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Energy - Oil & Gas Equipment & Services - NYSE - US
$ 14.71
-4.73 %
$ 181 M
Market Cap
-3.48
P/E
1. INTRINSIC VALUE

Forum Energy Technologies, Inc. designs, manufactures, and distributes products serving the oil, natural gas, industrial, and renewable energy industries in the United States and internationally. It operates through three segments: Drilling & Downhole, Completions, and Production. The Drilling & Downhole segment designs, manufactures, and supplies products, and provides related services to the drilling, well construction, artificial lift, and subsea energy construction markets, including applications in oil and natural gas, renewable energy, defense, and communications. This segment offers drilling technologies consisting of capital equipment and a line of products consumed in the drilling process; well construction casing and cementing equipment, and protection products for artificial lift equipment and cables; and subsea remotely operated vehicles and trenchers, submarine rescue vehicles, specialty components and tools, and complementary subsea technical services.[ Read More ]

The intrinsic value of one FET stock under the base case scenario is HIDDEN Compared to the current market price of 14.7 USD, Forum Energy Technologies, Inc. is HIDDEN

2. FUNDAMENTAL ANALYSIS

Price Chart FET

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FINANCIALS
739 M REVENUE
5.57%
23.8 M OPERATING INCOME
164.04%
-18.9 M NET INCOME
-510.16%
8.18 M OPERATING CASH FLOW
147.85%
-6.57 M INVESTING CASH FLOW
-24.25%
-7.58 M FINANCING CASH FLOW
-51.64%
208 M REVENUE
1.27%
8.92 M OPERATING INCOME
-4.97%
-14.8 M NET INCOME
-121.25%
25.6 M OPERATING CASH FLOW
11.07%
-1.43 M INVESTING CASH FLOW
13.64%
-25.5 M FINANCING CASH FLOW
31.01%
Balance Sheet Decomposition Forum Energy Technologies, Inc.
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Current Assets 530 M
Cash & Short-Term Investments 46.2 M
Receivables 162 M
Other Current Assets 322 M
Non-Current Assets 291 M
Long-Term Investments 0
PP&E 117 M
Other Non-Current Assets 175 M
Current Liabilities 204 M
Accounts Payable 126 M
Short-Term Debt 11.6 M
Other Current Liabilities 66.8 M
Non-Current Liabilities 204 M
Long-Term Debt 191 M
Other Non-Current Liabilities 13.1 M
EFFICIENCY
Earnings Waterfall Forum Energy Technologies, Inc.
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Revenue 739 M
Cost Of Revenue 535 M
Gross Profit 204 M
Operating Expenses 180 M
Operating Income 23.8 M
Other Expenses 42.6 M
Net Income -18.9 M
RATIOS
27.63% GROSS MARGIN
27.63%
3.22% OPERATING MARGIN
3.22%
-2.55% NET MARGIN
-2.55%
-4.57% ROE
-4.57%
-2.30% ROA
-2.30%
10.60% ROIC
10.60%
FREE CASH FLOW ANALYSIS
Free Cash Flow Analysis Forum Energy Technologies, Inc.
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Net Income -18.9 M
Depreciation & Amortization 34.7 M
Capital Expenditures -7.94 M
Stock-Based Compensation 4.57 M
Change in Working Capital -21.5 M
Others -18.7 M
Free Cash Flow 239 K
3. WALL STREET ANALYSTS ESTIMATES
Wall Street Analysts Price Targets Forum Energy Technologies, Inc.
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FET has no price targets from Wall Street.
4. DIVIDEND ANALYSIS
0.00% DIVIDEND YIELD
0 USD DIVIDEND PER SHARE
5. COMPETITION
6. Ownership
Insider Ownership Forum Energy Technologies, Inc.
image
Sold
0-3 MONTHS
0 USD 0
3-6 MONTHS
0 USD 0
6-9 MONTHS
38.5 K USD 1
9-12 MONTHS
49.2 K USD 2
Bought
0 USD 0
0-3 MONTHS
214 K USD 1
3-6 MONTHS
0 USD 0
6-9 MONTHS
0 USD 0
9-12 MONTHS
Date Value Insider Amount Avg Price
3 months ago
Aug 15, 2024
Bought 145 K USD
Lux Neal
President & CEO
+ 9000
16.12 USD
3 months ago
Aug 14, 2024
Bought 68.5 K USD
Lux Neal
President & CEO
+ 4500
15.22 USD
8 months ago
Mar 07, 2024
Sell 38.5 K USD
IVASCU JOHN C
EVP, General Counsel & CCO
- 2000
19.25 USD
11 months ago
Nov 22, 2023
Sell 31.9 K USD
GAUT C CHRISTOPHER
CEO & COB
- 1449
22.04 USD
11 months ago
Nov 21, 2023
Sell 17.3 K USD
IVASCU JOHN C
EVP, General Counsel & CCO
- 767
22.52 USD
1 year ago
May 12, 2023
Bought 367 K USD
Lux Neal
President & CEO
+ 17000
21.6 USD
1 year ago
May 11, 2023
Bought 108 K USD
Lux Neal
President & CEO
+ 5000
21.55 USD
1 year ago
Dec 20, 2022
Bought 75.8 K USD
MCSHANE MICHAEL
Director
+ 2500
30.31 USD
1 year ago
Dec 19, 2022
Bought 74.6 K USD
MCSHANE MICHAEL
Director
+ 2500
29.83 USD
2 years ago
Sep 13, 2022
Sell 10.3 K USD
GAUT C CHRISTOPHER
Exec. COB
- 400
25.7 USD
2 years ago
Apr 26, 2022
Sell 80.1 K USD
SCF Partners, Inc.
other: Member of Group
- 3700
21.6468 USD
2 years ago
Apr 26, 2022
Sell 82 K USD
SCF Partners, Inc.
other: Member of Group
- 3773
21.7448 USD
2 years ago
Apr 27, 2022
Sell 171 K USD
SCF Partners, Inc.
other: Member of Group
- 8000
21.3423 USD
2 years ago
Apr 27, 2022
Sell 171 K USD
SCF Partners, Inc.
other: Member of Group
- 8000
21.3388 USD
2 years ago
Apr 28, 2022
Sell 216 K USD
SCF Partners, Inc.
other: Member of Group
- 10000
21.6462 USD
2 years ago
Apr 26, 2022
Sell 25.8 K USD
SCF-VII, G.P., Limited Partnership
director:
- 1213
21.2856 USD
2 years ago
Apr 29, 2022
Sell 25.8 K USD
SCF Partners, Inc.
other: Member of Group
- 1213
21.2856 USD
2 years ago
Apr 28, 2022
Sell 217 K USD
SCF Partners, Inc.
other: Member of Group
- 10000
21.683 USD
2 years ago
May 02, 2022
Sell 63.2 K USD
SCF Partners, Inc.
other: Member of Group
- 3000
21.0724 USD
2 years ago
Apr 29, 2022
Sell 25.7 K USD
SCF Partners, Inc.
other: Member of Group
- 1213
21.1803 USD
2 years ago
May 02, 2022
Sell 63.3 K USD
SCF Partners, Inc.
other: Member of Group
- 3000
21.1108 USD
2 years ago
Apr 13, 2022
Sell 110 K USD
SCF Partners, Inc.
10 percent owner, other: Member of Group
- 4821
22.7496 USD
2 years ago
Apr 13, 2022
Sell 119 K USD
SCF Partners, Inc.
10 percent owner, other: Member of Group
- 5231
22.8384 USD
2 years ago
Apr 14, 2022
Sell 70.4 K USD
SCF Partners, Inc.
10 percent owner, other: Member of Group
- 3100
22.7113 USD
2 years ago
Apr 13, 2022
Sell 58.9 K USD
SCF-VII, G.P., Limited Partnership
director:
- 2600
22.659 USD
2 years ago
Apr 14, 2022
Sell 58.9 K USD
SCF Partners, Inc.
10 percent owner, other: Member of Group
- 2600
22.659 USD
2 years ago
Apr 18, 2022
Sell 131 K USD
SCF Partners, Inc.
10 percent owner, other: Member of Group
- 5684
22.9696 USD
2 years ago
Apr 18, 2022
Sell 204 K USD
SCF Partners, Inc.
10 percent owner, other: Member of Group
- 8904
22.9356 USD
2 years ago
Apr 08, 2022
Sell 22.2 K USD
SCF Partners, Inc.
10 percent owner, other: Member of Group
- 1010
22.0168 USD
2 years ago
Apr 08, 2022
Sell 17 K USD
SCF-VII, G.P., Limited Partnership
director:
- 773
22.0056 USD
2 years ago
Apr 11, 2022
Sell 17 K USD
SCF Partners, Inc.
10 percent owner, other: Member of Group
- 773
22.0056 USD
2 years ago
Apr 08, 2022
Sell 21.5 K USD
SCF Partners, Inc.
10 percent owner, other: Member of Group
- 974
22.037 USD
2 years ago
Apr 11, 2022
Sell 14.6 K USD
SCF Partners, Inc.
10 percent owner, other: Member of Group
- 665
22.008 USD
2 years ago
Apr 12, 2022
Sell 40.8 K USD
SCF Partners, Inc.
10 percent owner, other: Member of Group
- 1800
22.6754 USD
2 years ago
Apr 12, 2022
Sell 40.8 K USD
SCF Partners, Inc.
10 percent owner, other: Member of Group
- 1800
22.6769 USD
2 years ago
Apr 01, 2022
Sell 53.4 K USD
SCF Partners, Inc.
10 percent owner, other: Member of Group
- 2269
23.5435 USD
2 years ago
Apr 01, 2022
Sell 55.2 K USD
SCF Partners, Inc.
10 percent owner, other: Member of Group
- 2343
23.5757 USD
2 years ago
Apr 04, 2022
Sell 46 K USD
SCF Partners, Inc.
10 percent owner, other: Member of Group
- 1957
23.5092 USD
2 years ago
Apr 01, 2022
Sell 9.36 K USD
SCF-VII, G.P., Limited Partnership
director:
- 400
23.4026 USD
2 years ago
Apr 05, 2022
Sell 9.36 K USD
SCF Partners, Inc.
10 percent owner, other: Member of Group
- 400
23.4026 USD
2 years ago
Apr 04, 2022
Sell 43.7 K USD
SCF Partners, Inc.
10 percent owner, other: Member of Group
- 1860
23.5011 USD
2 years ago
Apr 05, 2022
Sell 10.6 K USD
SCF Partners, Inc.
10 percent owner, other: Member of Group
- 451
23.3992 USD
2 years ago
Mar 30, 2022
Sell 347 K USD
SCF Partners, Inc.
10 percent owner, other: Member of Group
- 14746
23.5632 USD
2 years ago
Mar 30, 2022
Sell 347 K USD
SCF-VII, G.P., Limited Partnership
director:
- 14746
23.5632 USD
2 years ago
Mar 31, 2022
Sell 14.5 K USD
SCF Partners, Inc.
10 percent owner, other: Member of Group
- 616
23.5234 USD
2 years ago
Mar 30, 2022
Sell 377 K USD
SCF Partners, Inc.
10 percent owner, other: Member of Group
- 14733
25.577 USD
2 years ago
Mar 31, 2022
Sell 17.3 K USD
SCF Partners, Inc.
10 percent owner, other: Member of Group
- 738
23.5026 USD
2 years ago
Mar 25, 2022
Sell 353 K USD
SCF Partners, Inc.
10 percent owner, other: Member of Group
- 14997
23.5388 USD
2 years ago
Mar 25, 2022
Sell 338 K USD
SCF-VII, G.P., Limited Partnership
director:
- 14353
23.5421 USD
2 years ago
Mar 25, 2022
Sell 338 K USD
SCF Partners, Inc.
10 percent owner, other: Member of Group
- 14353
23.5421 USD
2 years ago
Mar 28, 2022
Sell 41.8 K USD
SCF Partners, Inc.
10 percent owner, other: Member of Group
- 1813
23.0293 USD
2 years ago
Mar 28, 2022
Sell 41.2 K USD
SCF Partners, Inc.
10 percent owner, other: Member of Group
- 1789
23.0169 USD
2 years ago
Mar 29, 2022
Sell 87.2 K USD
SCF Partners, Inc.
10 percent owner, other: Member of Group
- 3776
23.0954 USD
2 years ago
Mar 29, 2022
Sell 70.6 K USD
SCF Partners, Inc.
10 percent owner, other: Member of Group
- 3059
23.0877 USD
2 years ago
Mar 09, 2022
Sell 7.48 K USD
SCF Partners, Inc.
10 percent owner, other: Member of Group
- 303
24.7 USD
2 years ago
Mar 22, 2022
Sell 7.27 K USD
SCF Partners, Inc.
10 percent owner, other: Member of Group
- 300
24.2233 USD
2 years ago
Mar 22, 2022
Sell 7.27 K USD
SCF Partners, Inc.
10 percent owner, other: Member of Group
- 300
24.2233 USD
2 years ago
Mar 09, 2022
Sell 38.3 K USD
SCF-VII, G.P., Limited Partnership
director:
- 1609
23.8137 USD
2 years ago
Mar 23, 2022
Sell 38.3 K USD
SCF Partners, Inc.
10 percent owner, other: Member of Group
- 1609
23.8137 USD
2 years ago
Mar 23, 2022
Sell 38.1 K USD
SCF Partners, Inc.
10 percent owner, other: Member of Group
- 1600
23.8041 USD
2 years ago
Mar 24, 2022
Sell 66.3 K USD
SCF Partners, Inc.
10 percent owner, other: Member of Group
- 2805
23.641 USD
2 years ago
Mar 24, 2022
Sell 97 K USD
SCF Partners, Inc.
10 percent owner, other: Member of Group
- 4101
23.6473 USD
3 years ago
May 21, 2021
Bought 1.11 M USD
CARRIG JOHN A
Director
+ 50000
22.28 USD
4 years ago
Nov 12, 2020
Bought 84.9 K USD
GAUT C CHRISTOPHER
CEO & COB
+ 10000
8.49 USD
4 years ago
Nov 11, 2020
Bought 19.2 K USD
GAUT C CHRISTOPHER
CEO & COB
+ 2217
8.67 USD
4 years ago
Nov 10, 2020
Bought 68.1 K USD
GAUT C CHRISTOPHER
CEO & COB
+ 7783
8.75 USD
4 years ago
Sep 14, 2020
Bought 9.68 K USD
Lux Neal
EVP Operations
+ 19400
0.499 USD
4 years ago
Sep 11, 2020
Bought 39.8 K USD
Lux Neal
EVP Operations
+ 80491
0.494 USD
4 years ago
Sep 10, 2020
Bought 45.6 K USD
Lux Neal
EVP Operations
+ 91348
0.499 USD
4 years ago
Sep 09, 2020
Bought 4.37 K USD
Lux Neal
EVP Operations
+ 8761
0.499 USD
4 years ago
Aug 19, 2020
Bought 50.8 K USD
GAUT C CHRISTOPHER
CEO & COB
+ 105000
0.4836 USD
4 years ago
Aug 18, 2020
Bought 9.77 K USD
GAUT C CHRISTOPHER
CEO & COB
+ 20000
0.4886 USD
4 years ago
Nov 25, 2019
Bought 750 K USD
WAITE ANDREW L
Director
+ 585938
1.28 USD
4 years ago
Nov 25, 2019
Bought 750 K USD
Baldwin David C
Director
+ 585938
1.28 USD
4 years ago
Nov 25, 2019
Bought 100 K USD
Angelle Evelyn M
Director
+ 78125
1.28 USD
4 years ago
Nov 25, 2019
Bought 400 K USD
GAUT C CHRISTOPHER
CEO & COB
+ 312500
1.28 USD
5 years ago
Nov 14, 2019
Bought 10.2 K USD
Danford Michael Dewayne
SVP - Human Resources
+ 10000
1.02 USD
5 years ago
Sep 04, 2019
Bought 14.5 K USD
GAUT C CHRISTOPHER
CEO & COB
+ 10000
1.45 USD
5 years ago
Sep 03, 2019
Bought 27 K USD
GAUT C CHRISTOPHER
CEO & COB
+ 20000
1.35 USD
6 years ago
Mar 02, 2018
Bought 957 K USD
Iyyanki Prady
President & CEO
+ 90000
10.63 USD
7. News
Forum Energy Technologies Announces Closing of $100 Million Senior Secured Bond Issuance HOUSTON--(BUSINESS WIRE)--Forum Energy Technologies, Inc. (NYSE: FET) (“FET”) announced today that it closed its offering of USD $100.0 million aggregate principal amount of 10.5% senior secured bonds (the “Offering”) on November 8, 2024. The bonds will mature in November 2029 and were issued at par. Net proceeds from the Offering, together with cash on hand, were used to repay all borrowings outstanding under the seller term loan issued in connection with the acquisition of Variperm Energy Ser. businesswire.com - 5 days ago
Stonegate Capital Partners Updates Coverage on Forum Energy Technologies, Inc. (FET) Q3 24 Dallas, Texas--(Newsfile Corp. - November 4, 2024) - Forum Energy Technologies, Inc. (NYSE: FET) Stonegate Capital Partners updates their coverage on Forum Energy Technologies, Inc. (NYSE: FET). FET reported revenue, adj EBITDA, and adj net income of $207.8M, $25.8M, and ($2.3)M, respectively. newsfilecorp.com - 1 week ago
Forum Energy Technologies, Inc. (FET) Q3 2024 Earnings Call Transcript Forum Energy Technologies, Inc. (NYSE:FET ) Q3 2024 Earnings Conference Call November 1, 2024 11:00 AM ET Company Participants Rob Kukla - Director of Investor Relations Neal Lux - President and Chief Executive Officer Lyle Williams - Chief Financial Officer Conference Call Participants Dave Storms - Stonegate John Daniel - Daniel Energy Partners Daniel Pickering - Pickering Energy Partners Jeff Robertson - Water Tower Research Operator Good morning, ladies and gentlemen, and welcome to the Forum Energy Technologies Third Quarter 2024 Earnings Conference Call. My name is Gigi, and I'll be your coordinator for today's call. seekingalpha.com - 2 weeks ago
Forum Energy Technologies Announces Third Quarter 2024 Results; Raises Free Cash Flow Guidance HOUSTON--(BUSINESS WIRE)--Forum Energy Technologies, Inc. (NYSE: FET) today announced third quarter 2024 revenue of $208 million, a 1% sequential increase. Orders increased 14% sequentially to $206 million, with a book-to-bill ratio of 99%. The third quarter 2024 net loss was $15 million, or $1.20 per diluted share, compared to a second quarter net loss of $7 million, or $0.54 per diluted share. The adjusted net loss for the quarter was $2 million, or $0.19 per diluted share, compared to the se. businesswire.com - 2 weeks ago
Magnachip Expands Production of 7th Generation MXT LV MOSFETs Based on Super Short Channel FET Technology SEOUL, South Korea--(BUSINESS WIRE)-- #LV--Magnachip Semiconductor Corporation announced today the expansion of production for its 7th generation MXT LV MOSFETs. businesswire.com - 2 weeks ago
Forum Energy Technologies Announces Pricing of $100 Million Senior Secured Bond Issuance HOUSTON--(BUSINESS WIRE)--Forum Energy Technologies, Inc. (NYSE: FET) (“FET”) announced today that it has finalized the terms of FET's private offering of USD $100.0 million aggregate principal amount of 10.5% senior secured bonds (the “Offering”). The bonds will mature in November 2029 and will be issued at par. The Offering is expected to close on November 7, 2024, subject to customary closing conditions. FET intends to use the net proceeds from the Offering, together with cash on hand, to re. businesswire.com - 3 weeks ago
Forum Energy Technologies Provides Preliminary Third Quarter 2024 Selected Financial Results HOUSTON--(BUSINESS WIRE)--Forum Energy Technologies, Inc. (NYSE: FET) (the “Company” or “FET”) today announced the following preliminary selected Third Quarter 2024 financial results, compared to the Second Quarter 2024. Revenue of approximately $208 million, compared to $205 million Bookings of approximately $205 million, compared to $180 million Adjusted EBITDA of approximately $26 million, compared to $26 million Free Cash Flow (before acquisitions) of approximately $24 million, compared to. businesswire.com - 1 month ago
Forum Energy Technologies Announces $100 Million Bond Issuance HOUSTON--(BUSINESS WIRE)--Forum Energy Technologies, Inc. (NYSE: FET) (“FET”) announced today the commencement of a backstopped private offering of USD $100.0 million aggregate principal amount of 5-year senior secured bonds (the “Offering”). FET intends to use the net proceeds from the Offering, together with cash on hand, to redeem in full all outstanding 9.000% Convertible Senior Secured Notes due 2025 (the “2025 Notes”) and to repay all borrowings outstanding under the seller term loan issu. businesswire.com - 1 month ago
2 of the Best Cryptocurrencies to Buy Now Bitcoin may get all the attention, but don't sleep on the upside potential of Solana and this AI crypto token. fool.com - 1 month ago
2 of the Best Cryptocurrencies to Buy Now Bitcoin may get all the attention, but don't sleep on the upside potential of Solana and this AI crypto token. fool.com - 1 month ago
Forum Energy Technologies to Participate in Water Tower Fireside Chat HOUSTON--(BUSINESS WIRE)--Forum Energy Technologies, Inc. (NYSE: FET) announced today that Neal Lux, President and Chief Executive Officer, and Lyle Williams, Executive Vice President and Chief Financial Officer, will participate in a fireside chat with Water Tower Research on Wednesday, October 9, 2024 at 10:00 a.m. Central Time. The event is open access and interested parties can register through the following link: https://us06web.zoom.us/webinar/register/WN__3UUoA50RWS9BRlXns1M-Q A link to. businesswire.com - 1 month ago
Forum Energy Technologies Announces Timing of Third Quarter 2024 Earnings Conference Call HOUSTON--(BUSINESS WIRE)--Forum Energy Technologies, Inc. (NYSE: FET) announced today that it will host its third quarter 2024 earnings conference call at 10:00 a.m. Central Time on Friday, November 1, 2024. FET will issue a press release reporting its third quarter 2024 earnings prior to the conference call. The call will be webcast through the Investor Relations link on FET's website at ir.f-e-t.com. Participants who want to ask a question during the call should register on FET's Investor Rel. businesswire.com - 1 month ago
Forum Energy Technologies to Present at the 2024 Gateway Conference on September 4, 2024 HOUSTON, Aug. 27, 2024 (GLOBE NEWSWIRE) -- Forum Energy Technologies, Inc. (NYSE: FET) (“FET”), a global designer, manufacturer and distributor of products to the oil, natural gas, industrial and renewable energy industries, is confirmed to present at the 2024 Annual Gateway Conference, which is being held September 4-5, at the Four Seasons Hotel in San Francisco, CA. globenewswire.com - 2 months ago
8. Profile Summary

Forum Energy Technologies, Inc. FET

image
COUNTRY US
INDUSTRY Oil & Gas Equipment & Services
MARKET CAP $ 181 M
Dividend Yield 0.00%
Description Forum Energy Technologies, Inc. designs, manufactures, and distributes products serving the oil, natural gas, industrial, and renewable energy industries in the United States and internationally. It operates through three segments: Drilling & Downhole, Completions, and Production. The Drilling & Downhole segment designs, manufactures, and supplies products, and provides related services to the drilling, well construction, artificial lift, and subsea energy construction markets, including applications in oil and natural gas, renewable energy, defense, and communications. This segment offers drilling technologies consisting of capital equipment and a line of products consumed in the drilling process; well construction casing and cementing equipment, and protection products for artificial lift equipment and cables; and subsea remotely operated vehicles and trenchers, submarine rescue vehicles, specialty components and tools, and complementary subsea technical services. The Completions segment offers hydraulic fracturing pumps, cooling systems, high-pressure flexible hoses, and flow iron for pressure pumping, hydraulic fracturing and flowback services markets; wireline cable and pressure control equipment for well completion and intervention service markets; and coiled tubing strings and coiled line pipe. The Production segment designs, manufactures, and supplies products, and provides related equipment and services for production and infrastructure markets. This segment offers engineered process systems, production equipment, specialty separation equipment, and various industrial valves for oil and natural gas customers, power generation, renewable energy, and other general industrial applications. The company was formerly known as Forum Oilfield Technologies, Inc. and changed its name to Forum Energy Technologies, Inc. in August 2010. Forum Energy Technologies, Inc. was incorporated in 2005 and is headquartered in Houston, Texas.
Contact 10344 Sam Houston Park Drive, Houston, TX, 77064 https://www.f-e-t.com
IPO Date April 12, 2012
Employees 1600
Officers Mr. Tylar K. Schmitt Vice President of Finance & Treasurer Ms. Katherine T. Keller Senior Vice President & Chief Accounting Officer Mr. Michael D. Danford Senior Vice President & Chief Human Resources Officer Rob Kukla Director of Investor Relations Mr. Neal A. Lux President, Chief Executive Officer & Director Mr. Steven Pounds Senior Vice President of Operations Mr. Mark Brookes Senior Vice President of Operations Mr. David Lyle Williams Jr. Executive Vice President & Chief Financial Officer