Murphy Oil Corporation

Good morning ladies and gentlemen and welcome to the Murphy Oil Corporation first quarter 2020 earnings conference call. If at any time during this call you require immediate assistance, please press star zero for the operator. I would now like to turn the conference over to Kelly Whitley, Vice President, Investor Relations and Communications. Please go ahead.

Good morning Jessica. Good morning everyone and thank you for joining us on our first quarter earnings call today. Joining me from El Dorado, Arkansas is Roger Jenkins, President and Chief Executive Officer. And with me in Houston is David Looney, Executive Vice President, Chief Financial Officer, Mike McFadden, Executive Vice President Offshore, and Eric Hambly, Executive Vice President Onshore. Please refer to the informational slides we've placed on the Investor Relations section of our website as you follow along with our webcast today. Throughout today's call, Production numbers, reserves, and financial amounts are adjusted to exclude non-controlling interests in the Gulf of Mexico. Slide 1. Please keep in mind that some of the comments made during this call will be considered forward-looking statements as defined in the Private Securities Legation Reform Act of 1995. As such, no assurances can be given that these events will occur or that the projections will be attained. A variety of factors exist that may cause for further discussion of risk factors, see Murphy's 2019 Annual Report on Form 10-K on file with the SEC. Murphy takes no duty to publicly update or revise any forward-looking statements. I will now turn the call over to Roger Jenkins.

Thank you, Kelly. Good morning, everyone, and thanks for listening in today. On slide two, Murphy had a strong first quarter with total average production of 186,000 and a number of others. We have a total of $365 million of CapEx in the quarter. This accounts for approximately 50% of our revised full year budget with a new midpoint of $740 million, representing a further $40 million decrease following our latest April 1st announcement on CapEx. While prices are much different now, We still achieve strong pricing before gains in hedge positions in the first quarter thanks to our diverse oil-weighted assets that are close to markets. In particular, I realize the oil price was slightly higher than WTI benchmark of $46 per barrel for the quarter. I'll now turn the call over to our CFO, Mr. David Looney, for our financial update.