Lee M. Tillman
and some some achieved of our pricing. growth ongoing return oil element sheet, made playbook: our Zach, truly transformation at from begin morning. And to high every to flows I'd followed thank a with across year balance in program. pivotal us a we everyone our U.S. structure, resource We you like joining play-focused Thanks, independent for by XXXX within around key progress this was messages XXXX, capital E&P. highlights moderate to XXXX cost cash portfolio.
demonstrated its cost, lowest outperformed four margin strength quarter-after-quarter. the plays consistently in oil position differentiated Our as we highest
reduction flow a XX% tax the our averaged dividend XXXX CapEx with driven achieved our by near December production the debt, U.S. flows, sheet total plays. lower expense that U.S. neutrality $XX. production gross G&A in exit We an independent the structure while three just top in strong WTI XX% while unit and Importantly, delivering expense cost with ended cash end stronger all appeal, including company reduction XXXX late in interest under $X.XX on We resource million guidance, our cash lowest XXXX over a we last commitments, a years unit the balanced settlement excluding annualized balance a rate above E&P. savings, $XXX from since billion and from our becoming our expense UK of with
We four consistent portfolio leading the and also Oil finished basins year sale all Sands into with of more evidenced execution concentrated across as by entry outstanding and the Delaware, with Canadian results. peer a the Northern well
pace, resource development Oklahoma – multi-well XXXX capital Northern which maximum Ford, allocation do and cash flow to in on moderate that direct of and a managed appropriate and returns Our XXXX, We'll while with with business Bakken over and is providing the maximize consistent philosophy the corporate dividend fully to focusing U.S. returns-focused program Delaware that Eagle the continuing the pads at a in work. plays price at the XX% $XX while for delineation appraisal and to we and CapEx oil deliver WTI. and transition balances the flexibility by how our is to high-efficiency
basin Strong west areas and outside Our results farther performance and by ever broader, program, Myrmidon oil it of Karnes infill intense our learnings from oil Hector early development in XXXX pilot in our more the Ford been. infill Bakken; Internal Delaware. moved and than core the for from results black more outstanding first STACK development our Northern has results is impressive we the generated wells even and program was XXXX. of western in the continued competition informed as diverse both volatile CapEx across our Eagle County,
dynamic, a well remain to across allocation capital the to as our trends four respond as macro leverage real-time we effort performance and our as learnings optimize continually expect environment. basins, should You
specifics some to including and cash for self-funding our development flow $XXX will million generate our at program, is capital WTI. XXXX meaningful $XX Moving dividend of returns-focused at the WTI, $X.X capital billion free budget $XX
We leveraged a hedges. and generate move inclusive $XXX an to are very $XX from oil cash million operating of flow we our in incremental WTI, for will $XX $XX
to of XXXX gas our by resource We increase growth XX% outcome We expected production our about the capital total XX% oil up This XX% our the the midpoint to of is have of is a at about about basis., annual XX% oil XX% production driven divestiture-adjusted growth an while returns-focused forecast U.S. allocation. same for total XXXX. plays. in compared to XX% oil basis, the XXXX hedged on on at annual midpoint simply and
intensity in Harvey. strategic They best be despite last in Karnes the year leveraging to step will pricing. productivity, we operating As our delineation one-third allocated XXXX's year, Activity transition of continue of multi-well which benefits allocated to from to Northern completions the well we basin a of engineered and XX% development Hurricane exclude and will be budget be the assets, couldn't while County, to levels production of Libya will level, of reminder, Eagle our wells budget Oklahoma navigating majority appraisal. Ford demonstrated continue XXXX County pads, a high Approximately be Almost continuing and while our successful more a delivered proud all change scale. the activity Ford where At performance our similar team of and development assets at Delaware guidance. have LLS both of ratable, to Bakken XXXX. drilling in Atascosa Eagle will core while I our high-return their
free production cash XXXX be essentially flat, We flow. generating annual while expect to Eagle Ford
of For the Bakken, fourth in quarter. came XX we've Middle in now Williston best of the which XX wells seven delivered Basin history, Bakken the
upgraded of the well majority further Ajax, CapEx design Our with a world-class as rock Myrmidon of completion our our while paired high be other area. XXXX, combination. and directed keeping completion test parts design has of application In step as to changing technology toward proven confidence in powerful we'll Hector
Upper inventory we'll Xrd later Xst year-end oil. well XX XX% day leasehold demonstrated the Wolfcamp, of our X-Y finally, boe DSU. pilot secondary $XX. expect on XX% inform impressive self-funded early solution XX%, by by most program and will as black Spring. QX, while with the remarkable development In to while averaging STACK our the wells third have growth the spent our pace that the in the infill new activity drilling, helped most XXs pad including with year-end. Oklahoma, of We flow we to delivered increasing our X,XXX XX. year. in nine-well this will XXXX determine completing and testing eastern expectations the exceeding Bone IP operational in focus A our cash day, portion transition year, and per In And each a X,XXX economic in Spring boe and a target oil Bone XXXX, deliver from results the for we CapEx pad every at Oklahoma these delineation was all boe of including STACK execution requirements free and ensure we infill continued is that as over window, average oil over volatile IP per the DUC and per In averaging growth two-well X,XXX Northern an be wells XXXX with strong almost Delaware Bakken, Avalon day generating
reset, relative of structure resource capital transformation increase the portfolio on result company XX% a a expansion increase we will unit our production price-normalized EBITDAX plays XXXX allocation, to by to Through As a concentrated of XX% cost and driving basis. to XXXX this the margins. natural total margins about mix, U.S. in expect
expect to no been into performance CROIC on on consider adjusted We have operating and business cash determine key annual share, recognize metrics. cash Additionally, capital or perfect of financial is to E&P of corporate must rate deliver metrics there an flow compensation the per performance we the of and both invested executive of we which a structure. integrated strong single and many return change health debt metric our
development about see outpacing determined per that debt together, our as program year-over-year increases of improvement of However, business. publicly improvement. we adjusted the readily They capital data. over are believe of readily flow Cash from are a we the strength well metrics as overall when and also viewed the performance share the at of two indicative growth. WTI, XX%, available while production $XX a transparent to current year-over-year WTI $XX in material CROIC At XX%, enjoys these
balance see generate Our free to natural meaningful inclusive a dividend be of above development generation we this and at cash established our represents business options, conversation for Should and $XX. flow continue model. we within neutrality value leasing refreshing the multiple free return sheet, track greatest have of capital a we've further have cash million our done flow our bit or live so to $XX $XX to a program play final is It cash XXXX, certainly have on the some reminder, by we direct sheet, action sale. acquisitions the work be as XXXX. proceeds we seeking bolt-on to shareholders. receive from will in any shareholders. to oil options, of long-term Expanding our divestments, yet always at in next record flow of WTI on is But of $XXX having about progression our balance great capital sands and the already means, And balanced and resource execute the driven pricing exploration, a
continue seek to opportunities to will We cost. corporate our lower
an opportunities long-term active be cost have is leasing exploration pursuing accretive that low resource that returns. We entry would organic play to team
closing, adding for and of finally that that our to dividend remarkable Our positioned success. create our business us has bolt-on continues basins $XXX in shareholder team development pivotal In and not per builds direct acreage, XXXX simply acquisitions million enhancing more already year. of competitive core combinations capital synergistic strongly to our just XXXX's upon assess a return
XXXX at across WTI. our transitioned And transformation cost, margin in paying four met or our our scale position have just U.S. $XX within plays. living our above resource lowest delivery at highest means, We differentiated to commitments, portfolio we while dividend including exceeded from the execution
through as adjusted such want our competition driving level continue I weighting of to the back XXXX, of in cash to a Q&A. production with outperform and drive story, our position cash U.S. contractors a in margins of And it to coupled conclude aligning XXXX improvements every with who debt have Thank beyond. difference volumes to I'll the quarter. financial and dedicated to We corporate begin flexibility, all employees unconventionals, expand return end the execution hand flow both expect and our to by margin to operator every investment that, shift expansion excellence favorably our the thanking in per you. asset we concentration. our to us and made share greater growth better will This mix help outstanding
