Douglas H. Miller
Disclaimer. So, go ahead, Doug.
J. Douglas Ramsey
All right, thanks, Doug. I'd like to remind everyone that you can go to www.excoresources.com and click on the presentations link in the Investor Relations section at the bottom of our homepage to access today's presentation slides.The statements that may be made on this conference call regarding future financial and operational plans, projections, structure, results, business strategy, market prices and derivative activities or other plans, forecasts and statements that are not historical facts are forward-looking statements as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on a variety of assumptions that may change depending on future events which are difficult to predict. Actual results may differ materially from those forward-looking statements. We caution you not to place undue, if any, reliance on such statements. Please refer to Pages 24 and 25 of the slide presentation for the complete text regarding our forward-looking statements, as well as the cautionary information set forth in our most recent Form 10-K, Form 10-Q, and other SEC filings, which are available on our website at www.excoresources.com. In addition, the slide presentation contains information, including reconciliations regarding certain non-GAAP financial numbers, which will be discussed on today's call. Doug? Douglas H. Miller Okay. Welcome, everybody, to our call. We have a slide show that is on our website, that we'll be going over today. With me today, I have 10 people, lawyers, all our financial guys and our operating guys. And we're going to be going over, in some detail, our quarter and we'll be sticking with you through -- as long as you want, as far as Q&A goes. Just to get started. We have been -- with gas prices going down -- I could sometimes feel like we were driving across Kansas going 90 miles an hour, a year ago, with gas prices high and working as hard as we can. And hereabout, beginning of the year, we ran into a school zone. And so, I think we've had to figure out how to go slower and we're doing it and I think we still have guys in our industry speeding. So some of them are starting to get tickets. With that -- what we've been doing is we have been ramping down and cutting our capital budget. We do believe that you run a company, an oil and gas company inside your cash flow. We've been doing that. We've cut our capital expenditures 3 times since our November capital meeting. We'll continue to do so as gas prices stay cheap.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV