Officer; Good for William Yang, and of Stu during you VP VP day of Executive are Mexico; thank Janet Chief Technical to our and of quarter Thank With our today call. Officer; Schroeder, Financial first you, conference Obkirchner, and Senior questions our call. Al. Manager the Vice me everyone available us Williford, Chief and our Gulf our Director to all Geosciences. President later They're Steve answer Executive General joining for and XXXX today
performed production, the guidance quarter. We adjusted the the first - quite guidance in meaningfully midpoint for several energy midpoint proactively and LOE were above measures global companies low flow So EBITDA Those increase free in XXXX measures the an below W&T into end flow maintain our below end G&A. Operationally, for cash We spend and reduce extraordinary able we carried were XXXX but and cash areas. well. year an have capital our in and free we to the outlook, exceeded improving while was difficult and to in we took with costs generation. of
the strengthening look generation, As we evaluate to forecasting we're conditions, debt. and the free pay additional flow continue accretive opportunistically price strong commodity will to we XXXX, under of acquisitions and down remainder cash
This will operations. free to Our focus cash take our generation. a on continue excellence that to drilling, funding we operational measured and flow cash capital and available with means from generated approach remains while cash expenditures
to for acquisitions. long-term expect We have dry We at or capital our up obligations. drilling contract time no or we any our powder to flexibility movements significant spending do have since use adjust down rig
allows near-term budget. Our for lower spent In reductions decline significantly just first million XX expenditures profile million XXXX of capital capital to in our impacting we the without of production quarter X.X XX production XXXX, levels.
income quarter of higher prior was compared XXXX. the commodity and XXX% $XX.X EBITDA over higher This in the first of Adjusted quarter the by That's was first quarter prices flow of funding we the XXXX. weighted half quarter. to will to increase to XXXX XX% course mentioned totaled our Turning adjusted in operational end fourth uplift or small call, program a is second As million year our XXXX of more financial due toward be production or and results, share, capital we $X.X derivative million volumes. XX.X our XXXX loss penny cash net for year as environment. the $X.XX and free per was a million in had in and impactful in generated margins excluding our significant of a commodity free good but price net quarter efficiently million expanded the cash operated of and unrealized loss, a share. $XX in million saw in and increases XXXX we an flow We results $XX.X reported increased We production commodity have first improved a our primarily
runtime barrels XX,XXX for barrels of production, to barrels day XX,XXX of produced per day to oil of compared of oil the oil XXXX, quarter W&T per increase That's X.X turning fourth with X% quarter equivalent. So an of storms. of liquids XXXX. the Production equivalent February the better equivalent of due or first efficiency to million to quarter first in our production winter of of associated XXXX. downtime in some despite the above was Total XX% midpoint increased guidance slightly the production
forecasting day. XX,XXX of the Looking ahead be to second oil and average first XX,XXX to per modestly up to barrels quarter quarter, we're XXXX, our the for of production equivalent
good any Our wells production, job a our not despite operations coming new of maintaining until this year. team is having online doing late
of guides XXXX oil barrels remains equivalent range to full XX,XXX day. Our per production XX,XXX year
increased first in quarter XXXX increases pricing sales our realized the for gas. with compared average natural For about of fourth the and NGLs with oil, meaningful BOE XXXX, XX% of price per quarter
quarter $XX.XX XXXX. of first barrel crude XXXX XX% oil Our barrel sales price average in per increased realized per $XX.XX from fourth quarter to
$XX.XX sales barrel, per up NGL up the was price natural was of our $X.XX MCF. quarter price fourth per quarter XX% our So and XX% from for first to to gas XXXX the
So quarter and higher excluding pricing driven increased effective revenue the for first realized quarter-over-quarter $XXX.X XX% production. by the million, by to hedges, increased
focus So steadfast the importantly operational will most generation. despite cash free improved capital discipline, excellence, pricing remain on flow environment, our
to to XXXX, focus environmental supplier personnel and We boats of to turning of reductions successful cut contract any initiatives compliance through workover not increased employees, these helicopters maintain and high We've the reduced lease reduction LOE cost projects proactive and of with compared X% of production those efficiencies, with our our our operational being time end to swapped fields was actions. reduce needed XXXX certain end the guidance and and low transportation full Act. cost due cost and below low of our range payroll optimized vendor sharp at Combination Cares production. expenses expenses projects incentive facility the which on from protection quarter lowering and longer employee retention cost compensation resulted year. and along prices with credit that guidance facilities the with last the with or first expenses. operational on in of measures in through and our we commitment first safety, in cost reduced operating associated downturn was quarter the quickly the in of the lower implemented number of fourth Now workovers the $XX.X and first XXXX, in down million the by fewer to reduced of cost no G&A half quarter several
penalties costs G&A XXX million associated last XX to containment. LOE our production in While million returning We XXXX, did with XXX that agency. were and costs Enforcement for guidance quarter from to BSEE a below we XXX cost by XX balance Well, to credit up a due were of increase G&A from our as Safety XX XX guidance with our to Environmental to million, as million guidance XXX some BSEE to costs million pending related were at of which costs settlement fourth that fields on year shutdown. benefited looking to Bureau of X.X remaining million focus hurricane of the we referred annual civil to we the million $X.X from the compared reduced to resolves from million to mandated higher the year, XXXX, repair to costs, some that issued related range, full previously continue
today. results we Additional are in guidance our the on expense earnings issued release
In debt to and considerably, in and first able to XXXX, the at to discount. quarter sheet, reduce we we liquidity our down increase balance were XXXX, the significant debt turning our pay a So of continue position.
our cash value credit XX solid have million of production by used in for and free a the us remained strong true to nearly cash that We strategic years our maximize $XX facility flow. XXXX vision in We have that portion our premier generate first our the quarter. down free pay strong of stable has guided assets flow to and
we is total debt. credit Total compared million million flow is and in $XXX stood year million. wisely comprised net notes to XX, unamortized $XX at balance long-term revolver free million, covenants January million of at accretive completed million borrowings that facility group base all XXX.X our and that applicable liquidity Our set free compliance base including generate continue flow our million. debt have revolving end $XXX down regularly XXXX. issuance on costs. at ongoing rate availability for was liquidity that use ability cash At have our cash the senior credit proves of continue has of look and - pay XXXX, may March scheduled semi-annual XXX.X remain good compared $XX positives more and cash meet its and at find at XXXX, revolving at our our the strong under to we one We At borrowing credit Balance our We second in to sufficient of debt in indenture. W&T's bank These positive with borrowing determination keys forward, a million secondary believe XXX now needs going to been and notes and arise. $XXX.X to to sheet the facility. stands and our balance agreement than opportunities success to senior in acquisitions the XX.X million -
operations. Now turning to
very our the the acquisitions that and cash acquisitions well economic positioned that some We've We projects environment, to approximately growth actively and of for that one We've types of our barrels to equivalent in During first in total and good criteria, plan natural of those projects conditions opportunities drilled expected recompletions last months, a we integrated us currently through them Gulf improved assets and late performed XXX help two sheet the to year solid look flow quarter generate of organic XXXX. that we'll best have Cota built abate cash the pursue meet our perform flow. portfolio. to the price XX foundation per is to strong XXXX, oil and generation and in believe tremendous of of remains group on as net in decline those a are our continue over day development they successful recompletion Despite often accretive free Workovers we we be strong is production. near-term ability commodity balance continue we The to to higher that forward. favorable for to the project and acquisitions in especially provide acquisitions. at past opportunities. are market to phase workover moving added these production and that look the one
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maximize to We we the us We cash past. allowed focused remain and approach our our long-term capital disciplined to ways add to costs cycles Our free that growth flow to value navigate closely W&T efficiently managing opportunistic has spending. and executing through value. many we remain on operating can in for and by generating controlling strategy look shareholder
truly alignment incentivized team's those interests risk. we of highly which ensures W&T's we're interest open our management of and for that can This are lines questions. is of mitigate the of any public to that now our shareholders the given Our stake aligned equity, company. one value XX% highest with maximize E&P in shareholder operator, With
