This document contains forward-looking statements regarding activities, events, developments, and financial results that could differ from actual results. It discusses the company's Wolfcamp shale resource play, estimated resource potential, drilling locations, capital expenditures, well results, and guidance. The document cautions that estimates of unproved reserves and resource potential could change significantly as additional data becomes available. It provides an overview of the company, including its asset base, reserve growth history, second quarter 2015 highlights showing production and cost improvements, and discussion of its low-cost structure enabled by infrastructure like its water recycling facility.