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Timothy A. Leach - Chairman, Chief Executive Officer, President, Chairman of Concho Equity Holdings Corp and Chief Executive Officer of Concho Equity Holdings Corp
E. Joseph Wright - Chief Operating Officer and Senior Vice President
Steven H. Pruett - Senior Vice President of Corporate Development
Matthew G. Hyde - Senior Vice President of Exploration and Land
John Freeman - Raymond James & Associates, Inc., Research Division
Brian Lively - Tudor, Pickering, Holt & Co. Securities, Inc., Research Division
Brian Singer - Goldman Sachs Group Inc., Research Division
Neal Dingmann - SunTrust Robinson Humphrey, Inc., Research Division
Irene O. Haas - Wunderlich Securities Inc., Research Division
Michael Scialla - Stifel, Nicolaus & Co., Inc., Research Division
Good day, ladies and gentlemen, and thank you for standing by. Welcome to Q1 2012 Concho Resources, Inc. Earnings Conference Call. My name is Marita, and I'll be your operator for today. [Operator Instructions] As a reminder, ladies and gentlemen, this conference is being recorded. I would like to hand the call over to the host for today's call, Ms. Toffee McAlister, Director of Investor Relations and Corporate Communications. Please go ahead.
Good morning, everyone. We're glad you could join us today for Concho's first quarter 2012 conference call. Before we get started, I would like to direct your attention to the forward-looking statement disclaimer contained in the press release. In summary, it says that statements in the press release and on this conference call that state the company's or management's expectations or predictions of the future are forward-looking statements intended to be covered by the Safe Harbor provisions under federal securities laws. There are many factors that could cause actual results to differ materially from our expectations, including those we have discussed in the press release, our 10-K and our other filings with the SEC. In addition, we will reference certain non-GAAP measures, so be sure to see the reconciliation in our earnings release.