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February 21, 2012 11:00 AM ET
Larry Pinkston – President and CEO
David Merrill – CFO
Brad Guidry – EVP, Exploration
John Cromling – EVP, Contract Drilling Operations
Bob Parks – President, Mid-Stream
Phillip Jungwirth – BMO Capital Markets
Brad Evans – Heartland Funds
Welcome to the Unit Corporation Fourth Quarter and year-end 2011 Earnings Conference call. My name is Monica, and I will be your operator for today’s call. At this time all participants are in a listen-only-mode. Later, we will conduct a question-and-answer session. Please note that this conference is being recorded.
This conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. All statements other than statements of historical facts included on this call that address activities, events, or developments that the Company expects or anticipates will or may occur in the future are forward-looking statements.
A number of risks and uncertainties could cause actual results to differ materially from these statements, including the impact that any decline in wells being drilled will have on production and drilling rig utilization; the productive capabilities of the Company's wells, including the ability of recently completed wells to maintain their initial rate of production or a projected rate of production; future demand for oil and natural gas, future drilling rig utilization and day rates; projected or anticipated growth of the Company's oil and natural gas production; oil and gas reserve information, as well as the ability to meet future reserve replacement goals; anticipated gas gathering and processing rates, and throughput volumes; the prospective capabilities of the reserves associated with the Company's inventory of future drilling sites; anticipated oil and natural gas prices; the number of wells to be drilled by the Company's exploration segments; development, operational, implementation and opportunity risks; possible delays caused by limited availability of third-party services needed in the course of its operations; possibility of future growth opportunities and other factors described from time to time in the Company's publicly available SEC reports. The Company assumes no obligation to update publicly such forward-looking statements whether as a result of new information, future events or otherwise.