and morning, our Thanks, everyone, XXXX Al. welcome conference call. to Good year-end
our Officer; available President President Financial President today questions with Vice Hartman, our are Accounting and William and Vice the during later Executive answer Executive our Vice Chief Operating Williford, Officer. Chief and and Parasnis, Trey They So are to Officer; me call. Chief Sameer
focus proven opportunistically opportunities and simple is our effective. generating shareholder value. assets and build maintaining to So cash free capitalize flow, optimizing We conventional strategy high-quality accretive our on and on
operational sustainable We safety contractors. value have returning the a long-term employees early with and business a and to execution, built strong stakeholders balance We've a profitability, sheet that's and our in further enhanced to XXXX. it of ensuring vision our committed
helped XX-year-plus has meaningful deliver integrate to property and history. W&T acquisitions during ability decline grow production, our EBITDA Our low accretive
production of to about working for things from In equivalent of This barrels many to $XX $X.XX when highlight Gulf X that. barrel accounting America invested from to XXX% XXXX, Over the January fields past of year, added reserves. accomplished oil per in XX.X of booked of equates proved which water purchase that price cash these million XXXX shallow fields. million we equivalent XXXX oil interest I'd we've a about like Cox,
adjacent are regarding gathering personnel, provides operations, which ability to properties optimization, Those existing and for to transportation. capture us our synergies well the
While this adding to were of of XXXX, XXXX. day several production offline in equivalent barrels us oil per by for fields X,XXX about most helped
As XXXX. Benefit production to we of we the announced in expect guidance the is return our X January, increase included production of quarter fiscal remaining in year XXXX. that for fields second in
So we our execute busy while to continued acquisition, also integrating we're operationally.
-- We Cox the full other and $XXX the free $XX of hurricanes EBITDA equivalent cash for acquisition. of XX,XXX despite in oil So impact year from per million we $XXX million downtime related day and in generated million adjusted flow. XXXX, delivered production barrels to
that XXXX policy late and ratings and improved this strengthened material and the from started added several sheet, and simplified S&P Moody's. into balance We our year the dividends the paid line bottom will with this payment initiating this quarter XXXX to our since cash and dividend transactions in cash XXXX credit have X announced We that carried momentum later first occur quarterly month.
that's $XX replaces previous undrawn million credit new into reduced $XX We million. provided a and facility term provided $XXX which $XXX of allowed and $XXX agreement matures loan in a Re. July in lien us outstanding our and second the entered This to XXX debt our million So by outstanding XXXX, we closed interest million basis lien under the rate by credit for facility, January, that by in million by points notes off pay notes redeem decreased credit Munich Calculus revolving also new second the Lending.
day an about XXX cash million we settlement for noncore also XXX $XX for flowing and equivalent in or per $XX.X $XX,XXX XXXX, Bay XXX, million a Banks Garden of in well. in Additionally, sold was interest received insurance over early January we to which barrel. related block oil per XXXX, XX-X Mobile In barrels the
uptick added per the day of costless lock our gas natural advantage XX take to helps we million in favorable for recently price in collars prices, from that gas. December to natural range a for Lastly, us March
our XXXX improved and base success to our sheet, and execute So delivering have beyond. for balance our very results, ability us in asset strategy positive is positioned our expanded
we Gulf like demonstrates I'd of to which to technical to year-end our performance world-class our strength assets. Turning that America conventional positive see continue point reserve revisions, results. out the in of
reserves to reserves oil acquisition at XX%. barrels of contact by proved oil-weighted This and positive the by year-over-year oil total revisions. increased SEC driven XXX increased b our million performance X% pricing While equivalent, was
translates a our million years. equivalent reserve For by of from replacement oil offset XXX% which to and 'XX XX.X equivalent W&T's XX.X reserves due oil to X of XX.X ratio were acquisitions barrels XXXX, year-end This production. XXXX in 'XX at on barrels increased based year-end million 'XX positive life production provisions, oil partially was million barrels reserves production of reserve of equivalent in proved XXXX. performance and of by
from barrels had So can to pricing we and oil see of pricing as saw oil gas pricing of declined a performance by that the natural decrease while we XX% XX.X by we SEC about strong we XXXX from revisions equivalent decreased control, factors did SEC million due X%.
majority reserves. the the revisions gas our result, of natural a As price impacted
the natural was gas, impacted weighted in our benefited more So a we wasn't toward much plus PV-XX overall reserves. increase as impact value meaningful from because pricing oil
reserves of our $XXX despite the that or billion increased almost $X.X pleased to at lower year-end SEC pricing. We're value SEC XX% million XXXX by proved PV-XX the
XX% had of The crude XXXX XX% XX% proved proved SEC nonproducing XX% as XX% undeveloped. proved and developed with gas. oil classified producing, reserve and So liquids, were year-end were reserves approximately proved natural we developed and XX% NGLs, XX%
After property So newly we over close some inspect of fields, producing any process. refurbishing significant the the fields acquired requires years, to which value potentially the time acquisitions. take integrating we've acquisition, in the by consistently we assess and created methodically
and ways optimize to operations, we have Gulf reduce and increase the large We America, for footprint where a production utilize large footprint to of across can value. we maximize costs that look so
on at capturing coming Our and lease operating low our expense end of synergies the in our acquisitions cost reduced with range. to associated control asset contributed focus our guidance
XXXX acquisition In associated further in. from the Cox with addition, we're production were shut expecting the the second online uplift previously quarter that remaining in fields coming of
to in previously, such a XXXX, improved entering senior new process. community's running use second lien and mentioned was significantly closing our W&T's smooth for credit asset banks senior strengthened investment and oversubscribed, reduced into balance lien simplified offering notes, the improved had sheet we The ratings like which underlying is the I from facility. credit Moody's that TCB broad notes facility. and new S&P we as demonstrating were and oversubscribed. international So lien revolving notes distribution, which the by our early leading second new thank further new received confidence a base. second This investors -- included in I'd
are million. pleased $XXX had XXXX, the now company likewise year-end million and of revolver debt again. million debt market of with At of bank We to $XXX total liquidity access net $XXX to have
been a the December the XX, have on debt made refinance, on reflects about insurance sheet. million Assuming been cash which balance debt about our had sale would our asset net and forma $XXX occurred basis, pro million, would $XXX XXXX and cash and settlement improvements have equivalents to
also provided detailed XXXX. we our for Yesterday, guidance
XX,XXX volumes. related in fields second first several to QX XXXX well to expected the well planned to the due equivalent in as at of freezes XXXX of have predicting facility We're had production but of barrels winter the per we Cox additional So as projects be and maintenance acquisition midpoint quarter unplanned XXXX, temporarily that downtime oil with of quarter restarting our as of upgrades. around the production workover facility several and reduced pipeline fields multiple the as day,
production Our in $XX midpoint equivalent CapEx projecting X% which full about the on barrels last few additional XXXX many drilling our wells. will than acquisitions fields over us on coming about believe decline natural more per the oil QX online XXXX, year. spend focused about is Cox and than only year production. years million rather is new acquisitions XXXX the to this to we help in higher grow day, Despite from $XX million offset production XX,XXX We of
require is which decline to additional testament flow do reserves our XP future of excellence production operational maintain that and manifested are the a not reserves, low ability CapEx. to cash XP Our culture of our and by strength
So turning our to costs.
those do term. we but and G&T reduce Our costs and to are offset synergies in With costs and some costs production our guidance with additions see to are increases XXXX so believe transportation taxes opportunities believe LOE, there We and could find gathering some of overall, said, we expenses, that to line with G&A more operating LOE, XXXX. in for lower lower that that the long and transportation. drive G&A gathering,
reduce always we're hard integrity So impacting without costs working deferring safety or to work. asset
achieving want in XXXX. everyone. our done, for folks congratulate offshore zero accidents also I to Well
facilities is Our as be as between $XX.X repair the upgrade expected and which million, first costs $XX.X and additional reflects of to quarter LOE well maintenance increased million some work.
between quarter expected G&A and cash First $XX.X to million be costs are million. $XX.X
I want to our positioned as add well value at W&T we're thank team XXXX. to sincerely in
evaluate position cash both enables growth have to and organically and solid that a We liquidity good inorganically. opportunities us
track long we successfully be of Gulf into will record is and to basin. continue continue integrating a assets and of portfolio, believe We to world-class America have the that our a
operational potential the will our on We asset our focus flow cash excellence, base. maximizing maintain and of
believe to company's is and W&T I largest the in positioned very beyond. XXXX As shareholder, well succeed
with the management any shareholders, XX% equity, of aligned our company. stake is highly our team's which interests E&P one W&T's in entire of are of Our public given highest those
that, with lines operator, can for we the questions. open now So
