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reminder over The is price are the last effective the balance commodity the And programs E&P sheet. constant experienced risk an volatility, management to that strong long-term extreme company. success, critical year, of we've a
is on base. is asset Core cost building asset Devon's high-margin America's well marginal curve. on the a financial strategy, to North positioned, advantaged emphasis base very our
to the portfolio of years, to the last company. and our disciplined asset working for of the highest the pricing high-grading our The is lower several capital return opportunities, over allocation breakeven
our opening November. and breakeven Dave XXXX level operating operating As of in disclosure plan remarks, our slide mentioned outlook, last the funding in improved lowered as previous has XX, on outlined our and his from XXXX,
supply to our us provide commodity challenged cash shareholders allows with of margin to actively results. And practices our flow, deploying This optimize expand are chain even in, progressive further management. free environments. risk we To proven and financial safety, price
which this volatility. example discretionary our mitigate The disciplined a to of uses includes hedging pricing effectively and of program, hedges, systematic combination
of pricing of floor over XX% $XX.XX at barrel, of well over XXXX hedged barrel. average have funding production, projected our breakeven We oil $XX per per our an
shorter-term, addition, contracted over deflationary the our should preserve change. providing majority team allowing Demand supply environment. market chain cash the to flexibility of to of free the activity year, shifted last flow. to conditions us our In And and has changes take advantage services
In in and chain combination our supply practices, planning allow these risk optimize and with liquidity enhance us our decisions, low uncertainty. high management allocation leverage, prudent and efforts to periods capital of
I details your briefly of X cover flexibility. tremendous Now built have of our operations to report, to of where financial plan a we the turning attention our slide amount position,
we progress around trailing investment-grade An made towards been strengthen financial initiative to ratio the to on the our XXXX, XX-month X basis. debt-to-EBITDA priority net has of debt as strategic over of which notes, retired times, $X.X We senior reduced billion debt, year repayment last important further in this significant position. our a
activity, maturity until debt more our deleveraging average debt outstanding the portfolio than this of XXXX completely runway, maturity Importantly, years. extending XX cleared weighted Devon's late to
not of in the balance we tremendous our cash flow. quarter, with have making generated we're $X.X year of we and billion cash improvements. Devon shape, $XXX fourth is exited In done And on million While the hand. great sheet free flexibility,
Furthermore, Shale mid-April, upon our balances increase, million, with $XXX close in divestiture. Devon's cash will Barnett
and We in watch on, the steps close a spreads, keeping interest evaluate our we as rates repurchase credit potential plan. debt next are
to to to the we repurchase and Current driven have be premiums opportunistic our move benefit. should market prepared additional debt higher. substantially patient redemption But dynamics are market
scenario left Devon your ratio planning $XX XX% flow, policy X, returning payout is base priority of a an we X% of capital the are WTI of perspective, operating Pivoting to Overall, attention a dividend our from for of form pricing. at slide cash hand of another financial increasing to top targeting in the shareholders to dividend.
broader believe for our compared consistent Additionally, companies, across E&P the in other our result, competitive growth and a large-cap and peers we and provides very dividend, attractive XXX. when S&P to sustainable
underpins Our per supports in breakeven barrel $XX.XX this time. the growth dividend over and policy,
of our dividend. quarterly we financial were XXXX approved outlook pleased strength that Given announce has in to our projected reduced Board Devon's last increase a the and night, breakeven, XX%
to time consistent is commitment over our sectors highly ratios, our target other a action to market. that with payout is shareholder-friendly level steadily with the aligned This in with the grow competitive is and dividend
As addition total see you right-hand $X.X at Devon's through program shareholders also in the returning cost in program. can are began million a XXX billion. our repurchase to repurchased on our to industry-leading XXXX, we Since share of X slide of we've side shares cash dividend,
Directors $X approximately of reduction authorized paving in repurchases last way total total in a the Board count new of XXXX year-end. and Our Devon's a additional for program XX% billion by -- December and share outstanding
the is only sector also regardless space, in the it most This activity active not of S&P the any in outpaces the program company but E&P of XXX.
the levels $XX per shares share. been our from to last aggressively buying over ranging have year at $XX We
can value attractive of of compared Given from intrinsic more the of of XXXX. expect view the in the our you our valuation the same company, shares us to
In are using checks necessary we to disciplined operate boxes the financial and long-term for is company model the working success. the summary, all
business financial can low with cash strong a price a and flow commodity generate position environment. our breakeven funding have in We excess any level
and program. have repurchase ratios and with return of shareholders dividend very cash with strong excellent our We through we're liquidity balance leverage low sheet our rewarding a and share
that, turn operating Harris to the to call cover I'll David performance over and outlook. our With
