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April 25, 2012 9:30 am ET
Lee K. Boothby - Chairman, Chief Executive Officer and President
Gary D. Packer - Chief Operating Officer and Executive Vice President
Terry W. Rathert - Chief Financial Officer, Principal Accounting Officer and Executive Vice President
Leo P. Mariani - RBC Capital Markets, LLC, Research Division
Brian Lively - Tudor, Pickering, Holt & Co. Securities, Inc., Research Division
David W. Kistler - Simmons & Company International, Research Division
Brian Singer - Goldman Sachs Group Inc., Research Division
Robert S. Morris - Citigroup Inc, Research Division
Richard M. Tullis - Capital One Southcoast, Inc., Research Division
Joseph D. Allman - JP Morgan Chase & Co, Research Division
Dan McSpirit - BMO Capital Markets U.S.
David R. Tameron - Wells Fargo Securities, LLC, Research Division
Good day, everyone, and welcome to Newfield Exploration's First Quarter of 2012 Conference Call. Just a reminder, today's call is being recorded.
And before we get started, one housekeeping matter, our discussion with you today will contain forward-looking statements, such as estimated production and timing, drilling and development plans, expected cost reduction and planned capital expenditures. Although we believe that the expectations reflected in these statements are reasonable, they are based upon assumptions and anticipated results that are subject to numerous uncertainties and risks. Actual results may vary significantly from those anticipated due to many factors and risks, some of which may be unknown. Please see Newfield's 2011 Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q for a discussion of factors that may cause actual results to vary. Forward-looking statements made during this call speak only as of today's date. And unless legally required, Newfield undertakes no obligation to publicly update or revise any forward-looking statements.
In addition, reconciliations of non-GAAP financial measures to GAAP financial measures, together with Newfield's earnings release and any other applicable disclosures are available on the Investor Relations page of Newfield's website at www.newfield.com.