Murphy, me are Danny later today. as Steve call. Thanks, be usual for this joining Officer; They Financial Chief Lisa. us Schroeder, to answer Tom available Chief to during and thanks and our Good Technical this morning morning, our Chief our Officer. With going Operations everyone is questions Gibbons, Officer;
capital closed, is and a solid we pretty good our this we program. the for on fourth more results expenditure than modest quarter slightly replaced So, after proved reserves yesterday, production. our full-year think We market provided and that XXXX announced year-end showing XXX% a of feat
and day. quarter far sequentially guidance which production prior we of the and resulted barrels platform oil per impacted deferred last collectively quarter It within in We equivalent unplanned fourth range. substantial also from outrages maintenance of oil We our with primarily and hadn’t earnings above day, barrels X% would almost this downtime that cash been production quarter. weather, third by that if up pipeline then averaged parties reported positive was the about have estimate was of Production and deferrals exceeded strong equivalent per flow. associated by year XX,XXX guidance X,XXX
resume with production This, the recall production these of a beginning while experienced may of platforms weeks. normal days set record Nate. not number quite Hurricane days and unusual result pipelines like for at were was a have to outrages. quarter, a but may enabled of few fourth and to operations many fourth we deferred that It’s to us downstream the experience downtime few quarter as for You deferrals all of
the not deferred production and lost. was Fortunately,
following not produced So, the the we quarter, next, in if produce quarters. fourth in will
were commodity and in per realized of almost delivered year oil average completed of and fully an XXXX. $X started compared and on Revenue A-XX XXXX. in the finally production with increase. same well as Two to per you our to production if able the field is was XXXX. to increases we Virgo and in Ewing liquids continued oil all largest a fourth XX% will which completed fields, oily about new at the production, quarter we Ewing also recall, in the Mahogany benefit to Bank climb of in added to XXXX XXXX with recompletion XXX XXXX the XX.XX that projects That XX% quarter in the the up to Mahogany, A-XX sales that So, That fourth will projects also then three added production, and recovered. XXXX. well, in improvement we late or followed production XXXX XXX finished highly XX.X%. well. represented field from ago. projects barrel year year add per Virgo Bank as And on And unhedged Boe equivalent of production XXXX price from A-XX XX.XX successful in with in the period represents prices A-X Boe The combined well working
XXXX we the continued in quarter So, another into so far crude that has fourth oil and positive price is saw thing differentials.
in You very may crude oil XXXX, because used positive recall we that rather mid-XXXX, like down prices Brent crude WTI. many crude like spiral than some to which the collapse enjoy before differentials prices in of in our prices LLS,
XXXX, differentials our negative. So, in times became crude negative per at and $X barrel oil nearly
crude XXXX. in to So, Brent decreased dip have Venezuela in last the exports the a of suspect turned to experienced were lighter fast the positive to differential. sour due November, U.S. and and forwarding the is into widening we What differential that WTI positive oil XXXX, turmoil our heavy December, of of months of price heavy phenomenon these We light, in again the three the narrowing fourth quarter the the is differentials months January also crude crude we and
million, the XXXX. up year full EBITDA So, the fourth $XX.X the million, $XX.X up to over quarter fourth for adjusted $XXX.X XXXX. was the million million XXXX for quarter of was full $X.X year of EBITDA compared Adjusted
margin year Our for the XXXX, XX% XXXX. from adjusted in EBITDA up full was XX%
lower which interest million in interest payments. $XX.X $XX.X let primarily $XXX.X provided that. by expense of realized net by decreased was in The increase and flows of an decreased operating That’s million million. was increase expenses is me over and year due for $XXX the XXXX. repeat cash to Our $XXX.X OpEx over operating million a increase million XXXX cash prices, higher an XXXX lower activities a XXXX. Yes,
income continued share. there. expenses EBITDA getting to resume margins million of to bringing our purposes Mexico a necessary was for keen down activities back in per intents on $XX.X have $X.XX focus normal to Gulf all We to are we’re that Net or have and
fourth XXXX balance revolver of a the of $XX.X $XX.X up our net of increase $XX.X made $XXX quarter million over the Total fourth income for million. million million quarter special liquidity availability the was that of XXXX items, million, at of XXXX. $XXX.X of adjusted represents cash and was almost Excluding end
but great our cash free has spending So, been a improved more year. with pickup from drilling in have last activity, the flow we deal
expect $XX.X ending XXXX receive losses with to expect liability refunds, operating allowing related we cash federal By tax carrybacks. us net specified income with capture to a XXXX million strong to loss associated P&A activities, our during So, balance and the to or do off XXXX, cash be or XXXX combination good pay both. to during building refinance able be position them of debt in XXXX some throughout to upcoming maturities a either we
So, private been to with XXXX into a have provide drilling we’ve through additional to flexibility, joint as previously we XXXX, establish reported financial and venture now investors. working
XXXX closing. this will a be final an wells announced joint budget. investors in after at a expected capital and initial It’s an revise completed promoted venture the enable vehicle our initial that initial joint all promoted funding outside these much spending stages But with closing our outlay. going an investors to capital that venture us XXXX allow from negotiations before establishing joint plan to to note we on mid-March. with investment assets parties the venture are and to with subject occur drill join met, us are basis, by that and of initial We’ve terms lower. important on closing the exploit or reduced to drill our We’re of to that’s capital allows to final establishing but may the will group More conditions once announce of basis the
in. position joint to otherwise not So, in have venture may participate to could future additionally, we high in been participate the quality able that us this prospects
that over we CapEx, increase of production. XXXX XXXX and saw only was our about $XXX total million replaced XXX% slightly. our despite proved So, And reserves
improve that’s NGLs were XXXX XX% and were proved XX% year-end reserves XX.X oil crude Our of XX% proved XX% proved XXXX of is reserves that’s comprised undeveloped. XXX.X as and oil, XX% XX% proved barrels About of developed developed equivalent a non-producing SEC million liquids. Bcf as our classified equivalent of producing. total
converting of doing reserves. So, job good of I think categories pretty we are a
used reported by at to forward we were $X.X Present compared course but the because NYMEX XXXX, well. $XXX.X that’s was utilize SEC the of on And well the higher SEC PV-XX last reserves year, reserves increased coming as XX% If significant end have higher that’s at commodity with day calculation curve of $XXX.X last would developed been XX.X% prices also of the slightly contribution producing value value proved reserves, total with discounted from the proved XXXX. million billion. driven million So Mahogany. of our XX% A-XX up at proved from our
the about XXXX. bit a So, strong our year was good little let’s with in of asset value base. improvement it a With talk that
Our to the our continue of plan is unlock substantial to value drilling inventory.
higher projects, high on others production We’re risk of quickly. focused on a higher will that with and group return placed some comprised risk few of be a assuming potential success lower oil-focused are return are that combined that very and
our key processing Our the some on Gulf quality, exploration our advanced growing in of of field and extension inventory of Mexico based are of understanding and drilling that’s amid high seismic fields. projects
build our to use more reducing generation have Currently, XXXX that strengthen sheet capital balance program high-return started of includes to established wells. at of we the rest the cash seven the of reinvest Three the we value, So completing the commence three XXXX deepwater wells as million a want are we debt are a shareholder wells by projects. to well as balance additional in that shelf. and that $XXX and complete and on in
the million. be also are includes expected or projects. budget cost on around are recompletes The of We XX $X.X operator majority a to that will these
in is plugging and from XXXX. and XXXX way spend million XXXX, we we spent on that additionally, in So will estimate approximately we $XX which activities down what abandonment
pleased and asset allows commodity obligations more that our low retirement addressed that lower concentrate now plans. our acquisitions and prices costs on We’re a at of we to drilling aggressively and service time us of
This were underway reserve start originally well to Ship discovered yet Mahogany. are what middle are significant sand, was we calling So, XXX, with resulting the Currently well T found undiscovered but let’s we Shoal online the projects well previously was instead A-XX targeting on walking production. in deeper well sand commenced March. we the a but upside. which are operations proved that deeper additions sand. completion through expected the a sand, program, is be in XXXX This This XXXX the thought V of with on in not
field one known seen the We’re also we earlier in limits able of extend which wells. to have sands, pay of
We two new very are by encouraged signs. these
that is more opportunities. very data interesting we continue reservoirs to this large provide exciting which So, subsalt use to understand fully will the
track. long. months. rig we the That side online it complete commence get well get and in online, the it few to well A-XX take once the we’ll next A-X We shouldn’t So that to we plan get over the
Mahogany location, target. planned that in few out We have next after another some reach but months. A-X fully haven’t track the on at side exact conclusion here of should location vetted well We
remedial production also We will increase that as work have well. some plan
field new exploration and TD of gross at location, for feet reached Company. restructure. mid-December, well an we which interval. well existing from also That resulted feet was So, with in Main of drilled XX,XXX the XXX means drilled exploratory that discovery an In open-water an XXX. Pass logged the was not platform it This hydrocarbon
doing currently called think design, optimal to we are thus front development and what so design, P evaluating be We end solution. is our engineering going
field couple infrastructure operated a and owned including of us at have XXX our We alternatives producing back platform. to W&T available Pass development to this Main
also in this drill well. We field pending late early towards holds side and in deepwater A-XX details. Virgo XXX with online working our the We’re W&T track having recently sanction spud XXXX, well mobilized to looking in the this XXX% rates Viosca our January. Knoll platform time interest
program of working operator drilling what of column. in expect we track the was marks beginning following total first in have well to Virgo XX% reached of The hydrocarbon to since interest. be field, are known an of drilled side over the occur wellbore the and depth A-XX XX,XXX up The dip our a [ph] the pay development depth mostly A-XX track measured the well drilling feet to recently feet and initial side XXX field. adjacent We
in moving the well. are completion the We of mode
maybe expect have it QX, early online We late to during QX.
the completion drill second anticipate side in to our moving A-XX we well Following program. drilling track, of the the
Ewing of one another programs our drilling XXXX XXX field. involves Bank So,
the A-X that we XXXX Two If on and South for you are Tim two will this planned wells. are wells production. recall where we there in program successful XXX drilled also wells currently drilling had a A-X year
rig and spud XXX sometime Ewing the modifications part the first with will South of beginning mobilize a on preparing the quarter. the Tim in South second Tim Platform XXX quarter That are likely in are the XXX XXX date platform mobilization. platform for field. rig
be brought risk So, multi-stacked sand assuming these quick low are pay with potential. we exploration these of success, opportunities believe could pretty wells infrastructure. And with wells both online existing
production low often These So, case, low initiatives. provide we zones recomplete the as opportunities, cost move multiple as sands. pay have we is the up upper stack wellbore moreover deplete, recompletion risk and to lower
we the more will to did. good will relates process think than we we look zone. for estimating XXXX, Part of that when so be to on we can As back our recompletes well recomplete of a that actually we plans sand anticipate deal deplete another particular recompleted perform
So, That’s timely the a in sands the in production cases, guidance number thought good kind process. of of delayed of would that cash the providing the lasted for reserves doesn’t and longer flow, accurate XXXX it quality deplete a group, in we problem. and this help result
order As I discussed on a allows flexibility, the investors and outlay. joint we promoted private in that to early, final additional exploit with us stages venture basis and drill in provide to establishing with a assets are of capital financial be formed reduced drilling
after more to Again, close group investors initial join investors or but that to the an are closing. final mid capital expected all once met, joint we’ll Once initial or again, may before budget. are finding closing to are subject of initial XXXX and -- revise venture with announce the March. closing conditions on negotiations before met initial completed have We those the our the terms
not venture. invest with on in an approximately entities that expected owned on our interest and same my joint to terms negotiated this percentage. will just our have me drilling ownership acquire by the However, drilling and as It’s family X% impact the plans, controlled are unaffiliated investors will
relates it to are not production estimates reflect As increase viable acquisition our guidance, reserves. both and our what production yet believe we to opportunities
Reduction them dedicated several can We drilling next or the in acquisitions reduce to both, they either confident put to these we could of wells debt continue some to be capital intent or months. are on arise. opportunities use for as our evaluate debt and further that reductions over execute to it’s
that, we Operator, can stay the with So, lines now open questions. tuned. for
