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Noble Energy Management Discusses Q2 2012 Results - Earnings Call Transcript

Following our call today, we expect to be filing our 10-K with the SEC, and it will be available on our website. In a few moments, I will be turning the call over to Chuck, who will discuss our results for the quarter and some of our ongoing efforts to grow and monetize our project inventory. Dave will then provide a detailed operational review and our -- on our near-term plans and outlook. We'll leave time for Q&A at the end and plan to conclude the call within the hour. [Operator Instructions]

I want to remind everyone that this webcast and the conference call contains projections and forward-looking statements based on our current views and most reasonable expectations. We provide no assurances on these statements, as a number of factors and uncertainties could cause actual results in the future periods to differ materially from what we discuss here today. You should read our full disclosures on forward-looking statements in our latest news release and SEC filings for a discussion of the risk factors that influence our business.

Finally, we will be referencing certain non-GAAP financial measures, such as adjusted net income or discretionary cash flow on the call. When we refer to these items, it is because we believe they are good metrics to use in evaluating the company's performance. We provide you with reconciliations in our earnings tables.

Now let me turn the call over to Chuck.

Charles D. Davidson

Thanks, David. Good morning, everyone, and thanks for joining us today. We've got lots to cover as our activity levels remain very high. I'm going to start out by reviewing our second quarter results, including our full year guidance and then comment on some of our planned activities for the rest of the year.

And before we get to the numbers, let me just comment on the reclassification of our North Sea properties to discontinued operations. David referenced this in the opening. We are doing this as a result of our recent announcement to divest the majority of our North Sea business. Previous quarters have also been reclassified to reflect the impact of this change, and you can see the references to discontinued operations in the schedules that accompany our earnings release this morning.

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