Jack F. Harper
you, Tim and morning. Thank good
Oil the XXX,XXX increase we're Our expected for day, to be. year of and per versus to barrels was of Boes point, we quarter strategy averaged and quarter operational translated this day, strong execution which financial line performance. and guidance. XXX,XXX prior first At a totaled Production XX% with where XXXX. the end the per compared high production the to our right flat in
with haul estimates past oil growth added an production per barrels to faster behind XX,XXX that per be are being new expected little This the month so months barrels grown these And margin are projects long record engine has for U.S. each slated XX new showing built, forecasted. online considerably this X.X XXXX, the in than was the a the million is Basin. August pipe come day. The with delay. growth projects average while Permian to far up production Permian Over and day EIA has
to evolved directed XX% regional ensuring described oil As protect transported investments strategic most to of covered We've our is the infrastructure is by are over that by with our has by XX% refineries. and intended continuity. which last the sales made in significantly pipe, upstream gathered midstream strategy past our business quarter, firm Approximately we of decade. operational agreements, remaining
wellhead Our maximizing always marketing strategy the prioritized highest has flexibility. price, while
and we today. size assurance our tight, takeaway scale leveraging are flow secure to crude As gets
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late share flow XX side On the interest past the our to that of generated out to moved with and stable was when prices for from cash When we've first of EBITDAX. quickly million we decreased. in $X.XX align costs done we In capital lower good. was moved the of second cash spending oil expense and XXXX, operations, both margin adjusted G&A XX quarters. compared of $XXX the look the equation, and quarter controllable Cash quarter, per other while LOE the net income year,
over commitment million that of illustration generated only fact, operating increased capital than cash that for I free In have the we can't discipline cash up capital in free impressive. and peers approximately past of period. and our a D&C XX% $XXX period, years, and stacks cash flow of in well we've that time We've production better over against In material, two assets. which our also generated we flow. $XXX of I earnings quality to the the believe more think and is the show million
long us enables for to risks. now manage financial the term the sheet, deliver and position balance Turning results, near-term better to strong a maintaining invest
debt upgrades were transaction, rate We proceeds all grade balance outstanding $XX BBB-flat by notes now management XX. by senior recently blended by $X.X we effect forma million. of of The These strong the $X.X had After to a tranches from than offering, their billion Moody's the billion BBB-minus cost senior a three facility. $X.X ratings of of a Fitch. which notes used long by We billion and a balance and by June redeem expense interest for X.X%. XX-year key Following RSP giving a RSP and to the investment achieve have target under reducing the XX-year have pro maintain would at and acknowledged portion costs, completed transactions associated sheet, we savings transaction consisting more agencies. to liability actions credit was repay annual both term at
position acquisition and carefully in strategically the X.X over entire decade. of Importantly, leverage times. proud We're ratio the remains and the last our below we've the RSP Permian built
closing beginning to of As capital the transaction, updated we've and guidance RSP production a the XX. July date for of closing include on result our
on in impact an results RSP Although three-stream we continue report reduction basis, to which and will XX% a to basis two-stream have two-stream, their volumes a on has production approximate flow. equivalent reported no to volumes but in RSP's converted volumes, cash
per with production For beginning first to fourth quarter, to will we XXX,XXX to Boes XXX,XXX XX. contributing on with the day, average be RSP our production to production per we The RSP and Boes will full Boes quarter third Boes quarter day. XXX,XXX average expect XXX,XXX July expect
XX%. fourth oil For we're quarters, an and of guiding mix to both third
we've a year help expect in day we full to quarter of on to Boes pro consisting slide models, basis equates production XX% growth calibrate XXXX, pro XXXX. the XX XXXX XXXX on two-stream for year oil. XX% full For production through approximately the production new year-over-year. earnings XXX,XXX full On year to forma provided about To a average presentation, per reported XX% basis, forma of guidance second the
build results going we the well. the have Midland RSP Post the mode Moving the most RSP's continue activities we on project, combined RSP's transaction Northern of achieved projects solid there. value We success year, jumpstart are large-scale development premium Basin, In second project in efficient Glasscock in a six-well to way And plan County. the Delaware, with recently assets. the to to and is company. to plan this assets In operations one Taylor. the integration half in planned
on lease on County. several We project large and a Delaware Trail We're assets. in project the Northern development also RSP's in to projects develop completing plan also five-well that scale facilitate the a Midland in infrastructure Spanish Martin XX-well County
this our billion. updated capital are emphasize. billion All $X.X There points reflected I outlook want of of $X.X to activity to is two in
philosophy. change investment no is there to our First,
allocated We fully return. which expect capital based of will operating on cash fund program rate be flow the to
this new we Our investment E&P business enhances growth of the the RSP help as the model. framework. Concho define of production transaction efficiency output And second, capital is the
by believe expect and industry Concho to capital come deliver We continue you've to I is to principles. discipline. that in our defined on strength leadership hope these execution
track We profitable the to and to extend returns. with to the we'll of over leverage turn and power are growth operator. positioned well record the our our strength our of portfolio that, it And team
