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I used to think it was highly likely, but after reading about Fermi's paradox I reversed my views. Also, I think Drake's Equation is flawed, as there are probably variables it doesn't consider since we don't know all there is to know about life. Furthermore, I think it would be extremely difficult to plug in the right values into Drake's equation. Basically, I used to believe it was likely, but after reading about Fermi's paradox I don't believe it to be very likely anymore; however I acknowledge there is a possibility that intelligent life exists.
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"Every gun that is made, every warship launched, every rocket signifies, in the final sense, a theft from those who hunger and are not fed, from those who are cold and are not clothed. The world in arms is not spending money alone. It is spending the sweat of its laborers, the genius of its scientists, the hopes of its children." - Dwight D. Eisenhower
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