Noble Corporation Plc (NYSE:NE) Q2 2023 Results Conference Call August 3, 2023 9:00 AM ET
Company Participants
Robert Eifler - President and CEO
Richard Barker - CFO
Blake Denton - SVP, Marketing and Contracts
Joey Kawaja - SVP, Operations
Conference Call Participants
Kurt Hallead - RBC Capital Markets
Eddie Kim - Barclays
Greg Lewis - BTIG
David Smith - Smith Pickering Energy Partners
Operator
Good morning. My name is Jeremy, and I will be the conference operator today. At this time, I would like to welcome everyone to the Noble Corporation's Q2 Earnings Call.
Unidentified Company Representative
Welcome, everyone, to Noble Corporation's second quarter 2023 Earnings Conference Call.
You can find a copy of our earnings report, along with the supporting statements and schedules on our website at noblecorp.com. This conference call will be accompanied by a slide presentation that you can also find located at the Investor Relations section of our website. Today's call will feature prepared remarks from our President and CEO, Robert Eifler, as well as our CFO, Richard Barker. Also joining on the call are Blake Denton, Senior Vice President of Marketing and Contracts; and Joey Kawaja, Senior Vice President of Operations. During the course of this call, we may make certain forward-looking statements regarding various matters related to our business and companies that are not historical facts.
Such statements are based upon current expectations and assumptions of management and are, therefore, subject to certain risks and uncertainties. Many factors could cause actual results to 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 on the call today. You can find the required supplemental disclosure for these measures, including the most directly comparable GAAP measure and associated reconciliation in our earnings report issued yesterday and filed with the SEC.
With that, I'll turn the call now over to Robert Eifler, President and CEO of Noble.
Robert Eifler
Good morning. Welcome, everyone, and thank you for joining us on the call today. I'll begin with some opening remarks on our strategy and recent milestones and then provide some comments on the macro and market outlook before turning the call over to Richard to review the financials. After the prepared remarks, we look forward to taking your questions. First, on strategy and milestones. We announced the initiation of a regular orderly dividend program, starting with a $0.30 dividend here in the third quarter. With this, we are proud to introduce the first dividend program in our peer group since 2016. Coming out of the recent downturn, our existential strategic priorities over the past 2 years have been centrally focused on consolidation, cementing our brands with customers as a first voice drilling contractor and establishing an industry-leading free cash flow generation and return of capital platform. Strict capital discipline and return of cash are absolute imperative to the investment thesis for this industry, and Noble is committed to these investor priorities.