Operator: Welcome to the McMoRan Exploration Conference Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session. Participants will be limited to one question in the Q&A session. If you have additional follow-up questions, please re-enter the queue after your question has been answered.
I would now like to turn the conference over to Ms. Kathleen Quirk, Senior Vice President and Treasurer. Please go ahead, ma'am.
Kathleen L. Quirk - SVP and Treasurer: Thank you and good morning, everyone. Welcome to the McMoRan Exploration first quarter 2012 conference call. Our results were released earlier this morning and a copy of the press release is available on our website at mcmoran.com.
Our conference call today is being broadcast live on the Internet and anyone may listen to the conference call by accessing our website homepage and clicking on the webcast link for the call. As usual we also have several slides to supplement our comments this morning, and we'll be referring to the slides during the call. The slides are also accessible using our webcast link McMoRan.com. In addition to analysts and investors, the financial press has been invited to listen to today's call and a replay of the webcast will be available on our website later today.
Before we begin our comments, we'd like to remind everyone that today’s press release and certain of our comments on this call includes forward-looking statements. We'd like to refer everyone to the cautionary language included in our press release and presentation materials and to the risk factors described in our SEC filings.
On the call today are McMoRan’s Co-Chairman, Jim Bob Moffett and Richard Adkerson. I'll start by briefly summarizing our financial results and then turn the call over to Richard who'll be reviewing our recent performance and outlook. As usual after our remarks, we’ll open up the call for questions.
Today McMoRan reported a net loss applicable to common stock of $4.9 million or $0.03 per share for the first quarter of 2012 compared with a net loss applicable to common stock of $27.6 million, $0.17 per share for the first quarter of 2011.
Our first quarter 2012 results included $7.1 Million in impairment charges to reduce certain fields’ net carrying value to fair value. The first quarter 2012 production averaged 156 million cubic feet of equivalents per day net to McMoRan compared with a 195 million cubic feet of equivalent in the first quarter of 2011.
Our first quarter 2012 production was in line with our previously reported estimate of 155 million a day. Our first quarter 2012 oil and gas revenues totaled $107 million compared to a $134 million during the first quarter of 2011.
Our realized gas prices in the first quarter of 2012 were $2.59 per Mcf compared with $4.54 per Mcf in the year ago period and our realized prices for oil and condensate averaged $113 per barrel in the first quarter 2012 which were higher than last year’s period of $97 per barrel.
Our earnings before interest, taxes, depreciation and exploration expense, or EBITDAX, totaled $61 million in the first quarter of 2012, and our operating cash flows, which were net of $11.7 million in abandonment expenditures and $4.9 million in working capital requirements, totaled $38.8 million for the first quarter 2012. Our capital expenditures totaled $165 million in the first quarter of 2012 and we ended the quarter with total debt of $555 million which included $255 million in convertible securities. We ended the quarter at March 31, 2012 with $432 million in cash.