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Noble Energy's CEO Discusses Q1 2012 Results - Earnings Call Transcript

[Operator Instructions]

Should you have any questions that we don't get to this morning on the call, please don't hesitate to contact us and we'll do the best we can to answer you. I want to remind everyone that this webcast and conference call does contain projections and forward-looking statements based on our current views and most reasonable expectations. We provide no assurance on these statements, as a number of factors and uncertainties could cause actual results in the future periods to differ materially from what we discuss here today. You should read our full disclosures on forward-looking statements in our latest news release and SEC filings for a discussion of the risk factors that influence our business.

We'll reference certain non-GAAP financial measures here today such as adjusted net income or discretionary cash flow. When we refer to these items, it is because we believe they're good metrics to use in evaluating the company's performance. Be sure to see the reconciliations of these items in our earnings release tables.

With that, let me turn the call over to Chuck.

Charles D. Davidson

Thanks, David, and good morning, everyone. I'm going to start out by reviewing our first quarter results, including a number of significant accomplishments, and then I will move on to discuss some of our forward plans for the remainder of the year.

As you can see from our press release that was issued this morning, this was another strong quarter for Noble Energy. And also, if you've seen our recently-published annual report for 2011, I think you would agree that this quarter's results fits well with our annual reports theme. That theme focuses on the single word, now. In other words, it's all about what we are delivering now. For several years, we've talked about transitioning, transforming and preparing for growth. However, as our report highlights, that preparation work is behind us, and now we are seeing the results. We are now experiencing real growth that is expected to last for many years into the future. And so the future has become now.

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