Centennial Resource Development, Inc. (NASDAQ:CDEV) Q1 2019 Earnings Conference Call Transcript
May 07, 2019 • 08:00 am ET
Welcome to Centennial Resource Development Conference Call to discuss its First Quarter 2019 Earnings. Today's call is being recorded. A replay of the call will be accessible until May 21, 2019 by dialing 855-859-2056 and entering the conference ID number 878-8493 or by visiting Centennial website at www.cdevinc.com. At this time, I will turn the call over to Hays Mabry, Centennial's Director of Investor Relations, for some opening remarks. Sir, please go ahead.
Thanks Myra and thank you all for joining us on the Company's first quarter 2019 earnings call. Presenting on the call today are Mark Papa, our Chairman and Chief Executive Officer; George Glyphis, our Chief Financial Officer; and Sean Smith, our Chief Operating Officer. Yesterday, May 6, we thought form 8-K with an earnings release reporting quarterly earnings results for the company and operational results for our subsidiary Centennial Resource Production LLC. 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 presentations at www.cdevinc.com, I'd like to note that many of the comments during this earnings call are forward-looking statements that involve risks 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 and Forward-Looking Statements section of our filings with the SEC, including our Annual Report on Form 10-K for the year end December 31, 2018. 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 a non-GAAP measure we use, a reconciliation to the nearest corresponding GAAP measure can be found in our earnings release available on our website.
With that, I will turn the call over to Mark Papa, Chairman and CEO.
Mark G. Papa
Thanks, Hays. Good morning and welcome to Centennial First Quarter Earnings Call. Our presentation sequence on this call will be as follows. George will first discuss our quarterly financial results and liquidity. Sean will then provide an operational update, including recent efficiencies, well results, and our midstream status and then I'll follow with my macro view, our current strategy emanating from the macro, comments regarding CDEV's inventory maintenance plans and closing items.
Now, I'll ask George to review our financial results.
George S. Glyphis
Thank you, Mark. During the first quarter, Centennial ran six rigs, which is a reduction of one rig from our 2018 program. Our current operational plan is to continue to run six rigs for the balance of 2019 and we will closely monitor the oil markets to determine if any rig count changes are warranted. Capital spending in Q1 was in line with our budgeted forecast, while overall activity levels for completions and facilities were higher than anticipated due to operational efficiencies and proactive spending on facilities. During Q1, Centennial spud