Murphy Oil Corporation

like to turn the conference over to Kelly Whitley, Vice President, Investor Relations and Communications. Please go ahead.

Thank you, Operator, and good morning, everyone, and thank you for joining us on our second quarter earnings call today. Joining us is Roger Jenkins, Chief Executive Officer, along with Eric Hambly, President and Chief Operating Officer, and Tom Morales, Executive Vice President and Chief Financial Officer. Please refer to the informational slides we have placed on the Investor Relations section of our website as you follow along with our webcast today. Throughout today's call, production numbers, reserves, financial amounts are adjusted to exclude non-controlling interest in the Gulf of Mexico. Slide two. 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 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 2023 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. Roger?

Thank you, Kelly. Good morning, everyone, and thanks for listening to our call today on slide three. I'd like to reiterate our corporate priorities of deliver, execute, explore, and return. As we continue to progress our capital allocation framework in the second quarter, we repurchased $50 million of senior notes through open market repurchases. Murphy also remains fully committed to achieving our long-term debt goal of $1 billion. We produced 181,000 barrels equivalent per day in the second quarter with 50% oil volumes. As we exceeded guidance onshore, while delivering our offshore well program. We also advanced our Loc De Vang field development project in Vietnam by awarding key facilities and pipeline contracts during the quarter. Also during the second quarter, we drilled a discovery well at the non-operated Ocotillo well in the Gulf of Mexico, and we are very pleased at the results. Turned to Vietnam, we're preparing to spud the first of two operated exploration wells in the third quarter. Looking into our fourth priority of return, Our share repurchase program continued in the second quarter with 56 million shares repurchased, plus an additional 44 million of shares repurchased in the third quarter through August 7. Year-to-date, we've repurchased $150 million of our stock, our 3.8 million shares, at an average price of $39.70 per share. As we remain focused on progressing our shareholder returns, I'm excited to announce today that our board has approved a revision to our capital allocation framework that allows us to move to Murphy 3.0 now with a current debt level of $1.3 billion. Moving to slide four. Murphy will now allocate a minimum of 50% of adjusted free cash flow to shareholders focused on buybacks. The remaining adjusted free cash flow will be allocated to our balance sheet as we remain committed to our long-term $1 billion long-term debt goal target. Our board is also elected to increase our share repurchase authorization by $500 million. As of August 7th, we have approximately $800 million remaining. I'd also like to highlight today that most impressively, we have fortified our balance sheet significantly in the past few years. Since launching the capital allocation framework two years ago today, we've repurchased $300 million of shares and increased our dividend by 70%. When you look back further to year end 2020, We've utilized more than $2 billion of adjusted free cash flow to repurchase shares and reduced debt by $1.75 billion, achieving nearly $90 million in annual interest expense savings and giving us one of the top, if not the top balance sheet in all of EMP. On slide five, in the second quarter, Murphy produced an average of 181,000 barrels equivalent per day with 91,000 barrels of oil. we again realized a slight premium to WTI with our realized price of more than $81 per barrel, while our realized NGL pricing was nearly 22 per barrel, and our nat gas was $1.45 per thousand cubic feet. Overall, we generated $746 million of revenue per quarter, excluding NCI. I'll now turn the call over to our CFO, Tom Morales, for an update on our financial results. Tom?