Oasis Petroleum Inc.

Good morning, everyone, and welcome to the OASIS second quarter earnings results conference call. All participants are currently in a listen-only mode. Should you need assistance, please send to a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star and then one. To withdraw your questions, you may press star and two. Please also note today's event is being recorded. At this time, I'd like to turn the conference call over to Michael Liu, CFO. Sir, please go ahead.

Thank you, Jamie. Good morning, everyone. Today, we are reporting our second quarter 2021 financial and operational results. We're delighted to have you on our call. I'm joined today by Danny Brown, Taylor Reed, as well as other members of the team. Please be advised that our remarks on both Oasis Petroleum and Oasis Petroleum Partners including the answers to your questions, include statements that we believe to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from those currently disclosed in our earnings releases and conference calls. Those risks include, among others, matters that we have described in our earnings releases as well as in our filings with the Securities and Exchange Commission including our annual report on Form 10-K and our quarterly reports on Form 10-Q. We disclaim any obligation to update these forward-looking statements. During this conference call, we will make reference to non-GAAP measures, and reconciliations to the applicable GAAP measures can be found in our earnings releases and on our websites. We may also reference our current investor presentation, which you can find on our website. With that, I'll turn the call over to Danny.

Thank you, Michael. Good morning to all and thanks for joining our call. We sincerely appreciate your interest today. Before I get started, I'd also like to thank the entire OASIS team for their continued hard work and dedication to our organization. I've gotten to know the company and our people better over the past few months, and I couldn't be more impressed. I know we've all been very busy executing on our operational and strategic objectives, and you should all be very proud of what we've accomplished. We are in a great position to succeed going forward. So, turning back to our call, since I joined OASIS in mid-April, I've had the opportunity to reacquaint myself with many of you in the investment community. I've enjoyed our conversations and want to emphasize that your feedback is valued, and it's been influential in how we've thought about setting strategy, priorities, and plans. I look forward to continuing the dialogue. Now, before I hand it over to Taylor to discuss our operational highlights, let me give a few high-level thoughts. First, OASIS delivered another solid quarter with volumes exceeding expectations and costs below plan. Even with all the strategic activity we announced during the second quarter, our second half plan is essentially unchanged other than the great news that our full year capital is expected to be below our original expectations. Also during the quarter, the company determined it is eligible under Section 382 of the Internal Revenue Code to use its net operating loss position to offset taxable income in 2021 and beyond. Michael will spend more time discussing this later in the call, but the main takeaway is we expect significant cash tax savings versus our prior expectations. Second, we close the Permian divestiture at the end of June and expect our Williston acquisition that we announced in May to close sometime late in the third quarter. While this is a little later than we originally modeled, the delay is just due to scheduling challenges early in the approval process. All parties are aligned, we don't see any issues with the close, and the purchase price will be adjusted downward with the cash flow generated by the asset since the effective date. Third, we continue to adhere to our strategic objectives that we think differentiate the OASIS story and are beneficial to all stakeholders. Because I spoke about these at length last quarter and their significant detail included in our IR material, I'll keep my comments brief. So in summary, we are focused on maintaining a strong balance sheet, returns on and of capital, alignment with management and shareholders, ESG leadership, effective risk management, and enhancing the value of our assets. And speaking of ESG, we've mentioned before that OASIS is dedicated to producing a cleaner, low-cost barrel while being engaged with local communities and conscious of stakeholder interest. Importantly, we are also committed to providing increased transparency on our efforts. And to that end, I'm pleased to announce that we have completed our first sustainability report. We expect to have a formal press release soon, and the report will be available on our website. I would encourage everyone to read through it, as it does a really nice job presenting OASIS's core values, our history of being a responsible corporate citizen, and different initiatives we have in place to improve our performance going forward. While OASIS has always been dedicated to environmental, social, and governance issues, we aim to be more proactive in providing disclosure around these topics going forward. I also wanted to touch briefly on our midstream ownership in light of the strategic actions we've taken year-to-date. OASIS remains differentiated versus many of our peers, given the large ownership in our midstream company, OASIS Midstream Partners. In March, OASIS took the important step of simplifying our midstream ownership, which was accretive to both OASIS and OMP, increased transparency of our midstream ownership, and strengthened OASIS' balance sheet. Following the simplification transaction, in June, we sold down approximately 3.6 million units and declared a special dividend of $4 per share to OASIS shareholders. Our midstream ownership is now represented by our holding of approximately 33.8 million O&P units. Importantly, we continue to evaluate additional actions we can take to unlock what we see as trap value for the OASIS shareholder. Finally, we have some new slides in our investor deck that highlight our inventory and capital plan through 2025. I'll ask Taylor to speak in more detail on these items, but at a high level, I want to emphasize the strength of our inventory position, which supports a low reinvestment rate and a compelling amount of free cash flow for years to come. As we evaluate possible uses for this free cash flow, we will continue to take shareholder-friendly approaches. So far this year, you've seen OASIS institute our first fixed dividend and announce our intention to increase it 33% upon closing the Williston acquisition. Additionally, we paid the special dividend mentioned above and instituted a share repurchase program and will continue to be active on that front, provided we see a disconnect between share price and intrinsic value. So with that, I'm going to turn it over to Taylor to give some operational color. Taylor?