and morning, be are then, ladies comments This my brief, morning be your to going Tabitha you, good take questions. to or I Michael, Thank glad and will gentlemen. Tabitha, and
were this of data results But irrelevant. quarter of XXXX on quarter third the improvement beginning quarter since events fourth Our XXXX in the have year XXXX most made both fourth the respects. and an of many of the
we full have quarter attempt questions the XXXX year, answer will you those If about fourth later. the to or questions of
further forecast before long for in drop over Most days declined beginning approximately barrel to a could March. next days After almost recovery. XX XX reaching now $XX sources nearly Brent a oil the barrel January, in to $XX respectable per this
and currently previously our a price drop of demand with senior seen never careers, we're our in experiencing. directors along multiple I the been but there is of have several in magnitude cycles management
in per per and million at Actual capture credible between estimates XXXX-‘XX, numbers barrels reductions The barrels or per in day while day XX/XX million of our magnitude barrels day and barrels a X to million to time. per and imbalances place ’XX, consumptions currently, are XXXX like hard day. million for X XX XX real earlier
Russia, unknown barrels increase production day actuality and Iraq, and as Coronavirus UAE has in business they a the duration. drop is Kuwait fact from duration storage low now The while million slowing and oil still the and very several indicate, future production Arabia, in real, Saudi of very in If will result. an the increased panic is demand high and in prices
following than lifted on our the announced rapid moved realized hedges a the announcement unrealized the increases. their market drop We Asia proceeds. foresight Better further would have price. the production bit more target announcement of That
were proceeds debt as The of rationale and XXX% pay to those toward edges follows. lift
and on make payments material debt debt loan down term First to the a term for bank realize on bank months. the loan several eliminate payments pay basically our
Next, our at dispute increase the was reducing to of prices thereby Russia-Saudi time proceeds. expected that resolution
hedge settlement And activity. to the to were as changes quo monthly proceeds needed long tendency finally, on the so eliminate the available desire status support procrastinate to
personnel, normal of levels the the has keep wells order rates. company to first engineering operating expenses. production there necessary There are at expenses four chemical, highest These the in to priority pay electricity, and are field producing some repairs their energy are and well
a barrel increases And and fields less to $XX up like to $X a vary $X barrel. from newer this to productive cost fields in Arpatepe Selmo $X Yeniev barrel. our Bahar, the $X barrel a to like owner our in The of our do to fields a $XX and
a about expenses Selmo. a the make the free barrel to of fields cash newer flow oil in in trucking, royalty, to is $XX our add and $XX you price to above these $XX barrel when a a these When the barrel the pipeline costs, fields barrel $XX
the the cut of costs limited We to some try is in jeopardizing fields operating to but will without operations. cost do our so ability
is unable in priority our our Since to extensions price service. debt type current our February, bank financing both the a were in halted we've revolver been XXXX, decline. as result the were by secure In oil we Those bank. with our next senior Our multinational new of negotiating and debt. reduction discussions economics
XX% month, for stock the end quarter preferred of XX% in that stock a XX $XX,XXX,XXX we all dividend the represents this Our in Each elect at that remaining approximately it quarter dividends current either of stock stock we in quarter due days forecast preferred paid XXXX At cash. an pay In elected prices, February, at before rate. is cash be probable pay annual our XXXX annual a or obligation rate forward. must must and to in must oil
your in means for field, every world, tertiary Since every day. every debt producing of or at PDP. temporary production well accepting XXXX, every for generally by and day. that the what is every is in from floods, well, energy oils secured secondary you every also each declining This initiated the well increases in In is have reserves depleting industry recoverable country newly
wells capital existing new either from complete decline the This or priority zones to this dictates and enough will your shrink. any offset which sufficient Without buy, another expanding, base. is or to company production continually to well and generate drill
additional These which out And of of come the could the have. a G&A expenditure ground of oil are the barrel demands the and and into you finally, your build. things all from bring get not refinery other
see for or to hard satisfy our order cuts little to in well need doesn't dramatic company has make an left very for our since oil until operating oil expenses ongoing will prices be and We of on priorities we substantially. oil revised our The other price $XX any any company. Frankly, Directors very oil work basis discussing decline. the rise oil XXXX plan Board been
plan. modified approve as we a be releasing will We additional data
questions. open I line the now will to
