Centennial Resource Development, Inc. (NASDAQ:CDEV) Q3 2019 Earnings Conference Call Transcript
Nov 05, 2019 • 11:00 am ET
Good morning and welcome to Centennial Resource Development's conference Call to discuss its third quarter 2019 earnings. Today's call is being recorded. A replay of the call will be accessible until November 19 2019 by dialing (855) 859-2056 and entering the conference ID number 3066178 or by visiting Centennial's website at www.cdevinc.com.
At this time I would like to turn the call over to Hays Mabry Centennial's Director of Investor Relations for some opening remarks. Please go ahead.
Thank you Michael and thank you all for joining us on the company's third 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 November 4 we filed a 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 would 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 sections of our filings with the SEC including our annual report on Form 10-K for the year ended December 31 2018. Although we believe the expectations expressed are based on reasonable assumptions they are not guarantees of future performance and actual results -- 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 GAAP measure can be found in our earnings release or presentation which are both 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's Second Quarter Earnings Call. Our presentation sequence on this call will be as follows: George will first discuss our quarterly financial results updated guidance and liquidity. Sean will then provide an operational update including recent efficiencies and well results. And then I'll follow with my macro view and our current strategy emanating for the macro.
Now I'll ask George to review our financial results.
George S. Glyphis
Thank you Mark. Centennial's operations continue to perform well as we posted another good quarter. As you can reference on slide 14 of the earnings presentation net oil production for the third quarter averaged slightly over 42000 barrels per day and average net oil equivalent production totaled approximately 76300 barrels per day which was up approximately 17% and 21% respectively above the prior year period. Revenues totaled approximately $229 million which was a 6% decrease compared to Q2 primarily because of lower oil and