet. that to the includes to deliver the XX:XX payment of sheet. dividends going business it's the first we're really type all We – cash be this available think balance of and cash And in secondly, the And environment, Crescent. flow the actually so, of balance company proposition to be through the should excited free very the investors the strengthening public value to about

So, what really no in I focus we're assume heavily historically there change that from we’ve to strategy going you think done. and can that

Gregg Brody

XX:XX for I got it. last question you. And

you're sense assuming much right think in there. of Could assuming you're how I us now? a you give some inflation

Brandi Kendall

Yeah. XX:XX

three into our a impacts for So, in impacted really known inflationary less so I weighted we're we inflation really rest towards would can and you by all of cash is of which industry. of large base embedded guidance. the is say production, I pressures. running experiencing, rig these We've PDP given today, Uinta, as decline only we and X% rig our have XX%. proforma one flow range imagine the as the are note to will the similar

Gregg Brody

the to million CapEx XX:XX maintenance that includes of to XX% inflation? million X% XXX XXX And that's

Brandi Kendall

That's XX:XX right.

Gregg Brody

the for the XX:XX and Right. Thanks public guys time welcome to markets.

Brandi Kendall

XX:XX Thanks Gregg. you

David Rockecharlie

XX:XX Thank you.

Operator

XX:XX this session, and question-and-answer for we call. reached participating. Thank concludes you At the end time, of also today's everybody that conference the have

this may your time. you your lines for You participation. disconnect at Thank

Crescent Energy (CRGY) 10 Mar 222021 Q4 Earnings call transcript