Relations. Darcy ladies I'm Carl Vice Dion morning, today Kremnica, Lars and Vice Investor and HSE; America; President International Energy. President, gentlemen. us. joining are Business CFO; President Vice Tan, for President, you Glemser, Vice Hatcher, Bryce Preston, me President, and Thank With Good Kerwin, Jenson President Vice North Vermilion of and Development; of
results our information, we We and under risk referencing year-end factors QX PowerPoint advisory XXXX the forward-looking be to can non-GAAP of measures this presentation end and assumptions Invest and and Events website outlines the relevant the this will and gas refer discuss announced at found Presentations. on be today, a Us forward-looking to our oil the Presentation used morning. Please the presentation. It discussion. and on describes to and statements terms with
formal start and in I Russia the for Ukraine. presentation, Invasion causing part Ukraine the a begin people. Ukrainian the current outcomes in the hardship great with I on is off Before situation of to tragic by like would comment
by All events. are of saddened these us Vermilion at tragic
that the be future, thoughts are hearts, prayers support Ukrainian hope settlement to be the making people, will achieved people. Vermilion negotiated with and our and is quickly. Our In near a can Ukrainian the a donation
prices. summary formal of resume commodity in will operations generated the mainly which million of driven with from part XXXX our fund QX by QX, the Slide results. a $XXX I of Now flow on record call X, strong was We
gas European end were to strong, on remain to, provide fourth due very concerning the quarter region. have in susceptible December increased short-term and market, I due increasing global geopolitical approximately European tension the the in close to to constraints CAD quarter. in the gas bullish more events during more reached our XX natural to TPS of colder recent geopolitical the structurally mmbtu the averaged spikes. The previous even presentation. we to outlook the of in the compared benchmark All approximately European per price quarter. exceptionally We weather, and supply fourth towards XX% that on XX for prices gas is CAD later exposure the benchmarks insights it will
million During the invested which cash fourth flow, of reduce capital billion. resulting mainly to quarter, $X.X million used we in E&D $XXX $XXX expenditures, in debt was to net free
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first half payout to acquisition this in expect reach the XXXX. of We
access back work consolidating to a of in low drilled and the cubic the for [indiscernible] the XX and example XX is risk, we plan approval spatial wells advance Croatia, design high both we XXXX. preparation another high feet on provides return In relatively in tested wells, to for SA-XX small this Europe. respectively. for we net we received Although have in acquisition, the which it standard plant, XXXX and continue These X per million tie-in gas at where regulatory day, standing of gas opportunities the
outlined averaged our a from on QX. As operations BOEs in Slide American X, North production XX,XXX day
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is X execution or met reflection have capital market our and optimized We load a of which more shift exceeded expectations strong a quarters, leveled, program. to consecutive for
help environment, in of record the generated With of flow million million XXXX. strong we free $XXX cash flows, fund a of commodity pricing $XXX
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low-risk for in In in maximize million We to This reduction operated value assets an per equity. deal share addition issuing accelerating including Shifting over year-end we ensures and debt $XXX inventory without long-term U.S. did to consolidation to all gas selling Ireland. into natural announced our this we a reserve our acquisitions, high-return, or XXXX, of the consolidate shareholders. acquisition market assets distressed our in a strategic update.
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development projects will longer-term LNG New require ensure are capital-intensive and proceeds. to very contracts
per euro XXXX, higher our all still XX% to factors, updated mmbtu mid-cycle expect strip to see Given from increased below gas 'XX, price we for and for updated respectively. recently XX% prices current many these to 'XX come. $X.XX. and volatility We is euro assumption structurally $XX.XX price years XX%, and gas This
remains and AECO Our oil at WTI price at mid-cycle $XX $XXX.
to basis. than XX. on time are certainty that hedging less XXXX, hedged XX%. target the the Slide XX% Moving create of And transaction a a X-year on at to XX% we acquisition for volumes That on we core be We payout. for XX% the to approximately to of includes rolling additional X-quarter the hedged
majority prices. under XXXX position increased since Euro continue and are release. the X high our volatile allowing of to to months structures, added over rate oil, WTI through our press We was the benefit and participating oil prices gas be Brent and have past us from
plan We have a to European additional in layer hedges.
'XX summer a swap the XX mmbtu. at per CAD was for transaction recent most Our
than current the Should our on strip unhedged hold, XXXX, from flows XX positions flows $X.X fund basis. this pricing or a XX% of less translates operations of After Slide especially in you $X.X billion of As of similar we pro our financial prices cash or have pro right in to $X.X prompt non-hedged billion the X. billion free factor cash hedge forward on hand, on basis. achieve in on can plot now us We on capital estimate forma loss hedged. when provides deducting you billion currently March this E&D forma XXXX. of XXXX, in a a production an the see to as well expenditures, based $X.X flow forecast summary
than XXXX hedged. our production XX% the on slide, of less last we have noted As
We million will trading free estimate our This X.Xx. year to Based year-end allocate we debt while on debt of continue this a cash to reduction. forecast, $XXX million of ratio debt XXXX majority balanced ago, acquisitions. remarkable debt the reduction consider announcing our focus that a quite when of we flow net and fund we just on flow of $XXX is to net approximately were over leveraged you Xx with
focus As the you cash have align generate investors' we to and return capital. assets of on significant believe free can ability see, our with flow, well
Moving to Slide XX.
priority that to would Our to message a was sight line the flow targeted reinstate we reduction. a dividend debt years have debt X was we our once past of fund over less a X% of And our delivered fund ratio dividend flows. X.Xx. $X.XX dividend that commitment modest of quarterly our We've with This of the a this reinstatement XXXX on today. represents is declared than forecasted net
buybacks At form buybacks as over special shareholders, valuation, dividend did X a equity dividend, and increase not a Going in to debt either target or debt. years. reduction to the of $X.X current in capital amount prioritize base increase will to target issue of the the share of impactful With issuance reach this to an our will the second mid-cycle we we flow forward, more free continue to the we next until cash returned approaching these half options. of of are past of debt the XXXX, combination total billion even compelling of and look debt we
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on forward. some on company closing in remarks view Q&A, we it for the changes, I Before recent leadership my going want to up our make open
release, announced September As Chairman, has have effective in to his you XXXX. read the retire intention would press our Executive Lorenzo Vermilion Donadeo, X, from
our more Board significant the his tenure. of Mr. and would our engaged our pleasure during after of mentorship place, many have role to of employees. many and Vermillion the Personally, long-term his long-term provided concludes Lorenzo's served are of X.X will in Vermilion with like positioned I their years believe company, team staff, leader for our well would as with co-founder the forward our value Chairman Vermilion President. become today, guidance will has and appointed focus Chairman the diversified difficult to you for portfolio, of fortunate as years. during much for X a talented on nearly I XX, of I'm value what independent departure leadership remarks. in the aware, With strategy as for creating questions. I'm was effective with September and that, work Michaleski prepared X. That company past Curtis to open As to thank like our for and assets, a Lorenzo majority decades for instrumental balance creating success. Hicks along few on up Lead my worked creating these sheet, is to May and the stronger is I very the importantly, with He past as ESG, truly and Lorenzo assume move has XX Director the Bob effective honored it well be which shareholders. to for excited years, our And on leadership shareholders our with had new of positioned
