GMX Resources' CEO Discusses Q2 2012 Results - Earnings Call Transcript
Before we begin, I want to remind everyone that our conference call will contain forward-looking statements, including our expectation of future results. The actual results might differ materially from those projected in these forward-looking statements. Additional information concerning factors that could cause the results to differ materially from those forward-looking statements are contained in our press release dated August 8, 2012, announcing our earnings, as well as disclosures in our public reports on Forms 10-K, 10-Q and 8-K filed with the SEC and available on the SEC website.
During the conference call, we’ll also make references to adjusted net income, discretionary cash flow, which are non-GAAP financial measures. Reconciliations of these non-GAAP measures to the applicable GAAP measures can be found in our earnings release. Now I’d like to introduce our President, Mr. Michael Rohleder, for some opening remarks.
Thanks, Alan, and thanks all of you for being on the call this morning. Oil continues to be the driving economic force of the energy sector. Natural gas reserves and natural gas storage are at all-time highs, and natural gas prices were at 10-year lows during Q2 of 2012. Our transition to oil is made even more urgent by these factors. The company must direct its capital to the most economic projects, which coincidentally are those that deliver the highest shareholder value.This is why we’ve been focused on the transition from being mostly a natural gas producer to being a more balanced producer of oil and natural gas. In order to make that transition a reality, we embarked on a number of different interdependent plans, finding and acquiring acreage, finding investors willing to support the plan, building an operational footprint in an area where none existed, reallocation of our CapEx from natural gas to oil only and accelerating all of this in a challenging market environment.
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