Marathon Oil
Q2 2022 Earnings Call
Aug 04, 2022, 9:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Welcome to the Marathon Oil Corporation MRO 2Q 2022 earnings conference call. My name is Richard, and I'll be your operator for today's call. [Operator instructions] As a reminder, the conference is being recorded. I'll now turn the call over to Guy Baber, vice president, investor relations.
Mr. Baber, you may begin.
Guy Baber -- Vice President, Investor Relations
Thanks, Richard, and thank you to everyone for joining us this morning. Yesterday, after the close, we issued a press release, a slide presentation, and investor packet that addressed our second quarter 2022 results. Those documents can be found on our website at marathonoil.com. Joining me on today's call are Lee Tillman, our chairman, president, and CEO; Dane Whitehead, executive VP and CFO; Pat Wagner, executive VP of corporate development and strategy; and Mike Henderson, executive VP of operations.
As a reminder, today's call will contain forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. I'll refer everyone to the cautionary language included in the press release and presentation materials as well as to the risk factors described in our SEC filings. We will also reference non-GAAP terms in today's discussion, which have been reconciled and defined in our earnings materials, including reinvestment rate, adjusted cash flow, and adjusted free cash flow. With that said, I'll turn the call over to Lee, who will provide his opening remarks.
We'll also hear from Dane and from Mike today before we move to our question-and-answer session. Lee?
Lee Tillman -- Chairman, President, and Chief Executive Officer
Thank you, Guy, and good morning to everyone listening to our call today. To start, I want to once again thank all of our employees and contractors for their dedication and hard work as well as their commitment to our core values, especially safety and environmental excellence. We are results-driven but equally focused on how we achieve those results. While both equity and commodity markets remain characterized by significant day-to-day volatility, a few underlying trends remain well entrenched.
Global demand for oil and gas continues to recover from the depths of the pandemic, while supply of oil and gas remains constrained by multiple years of underinvestment, strained supply chain, labor shortages, and inconsistent, if not outright hostile regulatory policy on a global scale. Physical commodity markets are tight, global inventories are well below historic norms, and global spare capacity is limited at best. The ongoing Russian invasion of the Ukraine and the associated humanitarian crisis has only exacerbated these underlying trends. And even in the unlikely event of a near-term resolution, the dying has been cast in actions, particularly by European countries, are already well underway to move away from Russian oil, natural gas, and refined products.