EQT Corporation

Greetings, and welcome to EQT Corporation's Q2 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Kyle Durham, please go ahead, sir.

Good morning, and thank you for joining today's conference call. With me today are John McCartney, Chairman of EQT, Toby Rice, President and Chief Executive Officer, Derek Rice, member of our Evolution Committee, Jimmy Sue Smith, Chief Financial Officer, Blue Jenkins, Executive Vice President, Commercial Business Development and Safety, and Gary Gould, Chief Operating Officer. The replay for today's call will be available for a seven-day period beginning this evening. The telephone number for the replay is 201-612-7415 with a confirmation code of 136-850-70. The replay will be available for seven days on our website. In a moment, John, Toby, Jimmy, Sue, and I will present our prepared remarks. Following these remarks, we will take your questions. EQT published a new investor presentation this morning, and we will refer to certain slides during our prepared remarks. I'd like to remind you that today's call may contain forward-looking statements. Actual results and future events may differ, possibly materially, from those forward-looking statements due to a variety of factors, including those described in today's press release and under risk factors in our Form 10-K for the year ended December 31, 2018. as updated by our subsequent Form 10Qs, which will also be on file with the SEC and available on our website. Today's call may also contain certain non-GAAP financial measures. Please refer to this morning's press release for important disclosures regarding such measures, including reconciliations to the most comparable GAAP financial measures. With that, I'd like to turn the call over to John.

Thank you, Kyle, and good morning, everyone. On behalf of the board, I'd like to thank shareholders for entrusting us with the task of overseeing EQT's transformation into a world-class energy company. The shareholder vote was an overwhelming vote of confidence for the new direction at EQT, and I'm honored to serve as chairman of what I believe is one of the most capable, diverse, and dedicated set of directors in the energy space. With more than 80% of the votes supporting the RICE team nominees, shareholders have clearly expressed their desire for EQT to become a leading-edge, data-driven, transparent, and socially responsible energy company. COBE's transformation plan offers significant value to shareholders, and the Board is united in supporting and providing accountability for its executions. Beginning immediately following the shareholders meeting, we've had several meetings and updates at the board and committee levels to facilitate a smooth transition into a new era for EQT. In the near term, we will continue these efforts by collaborating with the evolution committee and designing a compensation plan that best aligns our stated goals of lowering well costs, improving capital efficiency, driving sustainable free cash flow per share and enhancing total shareholder return with an emphasis towards absolute return. Finally, once we've made meaningful progress on the 100-day plan, we intend to engage with shareholders on a more proactive basis to enhance open communications, accountability, and transparency at the board level. With that, I'll turn the call over to Toby Rice, your newly appointed president and CEO.