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Noble Energy Inc NBL
Q1 2013 Earnings Call Transcript

Transcript Call Date 04/25/2013

Operator: Good morning. Welcome to the Noble Energy's First Quarter 2013 Earnings Call.

I would now like to turn the call over to Mr. David Larson. Please go ahead.

David Larson Thanks, Camille. Good morning, everyone. Welcome to Noble Energy's first quarter 2013 earnings call and webcast. On the call today we have Chuck Davidson, Chairman and CEO; Dave Stover, President and COO; and Ken Fisher, CFO.

This morning we issued our earnings releases for the first quarter and it is available on our website. Later today we expect to be filing our 10-Q with the SEC and it will also be available on our website.

The agenda for today will begin with Chuck discussing the quarter and followed by an update of our Eastern Mediterranean business and highlights of our ongoing exploration program. Dave will then give a detailed overview of our operational programs and near term plans. We'll leave time for Q&A at the end and plan to wrap up the call in less than an hour. We would ask that participants limit themselves to one primary question and one follow-up. Should you have any questions that we don't get to today in the call, please call and we'll do our best to answer you.

I want to remind everyone that this webcast and conference call contains projections and forward-looking statements based on our current views and most reasonable expectations. We provide no assurances on these statements as a number of factors and uncertainties could cause actual results in the future periods to differ materially from what we discuss here. You should read our full disclosures on forward-looking statements in our latest news releases and SEC filings for a discussion of the risk factors that influence our business.

We'll also be referencing certain non-GAAP financial measures, such as adjusted net income or discretionary cash flow on the call today. When we refer to these items, it's because we believe they are good metrics to use in evaluating the Company's performance. Be sure to see the reconciliations in our earnings release tables.

With that, let me turn the call over the Chuck.

Charles D. Davidson - Chairman and CEO: Thanks, David. Good morning, everyone and thank you for joining us today. I've to say right up front that it looks like we're off to a great start for the year. As we go over our results and outlook during this call, I'm sure you'll reach the same conclusion.

My list of highlights for the quarter includes strong earnings, strong cash flow as well as solid production, all of which came in a bit higher than we expected. But certainly surpassing all of these was the surprise of experiencing the Tamar startup late in the quarter. Not only did Tamar startup a few weeks early, but then almost immediately began setting records for gas sales to Israel. A smooth and successful startup of Tamar really sets the stage for us for a great 2013. Projects of the scale and complexity of Tamar are not easy to execute, much less execute under a compressed schedule that resulted in going from discovery to production in just four years.

Read our Earnings Call Transcript disclaimer.
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