Operator: Ladies and gentlemen, thank you for standing by. 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 fourth 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 call by accessing our website homepage and clicking on the webcast link for the conference call. As usual, we have several slides to supplement our comments this morning, and we'll be referring to the slides during the call. The slides are accessible on the webcast link at 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 the financial results and then turn the call over to Richard who will be reviewing the slide material. As usual after our prepared remarks, we’ll open up the call for questions.
Today McMoRan reported net loss applicable to common stock of $1.2 million or $0.01 per share for the fourth quarter of 2012 compared with net income of $28.4 million or $0.16 per share for the fourth quarter of 2011. The fourth quarter 2012 results include $39.7 million in net gains associated with the sale of two traditional Gulf of Mexico property packages and impairment charges totaling $34.5 million. Production for the fourth quarter 2012 averaged 119 million cubic feet of equivalents per day net to McMoRan that was in line with our previous guidance and compared to 170 million a day in the fourth quarter of 2011.
Our oil and gas revenues during the fourth quarter totaled $80.6 million compared to $118.6 million during the fourth quarter of 2011. I realize gas prices in the fourth quarter of 2012 were 368 per Mcf that compared with 357 in the year ago period and the realized prices for oil and condensate averaged a $104 per barrel in the 2012 period compared with the $111 per barrel in the year ago period.
Earnings before interest taxes depreciation, amortization and exploration expense totaled $37 million in the fourth quarter of 2012. We used cash in operating activities totaling $28.9 million, which included $31 million in working capital usage and $28 million in abandonment expenditures.