Scorpio Tankers Inc. (NYSE:STNG) Q2 2022 Earnings Conference Call July 28, 2022 8:00 AM ET
Corporate Participants
James Doyle - Head of Corporate Development and Investor Relations
Emanuele Lauro - Chief Executive Officer
Robert Bugbee - President
Lars Dencker Nielsen - Commercial Director
Conference Call Participants
Omar Nokta - Jefferies
Greg Lewis - BTIG
Liam Burke - B. Riley
Turner Holm - Clarkson
Operator
Good morning and welcome to the Scorpio Tankers Inc., Second Quarter 2022 Conference Call. All participants will be in listen-only mode. [Operator Instructions].
I would now like to turn the conference over to James Doyle, Head of Corporate Development and Investor Relations. Please go ahead.
James Doyle
Thank you for joining us today. Welcome to the Scorpio Tankers second quarter 2022 earnings conference call. On the call with me today are, Emanuele Lauro, Chief Executive Officer; Robert Bugbee, President; Cameron Mackey, Chief Operating Officer; Brian Lee, Chief Financial Officer; Lars Dencker Nielsen, Commercial Director.
Earlier today, we issued our second quarter’s earnings press release, which is available on our Web site, scorpiotankers.com. The information discussed on this call is based on information as of today, July 28, 2022 and may contain forward-looking statements that involve risk and uncertainty. Actual results may differ materially from those set forth in such statements.
For a discussion of these risks and uncertainties, you should review the forward-looking statement disclosure in the earnings press release, as well as Scorpio Tankers SEC filings, which are available at scorpiotankers.com and sec.gov.
Call participants are advised that the audio of this conference call is being broadcasted live on the Internet and is also being recorded for playback purposes. An archive of the webcast will be made available on the Investor Relations page of our Web site for approximately 14 days. We will begin in a short presentation today. The presentation is available at scorpiotankers.com on the Investor Relations page under Reports and Presentations. The slides will also be available on the webcast. After the presentation, we will go to Q&A. For those asking questions, please limit the number of questions to two.
Now, I'd like to introduce, our Chief Executive Officer, Emanuele Lauro.
Emanuele Lauro
Thank you, James. Good day everyone.
In the second quarter Scorpio Tankers generated its largest quarterly profit in the company's history. The quality of the company as an investment continues to improve. And we are positioned to create shareholders value in what we believe will be a multiyear cycle. We also believe consistent with our actions that the best way to do this is first through improving our balance sheet. In the first half of this year, we reduced our outstanding debt by $511 million. And in addition, our pro forma cash balance as increased by 360 million to 591 million through July.