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July 25, 2012 8:30 am ET
Lee K. Boothby - Chairman, Chief Executive Officer and President
Terry W. Rathert - Chief Financial Officer, Principal Accounting Officer and Executive Vice President
Gary D. Packer - Chief Operating Officer and Executive Vice President
Stephen C. Campbell - Vice President of Investor Relations
Brian Lively - Tudor, Pickering, Holt & Co. Securities, Inc., Research Division
Leo P. Mariani - RBC Capital Markets, LLC, Research Division
David W. Kistler - Simmons & Company International, Research Division
Brian Singer - Goldman Sachs Group Inc., Research Division
David R. Tameron - Wells Fargo Securities, LLC, Research Division
Subash Chandra - Jefferies & Company, Inc., Research Division
Joseph Patrick Magner - Macquarie Research
Anne Cameron - BNP Paribas, Research Division
William B. D. Butler - Stephens Inc., Research Division
Kenneth A. Carroll - Johnson Rice & Company, L.L.C., Research Division
John P. Herrlin - Societe Generale Cross Asset Research
Dan McSpirit - BMO Capital Markets U.S.
Richard M. Tullis - Capital One Southcoast, Inc., Research Division
Rudolf A. Hokanson - Barrington Research Associates, Inc., Research Division
Good day, everyone and welcome to Newfield Exploration's Second Quarter 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 reductions 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.