our for questions our President morning, Yang, all us Thank Manager our President Good Janet and Hersch Mexico; Financial who you, of Schroeder; President Geosciences, conference our Executive are XXXX Officer; joining for Vice Al. and everyone, With today Wilford, year-end Chief thank call. Chief me later answer William and during Vice Technical the and available Jim Gulf to our are Officer; Executive Steve General Vice call. you
flow. acquisitions exploitation our those through strong while W&T on cash of Over all our of acquisitions, successful exploratory grown integration XX the on right maintaining combination the and we've generating fields, years, past attractive property development free legacy methodical focus drilling and and
future locations. production, approximately $XXX significant XXXX two completed reserves that million for We added acquisitions in meaningful drilling and great
leases of added eight new we federal sales. in water and lease addition, nine shallow In Gulf Mexico new deepwater
and increased and for Financially, we acquisitions $XXX million cut increased cash reserves, and Thus, in net of free EBITDA reported quarter, production flow income million, excluding per overhead generated costs. lowered BOE we about adjusted generated every $XXX operating positive adjusted costs.
some discuss important update, we major and detail. in quarter an achievements before of these strong our fourth more earnings provide review XXXX bit operations So to like I'd a
I So acquisition at met were opportunities. good our XXXX, transactions stringent of of we that the second we some beginning executed looking told investment all the closely that you And XXXX very half in of at criteria.
for grow We look the generate that and potential cash existing properties can to with value. recompletions with cash workovers, acquisitions primarily We and the near-term more cash the flow good increase we use consistently we make bit facility fund flow, to upgrades. through to and/or achieve drill upside drilling
pay We cash our to to also our free flow sheet. partially use protect down balance our debt
Bay Bay the So Mobile the Gulf from on making Mexico the Mobile included and August $XXX.X interest related in the fields largest we operatorship closed million, in nine for operator in shallow acquisition of which producing water XX, ExxonMobil W&T area. working area,
processing facility. facility low rationalize These our The adjacent efficiencies their opportunity capture onshore gas and near also that cash positive decline flow. scale, and to further flow grow gas operations to increased acquisition to the cost assets providing thereby current recognize cash Yellowhammer us are included free processing our is operations,
purchase region on an field completed for ConocoPhillips deepwater of operatorship and total of acquisition in So December was XX% working of price their $XX the XX, oil-weighted Gulf producing the we property The Mexico. interest from Magnolia central the million.
of of reserves year-end, million of XX oil each the dates future combined barrels from at than our funded The equivalent revolving acquisitions which sands existing pay was drilling. opportunities were of W&T's and proved hand additional approximately transaction. acquisitions as XX from upside million added provides as for credit XXXX available and the higher of cash barrels reserves effective on Both wellbores facility. potential field Magnolia
Bay, extending Mobile cost thus the these lower to savings by prices. but total W&T driven overall that were unchanged, lower The remained higher life The underlying costs by was operational for the the analysis and synergies technical field field captured offset of asset, reserves life. partially allow increase at margins already of year-over-year the by throughout
there reserves from and the is and potential or with drilling opportunity as facility opportunities. as extensions for future well field capital, addition, upgrade In through growth little life no
We we very to have Magnolia and value XXXX reducing all and good with a intend that do of acquisitions Mobile past of Bay both enhancing beyond. with record track costs and in our and
our release to the a signed in of So recently you Magnolia we remaining field. purchase acquire sale that in working the last agreement saw XX% night interest
attractive This March is to XX. the transaction we're expect close seeing Gulf of of another opportunities Mexico. example We acquisition that on the across
XXX.X at XX reserve reserves from proved million equivalent strong barrels barrels equivalent at increased XXXX. W&T's year-end our to XX% oil of million SEC year-end of report, Looking oil XXXX
of reserves balance natural XX% about year-end So liquids and XXXX the were gas. was
This reserve rate negative a of of The the equivalent. proved XXXX of nearly the and due included pricing. replacement discoveries and revisions, positive impact company acquisitions, barrels achieved extensions oil XXX% to XX.X million of revisions of production
XX,XXX reserves is extended equivalent producing. XX% years, life XXXX and day. At production of oil on proved XXXX acquisitions with to ratio proved our the classified reserves our successful were per of reserve year-end, of approximately based XX% proved drilling barrels XXXX guidance is and nonproducing X% developed XXXX as and X.X proved of year-end developed undeveloped. midpoint proved We
of gas an year-end per Mcf. The The gas X% barrel natural of was is average driven oil oil SEC value on crude XX% natural and was $XX.XX per of pricing at $X.XX reduced billion XXXX of of of pricing average an end SEC the PV-XX XX%. down by $X.X price based and proved from W&T's reserves billion, XXXX. XXXX $X.X This at about PV-XX price
from approximately approximately pricing change XX reduced reserves million equivalent of and impact by year-over-year barrels oil the $X.X total proved The by billion. PV-XX
cost the $X.XX considering XXXX and price of and oil including reserves in of equivalent. So our per reserve negative drilling revisions acquisitions, all-in replacement all impact costs was barrel
a all-in for cost E&P, cost proved reserves any XX% proved W&T's with replacement We oil reserve through was very $X.XX XXXX, think competitive of barrel U.S. a period XXXX company especially developed. For the are per three-year for that that's equivalent.
in the program running. quarter in production, We're despite continued expenditures with million We pleased particular EBITDA grew the pricing fourth our Bay $XX.X flow and a $XX adjusted GOM maintained increases performance results. capital So the Mobile fourth environment acquisitions assets', strong weak now and EBITDA in in drilling the to excluding cash quarter, turning adjusted integration to two while of generation. with with an investing in growth active million rigs in our
nearly as versus EBITDA of more This important, we is $XX continue our create very million significant adjusted generating value by to CapEx.
flow. ability positive our cash success to generate our One of the of pillars is
guidance full in CapEx $XXX $XXX $XXX EBITDA. was we excluding million $XXX For end XXXX, It's year generated low which the million. been to of our acquisitions, adjusted the million million of below in
compared quarter barrels In or XXXX, equivalent of production day three oil Bay guidance production quarter X.X This and per Mobile the from fourth from Magnolia the than midpoint of asset. increased month our XX% less the assets range of equivalent the of XXXX. was million months XX,XXX third oil to of to included one barrels above and
guidance XXXX Production oil day fourth of or production the production of of for barrels XX.X and per million comprised production came above full of XXXX. of quarter was at the in oil XX% equivalent liquids barrels the year midpoint XX,XXX in equivalent. Total
XX,XXX the day. XXXX, equivalent between XX,XXX XX,XXX year XXXX of the between expect oil be for of XX,XXX and of to our for And barrels we be barrels day. quarter and equivalent production So oil per to full per first
increased price quarter was oil oil So but per per with barrel X% sales about barrel. quarter modestly price for The of $XX.XX gas. $XX.XX crude price natural Mcf. $X.XX was and for XXXX for the The compared average the sales fourth gas was third prices NGL NGLs and natural declined per the realized
price. fourth by was increased offset higher decline million. The in XX% the the sales quarter realized volumes, for quarter-over-quarter Revenues $XXX.X by driven by partially to increase oil
$XX.X was of total end expense fourth primarily and work-over below our quarter low in million, at LOE facility timing guidance from which delays non-operated lower the the projects. due resulting maintenance range, costs in came to planned our of So
the costs $XX.XX additional Boe. reflecting up volumes Boe Mobile lower the costs of on per the down per with Bay costs associated quarter-over-quarter associated fourth to due with the were But basis, On were per higher acquisition. Mobile LOE a a That's basis and BOE Mexico, of costs acquisition. benefit quarter to XX% Gulf primarily Bay
million We also of $X.XX reported per in net $X.X which income or share unrealized included XXXX $XX.X million in the quarter fourth loss. of derivative commodity
by adjusted XX% grew $XX.X Our share. income net per $X.XX or to million
million of bank million with we million equivalents $XXX.X At In revolving credit we of early our cash flow down debt that had XXXX, we availability and $XX credit on December is cash XX, free credit continue the a under million XX, and in portion paid cash in generate. $XX.X facility. XXXX revolving to XX% revolver our facility bank by under a as our debt. revolving facility. we borrowings reduction $XX to And February our borrowings, in This about of bank reduced
to So operations. turning now
We sands. results XXX At of continue first is XXXX. success deepwater successfully brought of XXXX The quarter equivalent to follows gross well per Ewing oil South barrels in through well A-X the have completed operator the drill day. discovered of well was in The Tim and high strong producing XXXX. in Bank online A-X of drilled third that A-X the well Well the the the the field, XXX was two bit. quality quarter currently X,XXX approximately early
and Deep. at our of well first announced a well On measured producing barrels on located The oil. of X,XXX feet XXXX of in an June approximately per oil Gladden is day total feet was was XX% XX,XXX we and with water quarter discovery equivalent completed exploration X, of and encountered approximately X,XXX at third ahead depth production oil to drilled and in currently XXX feet pay. it's Well gross placed schedule of the in net
We the are will discovery performance interest that XX.XX% the met. in to and the thresholds well once XX.X% of own increase are operator a
quarter. Additionally, XXX and we and wells Ship the XX East the successfully sidetrack in XX third B-X Shoal the drilled Cameron
vertical of The East day. XXX number gross quarter brought online quarter online of and per XX rate Ship of in per XX, was equivalent better-than-expected oil the day. the XXX XXXX B-X logged XXXX fourth a at well was net at gross in fourth oil of XXXX XX pay sidetrack The rate equivalent a Cameron of barrels brought feet of of barrels late Shoal
these both performance of XX% is met. will and are in wells currently XX.X% increase to once that thresholds interest Our
the a in will are increase of XX.X%, and online TD which to total over The feet own second thresholds well of of field. met. once the expect XXX performance our with X,XXX a brought XXXX well we're drilling reach first East of currently So well we in feet Cota over water XXXX. is the XXX/XXX to the well Cota also We and Cameron quarter XX% is in in interest depth currently planned
X,XXX about equivalent During quarter, well we recompletion performed one the added day. workovers barrels six that of and net oil total fourth in per
looking a means additional to generated and we and pricing continuing to conditions, XXXX, reduction excluding commodity under ahead available our to acquisitions. we So focus that operations. measured cash with cash find will on This take intend flow current expenditures acquisitions free and continue to to cash capital from approach drilling, while generate debt
acquisitions the Our budget for be preliminary $XXX of to million capital million. excluding is range in expected $XX to XXXX
expect obligations to is retirement asset million about ARO in million spent we also spend We $XX to the which this two past on million the inline years. average $XX that with year on $XX
adjust time, drilling have rig at We down any obligations. long-term capital our or have flexibility or up no to significant commitments we contract since spending
add XXXX will in production without impacting production that decline late combined reductions near-term early a in allow levels. production Our XXXX profile lower CapEx incremental program and significantly with XXXX drilling
For we reduce range the million $XX approximately further provided decline for approximately and example to production in we XXXX. CapEx X% our from could see
preliminary $XX a We that's range our will currently per Mcf in we $XX this million, very to current statement at/or For environment. XXXX, of per natural free barrel oil assuming CapEx estimate and gas. generate we price positive make of above midpoint of of uncertain flow that the $X.XX cash think
quickly. to placed capital our program So return projects be production on continue XXXX could fairly focused on high be will which lower risk,
a and XXXX success a of drillable projects have across of wells we record had a rate We achieved XXX% since nearly track And drilling XXXX success. of drilling inventory and success rate. XX%. XXXX we've In strong XX long a
bolstered $XX versus in to of rate of full able We million, of believe of oil we budget will we approximately second XXXX the XX,XXX half XXXX. day. production increase by to production This be that with even XX% $XXX equivalent is range that lower year our completed per XX% acquisitions, preliminary XXXX barrels to in increase million
basis We compared on also an to expect on BOE we our a but absolute to LOE are increase basis, per XXXX. meaningful a forecasting decrease
production and to increased acquisitions have we will So levels. that reserves, expenses similar believe despite be the significantly our G&A XXXX
margins flow continue that and from will maximize operations. generate can cash to our We our the significant we cost control to
has year yesterday our Our first XXXX release on full more quarter and guidance. details
future for we So, about remain W&T. the optimistic
and of a significant further will have portfolio with enhanced premier organic drilling. We be that and both acquisitions upside through deepwater shallow water properties
We Mexico in value and that leverage believe of the to for make. over years maximize we additional have asset expertise this that and acquisitions Gulf base developed of our significant technical we the expertise XX can any
that in We Mexico believe for remain additional market of acquisitions. Gulf conditions very the favorable
We will accretive criteria new cash at and flow. to to our continue reserves look are add that meet production opportunities and
is achieve positioned We flows cash sustainable that of generate well to in that Gulf excellent and which within growth. are the believe to Mexico growth we an basin
our strong sheet remain on We and maximize operating value. our executing maintaining efficiently while shareholder balance to strategy, focused long-term
highly it XX% public in are ensures of equity highest of to is market to the company, truly that XXXX. look W&T's E&P aligned those billion. risk we we're which mitigate interest in $X and This alignment shareholder interests team's given management value stake forward through with our working any incentivized below cap and our of shareholders, the Our maximize
can now for lines questions. we Operator the open
