and Al. second day Thanks, Good call. thanks to XXXX for conference quarter for our us joining everyone
Vice Mexico; Technical So Geosciences. Schroeder, today, during our They're General our and answer President today Manager call. Vice to President William questions Janet Gulf of Executive Financial I later Officer; the Officer; of and of me Stuart Executive Chief Williford, Senior and Chief Yang, our our with President Director have and Vice Steve Obkirchner, all available
second quarter to our half that So we XXXX. believe commitment the lead margins continued to and and expanding good a will in deliver strong improved second results environment to commodity operational of the very price and financial
online. in and of even generation. and very but was and free pleased remains free higher million prices, our have and performed above the coming flow focus newly quite EBITDA with quarter-over-quarter operational We're cash well adjusted $XX.X production stronger generate cash on we to flow increase any wells far excellence thus Operationally, continue drilled commodity of XXXX. without guidance midpoint We reported
will we value asset base our an assets. have continue and of the to We outstanding maximize
independent at production barrels compared XXXX. estimates and oil barrels million nearly previous XX year-end any positive barrels of from consultants. XXXX SEC equivalent Midyear reserves gas. balance prepared PV-XX past XX% the Report drilling base. Approximately was are to and positive of at XXX.X X.X the were and first XXXX significant reserve engineering to About 'XX. XX XXXX June oil Sewell, spent those asset oil Notably, in offset date equivalent, our as reserves meaningfully. revisions to have totaled of year-to-date divisions. looking equivalent So reserve of W&T's million value we of of of increased of XXXX the minimal in our Reserve midyear of million approved reserves by Netherland, performance with additional we X.X see producing. months the of barrels quality capital is developed classified million six XX% XXX.X and Strong This shows continue over oil liquids, natural months proved of without value field equivalent, were
resulting barrels based per barrels XXXX price excluding utilizing with reserves per of strip midyear PV-XX, at X, SEC natural prices. significant million July positive crude $XX.XX price realized impact compared XXX.X of pricing PV-XX utilizing price equivalent at of pricing MCF million price reflected SEC reserves proved with XXXX. NYMEX were year-end were billion. XX% year-end midyear XXXX average oil oil and increase oil revisions ARO compared realized $XX on realized $XXX X, SEC on Midyear pricing compared an the the average addition, In per XX average was XX.X reserves an $X of $XX.XX proved That's of with due gas midyear gas an was based The year-end from XXXX, of both barrel, midyear in The to price The changes and $X.XX oil natural and a report at XXXX. our PV-XX of oil as July as recovery gas an XXXX. crude barrel, of an per natural of $X.XX average strip XXXX billion. million $X.XX NYMEX And of with of realized $X.X MCF. the
was second now million EBITDA $XXX.X half financial and of results EBITDA quarter good So $XX to improve cash have of turning and first We half efficiently the $XX.X million commodity and reported generated And results, almost second cash million in to our in for price of XXXX XXXX. flow first the XXXX. adjusted operate generated we second flow continue $XX.X operational in quarter had for in as free environment. XXXX. the of quarter million the Adjusted free we've we
While we second driven loss largely derivative This was million of by commodity $XX.X per the share. or reported loss. quarter net million, $X.XX unrealized $XX.X
income per $$X.X or was Excluding $X.XX loss, primarily net adjusted derivative million share. unrealized the our
from This and utilizing quarterly transaction competitive the we transferred our for a to also This first with allowed Mobile results, million X%. assets interest in We of addition the flexibility cash We retain gas efficiently our to and those benefit a Munich the meaningfully strong doesn't XXX% flow derivative very treatment proceeds at series value assets million, and W&T $XX collateral us impact by Bay quarterly of to XXX% contracts debt after Bay of of our Mobile completed the vehicles back gas the allows to principal and the non-recourse our the take natural plan Mobile to that assets. producing assets. value balance operationally, RBL purpose loan, in a fixed upside of added net existing still advantage service May enter and the of us from the interest to Area on in we we drill and into building we the Through long-lived more paying nature special will loan service of through We our significant dividends sheet. $XXX rate Re reserve. of transferred. financial additional lien, financial In potential owned as related to of debt return cover will a the facilities to transaction Bay SPVs, term improved loan. wells to new Mobile cash new Area a us the receive wells, at our SPVs term wholly cash the ownership pay-off from Bay
dry borrowing producing acquisitions. no property Additionally, base continue the maintenance But through parent requirements long-term and importantly, to to with accretively covenants, we need capital attractive most covenants it or to provides us W&T redetermination it powder grow provides at level. without
a future. solid organic more through at flow. look of the targeted We've free strong those over for and past we've market generate We're those for Over the opportunities ability accretive to believe built group integrated acquisitions. our two favorable tremendous provide a acquisitions. conditions acquisitions opportunities the meet assets of cash that our in for foundation additional of and especially years, that very criteria, growth looking Gulf in years, types that the we'll We two remain actively
pursue us have significant cash positioned Our flow immediate generation well to cash and continued opportunities. these actively balance to strong access
of the above oil efficiency to of equivalent in oil So the midpoint quarter Liquids barrels production of the XXXX. runtime an workover. XX,XXX better of guidance, That's compared in XXXX. an completed XX% uplift was of Production quarter day production of our of due the second and comprised quarter total first from XXXX. produced second X% increase turning production of per oil barrels for of barrels million or equivalent equivalent. X.X to to per day W&T XX,XXX
second So at to with quarter to to looking ahead the XX,XXX an production line quarter XX,XXX average XXXX, of oil barrels per of the we're third forecasting equivalent be in day.
not are day. coming online of We're any new production XX,XXX XX,XXX tightening until good really team XXXX between full guidance of a operations maintaining range later this doing wells oil and per equivalent our barrels our Our year job to production having despite year.
Our for spent $XX profile term reductions entire And the XXXX, in budget. spent expenditures allows only $X.X capital first impacting without half to production million. million the we've for quarter, for $X.X million significantly near capital lower our million of In decline we $XX of second your levels. production
of this exciting that have on give details an the the in And We in drilling second half year. more new call. later I'll opportunity
our So price almost sale equivalent first of XXXX, quarter. unchanged second average for was for per realized barrel oil the quarter the
barrel Our XXXX going average of $XX.XX XXXX of second per per NYMEX crude quarter in crude on year It's negative ago. first after quarter of second from actually to barrel today realized the in $XX.XX just quarter great oil the price see $XX increased XXXX. $XX.XX a to sales and
also compared of in first from gas slightly per XXXX $X.XX by $X.XX lower natural of up sales MCF offset liquids quarter. to price quarter first the Our to $XX.XX natural gas prices is barrel, per the
production. steadfast revenues our to for hedges, million, by generation. of operational pricing the Despite $XXX.X increased environment, importantly, improved discipline, on by capital So driven most second excluding effects remain will quarter-over-quarter flow the free and cash increased excellence the X% quarter focus
environmentally inaugural and of oil in We've into report. XXXX, with environment. the gas in GHG been safe into With facilities stewards environment a foundation that So resources consolidation the all issued on the administration and emissions new seen ensure exceeding March W&T producing or grow have generous All to ESG Mexico. Bay of Since some costs our manner. a values communities to to guided we thus, day where associated while on trusted in and plant we mind, in in impact our our we one, operating committed that in Corporate facilities the responsible operate. developing and good have operate, two provided working success, we A Mobile we've early with the operator a meeting to the Gulf requirements. the partner XXXX. we're and for the that minimize our and regulatory and These treating to one which reductions safe to core
regulatory other only operating seen not but due we meet expenses increased requirements. with that we've conjunction ensuring in levels, also exceed increases However, activity or in industry to
improvements. America our and sustainable and board in ESG highly to more rating suggest their many ratings creating agency. safely improvement a that by to ESG resulted come. first and on We're Additionally, we're our I'm through in our this ESG recommendations third-party activity on on to responsibility report $XX.X years commitment opportunities spend recently meaningful our a to million asset to and contributed June. in continue to further spent regarded for multi-disciplinary have improve to initial about million capital the which increasing to ESG million findings more our ongoing a their to standards, with associated $XX creating year, ESG retirements. expecting our that of our they communicate formally only we've taskforce $XX And had We P&L to one adherence report. also acting of manner me our monitor pleased ESG for established say efforts we'll We're costs to their a powering year this in
So second so costs. million environment. costs operating rising to for in turning was the basically the insurance quarter. expense, includes in $XX.X facilities in premiums, increase first efficiently may do operate price in to to to Lease quarter near expenses, XXXX We'll the million compared $XX.X see workovers, which and a We continue maintenance and operating some term. its
of million. corrosion-related repair to due recently platforms certain Additionally, million types other $XXX operators by Gulf has for maintenance of LOE to [Indiscernible] all changed guidance Nonetheless, $XXX our operated incidents we prioritized annual haven't of companies. of Mexico
remain control vigilant the and that without environment. will we containment cost initiatives, can or impacting will safety our We cost in the
our at $XX million of G&A in the of So which was second low range. end was quarter XXXX, guidance the
While the my we $XX.X retention XXXX, compared of XXXX credit financing little were million a quarter with low range, guidance Act. up were the range of the million into which for X%, the and the costs to which from first CARES full other in M&A takes less G&A activity. $X.X We've employee Mobile at Bay G&A account the benefited ongoing year increased associated recent than our end
on our release the on yesterday. guidance expense issued details Additional we earnings
in premium by loan reduced retain $X.X So $XX.X turning new term properties protect premiums gas was ended dollar by to activities paid was with cash to activities prices, considering Bay to flow. million, company the operating natural hedged hedging increase settlements derivative gas floors $XXX seven XX, upside losses. for cash the locking and secured lien in while good for for years. million higher first sheet Higher Mobile of June over the insurance conjunction Net XXXX balance million the operating to the an increased years. which of months call AR the natural provided in from next seven three expenses, next We put gas prices for could price believe each our production the us cost in and and over cost
As I pay stated earlier balance. the utilized the transaction RBL we to $XX remaining portion a off Munich proceeds second quarter, in million the Re the of from
groups, executed until differs the an with our we borrowing redetermination that base waiver under RBL working spring bank amendment So recently and October. XXXX early
interim lien of $XXX facility, time which agreed the XX undrawn. cash balance given a But agreements intend consisting of access future. the of provide Munich total we for and $XXX.X tenors remains second X.XX% transactions. senior second the need Re $XXX.X to the of During June is costs W&T not revolver. compliance fully XXXX, both XXXX of to monitoring Current strong secured we've venture. notes the access our issuance credit the million million period, credit debt of of very million, also liquidity all the and and the in term in currently balance market-based notes more even see senior markets is to million debt covenants $XXX.X for due amortized with We're debt net longer lien capital don't and the to covenants seek loan financing applicable and as of actively
Now total, of at often of That's of encountering the successful approximately added projects while expected very feet, turning is completions, of drilled total is perform at XXX and we strong East XXX in net fourth We last production one in net Wells The phase quarter. decline. day second mitigate be to in XXXX, to during best bay. depth portfolio. plan performed that currently on XXX-feet to and some was quarter to continue equivalent oil economic approximately early both development well our we project in that result this feet year's XXX/XXX workover over operations, over to oil Cameron per rig economic are Cota year XXXX drilled is the Mahogany us to production. with helps highly workover as they in barrels natural the water
will We world XX.X%, have in met. working initial certain an increase the XX% to thresholds are our online performance interest interest brought once but is
So preparing year later excited Mississippi about. drilling opportunity internally while for operated Canyon that our recently and we emerged third-party potential with continue our proceed to prospects generated into XXXX, in we're this
additional a opportunity beneath success, the significant upside. Furthermore, has seismic using to opportunities high that area. and identified where our risk the it based has could we So multiple in high assessment, Trend but believe the in has overhang. has on This experience had was W&T area W&T This in well assuming salt potential prospect oil located area relatively reprocessing and Flex high has success. ties quality, lower derisk potential located drilling objectives significant the XD play directly analogous fields and and
interest allow environment opportunity we well opportunities. spud. with that this W&T. have for upside summary, We the good existing In derisk working excellent to believe also many a XX% could opportunities just has is us an price rising potential and The organic presents
rates are focus and many opportunities premier low decline and into of stringent acquisitions of our Gulf a with looking meet criteria. have upside. area, in We constantly significant we're in our can deepwater water for shallow properties the portfolio Mexico both and There
to past. to has we efficiently and disciplined flow generating remain to executing navigate can strategy growth Our for maximize value. add many our cycles We ways value the to We've allowed shareholder that optimistic operating cash us long-term by W&T. we and always look focused free on approach in
There's and over the an is have do our gain since we're going when financing going excellent acquisitions sidelines up $XXX seeking down, as it's better we flow data. ability the intensity. on or We're carbon cost And very as XX, in were prices Differential to Mexico low basin April that for spreads armed area forward spreads XXXX. are lower up, you. were reserves know of also cash growth excellent of up, so. a ask forward for well an likely play is narrowed. necessary production with looking Gulf quite as in So per And organically plenty to confident cash bid well barrel place are an
are E&P with alignment and truly public one any W&T interests aligned the is Operator. that our given shareholder risk. team's This of those of company. equity, incentivized our management highly interest XX% maximize ensures to stake of of which we're highest value Our in shareholders, mitigate
now questions. we you If can would, last
