Thanks, track begin comments will our our Guy. us two-year everyone to so, forward doing And framework record our my of outlook. success. in execution also covering for I morning. cover And I thank this you will joining against
comprehensive have generation, it's record that few track space, outcome capital of return to to line been flow it returns, against our financial able match. shareholders in cash peer bottom This a unique operational free transparent corporate set has priorities, E&Ps sustainable and is in resulted of and
market. basis compete resulted that against has outcomes the it also importantly, on a Most financial heads up broader in
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corporate prices. as returns of generation and wide the the cash free metrics improvement plan, our me most; flow our of heard as say, prioritizes and outlook across forward financial And would commodity that you've expect, starts to again our all matter sustainable orientation. two-year specifics a with Looking returns-first it you again, range
improvement returns that a of key focus scorecard be and also it allocation should our a such, as objective, is surprise bearing Corporate it's executive remains element no capital compensation top our fruit.
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quality fully across this ahead, momentum. at building expect that returns continue higher rate corporate reinvestment to on our Looking will we to Disciplined growth. production our a our continue high multi-basin drive outpaces portfolio underlying
is our prices. of The outlook free wide cash second key sustainable element a commodity range at generation flow of
and cash flow of point this record Our is free for track well-established itself. delivery speaks at
the generated Fourth our quarter organic generation, marked that total, free over million delivered of of In quarter $XXX cash during record we've our group. in dividend anyone peer since billion consecutive XXXX is flow cash free a beginning unmatched eighth by of largely approximately dividend organic flow post post $X.X XXXX. track with
flow $XX post With dividend XXXX. around two capital and WTI free years. At XXXX over a even we profile flow forecast next stronger price for oil million of improving underlying $XXX the free expect cash efficiency, of flat barrel, and organic per cash we
flow our important cash other few takeaways free outlook. two-year A from
Our plan is resilient.
in $XX lower dividend a flow an translates organic barrel price Our XXXX. in even oil with WTI outlook XXXX, per breakeven to free cash breakeven post of
our plan temporary further Our flexibility to have said, time, price into an impacting downside insulate should or built we underlying balance low our breakeven ample efficiency. effectively oil prices That conservative commodity hard negatively earned of extended operations capital advantage price sheet hedges for our from deteriorate and period respond volatility. without us
me we as adjust for And Marathon be is oil. cash XXXX an in flow. option plan cash outspending necessary our flow to will not clear. Let protect free
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a XXXX similar free NGL much and at lower WTI price gas on a $XX flow basis, with per realized $X our yet flat that prices. XXXX projected fact to WTI XXXX, is In that XXXX is along and lower oil in cash and barrel
to leveraged significant. price modest upside Our is oil support even
crude a curve is a today, enterprise is commodity breakeven depress low oil volatile. combination weighting, the will are powerful in forward with remain prices undoubtedly price While environment. And price coupled any
organic barrel we WTI barrel free dividend $X.X cash to this generate of years, the $XX at post billion. over two over rises At flow WTI, next billion per per $XX $X
record and capital differentiated track flow to the served of last disciplined years. budgeting generation us is our well approach free two Our over has cash
cash forward And is not E&P against peers, free yields flow market our against at delivers outlook only competitive attractive moderate but commodity prices. broader organic the
our return share authorization. continue of of the we compensation executive scorecard. Rest prioritize outstanding component through the a will capital repurchase framework. through Moving shareholders, dividend to to of return on our to of $X.X capital a competitive assured, to remains key of billion element our Notably, and third our shareholders
around of our Since of flow reduced billion included by that over from has XXXX. the count share share X%, This have in including beginning repurchases executed million billion outstanding $X.X repurchases returned $X have of shareholders, we of our of capital share XXXX, to representing operations. $XXX back XX% our approximately cash
asset of been organic free entirely not this cash funded by by capital flow, Importantly, has sales proceeds. return
last the free free both portion flow of we back to only significant that and ourselves flow years, the successfully a that returned of cash meaningful has investors. have two companies cash Over as distinguish one generated E&P
we success position on to in us. continue leadership the to important fully is This years come. building the expect And to
a consistent on the our differentiated financial mandate, and delivery engine excellence remains but really guidance. is against Finally, our centered broad execution that of performance. execution delivery It external powers
our initial no capital development while production annual to last we exceeding our increase growth Over two commitments years the consistently our on delivered have budget guidance. with oil
commitment a is suggestion. budget a capital not Our
expense capital reduction improved annual foot our XX% a lateral annual consistently production unit in in XX% XXXX. have completed driving efficiency cost in U.S. well per We reduction and
all elements we of plan cumulatively XXXX combination realize resource locations and trades. enhancement, success over through And resource capture bolt-on a adding framework exploration, acquisitions of our organic across and
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And remain characteristic company. of as XXXX defining our will XXXX execution differentiated we a look to and
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our sustainable through will We improving our already framework, eye well with our high-quality capital expecting our through efficiency cycle lower. remain cost maximize all efficient and expense we to production unit base as focused on will continue resource operation driving resource And an returns. fully as further more full ever capture on
specifics the billion program, is is XXXX disciplined XXXX, budget to capital our from it down $X.X total also XX% Transitioning XXXX from spending levels. down
million is balancing capital flow comprised and exploration cash and $XXX returns, capital, of corporate of play strategic Our resource generation $X.X free objectives. of our successfully billion development budget
focus capital at oil midpoint growth rigorous boe our corporate in process guidance with our the U.S. of on with allocation XXXX outpacing returns. of growth outcome is growth our The X% oil consistent
oil development in Again, growth XXXX. comparable capital comparable we and expect
sustainable and a of efficiency capital to our multiyear Importantly, trajectory consistency ratability period. forward operations is maximize prioritizing over
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sheet for cash low or for to below volatility, compromising deteriorate underlying price an our our breakeven flow. of our And scenario, period, without have flexibility any and insulate downside to pricing to conservative should will our While, flow reasonable we not cash doubt, operations extended we capital under avoidance us commodity efficiency. outspend adapt breakeven the balance levels
the program, up detail Eagle during approximately our asset development Moving the on make capital the to Bakken, and that Ford XX% each of up from years. two to will our specific XXXX last go of roughly XX%
environment in the oil and and commodity multi-basin on highlights relative strength portfolio. the This price premium a shift further places returns relative and our NGL, of gas reflects generated flexibility to that mix the current
added The of success recent XXXX and opportunity capital basins locations to more assets. with since enhancement hundreds and upgraded organic provides the XXX these return over in allocate these two more high to confidence
also with history will off will deliver cash but The year-over-year even an wells of two reduction growth returns on sell. and Coming an asset. continue in IPXX contribute flow, Eagle quarters Ford productivity basis oil the oil and strong strongest to free the the to expected
core -- Northeast quarter net a recently that XX,XXX which strong and development added continued program with primary expect Atascosa acquisition results undeveloped the We closed Karnes, the across and our contiguous expanded from of largely develop bolt-on about acres. fourth was
continue base. will organic these to meaningfully we our results recovery to and redevelopment programs initiatives, been enhanced Additionally, progressing programs. the encouraging including potential total have of both both Early add from oil having with our enhancement resource
Bakken, financial return, continue growth. In cash will free we the delivering flow strong and oil
at Bakken cost pay and Our in XX program months XXXX out actual pricing. XXXX development will
impressive, productivity result to financial industry-leading well is in cost. to and we an well returns reductions expect further accomplishment increase further this The drive already in these to While XXXX. of our improvement
pad XX% XXXX $X.X average average of an fourth average already completed cost million. from delivering down a cost well Completed during below with recent million $X quarter, the well
three gas areas relative our our generation. two a In to we the Oklahoma the flow dramatic largely focused cash weakness in on prioritize rig more SCOOP are free NGL oil-prone in to pricing investment to and and program protect to oil, response returns to reducing concentrated in
reduced positive basin-leading quarter our productivity, the benefiting free from fourth Critically, to the spending, performance transition SCOOP strong from the generation efficient Oklahoma including Springer. flow operations combination cash during of asset and
natural free the with next we forward to depressed the asset even two status cash mix the rising. the current Oklahoma expect oil its production curve XXXX to oil flow average comparable for for positive Over years XXXX gas maintain overall at and fully
in will average improve indicator progress our in over of ongoing with an to Northern position. Delaware length the the capital a efforts core continue strong In to lateral our of increase up expected efficiency XX% XXXX,
critical investment will full our pace our margin strategically and with early in acreage incorporating appraising success development We our enhancing learning, we continue focus on returns cycle a realizing intervals. profile while
asset million Equatorial international the oil in company gas modest had over integrated will another sales, portfolio in After delivering the UK to again only have simplified On increase to business year, EBITDAX. total $XXX in in Kurdistan, we growth. just which a to successful and Guinea contribute divestments our wells our strong
weaker XXXX XXXX in recover While and trend combination maintenance due will XXXX and the commodity earnings scheduled beyond. prices, from of to financial expect off to delivery be we
as well during E.G. already underway planned as XXXX quarter. Schedule our maintenance quarter fourth includes during Methanol around turn AMPCO first the LNG maintenance at plant the
Regarding fallen Global LNG affect price, prices on the weak Hub from impact prices condensate, equity length L&G gas contract to menthol associated have obvious also income. aside will Henry legacy our lows. cyclical E.G. and
Looking ahead for E.G.
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exploration activity capital $XXX reflects of play the to for established and also a the Austin the budget Delaware development we producing transition Louisiana our covers budget acreage and drilling that oil exploration have and plays assets, Chalk. Texas scale; from two This resource capture in primarily XXXX. appraisal million While
remains cost. cycle overarching returns low entry full Our competitive objective through
net have have now XX,XXX Meramec contiguous Delaware, the In position online Texas and average targets. three acre the for at oil we cut. Woodford an We both Woodford perspective XX% wells established
from history demonstrate ratios productivity, our and water-oil wells production continues shallow two strong Extended lower declines. to first
with Woodford with well third rate back consistent recent flow expectations. our Our early is on
initial well progress. in Meramec Our exploration is
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per oil restricted far well pressure is too recent early flowing above psi. productivity on wellhead it to choke the strong of with conclusions, XXXX rates barrels is oil day demonstrating a of a had and draw XXXX While
Gas some state drawn degrees some the and featuring oil cleanup. gravity around are ratio, may contrast early from all in water-oil to first Again, have ratio performance conclusions of consistent API in you with pre-drill erroneous expectations. test data hours at encouraging seen rates XX XX our
as dated productivity, the initial With well the confirming well have the recently oil our on results of we early we'll expectations first results longer as spud year production energy, we seismic. integrate to as play exploration discuss and this quality, continue our with to well second later reservoir in XD
our of we responsibly summary, values are ethically. and each those corporate return and core And represented results safely returns GHG safety in with reflects how intensity results; performance In those compensation our capital. environmental scorecard we alongside proud executive and deliver of
For continue to competitive delivered outcomes versus operational metrics our with few two and years we we will our peers, broader while have matter E&P to upon and peer that a we on price that retain in financial financial matched. build have as space E&Ps work now, the in Yet, and advantage direct effectively the just on competing are doing environment. focused market volatile commodity so hard
investment multi-basin grade and of framework cash first, three capital a shareholders, to returns corporate and our flow that upon strategy all framework success, agencies. our prioritizing in portfolio return sustainable for sheet primary believe and rating at free balance builds a an our We is generation
focused control, year-after-year. framework, context, is our we and the remain delivery we which what quarter-after-quarter, execution that against consistent will our Within on
to ultimately this is superior financial the will by be that believe continue that rewarded market. performance it We
listening. you it hand with Thank that, all to session. to for the the back Q&A And begin I'll operator
