ProPetro Holding Corp.

Good morning. Welcome to the Petro Holding Corp. first quarter 2020 conference call. Our participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Sam Sledge, Chief Strategy and Administrative Officer. Please go ahead.

Thanks. Good morning, everyone. We appreciate your participation in today's call. With me today is Chief Executive Officer Philip Goeb, Chief Financial Officer Darren Holderness, and Senior Vice President of Operations Adam Munoz. Yesterday afternoon we released our earnings announcement for the first quarter of 2020. Please note that any comments we make on today's call regarding projections or our expectations of future events are forward-looking statements covered by the Private Securities Litigation Reform Act. Forward-looking statements are subject to several risks and uncertainties, many of which are beyond our control. These risks and uncertainties can cause actual results to differ materially from our current expectations. We advise listeners to review our earnings release and the risk factors discussed in our filings with the SEC. Also, during today's call, we will reference certain non-GAAP financial measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in our earnings release. Additionally, management continues to provide information to its independent registered public accounting firm to allow it to evaluate the sufficiency of the scope of the Audit Committee's internal review and associated findings as well as the company's proposed remediation plan. Management is working to complete its preparation of quarterly and annual financial statements to allow its independent registered public accounting firm to perform quarterly reviews and an audit of annual filings of the financial statements for all of our delinquent 2019 filings and for the quarter ended March 31st, 2020. The company continues to work diligently to become current in its filing obligations with the Securities and Exchange Commission as soon as reasonably practicable and it currently expects to do so prior to the expiration of the additional trading period granted by the NYSE on July 15th, 2020. After our prepared remarks, we will answer any questions related to our results and operations. However, we will not answer any questions with respect to the internal review, the SEC investigation, or our outstanding litigation. With that, I'd like to turn the call over to Phillip.

Thanks, Sam. Good morning, everyone. Looking at the first quarter, our results were driven by a strong first 10 weeks of the quarter. Operational efficiencies were at an all-time high. and we enjoyed strong financial results until the rapid declines in oil field activity in late March. Our team's unmatched ability to execute for our customers during the first quarter is a compelling example of our unique competitive advantages which we expect to maintain throughout this downturn into an eventual recovery. I would like to personally thank our entire team for their focus and dedication to their work. Our fleets reach new heights working in lockstep with our customers and partners at the wellhead, surpassing records of pump time per day and upholding our strong safety standards. Looking forward, rather than ride the tide amid unprecedented volatility, our leadership decided to take a firm stance and act decisively to protect the core competencies in our business. Steps taken include are proactively shrinking the core of our operations, saving costs through collaboration, and focusing on innovation critical to enable a recovery. With no expectation of a near-term pricing-driven profitability ramp, Propetro is looking within our own operations and doing what is necessary to enhance the earnings power of our business over the long term. A lot of unsung heroes rose to the occasion when the COVID-19 pandemic struck, and I'd like to take this opportunity to thank the first responders, medical professionals, teachers, and researchers on their selfless efforts to safeguard the health of our community. In addition, I've been impressed with how our employees have responded like true professionals. These high standards of quality allow our team to safely get the job done for our teammates and customers. We continue to implement best practices according to the CDC guidelines and other governmental agencies to ensure safe and efficient operations for the duration of this pandemic. Unfortunately, in late March and throughout April and May, deteriorating market conditions resulted in the necessary reductions to our workforce. We are grateful to all of our impacted team members for their hard work and dedication in serving our customers over the years. While we found it prudent to make these reductions, we prioritize retaining the key critical skills to deliver efficient and safe services while protecting our capacity to respond to a market that will eventually improve. Importantly, the core pieces of our team stand ready to respond to any market condition. With that, I'd like to turn this call over to Sam to discuss our financial performance. Sam?