ConocoPhillips COP
Q1 2013 Earnings Call Transcript

Transcript Call Date 04/25/2013

Operator: Welcome to the Q1 2013 ConocoPhillips' Earnings Conference Call. My name is Christine, and I will be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. Please note that this conference is being recorded.

I will now turn the call over to Ellen DeSanctis, Vice President, Investor Relations and Communications. You may begin.

Ellen R. DeSanctis - VP, IR and Communications: Thank you, Christine, and thank you to all of our listeners for joining this earnings call today. As usually, we'll review the results for the past quarter and we'll provide quite a bit of outlook for the coming quarters this year. It's a big year as I think you all know and appreciate.

With me for today's call are Jeff Sheets, our Executive Vice President of Finance and our Chief Financial Officer and Matt Fox, our Executive Vice President or Exploration and Production.

Before I turn the call over to Jeff, let me make just a few administrative points here. As a reminder, in late February, we hosted our first ever Analyst Meeting as an independent Company and at that meeting we presented a lot of detail about our future plans and our milestones. We had a great response to you then which we appreciate. And today you'll hear that our performance and our plans are tracking the expectations we laid out there overall. The material for that meeting including a transcript of that call is still available from our website and that's also where you'll find the materials for today's presentation.

One other kind of quick administrative matter. Except as noted, today's comments as we go through the presentation will address the Company's performance on a continuing operations basis and that is, net of the results for the settled properties that we've previously reported as discontinued operations. So, just listen for that. We know the models have a mix of conventions and so we want to be clear about the convention we plan to follow today.

If you'll turn to Page 2, you'll find our Safe Harbor slide. We will make some forward-looking statements today and of course, our actual results could differ. The risks in our future performance have been outlined and described on this Safe Harbor statement and in our periodic filings with the SEC, including our recently filed Form 10-K.

With that, it's my pleasure to turn the call over to Jeff. Jeff?

Jeff W. Sheets - EVP, Finance and CFO: Thank you, Ellen, and good afternoon, everyone, and thanks for taking the time to join us on our call today. I will begin my comments on Slide 3 and cover some of the key first quarter highlights. Strategically, we continue to make good progress on our announced asset sales. In the first quarter, we closed the Cedar Creek Anticline transaction and some small asset sales which generated total proceeds of about $1.1 billion. We're also making progress in our sales of our Algeria, Nigeria and Kashagan assets and anticipate closing those in 2013.

At the same time as we work to monetize this non-core nonstrategic assets in our portfolio, we continue to add assets which will allow us to sustain our long-term growth. We added acreage in our deepwater Gulf of Mexico position and continue to make selective entries into new exploration plays globally. Matt is going to provide more information about our investment programs during his comments later in the call.

Read our Earnings Call Transcript disclaimer.
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