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ConocoPhillips (COP) Ryan M. Lance on Q1 2016 Results - Earnings Call Transcript

Q1 2016 Earnings Call

April 28, 2016 12:00 pm ET

Executives

Ellen R. DeSanctis - VP-Investor Relations & Communications

Ryan M. Lance - Chairman & Chief Executive Officer

Donald Evert Wallette - CFO, EVP-Finance & Commercial

Alan J. Hirshberg - EVP-Production, Drilling & Projects

Analysts

Evan Calio - Morgan Stanley & Co. LLC

Doug Leggate - Bank of America Merrill Lynch

Neil Mehta - Goldman Sachs & Co.

Phil M. Gresh - JPMorgan Securities LLC

Blake Fernandez - Scotia Howard Weil

Roger D. Read - Wells Fargo Securities LLC

Douglas Terreson - Evercore ISI

Guy Allen Baber - Simmons & Company International

Paul Y. Cheng - Barclays Capital, Inc.

Edward George Westlake - Credit Suisse Securities (NYSE:USA) LLC (Broker)

Paul Sankey - Wolfe Research LLC

Scott Hanold - RBC Capital Markets LLC

James Sullivan - Alembic Global Advisors LLC

Pavel S. Molchanov - Raymond James & Associates, Inc.

Asit Sen - CLSA Americas LLC

Operator

Welcome to the First Quarter 2016 ConocoPhillips Earnings Conference Call. My name is Christine and I will be your operator for today's call. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session. Please note that this conference is being recorded.

I will now turn the call over to Ellen DeSanctis, VP-Investor Relations and Communications. You may begin.

Ellen R. DeSanctis - VP-Investor Relations & Communications

Thanks, Christine, and good morning everybody. Again, thank you for joining our First Quarter Earnings Call. Our speakers for today will be Ryan Lance, our Chairman and CEO; Don Wallette, our Executive Vice President of Finance and Commercial and our Chief Financial Officer; and Al Hirshberg, our Executive Vice President of Production, Drilling and Projects. Ryan will cover the company level comments, Don will then review the quarterly financials and Al will review the operational highlights for the quarter and our outlook for the rest of the year.

Before we start, I wanted to let all of you know that we have set a date of November 10, 2016, for our analyst and investor meeting, this year's analyst and investors meeting. The event will be held in New York and we will provide some additional details soon, we just wanted to make you got that on your calendars.

Finally, we will make some forward-looking statements this morning. The risks and uncertainties in our future performance have been described on page two of today's presentation as well as in our periodic filings with the SEC. And of course that information, in addition to some supplemental data for today's earnings, can be found on our website.

Now it is my pleasure to turn the call over to Ryan.

Ryan M. Lance - Chairman & Chief Executive Officer

Thank you, Ellen, and thanks to all for joining the call today. Before I jump into the quarterly results, I want to make some general comments about the company and the environment that we find ourselves in today.

On the next couple of slides, I'll address how ConocoPhillips is positioning to create value as an independent E&P company. I'll describe our value proposition and how we'll compete in a world of lower mid-cycle and more volatile prices. I'll also describe how we're prioritizing our business activities in the short term, the medium term and the long term. I think it's important for investors to know how we're thinking about the current environment, but also how we have positioned the company for strong performance when prices recover. So if you please turn to slide four, we'll get started.

We believe that our value proposition lies in the combination of our unique portfolio attributes and our capital allocation principles. Let me start with the left side of this slide. Underlying our value proposition is a portfolio that we think is quite unique among E&Ps. We've listed several attributes that distinguish our asset base. We have a diverse, relatively low decline base production. We expect our decline rate to moderate somewhat over the next few years as we bring on additional tranches of low to no decline oil sands and LNG projects.