Good morning, and warm welcome to the Icahn Enterprises L.P. Q2 2019 Earnings Call with Jesse Lynn, General Counsel; Keith Cozza, President and CEO; and SungHwan Cho, Chief Financial Officer. I would now like to hand the call over to Jesse Lynn, who will read the opening statement.

Thank you, Operator. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements we make in this presentation, including statements regarding our future performance and plans for our businesses and potential acquisitions. These forward-looking statements involve risks and uncertainties that are discussed in our filings with the Securities and Exchange Commission, including economic, competitive, legal and other factors. Accordingly, there is no assurance that our expectations will be realized. We assume no obligation to update or revise any forward-looking statements should circumstances change, except as otherwise required by law. This presentation also includes certain non-GAAP financial measures. A reconciliation of such non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the back of this presentation. I'll now turn the call over to Keith Cozza, our Chief Executive Officer.

Thanks, Jesse. Good morning, everyone, and welcome to the Second Quarter 2019 Icahn Enterprises Earnings Conference Call. Joining me on today's call is SungHwan Cho, our Chief Financial Officer. I will begin by providing some brief highlights. Sung will then provide an in-depth review of our financial results and the performance of our business segments. We will then be available to address your questions. For Q2 2019, we had a net loss attributable to Icahn Enterprises of $498 million or $2.49 per LP unit compared to net income of $302 million or $1.66 per LP unit in the prior year period. The quarterly loss was primarily driven by a decline in market value of the Tenneco common stock received in connection with the sale of Federal-Mogul. Adjusted EBITDA attributable to Icahn Enterprises for Q2 2019 was a loss of $258 million compared to a gain of $335 million for Q2 of 2018. Our Investment segments had a negative return of 3.1% in Q2 2019 compared to a positive 4.9% for the prior-year period. Our negative performance in Q2 2019 was driven by net losses in our short equity index positions, offset in part by net gains in our core long equity positions. The Investment funds continued to be defensively positioned, finishing the quarter with a net short exposure of 37%. In our energy segment, our Q2 2019 net sales were $1.7 billion and consolidated adjusted EBITDA was $273 million. CVR Energy had strong second quarter led by higher crack spreads, lower RIN prices, and increased fertilizer sales volumes and pricing. Net sales and service revenues for our Automotive segment in Q2 2019 were $744 million compared to $737 million in the prior-year period. The increase was primarily due to higher automotive service revenues, offset in part by a decrease in aftermarket part sales. Icahn Automotive Group continues to push forward with the multi-year transformational plan to restructure the operations and improve profitability. During Q2, IEP issued $1.25 billion of new senior notes due in 2026 at a coupon of 6.25%. Subsequent to quarter-end, we paid down $1.7 billion of IEP senior notes due in 2020 with cash on hand. Total debt outstanding at the holding company now stands at $5.1 billion. Also subsequent to quarter-end, we closed on our previously announced agreement to merge Ferrous Resources with a wholly owned subsidiary of Vale. IEP received proceeds of approximately $450 million for our equity and debt interests in Ferrous Resources subject to future closing adjustments. We closed the quarter with a strong balance sheet and continue to look for investment opportunities that align with our activist philosophy. With that, let me turn it over to Sung.

Thanks, Keith. I will begin by briefly reviewing our consolidated results and then highlight the performance of our operating segments and comment on the strength of our balance sheet. In Q2 2019, net loss attributable to Icahn Enterprises was $498 million compared to net income of $302 million in the prior year period. As you can see on Slide 5, in Q2 2019, the performance of our investment funds was a significant driver of our loss for the quarter. In addition, a decrease from the value of the Tenneco stock, received as part of the Federal-Mogul transaction in 2018, drove losses at the holding company level. Adjusted EBITDA attributable to Icahn Enterprises for Q2 '19 was a loss of $258 million compared to a gain of $335 million in Q2 2018. I will now provide more detail regarding the performance of the segments. Our Investment segment had a loss attributable to Icahn Enterprises of $148 million for Q2 '19. The Investment Funds had a negative return of 3.1% in Q2 2019 compared to a positive return of 4.9% in Q2 '18. Long positions had a positive performance attribution of 0.5% for the current quarter, while short positions and other expenses had a negative performance attribution of 3.6%. Since inception in November 2004 through the end of Q2 '19, the Investment Funds gross return is 117% or approximately 5.4% annualized. The investment funds continue to be significantly hedged. At the end of Q2 '19, net short exposure was 37% compared to a net short exposure of 43% at the end of Q1 2019. IEP's investment in the funds is $4.6 million as of June 30, 2019. And now to our Energy segment. For Q2 '19, our Energy segment reported net sales of $1.7 billion and consolidated adjusted EBITDA of $273 million.…

[Operator Instructions]. And our first question comes from the line of Dan Fannon with Jefferies.

This is actually James Steele filling in for Dan. So my question is on the proceeds from the Ferrous sale. Are those earmarked for some investment or what was that used in the debt paydown subsequent to the quarter that you mentioned or are there any other intentions with that capital?

No. I think you saw as of last quarter, and we had significant cash balances of holding company. Subsequent to quarter-end, we paid down the $1.7 billion of 2020 notes and then got another $450 million in. So, it'll basically just go into the holding company cash level, and it's not earmarked for anything in particular, but it will be opportunity set driven.

And then on the Tenneco shares, obviously sort of has masked some of the other progress made in the business throughout the year. This morning helps with their results a bit, just curious if there's any kind of opportunity to get that off the books or if there is a longer-term strategy in place there.

Yes. So, I don't think when you say opportunity to get it off the books, I don't think there's a desire to get it off our books. We think the stock is extraordinarily cheap. We believe in the original merits of the merger with Federal-Mogul and ultimately harvesting the synergies and creating two pure play businesses of powertrain technology business and an aftermarket business. So we still think that the strategic logic is there and a lot left to do with the global economy and executing on those synergies. But -- we've -- we're fairly positive on it longer term and they need to execute, but it has been a disappointment year-to-date, but definitely no desire to get it off our balance sheet.

[Operator Instructions]. And at this time, I currently have no more questions in queue.

Okay. Thanks, everybody. We appreciate your interest in Icahn Enterprises, and we'll talk to you after the third quarter completion. Thank you.

Ladies and gentlemen, thank you for participating in today's conference call. This does conclude today's conference. You may all disconnect. Everyone, have a great day.