The company's comments today will include forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These statements and the business prospects of Pioneer are subject to a number of risks and uncertainties that may cause actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties are described in Pioneer's news release, on Page 2 of the slide presentation and in Pioneer's public filings with the Securities and Exchange Commission.

At this time, for opening remarks, I would like to turn the call over to Pioneer's Senior Vice President of Investor Relations, Mr. Frank Hopkins. Please go ahead, sir.

Frank E. Hopkins

Thank you. Good day, everyone, and thank you for joining us. Let me briefly review the agenda for today's call. Scott will be the first speaker. He'll provide the financial and operating highlights for the fourth quarter of 2011, another strong quarter for Pioneer. He'll then update you on the company's reserve replacement performance in 2011, and that will be followed by a summary of our 2012 capital program. After Scott concludes his remarks, Tim will discuss our drilling results and plans for the Wolfcamp Shale, the Spraberry field, the Eagle Ford Shale and the Barnett Shale Combo Play. Rich will then cover the fourth quarter financials in more detail and provide earnings guidance for the first quarter. After that, we will open up the call for your questions.

So with that, I'll turn the call over to Scott.

Scott D. Sheffield

Thanks, Frank. Good morning.

We're on the highlights on Page #3. We had another great quarter in the fourth quarter of '11 with adjusted income $147 million or $1.19 per share as compared to a consensus of $1.03. This does exclude some mark-to-market derivative losses of $22 million and also some unusual items of $1.94, $236 million.

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