The speakers on the call today are Phil Mulacek, our CEO; we also have Bill Jasper, President; Collin Visaggio, CFO; and Dave Holland, our Upstream Manager, and our 2 of our board members are joining us on the call today. We have a presentation to accompany our comments today. The presentation can be accessed on our website at www.interoil.com. You can find the link under the Investor Relations section on the homepage.At this time, I'd like to turn the call over to Phil Mulacek, our CEO. Please go ahead, Phil. Phil E. Mulacek Thank you, Wayne. We'd like to thank everyone for joining us today and for participating in today's conference call. These are exciting times for us. We've been very busy recently and I've just been meeting with a number of new members and existing and old members of the PNG Government, many of the same ministers we have been working with and a number of the new ministers which are all anxious to get back to work. But before we get started, there have been also number of changes in our Board of Directors that we'd like to mention. Dr. Gaylen Byker, an original founder and board member from the company's start will be spending more time with us as Chairman since his retirement as President from Calvin College. We've also added 2 new board members, Sir Rabbie Namaliu, a former Prime Minister of Papua New Guinea; and Mr. Sam Delcamp, former Executive Director and Chief Investment Officer of the Fuller Foundation. We have both Dr. Byker and Sir Rabbie with us today, and I'd like to turn the call over to Gaylen from a few brief remarks. Galen? Gaylen J. Byker Thanks, Phil. It's been a long history of working with Phil and InterOil. I joined the board in 1997, that actually helped start the company already in 1995. The company has delivered impressive results over these last 15 years, and it's taken a lot of guts and determination and perseverance on all fronts to arrive at the enviable position that the company is in today. I'm pleased to be working now as Board Chair in a more direct role with InterOil's management team in these thriving and challenging times. We plan to finalize our LNG partnering arrangement and develop the Antelope fields with the approval of the newly elected Papua New Guinea government. And we are going to hear about the prospects of the new delineation program for Triceratops with our partner, Pacific Rubiales. Our prospect inventory has never looked more promising and we have an accelerated exploration plan for the next 12 months. So it's exciting times, and with Sir Rabbie and Sam on the board, we've got some new added expertise, and we're pretty excited about that, and delighted to be in the call and spending time in Singapore and PNG every month now.
I'm turning the call back now to Phil and the management team.Phil E. Mulacek Thank you, Galen. On to the business at hand. The second quarter, we saw a dramatic slide in Brent Crude Oil prices from over $128 in late March to $88 in late June, almost a $30 swing. This swing had the biggest impact on our financial results. Our second quarter loss of $31.7 million included $28.3 million of inventory write-downs as a result. Excluding the write-downs, our operating business still generated a profit even though we had reduced Refining margins and the timing of crude purchases. In refine product sales, our downstream business was strong. Fortunately, the moves of energy works both ways, so we're off to a better start for the third quarter with Brent rising from the lower $88s to over $113 today, a healthy $20 to $25 swing. Collin will cover these in more detail shortly. Read the rest of this transcript for free on seekingalpha.com