ProPetro Holding Corp.

Good morning and welcome to the Pro Petco Holdings Corporation second quarter 2020 conference call. All 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. Please note that this event is being recorded. I'd now like to turn the conference over to Mr. Sam Sledge, Chief Strategy and Administrative Officer. Please go ahead, sir.

Thanks, and good morning, everyone. We appreciate your participation in today's call. With me today is Chief Executive Officer Philip Gobe, Chief Financial Officer Darren Holderness, and Senior Vice President of Operations Adam Munoz. Yesterday afternoon, we released our earnings announcement for the second quarter of 2020. Please note that any comments you 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. Finally, after our prepared remarks, we will hold a question and answer session. With that, I'd like to turn the call over to Philip.

Thank you, Sam, and good morning, everyone. We were pleased with our overall results for the second quarter, given the unprecedented demand and supply disruptions the oil and gas industry faced, primarily as a result of the global COVID-19 pandemic. On behalf of the entire ProPetro team, I want to thank all the first responders and medical professionals for their selfless and tireless efforts in ensuring the well-being for all of those who live and or work in the Permian Basin. I continue to be amazed at our employees' collective resiliency given the current environment and I want to express my deep gratitude once again for their hard work and dedication. As always, the health and safety of our employees, customers, supply chain partners, and other stakeholders remain the top priority of the company and we will continue to implement best practices according to CDC guidelines and other governmental agencies to ensure safe and efficient operations for the duration of the pandemic. During the second quarter, we saw activity levels decrease rapidly in April and May as customers responded to a continued deterioration in market conditions that began in mid-March. As such, we took swift and decisive measures to help us proactively shrink the core of our operations, save costs through collaboration, and focus on innovation we consider critical to enable a recovery. In addition to safeguarding the long-term health of our balance sheet, another key tenant in our decision-making process was ensuring we protected the core competencies of our business. These capabilities support ProPetro's clear reputation as an industry leader that provides its customers unmatched execution in an environment where its employees can flourish. As such, we took the necessary steps to streamline our operations without sacrificing our ability to respond quickly as market conditions improved, which we began to see in June. More specifically, our cost-saving initiatives have included right-sizing our workforce while maintaining our core talent, significantly reducing maintenance capital expenditures and field-level consumables, negotiating lower pricing for expendable items, materials used in day-to-day operations, and large component replacement parts, internalizing certain support functions that were previously outsourced, and reducing compensation of all officers, executives, and directors. Complementing these efforts during the second quarter was continued operational and safety excellence in support of our customers' drive to stay as active and as profitable as possible. We are working closely with our customers to ensure our collective success remains at the core of our DNA. I want to thank the entire ProPetro team for weathering the storm through the most turbulent environment in our company's 15-year history. Finally, a significant highlight of the second quarter was completion of our previously announced audit committee internal review process and the filing of our 10Qs for the second and third quarter of 2019 and our 10K for 2019. With the filing of our 10Q for the first quarter of 2020 on July 2nd, we became current with our filing obligations with the SEC. I want to thank all involved for their assistance over the last year. The successful completion of these activities allow us to fully focus our efforts on the future of our business in an environment of stronger processes and controls that enhance our competitiveness. With that, I'll turn the call over to Sam to discuss our financial performance. Sam?