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Noble Plc (NE) David W. Williams on Q1 2016 Results - Earnings Call Transcript

Q1 2016 Earnings Call

April 28, 2016 9:00 am ET


Jeffrey L. Chastain - Vice President-Investor Relations & Corporate Communications

David W. Williams - Chairman, President & Chief Executive Officer

Dennis James Lubojacky - Interim CFO, Vice President, Controller

Simon W. Johnson - Senior Vice President-Marketing & Contracts


Ian Macpherson - Simmons & Company International

Jeffrey L. Campbell - Tuohy Brothers Investment Research, Inc.

Robin E. Shoemaker - KeyBanc Capital Markets, Inc.

Gregory Lewis - Credit Suisse Securities (NYSE:USA) LLC (Broker)

Jacob Ng - Morgan Stanley & Co. LLC

Matt Marietta - Stephens, Inc.

Mark Brown - Seaport Global Securities LLC


Good morning. My name is Tanya, and I will be your conference operator today. At this time, I would like to welcome everyone to Noble Corporation Reports First Quarter 2016 Results Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. Thank you.

Jeff Chastain, Noble Corporation, Vice President of Investor Relations, you may begin your conference.

Jeffrey L. Chastain - Vice President-Investor Relations & Corporate Communications

Okay. Well thank you, Tanya, and welcome, everyone, to Noble Corporation's first quarter 2016 earnings conference call. We appreciate your interest in the company. And in case you missed it, a copy of Noble's earnings report issued last evening, along with the supporting statements and schedules, can be found on the Noble website. And again, that's

Before I turn the call over to David Williams, I'd like to remind everyone that we may make statements about our operations, opportunities, plans, operational or financial performance, the drilling business or other matters that are not historical facts and are forward-looking statements that are subject to certain risks and uncertainties.

Our filings with the U.S. Securities and Exchange Commission, which are posted on our website, discuss the risks and uncertainties in our business and industry and the various factors that could keep outcomes of any forward-looking statements from being realized. This includes the price of oil and gas, customer demand, operational and other risks. Our actual results could differ materially from these forward-looking statements, and Noble does not assume any obligation to update these statements.

Also note, we are referencing non-GAAP financial measures in the call today. You will find the required supplemental disclosure for these measures, including the most directly comparable GAAP measure and an associated reconciliation on the Noble website.

And finally, consistent with our quarterly disclosure practices, once our call concludes, we will post to our website a summary of the financial guidance covered on today's call, which you will find second quarter and full-year 2016 figures.

With that, I'll turn now the call over to David Williams, Chairman, President and Chief Executive of Noble.

David W. Williams - Chairman, President & Chief Executive Officer

All right. Thanks, Jeff. Good morning to everyone on the call and those participating through the webcast. It's good to see the financial community's growing interest in Noble, as evidenced by the participation on today's call and request for meetings with our management team, as we encourage and pursue opportunities to engage our investors.

I'm happy to report another quarter of solid performance across the fleet. Although, the historic downturn in the offshore industry continues unabated, our singular focus on executing at a very high level while implementing the necessary operational adjustments contributed to another successful quarterly result.