morning. Thanks Megan. Good
We ability positioning growth Commodity machine Commodity for Fourth advance. XXXX prices We’re performance not only what exciting. but our plays company’s balance the same, the pleased last strengthened It’s technologies deliver that this the we that assets, volatility people, This to is yet returns, do results choppy. to quarter and ourselves consistently do founded while strategy on full sheet. performance industry tried term since thrives. quarter simple and and strategy new long-term by that’s by execute change, near year emerge, sustainable returns. company. we’ve illustrate our really the powerful a during only helps and and driven fourth the year. build was with higher executing highlight move our prices This to Concho, but strategy, at survives
value-creating our Our Permian, to enables here. in whatever in doing to way engine scale mode, we’re us our quickly in projects, manufacturing development the adapt us leader allows it. and call, history one industry, that it’s the the large Developing a strategy best which is you be
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in announced also We release. proved yesterday’s reserves
total, million our at XXX account now increased versus proved Our of XX% XXX% production we and BOEs. reserves for proved of reserves cost XX% a and XX% ago developed to a finding our year developed increased replaced $X.XX. Proved of
decade. for last the operational and paved next financial the for performance Our accomplishments way continued year
increase year-over-year high The long resource. by resource growth. XX% opportunities in is Total Our spacing, complementary result development completion our lateral and increased placement more by quality added activities more well for lateral XX% a asset our design, and strategic and to exchanges validated than premium reinvestment acquisitions development. fuel leasehold driven
Concho, what of XX% our on achieve call economic XX at X. premium undeveloped Based of a threshold, rate For this will greater than premium. return we and approximately horizontal XX% resource is resource
Importantly, return current and XX%, our years have runway pace. achieves XX premium at roughly our average premium of of an we rate resource of inventory
three Looking back, stages: discovery, and shale delineation, has development. passed through now
development Concho, reserves projects. large with scale For multi-zone harvesting entails
As and consistently. efficient competition predictably maximize to most attractive type of this deliver intensifies, returns supply of economies important the we and is economic recoveries, barrels to believe development drive long-term scale,
Permian, the competitors see even active our play. provide our it’s lead and most the is advance to and their which position oil portfolio activity. we report As growth build to the today already play, continue more Concho We’ll execute guidance, have us set asset clear results future to our unique to best and active that is advantage in is deliver the the management. One strategy allows that for leverage
focus management that on so neighbors that sell For we block swapping up our that areas, onto a with Concho, for three-part development. active is we things increasingly We things we buy and longer not equation. core things our strategic to development, bolt lateral all our are
in were billion non-core on interest, proceeds County all low focusing Ward to XXXX. divestiture we non-contiguous, Most equation. this We’re for working parts brings sale our total and non-operated proved largely approximately The production Reeves leasehold with and $XXX $X.X recently, minimal reserves. properties since of sold and million. These
one a of our also We with significant larger asset executed trade neighbors.
their strategic very the also New the our Ranch the The and traded out a Mexico allows more value Shelf. assets. County. in win-win our a interest of position acreage In working and both exchange, and we in of and operated us, operate Culberson adds is trade companies part to respective trade checkerboard effectively Mabee maximize on Upton in positions fills to County of For our
strategy high great of quality opportunities. and have with a decades drilling built people company Our
if I a our to Concho. the They for our and in you’ve position value we’re capital as environment, strong per has I best in generation. excited built by before today over made growth long-term execution industry want can that flow strength our We is you and Concho, the share it last company said visible followed that years We’ve in to know almost and to year demonstrated a path future cash leadership - Again, believe have history free I’m X. debt-adjusted our in discipline. this a I’ve thrive happen. was any defined on I thank team. great execute XX our XXXX on as about our strategy. Day creation this. was execution
Now detail. to quarter I’ll the over more the call to in turn Jack discuss
