Murphy Oil Corporation

Good morning, ladies and gentlemen, and welcome to the Murphy Oil Corp first quarter 2023 earnings conference call. If at any time during this call you need 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.

Thank you, Joelle. Good morning, everyone, and thank you for joining us on our first quarter earnings call today. Joining me today is Roger Jenkins, President and Chief Executive Officer of along with Tom Morales, Executive Vice President and Chief Financial Officer, and Eric Hambly, Executive Vice President of Operations. 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 interest in the Gulf of Mexico. Cautionary statements. 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 Litigation 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 actual results to differ. For further discussion of risk factors, see Murphy's 2022 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.

Thank you, Kelly. Good morning, everyone, and thanks for listening to our call today. On slide two, Murphy continues to deliver a strong value proposition to our shareholders. Our ongoing execution excellence across our significant offshore backlog and over 1,000 oil-weighted onshore locations will ensure that we remain a long-term, sustainable company. We operate safely with a focus on continual improvement in our carbon emissions intensity. Our offshore competitive advantage is reinforced with our significant recent project success at our Khaleesi-Mormont Samurai fields in the Gulf of Mexico. Murphy also has an ongoing exploration portfolio as we're in process of a three-well program operated this year. We continue to generate strong cash flow. We've been able to more than double our long-standing dividend from 2021 as well as significantly reduce long-term debt. On slide three, as we advance our priorities to deliver, execute, explore, and return, we remain focused on achieving our $500 million debt reduction goal for 2023 as we execute Murphy 2.0 of our capital allocation framework. The recognition of our debt reduction efforts over the past two years, along with our great execution success, especially in the Gulf of Mexico, We recently received a credit rating upgrade to BB positive with a stable outlook from S&P Global. Our efforts on maintaining strong well performance and uptime led to Murphy's first quarter production volumes of 172.5 thousand barrels equivalent per day, exceeding the upper end of our guidance. We executed our onshore well program as planned with 15 operated wells online. In the Gulf of Mexico, our team brought online the Samurai 5 well, At the end of the quarter, we've been able, and the well has produced above expectations this past month. Murphy also celebrated a significant milestone recently with the one-year anniversary of achieving first soil at Kings Key. I'm pleased to say that the gross cumulative production on that facility in the first year was more than 30 million barrels equivalent. On the exploration front, we disclosed today the success at the Long Claw Well, and we're awaiting results of two additional exploration wells later this year. We also added to our expiration portfolio with six blocks from the recent Gulf of Mexico federal sale. As we continue to support our shareholders through targeted returns, Murphy announced last month we'll be maintaining our quarterly dividend at 27.5 cents per share, or $1.10 on an annualized basis, which we know is the highest rate since 2016. On slide four, exceeding guidance for the first quarter across all of our assets, due to stronger well performance, production of 172.5 thousand equivalent per day, consists of 94,000 barrels of oil per day, which represents a 25% oil growth since the first quarter of 2022. Our highest first quarter production level since 2020. In the Gulf of Mexico, we produce nearly 4,000 barrels equivalent per day above our guidance, as well as 1,100 barrels equivalent per day above guidance in Tupper Montney, along with 3,400 barrels equivalent a day of positive impact in the Tupper Montany due to lower royalty rates. We realized $74 a barrel for our oil. We had a realized NGL price of near $26 a barrel, and that gas for us was 268 per thousand cubic feet for the quarter. I'm now going to turn the call over to our CFO, Tom Morales, for an update on our financials and sustainability efforts. Tom.