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April 17, 2012 10:00 am ET
Kathleen L. Quirk - Senior Vice President and Treasurer
Richard C. Adkerson - Co-Chairman
James R. Moffett - Co-Chairman, Chief Executive Officer and President
Leon G. Cooperman - Omega Advisors, Inc.
Noel A. Parks - Ladenburg Thalmann & Co. Inc., Research Division
Joseph D. Allman - JP Morgan Chase & Co, Research Division
Joan E. Lappin - Gramercy Capital Management Corp.
Gregg Brody - JP Morgan Chase & Co, Research Division
Ladies and gentlemen, thank you for standing by. Welcome to the McMoRan Exploration Conference Call. [Operator Instructions] I would now like to turn the conference over to Ms. Kathleen Quirk, Senior Vice President and Treasurer. Please go ahead, ma'am.
Kathleen L. Quirk
Thank you, and good morning, everyone. Welcome to the McMoRan Exploration First Quarter 2012 Conference Call. Our results were released earlier this morning, and a copy of the press release is available on our website at mcmoran.com. Our conference call today is being broadcast live on the Internet, and anyone may listen to the conference call by accessing our website home page and clicking on the webcast link for the conference call. As usual, we have several slides to supplement our comments this morning and we will be referring to these slides during the call. The slides are also accessible using our webcast link at mcmoran.com. In addition to analysts and investors, the financial press has been invited to listen to today's call and a replay of the webcast will be available on our website later today. Before we begin our comments, we'd like to remind everyone that today's press release and certain of our comments on this call include forward-looking statements. We'd like to refer everyone to the cautionary language included in our press release and presentation materials and to the risk factors described in our SEC filings. On the call today are McMoRan's Co-Chairmen, Jim Bob Moffett and Richard Adkerson. I'll start by briefly summarizing our financial results and then I should turn the call over to Richard, who will be reviewing our recent performance and outlook. As usual after our remarks, we'll open up the call for questions.