Newfield Exploration Management Discusses Q2 2012 Results - Earnings Call Transcript

Actual results may vary significantly from those anticipated due to many factors and risks, some of which may be unknown. Please see Newfield's 2011 Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q for discussion of factors that may cause actual results to vary.

Forward-looking statements made during this call speak only as of today's date, and unless legally required, Newfield undertakes no obligation to publicly update or revise any forward-looking statements.

In addition, reconciliations of non-GAAP financial measures to GAAP financial measures, together with Newfield's earning release and any other applicable disclosures, are available on the Investor Relations page of Newfield's website at www.newfield.com.

At this time, for opening remarks and introductions, I would like to turn the call over to the Chairman, President and Chief Executive Officer

Mr. Lee Boothby. Please go ahead, sir.

Lee K. Boothby

Thank you, operator. Good morning, everyone and thanks for dialing in today. Happy to report that the sun is shining and the sky is blue here in Houston this morning. And I know it's an hour earlier than we usually start, so just enjoy your coffee and we'll run through some of our mid-year highlights as quickly as we can. I'm joined this morning in Houston by Terry Rathert, our CFO; Gary Packer, our Chief Operating Officer; and Steve Campbell, our Vice President Investor Relations.

As you saw in last week's operations release, we are creating value through our oil investments in 2012. We improved upon our executions, we're meeting and beating production estimates, being solid results in all of our assessment areas and demonstrated what our asset portfolio has a deep inventory of solid, high return place to invest in, both now and well into the future.

We believe that our diversified portfolio model provides us with a competitive advantage and a slight packet we posted last week has an interesting graph I would encourage you to review, shows the very deliberate steps we've taken over time to capture oil opportunities, accelerate their investment and carefully hedge both natural gas and oil to ensure the balance sheet strength, to allow us the ability to execute our drilling plans. We didn't get here today by halving sense [ph] and we appreciate the support of our investor base over that time.

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