COG - Earnings call transcript Q1 2018

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Operator

Good day, everyone and welcome to the Cabot Oil & Gas Corporation First Quarter 2018 Earnings Conference Call and Webcast. [Operator Instructions]. And please note that today's event is being recorded. And I would now like to turn the conference over to Mr. Dan Dinges, Chairman, CEO and President. sir. ahead, go Please

Dan Dinges

and Cabot's Thank Call. First William, us for today for Quarter good you, you morning. joining Thank XXXX Earnings

usual, on would reference me management with call, comments we that I may of forward-looking morning's Also, As executive statements some make Cabot's our based on several this measures. team, expectations. like non-GAAP first members I financial will to current emphasize and have of

measures most other and as as provided directly earnings comparable morning's disclaimers, financial the statements Forward-looking reconciliations release. GAAP well are this in of

On guidance our of quarter. the relative per increase range net production Bcf quarter the closing divestiture of first quarter, end end comparable Cabot and the a of day, quarter Shale XX% net Daily generated share, February. increase associated $XXX high adjusted income the the to of the year the X.XX for exceeded $X.XX million despite prior with sequential equivalent fourth the at of or was of from loss an volumes the Ford represented Eagle which per

extended our streak by cash X to of also $XX positive consecutive million quarters cash generating flow free free flow. of We

and sequential quarter Our of capital XX% result for cash increase lower-than-anticipated flow strong in the was expenditures. a discretionary free flow cash a

improvements coming scale, and in our structure our cost driven activity to of basis, unit increase addition production relative recent the anticipate comparable in to cash cost and to divestitures' our prior cost Marcellus posted saw operating on Our relative over in continued the structure, improve impact On a a hat cost reduction company's to further highlights year our X% which of quarter, year we planned resulting as the XX% in cost economies overall standalone the prior years. we decline by from efficiency we comparable gains. the quarter, a in

again returns improved our level ongoing once profitability. quarter-over-quarter, our Lastly, highlighting corporate increasing

program. repurchase be plan stated share with As opportunistic call, our year-end on we the to we

'XX Our in gas in our the negative strip share year, driven for the are year line is decline base about plan, beginning in price in only represented our Ironically, X% with were repurchase and share natural case end, are and us NYMEX yet lower X% our accelerate at the the roughly outlook opportunity price by they year-to-date. of opinion, the than down 'XX around our assumptions for an price activity. to since sentiment X-year XX% to stock

opportunistic approximately were the remain to cash throughout repurchase activity. the in we As result, fairly million quarter end market we year call. year, given capital a to the $XXX XX the of our repurchase Year-to-date, over our $XXX including first shares, end in million at and hand of the subsequent for have allocated April significant forma we'll financial pro flexibility, active share on million

value. around broader while As and in it growth we allocation, intrinsic a commodity Cabot's we with maintain our cycles. sheet ironclad all, plan an when allowing Above balance disconnect capital organic plan, long-term providing in growth between liquidity, value market continue X-year we financial view have plans see and our stock the opportunistically as the back all through in relates for our we flexibility plan reinvest of highlighted dividend buying to to to sustained also to ample Marcellus,

in plan. Marcellus. the moving performance Now delivered strong our on operating to another We

communicated not During on year-end bringing as the new our up call. first volume's despite on we any quarter, wells X% sequentially

XX second turned to on quarter, we of already For XX production, the anticipate have sales. wells wells which been placing

system to connect into Sunrise our quarter growth in the sequential for the outlook second construction Transco completed to Atlantic on downtime our tempered anticipated to due that project. is slightly for gathering work have We being order

as to facilitate our in as new place wells in volumes we year second an are service. on the ramp growth additional significant XX projects the expect infrastructure of placed production in we up However, half our

Our in $XXX daily guidance of we XXXX guidance this reiterated reaffirmed year XX% release range as our million. conviction was our budget the our production of capital morning's and to for plan XX%, and

move Marcellus guidance Now differentials infrastructure wider on our first quarter outside slightly in primarily came pricing driven in the comments. range, to differentials February. for and our by let's

represented per they improvement still However, an relative to prior quarter. $X.XX year of the Mcf comparable

second cents current our differentials small flow forecasting change widening prices. are the to of full Even strip slightly by widened still with have positive assumptions, year generating million year. of sequential shoulder few season, over to $XXX We cash guidance a free anticipate also to the for reflect for the quarter we and range this differential we due a

build As Freedom Freedom Moxie full infrastructure February, in Moxie on earlier by it highlighting year begin making can relates ongoing began from power final to gas facility. we early for test this taking commissioning. progress generation while out, preparations our the

long-term new great be in-basin be Our on will per demand Cabot. in project million will and for expectation is a XXX fully service Freedom that foot cubic Moxie customer June this of day X,

is adding Regarding Center, test recently million day to per location. their be we $XX at an gas first the additional Train Energy Lackawanna to that fully for expected portfolio. X train on operational began generation also burning Cabot June sale X,

X, XXX capacity reminder, a trains be are per project day, the X December, foot of in for cubic which X is provider. schedule million nameplate for this respectively. will total remain October When and the all sole As X on Cabot online December Train and X

XX% to all between crew though moving Collectively construction the the with significant aspects a project Even continues the stations remain the of that at very We're conditions, Now current status. adverse We and Atlantic regard in-service complete. than work 'XX Sunrise. and construction. meter attainable. weather project encouraged stations. instrumentation pipe progress the stations, is pipeline, and onto pleased compressor have complete greater to lay electrical with safely the make This mid to found ways April is

once LNG Cumulatively, project, sure Sunrise a their you power in-service to Center up will Energy, everyone I'm projects the Dominion million announced significant share to drive increasing with post we this Corporation, day. X XX-year day resulting Sumitomo aware, differentials, Energy on X is received that our Atlantic As effect. these export going Pacific that now Point forward, Cabot subsidiary Energy to per a are market Cove Freedom in improvement and facility has and of is aware plants X our incremental sales a exposure status. added prices access from are Moxie April commercial of has XX over premium recently notification and foot Lackawanna that agreement wholly-owned supply most on Therefore, running. in Summit higher reached operation an Bcf seasonally per markets cubic of

Sunrise, ideal through obligation of Cabot's forward These County gas, world-class combination Susquehanna assets when looking for solution. transportation we await are Atlantic we XXX% some operational. Atlantic Sunrise volumes the are are in an is from our we combined with various As to our sourcing arrangements But short-term purchases. fulfilling in-service contracted third-party a for paths of

lately on deliver opportunity return growth gross infrastructure asset X.XX continue currently. we Lastly, organic have of from had Bcf to with highlight our the the regarding front, production discussion high our a of to we investors lot Marcellus above

continue in with not gas, our level. sentiment levels, is work out returns of as debt we we of that unrivaled cash outlook capital and cash negative we employed per in on opportunities, believe conviction the point are last the you top can growth reserve the production our independent summary, at headwinds we In very natural growing midstream improving did provider where specific recent our our and free we when continue are the form to Despite around facilitate flow, flow, today confident to have increasing will assure discuss rolled of above returns combination plan to growth, tier While to build a of ability in base out plan to just I and share we adjusted shareholders our metrics system production our financial on discretionary as in X-year gathering the to E&P volumes space. from capital X.XX production these we October. the much in above deliver

enhance mentioned, all for base throughout numerous cost the of gas and gas further States, cycles. over and have natural company's structure. low-cost success we United As the last we asset allow high-grade the the us These to moves natural as producer steps took positioned year, continued strategic our should our in

our I'll see again ramp delivering the in-service projects With how cash growth that, we waiting value. on we up into answer year-to-date will our repurchase returning to versus on the market Cabot's that be positive and excited view should the insight quarters about to questions. We execution years, share and impending have highlights capital coming unprecedented intrinsic volumes. flow any during our program William, commitment especially free our infrastructure value for happy of forward of our significant in to Additionally, to during production some current shareholders, provide and view look we been

Operator

first Instructions]. with And Rice. [Operator questioner our Johnson Meade will Charles today be

Charles Meade

power like I could perhaps bit guide. detail -- look for is If and for what would in a have your Thanks implicit what's pieces and But April. prepared X could your comments. appreciate means about the them get of That plants in and on obvious to sell guidance both May June I XQ was of dates it addressing wondering have add all I moving those. startup I'm you end you you taking already the of X May in an we for went more for at Dan, test your looked start that there? be here these into what ask, the the question. if gas And could that the gas about detail little your that what expectations like? on

Dan Dinges

good And in the along the in blanks. and commission what's Yes, step him fill is days. to on let way, I'll been on necessary that's with the question, familiar has a plugged staying affected each the Jeff Charles.

Jeffrey Hutton

a the in a the and Good is we're the months. and that news morning, able deliver pipelines good to process maybe on Initially, several a then XXX,XXX Moxie day gas and little are probably a test so point. this it's And day, we Yes, so ahead is pet forth. operational, there's The there's gas. weekend Charles. takes commissioning a then Lackawanna XX,XXX gas gas, of place of and where no at where days and test so day see is and

the different and components testing testing get So testing at the the megawatts. of of trains the engineers production the actual we locations into and really

those of process it facilities. commissioning the is for longer a So

have in generation also X. June that I facilities start cases, think, both the PJM contracts through process two

gas but we it's June until generation demand power to early early have X. unusual or full see around their contracts start So use, not commissioning won't test

Charles Meade

that process lot ask Got already But there's update be it. detail. can a or or some is to not your of could you efforts. about have going say comments. that Dan, then, on whole offered exploration Thank I kind thought there if you your And you your to I'm share? for guessing would any

Dan Dinges

just purposely on right, the are comments You're on the projects. I'll continue we But restate make progress briefly, we on to where that side. data left exploration do gathering both

been has to projects both And are in that to points objective securing our able up data color mentioned, as we've to we're very trying -- prospects. also good clear all give that Our quarter call. designed evaluate some third be

So for third with leave the that, comments the exploration we'll quarter.

Operator

And questioner will with our be Citi. Morris Bob next today

Robert Morris

-- Gen-X I Any wells completions Upper be initial the color, color, QX UR But on in the for of year. and any wells to the know outlook half didn't the Marcellus. last Marcellus planning Marcellus. Upper XX any about tied-in Marcellus? quarter, didn't the of to know Upper you the second tie do encouraged I the in comment or QX seem estimates you in us know additional now I if gave in in the were you're some upper on

if wells of if didn't -- So any quarter from incremental or this Upper comment XX were brought know any there's the those data I Marcellus. online from

Dan Dinges

Upper But much the production Yes. date, our brought provide, everything XX early in our Upper the To other the wells to the are seen Marcellus. Several were time we've that on, than has have Upper some wells of yes, far the color fit. of expectations, in in in wells so Marcellus curve Marcellus. we met about XX -- we very don't but

Robert Morris

Okay.

those maybe results we forward look next So to quarter.

Is something doing is now moving see the question we And the polythene to gas know may in I and parts that in power perhaps to look started Second -- peers that U.S. you're in how talking power your future? that sell that? does doing all going natural of actually do of plants of, the gas that X plants, is more this you deals might gas just forward? to some about the the more market, directly utilities. Is market something for have

Dan Dinges

Jeff. pass Yes, Bob. I'm to that to going

Jeffrey Hutton

Yes, the past. this Bob. talked we've in Okay, about

and with program ongoing power the discussions We part of generators throughout are Northeast country. having and developers the

in located We to system, development. off terms in our about PJM We're gathering facilities avoiding at and is maybe that so several development on transportation the of obligations. home like talked firm directly runs feel hasn't cost facilities speak. long-term region. -- at We've we've but As power two the looked yet, other peaked mature the that plant in is vicinity, getting these

Northeast others though, But gas getting coming only on, to there's we're enough and I So last talking woods. spring, and coming a X again X there in not not Pennsylvania. is add the close that's on or Cabot facility these others neck I X-county where in serving X supplies. to came are market the want do X that's was being additional area facilities on a any that that is I But about see to to we doubt long-term think mature of

overall, in Northeast of a from generation. it's close X So to power demand good day PA probably Bcf

Operator

And Goldman Brian our be Singer will Sachs. questioner next today with

Brian Singer

this CapEx quarter million. That Your going there some here some annualized you first is forward, in Obviously, wells quarter. million forward, was put there there's efficiency $XXX the start-ups budget going But CapEx on about for an whether the to can below was that and for of budget relative color online here, out? you $XXX full trajectory, the that around basis. year any add greater gearing weren't the well sign brought and the represents

Dan Dinges

Brian. the here can is also, blanks he Matt fill Yes. so there, in

Matthew Kerin

Brian. Yes,

you're So right.

the Some timing quarter driven. reduction was in capital of for the

capital year capital see normalize Atlantic project not you'll think driven QX, we only in bit step-up remaining full have Sunrise in with for, associated but a more completion and We're higher so a in of somewhat QX. cadence, a the comfortable by anticipate commitments that we with also it QX then contributions So guide. I and the that

You're efficiency gains. seeing right, some are we

in it And so year, impact later whether see. or the not those could we'll

Brian Singer

on it. back Got I at months? that should repurchase. same appreciate follow-up X here my or bought color we over -- And first the have that share with in you should of Do the the far. continue the sense done so is expect you've then regards a you to been pace what's we

Dan Dinges

yes. Well, Brian,

I that we to the that, get ability the negative deliver to think that, is ought the think, the are to be have, environment, investors share and Cabot I if was balance think has a at significant sentiment free As the The conference mentioned able board approval we last around is on with our cash. I of sheet clear the of in us strength, particularly our fairly level think program generate repurchase be a that the gas in that think to active fact, we we intent going call, that cash, going infrastructure confidence going intrinsic in disconnect to the and the the natural yes, recognize free down with pushed time that this that do don't sustainable is in a see is value ramp-up projects, with to that production be I we'll Cabot market. We that to price. -- macro

So if, disconnect, to active this our we is to fully in fact, see our be in intent repurchase. continue

Operator

next Drew question And Venker with Stanley. will two Morgan or be the

Andrew Venker

once Dan, volumes? you've just starts us just not and how existing talked capacity something or that quickly volumes and new new fill Sunrise whether redirecting that's Atlantic up, you or remind can about

Dan Dinges

we of months several from now, out commissioned redirect to into on second and with initially, and quarter both fulfill would Sunrise, Atlantic little the just plan with producing gas going We're inline. and be -- and we're volumes in-basin building gas third again to it's of plan the Our our to completion existing of three turning incremental that both. up is, the off currently that going doing a into as well bit pipelines going we're be volume

is We that -- production certain we demonstrated because some and areas, going growth half, our wells. guidance, back-half new in And the back as production obviously, be move in maybe will our moved from haven't volumes new with we that we existing gas the obviously will on continue, infrastructure, come to incremental all ramp-up in weighted. that

into But Sunrise. year-end get as as move 'XX, additional we'll into ramp-up of good fairly So we Atlantic bit And a we've ends incremental a into to we book we continue of into 'XX, anticipate on little given volumes. kind ramp-up volumes. exit

Andrew Venker

so likely Dan. the you'd on for think the color, just have end Thanks And you full to do capacity of year? utilized clarify, this by Sunrise your Atlantic

Dan Dinges

by year. We the will end move Atlantic will all Sunrise of the we of fill the capacity of --

color. fill little Jeff And add we that to going our X from that be pipes. to in-basin volume current of off-take a that wants Some producing is the gas we

Jeffrey Hutton

Sumitomo one of planned be bit with your we combined take is Light it to fill But that we obligation fully Atlantic gas coming little on Drew, title with pipe. when and so and equity and Sunrise moving date. continue will the of there that transportation commissioned, of a gas the the way Washington and question, commissioning. in-service we've -- combination firm at got point, a immediately of At flowing capacity in-basin target. to and with some back And a XXX,XXX the off to between that out, the in-service a develop day this of day is we'll will pipes, and now the our that Gas

Sunrise day one, to capacity additional kind of XXX,XXX, recap interim. combination gas a sure be will me, gas the excuse So make the of we full Atlantic it equity just will in existing that we're with picked Cabot -- but and plus on clear with be this, up on

Andrew Venker

your between now differentials clarification, widened very quite And appreciate one overall, and meaningful has between things guys differentials you next would impact on lot XXXX? the for across would you be bit interested all of I the expect if That's have The on to on just clear. whether year. now follow-up and Okay. lot a U.S. any take a Jeff. what that changing hear and have a quite differentials

Dan Dinges

comfortable Drew, with on forecast We're guidance given that and we've the -- we're differentials.

the Just to to result that is going X-county Sunrise had for these differentials build power gas Atlantic in having any been the how out of has much a PA several provide other direct for now the good Sunrise and and very some Northeast of issues we've plants, point quite Atlantic out there. outlet area to provides, of the too frankly, not of years enhance outlets. a in-basin coming

So our are a to think the with. see And you continuing guidance a see will that of I we've -- provided, we narrowing comfortable differentials.

Operator

question next KeyBanc. will the be And Deckelbaum or with two David

David Deckelbaum

in know the I of Dan, bet day I of you X.X to Bcf gross right your remarks Marcellus. sort talked about a prepared out of the you now guys peak. guide

You into when be now, really that that But there if that have you're talked you things on get that. out additional could as -- is around these if to now working we actively there? going put can't are right that guess to capacity visibility upside on is a might these specifics you I timeline to

Dan Dinges

Okay.

X.XX. is you are we work First, and on. as have capacity sure we this with we specific Jeff to bit kind actually projects working too going on addition what little give of We're We're on will yes, make color And actively not doesn't those mentioned he I the the working let are at get specifics. of any give stage. X.XX to X.X. as projects a specific

Jeffrey Hutton

bring us back on right imagine, at that get collectively out smaller up-and-coming. picture and of to on scale vest projects landscape the about projects and a looking are the the a At We time, one announcements and in close demand right the interstate we're But niche that gas into where number have as the can moves that in-basin -- projects burn basis we're pipeline will at daily out specific same clarity in are though, the add XXXX. wuss. competitive that of on lot stuff projects, last on smaller up to of a and some But you can avoid capacity County Susquehanna number. would we likely X.X there's, there projects and some there, keeping into particularly a looking opportunities, and the the we now. local very more I'm David, too on

David Deckelbaum

right like selling gas that, some addressable how gasified gasification appreciate to follow-up large is a I you've Jeff. Outside and gas towns now? of local and how projects had guess that the competitive smaller I the be that, brief market of towns. the some from of sort to directly for receive Cabot, generators, like could just power that as of is

Jeffrey Hutton

Yes.

So gas, Pennsylvania. go as And we area an the which use can communities have the as identifying through rural you're operate opportunity. that probably in some in process we of of Northeast natural aware, it is we in a

forth, south natural of the communities Scranton and do so like us, are gas So the larger that have supply.

a still But lot pipelines a the So up stretch there. smaller counties as opportunities is of are it our scale throughout opportunity. there

access services think probably we've have of there's opportunities to that with highway there. natural gen. large types area in gas or more and -- that of compressed There peaking I industrial for talking sites relocate power industries water, the identified power, in -- maybe number various we're a rail the are some

I But think, and in all, in negotiations. the they come some and right it's build those early we're projects on to of approach. it still will kind track of all So

Operator

Alliance Securities. will today Leo with Nat questioner Mariani next be our And

Leo Mariani

couple on just quarters? on have general was do But bring on well didn't you of a incremental of I know guys quarter. versus some that wondering, in Again, during wells any update the performance you the I last be Gen-X the just brought wells may

Dan Dinges

keep expectations concern in slow information we have mind there would there. Again, with X.X we've comfortable as a or of too early as in and our -- production you'd being Gen-X. we problematic production up that if Well, We production. the curve of to year, so be is with in on the fit volumes X not is that curves specific met years wells no it our and way with information a be accurate of bring you have so are our provided the seen any with see. to that flow We're far,

appropriate able of the curve And no out is months look way see so But so far, at the fit months issues. it. be and we evaluating to to

Leo Mariani

makes be little And sure. cost whether that of sense current not for efficiency about you're of or pressures Can those the are costs that well. Marcellus? And bit in there the kind can right, seeing maybe about kind talk well you seeing gains dynamics All in might a I some where And sort may just of you around? there as there move any the obviously, Appalachia? up cost talk guess, you're

Dan Dinges

wells, these the a plus completing lateral Code We're minus ZIP foot, or $X,XXX Yes. foot, we're and of that's kind now. right in

Leo Mariani

right. changing I does overall helpful. seen And it you guess, how cost [indiscernible] And All look all that at translate as of sort have well you of That's into sort that?

Dan Dinges

is I'll well our as example, $X our and little about for bit a cost lateral, X,XXX our million. is average XX say, an more around foot wells,

Operator

be And two Jeffrey with Campbell next our question Tuohy will or Brothers.

Jeffrey Campbell

discussed first And plans was any divestiture? it. the it, and from have already current wondering I you proceeds Ford the low. Dan, the thing the sorry is you I because But really looks EBITDAX I for missed -- I'm have ask Eagle debt you said

Dan Dinges

all Yes. design Ford. the any Right the not our had me, in balance specific Jeffrey. Eagle bank. we cash now, for It's Excuse have sheet in

share up spent $XXX-plus million repurchases. have to on We

lower than the we As a will in market. our earlier, to be is is price and intent intrinsic value spot share we plan referenced where value, think stays I our our continue if in the

proceeds, say current million having price on approximately of XX you those a focused bank share the some already, had the could though could is, program where cash time that we're remaining. we use -- $X.X you shares of focused share this So of at billion in even the on that we're the authorization, repurchase with say

Jeffrey Campbell

your the on Cabot's potential generation different, that realized cash what power, thoughts to was quarter to I'm indicative the little back thoughts one's decide I cash generation growth, are it a like next My regard it's lens, Okay. curious in not just if I it free ever you in Nevertheless, but a some production of your remarkable. first and And plan. seems here. of X-year kind to mentioned 'XX with quarter? dial cash generation

Dan Dinges

in the we've consideration. We last XX% increased policy already. did year dividend to when dividend additional XXX% policy not commissioning stated, wanted and projects We the we've a plants infrastructure to machine. volumes And this ramping a these the get of we argue Well, how year, intent shape power dividend want did into we've discussed sheet. having prudent Sunrise. compromise because when ourselves our in get find areas rollback very with Atlantic basis to to some to our if policy, addressed to up and of manage right a low under have our peel these commissioning net the with are and balance the a credibility But we slight you on make have flow loss internally one you do is cash commodity we've strong that now, do price of on leveraged. dividends to of We're stay pristine we you there's might dividends It's a certainly back that strip.

in we say to of the I that excess would board So that in think cash. meantime, will And would area our shares. front back opportunity bring our have be substantial revisit in consideration us a for one we

continue, that will and cash prudent stay with the character. not be would to of We do anything excess though, out

Jeffrey Campbell

really which answer. think I around that's the No, practice And my this it looked was you great of impressive. kind defensive. It to is look like, it, on a having [indiscernible] a Congratulations thoughts, be just if that quarter.

Dan Dinges

much. Yes, Jeffrey. thank very you, you Thank

Operator

And our Michael Heikkinen. Instructions]. today with next will [Operator Hall be questioner

Michael Hall

that to of the exploration think case? wasn't mentioned last proceeds a excess a that success of Say, do use as follow-up about in a the or really in how use program meaning, line and/or, to you years bit guess, of cash I of many How it willing are mode? questioning, flow. How does its exploration on an sustainable you How development kind be funding helpful. Just on that something program eyes? any commentary much that's moving that do quickly you in your process into look push how will of towards to own? push

Dan Dinges

with Yes, our competitive I'll to debt-adjusted delivering our current growth, basis. our free share anticipate that in the we Any idea a we're employed. and capital increasing reserve on is on restate delivering to return intent on the be we of on think staying make going and I've has again return, focused return Marcellus. with increasing investment on We're our past. also. on somewhat model like of both cash our on said yield have yield strategy production a what that our growth We flow, We

would capital a so, be time, years to past, would and any again, stated and fit overall to within to as the able within of that of So is time and reasonable a that all be of those period component of strategy, that reasonable that have delivering period of a also allocation of our period of I've a objectives. on of couple or reasonable identify project or type deliver going able time, we assets be a in return would

Michael Hall

remind what's Upper that's to the within allocation helpful. is Okay, And guess And outlook? yes... I just can much Marcellus there the consistent, -- you X-year us, the how

Jeffrey Hutton

nominal. Just

Michael Hall

Nominal? Okay.

Dan Dinges

But low. the very Yes, of -- in the X-year allocation to areas in wells. yes, lower right Marcellus and a percentage various various circumstances -- different Upper our in very, compared the now -- very different plan is in to drill from we'll continue next

Operator

this And have no time. we questions further at

remarks. the session. turn closing to conference question-and-answer to will any I would over this our Dan So for Mr. Dinges conclude back like

Dan Dinges

Thank you, for call William and thank today. joining all, conference you, the

that on you deliver we'll to As the deliver solid our return cash flow, the growth, program. cash, seen, to available on been on we've the continue program, able

quarter, adjusted that. XX up get volumes pad But certainly bit another to new we little We'll with wells -- on going there. that we volumes have more and than our a few Second bring in tie-ins to shortly. a

than Sunrise, following the to more adequate commissioning. We will its volumes start filling up have Atlantic

us for our the shape. good Thank look call, next you. Please quarter's and we in we're join forward visit. conference to So

Operator

Thank presentation. the for you concluded. And now has conference today's attending

You may now disconnect.

Coterra Energy (CTRA) 27 Apr 182018 Q1 Earnings call transcript