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April 26, 2012 10:00 am ET
James Michael Drickamer - Director of Investor Relations
Mark S. Siegel - Chairman of the Board and Member of Executive Committee
Douglas J. Wall - Chief Executive Officer and President
John E. Vollmer - Chief Financial Officer, Treasurer and Senior Vice President of Corporate Development
Robin E. Shoemaker - Citigroup Inc, Research Division
Scott Gruber - Sanford C. Bernstein & Co., LLC., Research Division
Joe Hill - Tudor, Pickering, Holt & Co. Securities, Inc., Research Division
J. Marshall Adkins - Raymond James & Associates, Inc., Research Division
Waqar Syed - Goldman Sachs Group Inc., Research Division
David Wilson - Howard Weil Incorporated, Research Division
John M. Daniel - Simmons & Company International, Research Division
Brian Uhlmer - Global Hunter Securities, LLC, Research Division
James D. Crandell - Dahlman Rose & Company, LLC, Research Division
Andrea Sharkey - Gabelli & Company, Inc.
Kurt Hallead - RBC Capital Markets, LLC, Research Division
Good day, ladies and gentlemen, and welcome to the First Quarter 2012 Patterson-UTI Energy Inc. Earnings Conference Call. My name is Fab, and I'll be your operator for today. [Operator Instructions] As a reminder, this conference is being recorded for replay purposes. I would now like to turn the conference over to Mr. Mike Drickamer, Director of Investor Relations. Please proceed.
James Michael Drickamer
Thank you, Fab. Good morning, and on behalf of Patterson-UTI Energy, I'd like to welcome you to today's conference call to discuss the results of the 3 and 12 months ended March 31, 2012. Participating in today's call will be Mark Siegel, Chairman; Doug Wall, President and Chief Executive Officer; and John Vollmer, Chief Financial Officer. Again, just a quick reminder that statements made in this conference call which state the company's or management's intentions, beliefs, expectations or predictions for the future, are forward-looking statements. It's important to note that actual results could differ materially from those discussed in such forward-looking statements. Important factors that could cause actual results to differ materially include, but are not limited to, deterioration of global economic conditions; declines in customer spending and in oil and natural gas prices that could adversely affect demand for the company's services and their associated effect on rates, utilization, margins and planned capital expenditures; excess availability of land drilling rigs and pressure pumping equipment, including, as a result of reactivation or construction, adverse industry conditions, adverse credit and equity market conditions; difficulty in integrating acquisitions; shortages of labor, equipment, supplies and material; supplier issues; weather; loss of key customers; liabilities from operations; government regulation and ability to retain management and field personnel.