Arun Jayaram
JPMorgan Chase & Co, Research Division

Yes. Good morning. Arun Jayaram from JPMorgan's E&P and OFS Research team. Thanks for joining us for day 1 of our conference. This is one of the presentations that I really circled ahead of the conference because it's really an opportunity to meet with Devon Energy, who recently completed the merger transaction with Coterra and so Devon has been a little bit off the grid as they've gone through the approval process for the merger, but this is the first conference that CEO and President, Clay Gaspar, can really tell the story about the industrial logic of the deal. So again, Clay, welcome to New York. Thanks for joining us.

Clay Gaspar
President, CEO & Director

Yes. Thank you, Arun. It's great to be here. Great to be back -- out and meeting with investors. And when you have to go quiet, you're so anxious to tell the story. So happy to be here today and part of the conference.

Arun Jayaram
JPMorgan Chase & Co, Research Division

Well, let's go ahead and start with the Devon-Coterra merger that was announced in February. For the generalists in the audience, can you elaborate on, call it, the industrial logic of why this deal made sense to you?

Clay Gaspar
President, CEO & Director

Yes. Certainly, I'll start there. When you look at the position that Coterra was in solo, that Devon was in solo, we're both in a really strong position, have incredible inventory, but always looking to improve. I think that's the nature of the business. And when you