WPX Energy, Inc. (NYSE:WPX) Q2 2020 Earnings Conference Call - Final Transcript
Jul 30, 2020 • 10:00 am ET
Ladies and gentlemen, thank you for standing by, and welcome to the WPX Energy Second Quarter 2020 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference may be recorded. [Operator Instructions]
I would now like to hand the conference over to your speaker today, Mr. David Sullivan, Vice President of Investor Relations. Thank you. Please go ahead.
Thank you. Good morning, everybody. Welcome to the WPX Energy Second Quarter 2020 Earnings Call. We appreciate your interest in WPX Energy. Rick Muncrief, our Chairman and CEO; Clay Gaspar, President and COO; and Kevin Vann, our CFO, will review the prepared slide presentation this morning. Along with Rick, Clay, Kevin, other members of the management team are available for questions after the presentation. On our website, wpxenergy.com, you will find today's presentation and the press release that was issued after the market close yesterday. Also, our Q will be filed later today. Please review the forward-looking statement and disclaimer on oil and gas reserves at the end of the presentation. They are important and integral to our remarks, so please review them. So with that, Rick, I'll turn it over to you.
Richard E. Muncrief
Thank you, David, and good morning to everyone on today's webcast. Thank you for your time, for your interest in WPX and what our people continue to accomplish. This is, obviously, a year unlike any other, but we remain confident in our company and our nation's ability to get through this, very confident. Now as I said last quarter, we're going to need some patience for recovery to fully take hold. We're not there yet. But let's face it, we've seen some real progress in the last 90 days. Everyone would prefer to have greater certainty and a lot more clarity around the time line for this pandemic that we're facing. But there's plenty of shades of gray and volatility right now. This demands a steady hand. That's why risk management practices are so core to the foundation of solid companies, including WPX. There's an art and a science when it comes to having the confidence and experience to know how to navigate these rough waters. It's truly hard to imagine that all the scenarios we've seen play out across the globe and in our sector, happened in just a matter of months, but they did. I credit our team for making sure that we were ready. That preparation makes all the difference when things around you appear to be falling apart. And that positioning is exactly what separates one company from another. You can't fake discipline: you either have it or you don't. Your management philosophy most certainly gets magnified in an environment like this. And that's where our WPX story starts today, one that is defined by stability, confidence, continuity and positive results, even in such an unprecedented time. The strength of our balance sheet, our revolver capacity, our commodity hedges and our track record for disciplined execution continues to give us a considerable edge. And let's