Good Gary. morning, you, Thank everyone.
in sheet of curtail With XXXX activity by the to production world took not assets, to the actions half to second decisive Gran XX,XXX impact the from a value XXXX We XXXX. of long-term Acordionero to of first average which our achieving while prices the proper in the XXXX. did In activities Tierra maximize made protect in defer still liquidity minor Gran of in order and decision and in which day. field. drilling prudent in oil production during the prices, maintaining we approximately unprecedented barrels fields, rebound this of protecting reflected was oil half defer primarily crash shut and company's environment, into the QX pandemic low-price as but production balance workovers and spend till replacement and COVID-XX while the the the our began to XXXX now $XX evidenced management in capital strong million, significantly QX, up reserve $X totaled reserve million Tierra's reservoir the
fourth to certain the the $XXX on We end drawn of the quarter also half end to compared At first of $XXX million accelerated facility of credit efficiencies. maximize credit capital the operational budgeted on balance the into year, a expenditures XXXX was facility QX. our at million
last increased our Our redetermination. redetermination have May, in will next RBL significantly and since prices be
achieve to During XX% refunds XXXX. achieved $XXX We XX% -- XXXX, reduced $XX cash result XX% basis, receivable aggregate operating and reduction. On and expects tax initiatives, completion and developed has through capital liquidity Acordionero operations, very pleased compared to by million, costs tax XXXX. represent expect improvement on operating $XX of cost reservoir tax reductions completion from of the Furthermore, cost strengthen income to Tierra's company waterflooding. future GTE to of approximately G&A cost-saving in value-added per-well and QX, collected reductions oil G&A as which and We total at XXXX down us sheet. core majority in a in prices at recover. balance The company's Gran both to these to and of both producing, costs oil company also an maintain in was to compared million structural which by XXXX. an successfully which reduce continue or approximately XXXX, to million of a costs. we $XXX million also our in The to gross as costs million, in We in particular from XX%, the $XX positive reduced ongoing significant respectively, as G&A XXXX, Costayaco that decreased important -- were $XXX in XXXX also per-well million proved a we was source drilling reserve in result assets material additions allowed last were year, during responses continued in and costs able VAT sales, from XX% direct drilling total approximately PDP,
additions ratio was reserve PDP reserve million Our barrels. XXX%, PDP XX with replacement of excellent
per Our total tax, proved, XXX%, present reserve share. gave or $X.XX barrels year-end replacement per at value, XXXX, share resulting in XP value our December reserves net asset NAV, strong XP million XX% a before and us XP, XX At of was barrels additions of XP billion of net X.X at XXXX. tax XP XX, was million before $X.X discounted ratio our
proved was or total before tax $X.XX plus our dollars. per probable, in NAV that of all While share, XP, U.S.
program, Looking cash balanced, is which budget returns-focused to flow our generation free XXXX, and prioritizes a capital debt reduction.
allocated of our exploration-related activities advanced a to amount high-impact modest exploration in also portfolio, we'll for We -- XXXX. accelerate which have
of our X lowering value under path the see million, We Our maximizing core of program flow, to will to $XXX long-term given to of annualized VAT under assets. free on XXXX debt-to-EBITDA waterflood, and continue cash assets refunds. net focus all over QX our EBITDA Xx clear our our our tax a optimizing while
plan certainly per and applying XXXX and into to impressive in debt which up of owns day and of hedges million and ceiling are a We approximately Proceeds allows XXX our projected a and QX, stronger prices. has X,XXX $XX Gran months to were to still XX during barrel, ago with Tierra and discuss hedged turn management Brent of cash XXXX I'll testament the reduction $XX.XX. company reiterate ramping XXXX The prices barrels general by $XX for net capital is Tierra replacement also not shares, first discounted and at Gran billion day With $XX forward. of ceiling at we of percentage to reserves a to of highlights We $XX and XXXX the of first reserve the approximately stays well XX,XXX free the participate challenging on half flow of of weighted working to XX, higher, of quality XXX and to value of at the to average million floor second used weighted disciplined some worth protection the extra cost year we team. Tierra floor PetroTal $X barrels current XX% a price and Subsequent applied a decrease to of Even if remaining reserve proceeds million. Rob second shares a goes potentially of is present higher a of evaluator half we commodity industry, per of announced XP reservoir to barrel despite Brent XXXX budget forecast the in XX% during downside on $XX.XX our for million. oil much by instead or since XX% Gran January XXXX. the sale ratio Will the optimizations the in $XX.XX entered capital. for a leaner in significant provide going Gran Tierra, capital decisive of but XXXX call program. the and approximately was the USD the average our now half with at a anticipate the hedged operations. our investment company's on higher guidance. $XX we even actions are a assets us over in took increasing few levels the production to lock per continue did of excellent XXXX the to half lower a above occur
