for XXXX our Good call. year-end thank Al. Thanks, to us everyone, conference day and joining you for
Executive today Chief and Chief me are and William our our Yang, Janet Executive VP Williford, with Operating VP Officer; Financial So, Officer.
history. best of our I'm long XXXX is So, one profitable report that pleased years in really the to and
pretty cash Our to always generate opportunistically shareholder on accretive flow, production conventional strategy and value. been maintain build opportunities high-quality capitalize has simple: free
integrate ability outstanding XXXX. producing financial in acquisitions strong operational while to excellence in were results our So, our maintaining significant drivers property
key net record or things We Here are increase XXX%. $XXX.X year-over-year $XXX.X of EBITDA year $X.XX XXXX million accomplished. the of full income per reported adjusted share we've generated million of and and a
already -- out them was we did cash these XXXX, XXXX. attractive in free into flow consecutive more as and integrated of property cash flow we successfully times But free acquisitions, positive million paid two August have producing cash early X what in $XXX.X produced XXXX, and We've XXXX. of our flow, acquisitions And operations, than generated acquisitions we in for we've XX completed free property quarters. which
cash XXXX production of million to grew day. per We year oil cash We year-end. barrels XX,XXX equivalent equivalents to and $XXX.X full increased at
debt. net been cash hand in significant our a growth reduction in with in hand has So,
Our as debt to XXXX. was $XXX.X million net XX% than XX, year-over-year December of down more
per continued Our to a net debt our year-end. EBITDA significantly times X.X second to year second adjusted our and to time our And interest off stated times notes well goal X significantly we compared improve XXXX XXXX That's lien below year, new debt ago. of to lien moving paid and trailing issued XX January reducing in this of below months notes, payments forward. X.X
of of continued So, we an clearly year, at both our operations very part and flow thanks had finance to EBITDA a and strong pricing no ability production to good resulted adjusted combination numbers. in This level. outstanding free small execute in teams the our high cash and outstanding
million million. total the the To this $XXX.X $XXX.X of XXXX XX% was combined, almost and in which in put totalled higher full adjusted EBITDA perspective, XXXX year's than 'XX,
sheet, pay to and ability balance today, our our focused with debt coupled clearly So, and remain to we execution in stronger on results. down these we're a build much solid operational improve position financial on
of that base well through and technical to our which I'd This demonstrates also production our world-class to point our directly reserve positive we ability out to strength see Gulf continue results. enhance to in assets. turning So, the performance reserve like operational Mexico revisions, our of conventional to excellence. points year-end
XXXX. positive of year-end million of oil of XXX.X which of increase equivalent an X early barrels revisions in XXXX, reported oil proved of of to due two equivalent acquisitions SEC we reserves performance we included equivalent, million barrels For of X.X million oil made and the barrels --
revisions strong positive of X equivalent. million oil had pricing barrels of also We
of of of oil million So, which barrels XX.X our XXXX in XX.X barrels we reserves, total, of added oil equivalent. million XXX% new production of replaced
the $X.XX per last reserve barrel three equivalent a three equivalent over oil per for and the $X.XX over say very of all-in have last So, averaged We replacement per years. were $X.XX years. that reasonable again, our oil cost Boe XXXX barrel
focused debt year, pleased results last since reducing on drilling. these net we're while with and completing So, particularly we less bolt-on on acquisitions
proved you our year-end is 'XX the pricing of SEC of PV-XX in which Where developed to proved Approximately value at our crude of XXXX reserves and reserves were XX% reserves, XX% undeveloped. the SEC higher proved nearly billion. impact $X.X we had and producing, at year-end nonproducing see liquids, biggest XX% XX% as gas. with doubled XX% XX% natural developed were oil The NGLs, XX% classified proved proved
ratio 'XX life based in on reserve XXXX 'XX at production reserves year-end proved years. year-end W&T's XX.X was
of to believe our group high-performing we a GOM many shareholders have overview provide built will XX.X meaningful We that to years. for So, assets sustainable continue years. is flow cash
So, W&T in XX% working interest shallow water in an $XX South XX. interest to producing GOM Island average operated for normal after acquisition at we closed was XX/Vermilion past and $XX.X South February these post-effective-date Marsh the acquisition gross federal Marsh working an Island adjustments. producing April XXXX, taking for approximately for into and consisted XX This of of assets central XX% customary the properties year. million. assets account of and the different remaining In XXX, million company in wells, Ship that has Shoal XXXX, that acquired over
term we're this is proved when base Acquisitions properties a provide very flow. assets look of example an we we term a that undertake are free pillar of These value. core produce of can of maximize complementary another are these create to value near the both are we and how number evaluating strong acquisition. to assets. solid existing our These what and There reserves long a of opportunities, cash for And assets.
amounts areas for significant meet continuously for that positioned activity, acquisition see on the lookout capital well criteria. of deals further very won't is and require realized. that W&T we're also our of upside We potential
strengthen EBITDA This 'XX, million vastly of under equivalents down was our we've balance credit debt-to-adjusted and cash available our facility. borrowing net So, of sheet. and our $XXX.X had At liquidity million of million. and $XX $XXX.X X.X availability and cash time, was free substantial year-end our comprised cash used flow to financial revolving our ratio position to improve we in
which, In by the an maturity X, fourth other of credit one-year up extended entered to our commitment among facility, things, to we and the quarter XXXX. January XXXX, into date amendment
at consisting had cash net $XXX.X of $XXX.X and net and So, of for million costs debt the of both XXXX, nonrecourse a net million, senior instruments. $XXX.X of debt equivalents, X.XX% or total lot That's lien of term million of cash of amortized secured debt issuance balance numbers. loan year-end the company Bay $XXX.X of notes Mobile the million of
used improves with a notes all significantly senior cash balance $XXX offering forward. we XXXX, XXXX entering retire considerable proceeds strengthened reduces lien So, second million at sheet million the totalling our along our by issuing a private interest new and our par, XXXX balance flexibility lien $XXX.X payments, second position of senior and moving to further notes. financial our sheet our This preserves in
pleased of from current we've near-term to opportunities. to the offering, line ramp new that those by note, upgraded very have -- to was that have a continue flexibility make the flexibility no with down cash capital agencies and this drilling defer Because we prospects, as pay debt important week build drive new commitments long-term to But we additional rating process upgraded we're or acquisitions, up or drill rig we a debt. or obligations, our powder ratings a have received existing received agency rating in two result It's and ratings. our
Magnolia expenditures to reducing as and planned -- in and and capital this $XX.X CapEx to and wells the $XX.X related our anticipating in long-term XXXX that as funding and prospect well in shelf million. million leasehold, three recompletions. In acquisitions. for Included XXXX, between engineering $XX to costs facilities, drilled may this currently be we Grail invested range lead are design at debt We're for range focused million later on our items CapEx net for $XXX Holy be seismic million year and
spending prices As and the accordingly. always, through our monitor we'll plans year commodity adjust
XXXX, we meaningful With our capital cash provides which accretive free on to flow, opportunities to range modest us generate flexibility quickly. execute expect in
expected terminated with with in which XXXX. $XX $XX.X in by For terminated expenditures the Bessie. less XXXX, are was considerably compared And deferrals range million in that's leases million in to than budget be is XXXX in XXXX $XX to to our P&A leases. on of driven be expected obligations million prior P&A
In volumes for Yesterday, several first field projects have as as well and at were we that returning downtime our pipeline several soon. our fields planned detailed Mobile with quarter the had that periodic maintenance of XXXX. non-operated normal shut prolonged to in XXXX, we production online facility provided and underway Bay non-outfield reduced guidance back temporarily at the of levels have is volumes. complete nearly the now maintenance project are Most
XXXX of per expect about day. We production equivalent QX barrels XX,XXX oil averaged
X% of quarter of That's full small day, year-over-year between For to XX,XXX by produce first compared which is flat oil volumes. impacted and quarter XXXX, barrels of year per a a decrease expect we XX,XXX lower and XXXX. being equivalent fourth to
last many than few rather We've on focused on years over acquisitions drilling new wells. the
the guidance onshore natural Our much base in our reflects decline asset unconventional compared reservoirs. of declines with higher low
and safety and those that hard on carry seen include and our 'XX eye taxes operating inflationary that and to future are are on We guidance transportation pressures do production integrity reduce cost So, working in supply without asset the to there our with for and expect side, opportunities gathering reduce LOE costs to we've costs believe chain into and an work. XXXX. deferring
of the million to lease quarter million, cost inflation same entire expected has that be First $XX and operating industry expense faced. $XX some between the reflects which is
$XX.X First expected quarter are $XX.X be million between cash and G&A to million. costs
moving metrics to reports. to our with XXXX building to where third efforts, forward. to out solid positively the sound sustainability plan and plan, call, operate the later cornerstone this spring, I Before our work close were incorporated our our that I'd foundation stewardship, practice employees about incentive and environmental previous you of ongoing and and our report to we're The the ESG corporate ESG short-term continuing on our communities contributing governance we We our talk like into reduce culture.
pleased the history. our very poised both with generated long and great EBITDA In and for performed operationally we're employees thank continued we to of and most years like onshore and how W&T flow I'd closing, XXXX, offshore in successful adjusted We cash XXXX. we're working in in financially. the one well success XXXX, in for
flexibility XXXX enhanced debt remaining moving and and financial significant extension position, debt us net strong debt forward. with our reduction was with maturity to which Our optionality from XXXX provides on
Our and meet accretive position continue that criteria. enables liquidity organically our to execute to us inorganically, to growth opportunities, proven long-standing poised evaluate and and and we're cash opportunities on both
of a with good been see markets where assets the It's public be Mexico always and focused. starting we've offshore believe to assets. Gulf will appreciate strong We to better producing to continue is world-class basin
a opportunities success. our on our of executing and evaluating Quickly, within pillar area focus is
and rates premier a Gulf decline the water of both significant have of in shallow we upside. Mexico properties So, portfolio have that deepwater and low
highly XX% management are given stake Our W&T's company. our the highest equity, in any E&P which our shareholders, those team's of interests of aligned public of one with is
and in as encouraged in a success very the XXXX believe and So future XXXX that a about we I'm bright had we excited beyond. have and shareholder,
operator, So, lines for we with the can questions. that, open
