for and all, XXXX Vice William our day President Good Trey conference Al. and later are Vice Hartman, Officer; Chief Officer. all questions Chief Financial With Vice call. President They and Williford, during me call. to year-end Officer; available Accounting Thanks, us are and Chief Parasnis, Sameer today answer thanks and the for Executive President our Executive Operating our joining
executing continued deliver we XXXX, in So strategic strong on results to vision. while our
Our flow, on proven accretive to on maintaining strategy opportunities conventional focus is and cash simple capitalizing opportunistically and shareholder and free high-quality generating effective. We assets optimizing our build value.
to and cash sheet have hand. continue build a balance strong We on
operational and controlling our base for prudent know past cash to maximizing deliver that prolific and our We We paramount EBITDA. have free of every excellence, strong initiatives, to value years X flow generated positive cost we production because asset spending flow prioritized meaningful the capital the cash is quarter success.
has it's our during W&T grow helped XX-plus that producing and addition, acquisitions year integrate ability history. our In property seamlessly successfully to
I'd things highlight we've past like many that the For year, to accomplished now.
XXXX issuing second lien balance our reducing sheet. lien XXXX moving redeeming debt of So our payments notes, and our new by and we began strengthening notes outstanding interest significantly second all XXXX while forward
the we believe that pay issuance. have all hence we extremely that the ability off So to liquidity be strategically, important would debt, but
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executed while So we a financial busy very were we also acquisition operationally. standpoint, from
$XX.X well, -- and full first EBITDA barrels the for in policy dividend million. month. continue cash quarter the net falling and announced an will down paying a debt generated we So in year for million to with day. And We $XX.X flow. dividend this net million adopted we strong later per XX,XXX XXXX, XXXX to pay payment production million $XXX.X income, We December delivered $XXX.X occur of equivalent oil of initial cash the adjusted in free in debt XXXX quarterly first
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as not value inspect the by significant but and of which take After it's the the as assess process. might in we to created close the require some newly you over years, fields, we any straightforward So time on producing fields in acquisitions, acquisition, easy acquired we've or integrating think. potentially properties shutting
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operations, for So can costs where production, utilize look maximize we ways increase we to that footprint optimize to reduce large value. and
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that generate to are over the long-term experience cash worth asset integrating it acquisitions well we years to of the for with have us for XX of potential flow the acquired costs come. many assets years our proven to So base, into realize near-term newly
forecasted So expecting of completed the be these production. with hand September integration assessing These acquisition. cash we Eastern of XXXX, and in base are upgrades assets, located These performed upside we're Gulf recompletion recent with existing exceeding to production fields bankruptcy, proximity have Central were flow. They're part type add to first the stages XXXX and close early same need reserves to and are their facility process the fields. proved solid of the the of in and and on and the assets properties increase that the identifying and we a in to and Cox Mexico. levels.
We're acquisition opportunities in yet workovers, production cash spending of assets accretive funded potential these in months ability acquisition another later, of We of X
X experience and and us additions for expertise for the that true $XXX over and flexibility to the X we acquisition from powder to a shareholders. the latest property make integration our additional still these acquisitions. months, and will have in We around dry have execute tried cash allow to strategy these and acquisitions past value paid drive million We
flow while capital down continue ramp on long-term near-term up the paying or no have to flexibility because And commitments free based we defer cash will have obligations, generate drilling We we market debt. opportunities or rate to conditions.
world-class see operational Gulf excellence. positive we Mexico of and performance well technical base strength demonstrates also This to to to through assets. results. year-end ability our revisions, to continue directly of to reserve out like turning enhance production point which Now our I would and points conventional our reserve that the
reported SEC For The ended of acquisition X did barrels proved equivalent, include include of positive million oil which barrels barrels XXXX. performance September. of acquired million year XXXX oil equivalent XXXX, an did the XXX in million not reserves proved of in of of equivalent, X.X the barrels early revisions million oil reserves of the due reserves and to increase XX.X we made we
we performance pricing in decreased While XXXX revisions and pricing XX% equivalent can natural the control, we a million due of we from saw pricing did by oil by gas XX% barrels to see factories oil strong we XX.X decrease of declined from had XXXX. as
spending at approximately proved I continue crude showed and were XXXX numbers issued was and had and $XX numbers XX% with PV-XX yesterday, on barrels reserves XX.X production life had a to XX.X million additions. $X.X increase forma decreases.
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Mobile our year-end So The with entering significantly retire We at strengthened our XXXX improved that's million. I'm issuing Bay XXXX. by company payments, used XXXX at par, of year-end And new XXXX, our offering XXXX issuing notes. XXXX, the At senior loan. down This private of debt includes position -- to balance of million total along our senior balance considerable and the totaling preserved 'XX, sheet the our second further -- balance sorry, in a sorry, flexibility our total sheet. $XXX.X new proceeds all W&T's million interest financial term reduced million. issuing was second strengthened nonrecourse notes had cash sheet lien to XXXX, I'm and $XXX.X $XXX new by $XXX.X we lien balance total debt a XX% debt by
facility. $XX million have also on We our secured credit nothing revolving drawn
first reduced quarter production the for So several prolonged as and several downtime provided our guidance XXXX, yesterday, as detailed our maintenance XXXX. pipeline had In that projects fields we we have temporarily well of at volumes. facility
predicting expenditures XXXX believe We better $XX million grow and XXXX, are decline to midpoint increase production $XX the offset this of to XXXX. and than production also We're production spend natural in despite help to about in time predicting projecting QX the be us to through QX to will only million slightly year. capital recent we acquisitions
to is per So equivalent XXXX, X% increase barrels about at for which the average full a the expect XX,XXX midpoint, we year oil day of year-over-year.
drilling many the over new more than So last we wells. rather on acquisitions focus years on few
a testament culture to to ability strong Our is of our production numbers excellence. maintain operational
cost on that So production transportation into includes in for LOE gathering to inflationary XXXX. and taxes guidance continue we've pressures our seen side, the expect and and XXXX
have to safety lower that to term, our our to to Cox costs up work. asset deferring that opportunities reduce without believe In reduce former that do cost additional assets drive to bring we integrity we are addition, synergies costs standards. find there long the to we're costs, hard and we operating impacting will With or working spend believe said,
the costs and expense between is quarter well be which to and upgrading expected million former the included inspection that. operating of expected first with million, reflects maintenance at Our as facilities lease $XX as work some repair and some Cox $XX.X
to costs between show. team well to as has and are would we at million to everybody are pretty are expected darn starting G&A W&T be thank in quarter the our to results $XX XXXX $XX positioned add million.
I First and like and hard value sincerely worked
evaluate inorganically. liquidity after to growth to recent us acquisition, So we a additional the opportunities, even organically cash solid continue both Cox and enables position and that have
We have be We and basin. our will our potential record to the we of integrating focused a remain flow maximizing long base. asset is assets on a excellence cash portfolio, continue of and to and do GOM believe the continue track into world-class successfully operational
company's to believe XXXX beyond. and very largest the is as in W&T shareholder, well succeed positioned I So
E&P public Our aligned is now stake any equity, one shareholders, given our lines company.
Operator, entire our questions. the open can with management those we of team's highly for the W&T's interests which largest of XX% are in of
