Continental Resources, Inc.

Good day, ladies and gentlemen, and welcome to the Continental Resources, Inc. Fourth Quarter 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session, and instructions will follow at that time. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. As a reminder, this conference call is being recorded. I would now like to turn the conference over to Rory Sabino, Vice President of Investor Relations. Please go ahead.

Thank you, Andrea, and good morning. Welcome to today's earnings call. We'll start today's call with remarks from Harold Hamm, Executive Chairman, Bill Berry, Chief Executive Officer, Jack Stark, President and Chief Operating Officer, and John Hart, Chief Financial Officer. Other members of management will be available for Q&A. Today's call will contain forward-looking statements that address projections, assumptions, and guidance. Actual results may differ materially from those contained in forward-looking statements. Please refer to the company's SEC filings for additional information concerning these statements and risks. In addition, Confidential does not undertake any obligation to update forward-looking statements made on this call. Finally, on the call, we will refer to certain non-GAAP financial measures. For a reconciliation of these measures to generally accepted accounting principles, please refer to the updated investor presentation that has been posted on the company's website at www.clr.com. With that, I'll turn the call over to Mr. Hamm. Harold?

Harold Hammond- Thank you, Rory, and good morning, everyone. I'd like to begin by commending our employees for their incredible performance in 2020. Despite all the challenges we faced last year, our teams generated approximately $275 million of free cash flow and delivered better than expected production, cost metrics, and sustainable go-forward cost savings. Obviously, one of the unprecedented challenges of the past year was price. The WTI has fallen into negative territory for the first time ever in April 2020. Despite the dramatic impact of COVID on crude oil demand last year, global inventories now appear to be rebalancing on vaccine optimism and tighter supplies that both the US and global producers exhibit capital and market discipline. The current administration's executive orders through additional arbitrary regulatory and federal leasing and a permitting moratorium tend to hinder U.S. oil and gas supplies, driving those prices higher. We have clearly seen this impact to domestic oil prices the past 60 days. Recent weather events have tested the limits of the renewable-laden grid system. A dependable and reliable power-based grid is essential to human safety and well-being. A reliable power-based grid is not possible without significant natural gas powering that base. A science-based approach to producing a reliable grid is imperative for today and the future instead of a heavily subsidized governmental mandated wind and solar dependent system. The U.S. oil and natural gas industry will continue to play a vital part in the American energy landscape as the world seeks access to our gas and light sweet crude. As part of this, we're seeing American Gulf Coast Select, or AGS, continue to gain momentum. Phase one of AGS was completed last year by establishing the benchmark. AGS recently completed its phase two, where it established a Houston-based area-centric delivery point for Gulf Coast barrels. This is a fundamental step for AGS and shows that we're on track with where we want to be at this time. Great progress has been gained with so much potential migrating to the Gulf Coast, and we are pleased where we are in the process. As an independent producer, we've been proud of the progress we have made the past 10 years to strengthen and preserve our nation's energy independence by supporting our economic progress through reliable and affordable energy and job creation. On top of protecting U.S. energy security, U.S. producers have also addressed investor concerns that E&P's prioritized reinvestment ratios, and shareholder returns. We see the critical importance of remaining capital disciplined and believe this will continue to be a key part of Continental's value proposition. I will now turn the call over to Bill Berry.