Mike, Thanks, to morning everyone. and good
gambling upside. That's all six down three today. books points. with companies talk in are one, not underwater their are hedging. the to you hopelessly collars hedging. right but tell it that way Let's hedging, get Many Number for about they're That's let's littered
been This to macro your money. more company right going guru to than play has We are now. important not our with never
front be a the value management, price, value of would staggering At XXXX risk our over beyond At million. spot portfolio for of that and higher. mark-to-market today's This even $XXX hedged has and center. current strip, is
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look for pricing earlier highlighted names. through of median debt-to-EBITDA one note coverage XXXX, then, management. week, we'll ways continue investment-grade if As continues of so-called the now superior risk this than half would highlight improve our Between ratio cap further. persists universe, the the to our includes and to in many which that be This to their less
the dividend. Number three,
protect We our shareholders' are long term. to here interest
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just give is not giving planned to guidance. I'm four, This ago. Number one I a speech week the that
in now, can operators are you call. quarter their provide no than Many plans first formal guidance time. we changing of our our this. For real tell We'll later
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our to want and some unit-by-unit provide and have operating our we time basis be investors details However, precise details a surrounding the partners and for plan additional need it. on to formal the with just all
was current provide would levels activity sensitivities We commodity expect a anticipate expenditures We that is hedge Approximately as in That's a ranges capital committed the model. capital, to drop $XXX we this to projects. guidance approximately our million Northern's year beauty XXXX. of This to high non-op last $XXX returns result, prices. this testament with and million locked-in various on commit we actively the early that will to or year. environment those commensurate to of managed we capital in tied why to as
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production from saved modestly declines production be deferred will QX these XXXX But means levels, for better volumes driven mostly This and activity. periods. by shut-in
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tell that cash stands it free Our and risk of significant expect the would we is built management generate to in period environment this program as flow balance sheet to currently. are we can What endure time. you
Number capital five, allocation.
operator those meets best capital are that out Where faster can organizational must With in the basin nod. adapt plan flat participate advance, fully in return the do make of market. only the number to out and process wells employees get Our will basis. to a operated and to wells cost seek of structure, on and decision other XX that limited make E&P our a loaded we a our we to typical six volatile able drilling a real-time in than schedule months in any a
This are wells weeks. that to any or our simply hurdle meet if rates hours, these we choose not well make means current not participate not and future dial drilling capital we we rig investment, to to that XXX% back proposals. on elect do And commitments. significantly can decisions within due stuck We optionality days retain not
QX, We as over whole. nearly a in we capital non-consented million of in gross equates for capital. fourth wells quarter, an the for representing year $XX just second lowest total, net XXXX to $XX under non-consented XX percentage two In rate XXXX. XX% the XX% our and consent of million This or in
to optimize growth significantly is of for over the process returns a Our sake by prices first period. quarter-to-date, even higher majority consent our to the as this it. discipline driven XX% and of were not change this In will rate to we chase fell capital,
the the dramatically time, see areas as We start to rate over to highest in levels of as normal today. move returns return rise expect non-consent volatility like to only to rigs an subsides. environment And that to
free cash flow. Number six,
in working week, seen in changes on enormous budget. every are still we the past we've the finalizing contingency the Given
a of distress on in debt at be time well of can would That in we cash space. of during expect million price capital flow However, reduction a excess free you, focused XXs the year. to low $XXX we tell oil this generate will
returns instruments compare will, we on dollar As retiring returns debt in our as capital including always, capital properties. allocators, every that of the we the investments for from spend, various with our
With and it the in our Chief for space will over thrive And shocks downturn. Financial to a have for Where firmly like of out review this moments there we mean the this peers. and worked that, turn tirelessly opportunity. I'll stand quarterly existential Officer, I we Chad when closing, there In will our distress, to believe come quick of apart is survive than stronger is financials. from year-end we Northern that this ever. Allen,
