Good morning and welcome to Genie Energy's Fourth Quarter and Full-Year 2017 Earnings Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation by Genie Energy's management, there will be an opportunity to ask questions. [Operator Instructions] In its presentation, Genie Energy's management team will discuss financial and operational results for the 3 and 12-month period ended December 31, 2017. Any forward-looking statements made during this conference call, either in the prepared remarks or in the Q&A session, whether general or specific in nature are subject to risks and uncertainties that may cause actual results to differ materially from those which the Company anticipates. These risks and uncertainties include, but are not limited to, specific risks and uncertainties discussed in the reports that Genie Energy files periodically with the SEC. Genie Energy assumes no obligation, either to update any forward-looking statements that they have made or may make or to update the factors that may cause actual results to differ materially from those that they forecast. During their remarks, management may make reference to adjusted EBITDA, which is a non-GAAP measure. Generally, a non-GAAP financial measure is a numerical measure of a Company's performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Management believes that Genie Energy's adjusted EBITDA provides useful information to both management and investors by excluding certain expenses that may not be indicative of Genie Energy's or the relevant segment's core operating results. Adjusted EBITDA should be considered in addition to, not as a substitute for, or superior to, gross profit, income or loss from operations, cash flow from operating activities, net income or loss, basic and diluted earnings or loss per share or other measures of liquidity and financial performance prepared in accordance with GAAP. The Genie Energy earnings release including a reconciliation of adjusted EBITDA to net income is available on the Investor Relations page of the Genie Corporation website, www.genie.com. The earnings release has also been filed on a Form 8-K with the SEC. Please note that this event is being recorded. I'd now turn the conference over to Michael Stein, Genie's Energy's Chief Executive Officer. Please go ahead, Mr. Stein.

Thank you, operator. Welcome to Genie Energy's fourth quarter and full-year 2017 earnings call. Geoff Rochwarger, who runs our businesses in Israel, and Avi Goldin, our Chief Financial Officer have joined me for today's call. This morning we review our operational and financial results for the 3 and 12-month periods ended December 31, 2017. I'll lead off with an update on our strategic and operational progress, Geoff will discuss our operations in Israel, and then Avi will discuss the quarter's financial results. At the conclusion of Avi's remarks we will take your questions. Now let's get started. The fourth quarter was an important one as we suspended our oil and gas exploration program and shifted our strategic focus to concentrate primarily on the retail energy provider business. Going forward our financial results will become more directly comparable to other public companies in the retail energy provider space as we curtail our oil and gas exploration. We will put the anticipated cash savings to work for our shareholders both to support our dividend and to pursue our multi-pronged retail growth strategy, expanding organically within our existing markets, pursuing potential acquisitions that meet our investment criteria and evaluating additional geographic expansion opportunities including new international markets. Genie Retail Energy had a strong quarter highlighted by high levels of commodity consumption, robust electricity margins, and relatively moderate levels of spending on customer acquisition all of which boosted our bottom line performance. In fact, Genie Retail's fourth quarter adjusted EBITDA contribution was the highest in our history. At year-end our meter counts stood at 412,000, and our RCE counts stood at 301,000 sequentially both meters and RCEs decreased by roughly 7.5% during the fourth quarter. Gross customer acquisition decreased to 62,000 in the fourth quarter from 111,000 in the third quarter partially as a…

Thank you, Michael. In my remarks today, I will provide you with an overview of Afek's oil exploration program. Afek began drilling the sixth well of our oil and gas exploratory program in Northern Israel in April last year. Ness 10 is the first well in the Northern portion of our licensed area. It was intended to determine whether the source rock that contained insufficiently matured hydrocarbons in the Southern portion of our license, were also present in the North. And whether the expected increase in the depth of the source rock in the Northern portion of the licensed area correlated with fully matured hydrocarbons. Afek finished drilling Ness 10 last falls and as we announced, our preliminary analysis of the results does not support the thesis that commercial quantities of light oil are present in the wells target zone. Accordingly, we suspended the exploratory drilling program and as Avi will discuss in his remarks, we made the decision to write up the capitalized drilling asset associated with the well. At this time, we have no plans for additional exploration activity. Afek is engaged external petroleum consultants to review the findings of our geological team and to determine whether there is sufficient geological basis for an additional well to be drilled within the licensed territory. If based on its analysis, Afek concludes that additional drilling is justified. Our intention is to finance it primarily with third-party capital. Additionally, any new drilling would also be contingent upon a renewed exploration license, the current license expires in April and additional local permitting. In the meantime, Afek is reclaiming the Ness 10 site. That concludes my update on our operations in Israel. With Afek's drilling program suspended, we will provide future updates on Afek's only when we have material news. Now I will turn the call over to Avi Goldin for a review of Genie's financial results.

Thank you, Geoff, and thanks to everyone on the call for joining us this morning. My remarks cover our financial results for the fourth quarter and full-year 2017, the three and 12-month periods ended December 31. Except or indicated otherwise all fourth quarter results are compared to the fourth quarter 2016 and full-year 2017 results compares the full-year 2016. Consistent with my approach in prior quarters, I will focus on year-over-year rather than sequential comparisons to remove from consideration the seasonal fluctuations that are characteristic of our retail energy business. As Michael mentioned, this quarter was highlighted by strong financial results from Genie Retail Energy, which were partially offset by exploration expenses incurred by Afek subsidiary and a $6.5 million write-off of Afek's capitalized exploration costs related to the drilling results in Ness 10. On a consolidated basis, the Company generated $8.9 million in adjusted EBITDA and is able to increase working capital. In the fourth quarter and throughout 2017, Genie Retail Energy generated all of Genie Energy's revenue, direct cost of revenues and gross profit. Genie Retail's fourth quarter revenue increased to $73.1 million from $51.5 million, while full-year revenue increased to $264.2 million compared to $212.1 million in the year ago period. The full-year revenue totals include offsets totaling $5.2 million resulting from legal and regulatory accruals. The balance of the accruals which totaled $10.5 million recorded as increases to Genie Retail's SG&A expense. Electricity sales in the fourth quarter increased to $58.5 million from $41 million led by the combination of an increasing kilowatt hours sold and an increasing the average revenue per kilowatt hours sold. Full-year electric sales increased to $222.2 million from $179.5 million, kilowatt hours sold increased by 21.5%, or revenue per kilowatt hour sold increased to modest 1.9%. Sales of natural gas totaled…

We will now begin the question-and-answer session. [Operator Instructions] And our first question comes from Aaron Shafter of Great Mountain Capital. Please go ahead.

Hi, congratulations on a solid quarter here. I have one question related to Genie Oil and Gas and the other related - that sort of related to what about your general accountings? I guess to go on the second question first. Do you have - have you calculated certain results for what earnings per share would have been if you had not had these one-time charges?

This is Avi. So specifically on the - your question is specifically related to the write-off of the capitalized drilling expenses?

Yes.

Right. So we haven't particularly broken that out, but the write-off in the quarter was $6.5 million.

Okay. And then for Geoff. Besides Afek you had lease in Mongolia about possible using of the in-situ heating that you wanted to use in the Shfela Basin. Is there going to be anything done with - are those assets that can be sold or are they going to - do you ever contemplate trying to exploit those?

Hi. So general answer to your question is, the answer is no, most probably not. We do look from time to time to see if there's something that can be done to monetize it to some degree, but I don't realistically expect any positive results.

Okay. And when do you expect results from the outside analysis for the last well in [indiscernible]?

We've already received some of the initial comments, I would expect within the very short timeframe probably within the next quarter. We should have a more definitive answer and that will determine. Our default position as I said in my comments is no further operations other than the reclamation of the sites fulfilling any other regulatory requirements we have under the current license, but beyond that really unless we see something significantly positive that with the remaining analysis, I don't foresee future Afek operations.

Okay. Thank you.

[Operator Instructions] This concludes our question-and-answer and conference call. Thank you for attending today's presentation. You may now disconnect.