you, General Technical VP are our Manager Mexico; Executive our to of answer me Thank second call. William Chief Chief day available all conference and Officer; our President of Schroeder, thanks and the Yang, during Officer; call. Steve Hersch, Jim XXXX They quarter for and everyone, With Gulf joining Financial to Vice us are Executive Geosciences. for VP our Janet Williford, our and questions And today Al., good later
in XX downturn the prices of the this -- cyclical all unprecedented with in pandemic and is global low We the that downtime demand isn't we’ve last have oil first quarter. an coupled COVID-XX years. and to This second uncertainty business. know So imbalances, created temporarily the a reduced supply weathered environment levels
has maximizing success profitability time improve Our and commodity always no to our striving been operating different. constantly efficiently price, of assets the this on been any free cash at generation, based flow has
and curtailing selected decisively or compromising G&A by seen operated safety oil our the sustainable. XX% lease significantly than believe XXXX. run the W&T, that suspending operational of than for to CapEx, drilling be our XXXX. the weighted reductions and lower about cost without production reduced in all And XX% reducing So meaningfully, will we've rate Most activities lease lowering to is to compensation our operating on fields expense XX% in well. capabilities. XX% And by reacted will proactively QX expenses costs rate G&A incentive reduced of And we've we about operating as be expense side lower QX due remainder run we our
health we as remain our to So and committed the always, employees and contractors. safety of
field help For corporate ensure prior our screening at gas The implemented will the fluid hygiene instituted and as daily plants government well pandemic in temperature and in personnel our conducting distancing advice screens to for our of the enter and situation we're remains and procedures our to as offices. and all two We're bases, follow [ph] locations leaders. field health operations, constantly Alabama. of we monitoring
notes will we've footing of We free better $X an our help on current this notes year-to-date repurchased reduced expense first we that we million. our W&T to repurchased about and cash $XX.X portion million moving using purchased for quarter, nine for the million very a debt place million. million. over same long-term our quarter, of of repurchase those of is senior second outstanding of way annual by another quarters good so believe just financial That's even under $XX we've $XX.X available was this interest use $XX.X lien billion flow cash That's forward. of by and In principle Okay, some respond the In $X.X $XX.X second to an in notes. environment a million. the outstanding three for additional
generating During to Bay and second EBITDA operational acquired our and Despite pricing we assets continue integrated the low adjusted -- Magnolia in flow. successfully Mobile quarter turning good our results. environment and cash
Our on Adjusted which our create $XX.X was costs pricing despite can't long-term cash basis, a our of discount. our capital $XX compared weaker And because very I as CapEx to to versus value a we important by reduce reduced emphasize nearly -- enough. the EBITDA $X.X continue generating were debt EBITDA This significant environment. to million, first us expenditures more substantial adjusted significantly to CapEx, million quarter. this down were is million. helped
positive keys of of cash success the One ongoing our generate ability flow. to our been has
our barrels pricing, of XXXX, for year-over-year higher quarter oil to XX% production was and due from or quarter of equivalent. up That of differentials equivalent barrels the shut-ins, weather. second resulting compared per XXXX in the day So QX to by oil compared reduced lower production averaged was of XX,XXX largely to million QX second XXXX. X.X tropical XX%
was I speculations. due total experienced mention XXXX. July. XXX,XXX of storm Cristoball, of in about negative and industry the damage the second storm tropical from storm recent we barrels portion production minimal oil Our net XX% brought an of equivalent to comprise production temporarily second deferred quarter. the damage production should any our on We in the impact do Hanna quarter Cristoball. experience of experience in with the production liquids our facilities We by more of production a impact also future to shut-in very material pricing estimated lower hurricane There didn't net
oil oil way a as selected volumes returned will weighted April, production to and late short prices. to in be from not proactively we party curtailments us and production. the restore at curtailed value of experienced weighted production operators’ operated focused the oil quick not long-term. and been Recently, shut-in decline the due on majority third-party also But purposely We're all but and maximize by we've looking to operators third of the fields to So sharp in reservoirs are manage production. term proactively our over preserve best
luxury are low. flexibility all higher priced margins further drives when in us positive, are allows produce rates we more This cash to the that in [ph] to Given value. we and fields have maximum environments flow reduce
activity return market Magnolia production curtailments determine management an appropriate downtime host platform the our Taking the time account as operator to to We do third into our of as will reservoir days XX proactive the maintenance weighted to for at well continue operated and party to production. of planned oil estimated curtailment operated average quarter of monitor accounts XX,XXX which between activities the natural will online than higher quarter XXXX the be oil equivalent barrels term of wells barrels XXXX. decline production day quarter our third coming to XX,XXX of per per drilling in day. no third no the And slightly and and oil near believe of we or equivalent and the second impact
per equivalent for year guidance the XX,XXX full Our now barrels of XX,XXX to is day. oil
quarter NGLs pricing of declines average and second the about gas. for realized XXXX, price the BOE sale natural declined in per XX% compared oil For our quarter with first with
oil crude price per realized averaged Our sales barrel. $XX.XX was
price Our and per $X.XX $X.XX in MCF. price barrel, NGL sales was gas per our natural was
operational cost our in implemented of for by to quarter reduced several increasing to costs sharp vendor and quarter successful time to personnel, combination Excluding over reduce supplier and LOE costs now $XX.X volumes employees. prices. prices. decreased production. This efficiencies, lowering projects boats work full the reduction, effects We million second and the on XX% our quarter includes by the through lower higher that facilities replacing with optimize We Returning the revenues cutting hedges transportation quickly cost costs needed of a downtown and number with focus of cost. contract initiatives from on to maintain helicopters lower
safety, to compliance these our commitment operational with reduced We have not of any environmental protection or actions.
and to factors quarter. me funds activities, As cost million such our second $XX.X -- other excuse came the a $XX.X result compared XX% in impact in these down of the as million XX first quarter the saving of LOE total PPP
will While we cutting be cost the in level expect a rest quarter continue quarter. normal LOE more of initiatives of to returning operational to this to third and our activities keep low XXXX
As third XX% first quarter But to compared cost XX% still result, two. up we're to low a about in projecting quarter. quarter below cost very be
quarter well below lower of $XX to our first expansion million, primarily G&A million, the Our was compensation. $X.X XXXX credits quarter and expense funds PPP which second in of of incentive was to due
XX% than million loss benefit. and to repurchase quarter, of $X.X unrealized commodity be share, million we $XX million. about forward million loss, reported million of derivative $XX debt second in tax in non-cash the a net offset range G&A lower $XX.X XX% We by be or $X.X expect the by included cost of and After our which $X.XX deferred moving our QX to per on $X.X gain million
share. Our million $X.X adjusted or loss net $X.XX was per
million. discussed XXX down our recently based As our at was -- its set redetermination. completed The base million borrowing group scheduled borrowing from bank modestly regularly me in excuse call, $XXX $XXX we spring June
our on the found be will regularly redetermination can next details fall. in scheduled Additional XX-Q be
release. since oil we've and last detailed is our call. the hedges Additionally, And several yesterday's schedule added gas natural in
June actions total Following of our at facility. revolving all comprised XX million $XXX under credit at million of $XXX cash about in these availability and $XX million liquidity XXXX, our stood
million date X.X proved in $XXX barrels calculated evident previous meet revisions we with Midyear [ph] with million offset inventory $X.XX of and the year-end continue average sheet which at was by and per midyear XXXX senior proved a to SEC XXXX X.X of and equivalent yearend reserves to and equivalent. on billion, average We and We liquids. SEC to price XX.X forward oil producing Deputies down of changes barrels developed our crude million This Independent this believe reserves by $XXX.X to the a revisions oil strength are gas yearend a Consultants, of in price based MCF remain yearend $XX.XX those compared of approved this to base. XXXX. decline combination pricing. midyear first Reserve pre-written at of XXX.X was performance at arise million remaining may going report, in equivalent our asset needs liquidity estimates to notes, prospects with Strong and totaled of oil SEC debt long-term XXth equivalent, oil an on June pre-written barrel, to price was NSAI of of per were compared due XXXX from XX% field $X.XX billion solidifies XX% of high-quality our balance is our asset million Our XXXX The at $X.X have reserves months were progress XXXX. production XXXX compared year which equivalent from strong as XXXX, was was positive continue $X This non-producing at XXXX. to our with at opportunities million at million of sufficient extensive XXX.X XXXX in that than six Engineering The barrels report confident more our June proved developed that's look decreased yearend of of barrels of oil have compared further XX as downturn. natural good base. barrels $XX.XX oil negative due
first commodity XXX/XXX After Initial and production completions subject planned drilling drilling price Turning all Dakota activity we we this of water XXXX net half well now East or quarter the to to and bay. of to projects. environment the infrastructure successfully active completion oil time certain was to no feet of Field uncertain And spend drilled at due XXX operations. the pricing Well the environment. Camp this XXX operations the to current drilling at feet have decided and and the approximately first over of of counter is for in
environment. meet economic price We will continue that in thresholds summary to workovers today's perform and completions
So one as block. were XXX blocks blocks Mexico held one we which shallow had lease announced, March BOEM by in the sale awarded on two and bid WT Gulf included We previously the recently both water of deepwater block was apparent XX. on
methodical that solid to will meet continue there to opportunities the especially Gulf mind foundation cash our those Mexico. criteria, continue believe of to a integration and at in drilling ease moving We current that acquisitions our ability for the still of We we integrated generate are right development acquisitions, We've exploratory two we'll free those property of forward. look built combination in good on them look pricing for With our and that even opportunities into flow, provide successful and a exploitation those fields. from acquisitions of strong environment. attractive the acquisitions XXXX, legacy very and
remain we the about for W&T. forward, future Going optimistic
coupled we'll a properties downside Mexico low upside. offering reduce in We Gulf proactive have The and strong the rates of merely hedge far and protection remain costs for this us significant W&T, with capital spending. XXXX strategy. long-term decline We deepwater as a efficiently we've reducing balance this undertaken year to in even our water that our thus and focused to closely add sheet on We lower both premier maximize actions of portfolio value continue maintaining shareholder ways while prices look All environment. in remain with that our cash opportunistic generate and our value. to CapEx good allow environment should operating shallow pricing commodity flow, managing to LOE have in can and to we book we on executing strong done do that
value lines ensures should operator, with are our Our future that aligned expect more interests, for mitigate stake and shareholders, highly alignment as we're open those highest W&T E&P management Shareholders any publicly team’s shares, given one This interests XX% in is well. can our shareholder to of With acquisitions that, questions. which of truly in of incentivized to risk. the maximize of now capital. the show we see the
