morning And Matt. good you, everyone. to Thank
is by pandemic. current environment take review addressing Before Intrepid I the moment business, a started to of I the how presented address the challenges the to my on COVID-XX get and want
particularly those of by are out directly to impacted well-being those or as work the well essential treating patients, our our to thoughts on ensure continuing communities. go to the the First lines and front who in services foremost, as sick those virus,
an light through world States and of part We the the the we disruption. endeavor to In be unprecedented faces. a United world as this navigates essential acknowledge the this service many pandemic of and as challenges provider, solution the
pandemic ensuring support the early taking through that to been has action community focus to employees, period. this to contractors our and managing our decisive employees, COVID-XX are and around challenging essential the manage March, we operations. As our the necessary protect has the risks and visitors steps unfolded, we our on took safeguard In
cleaning with support staffing by at staff, measures our supported and policies the all quickly sites, our appropriate We For we schedules for work-at-home implemented staggered established Center Disease accordance across protocols mine in measures and Control and locations. hygiene social-distancing Prevention.
provide the We continue support to our with all their to of well-being. employees resources
local looked March, In communities In to in the for personal we in support protective addition, hospital of gear ways which we to donated Utah. the Moab, have we stockpile our local operate.
the to and discussion, want the of of have changed call. call. we for this format our I To robust format session Secondly, for conference allow question-and-answer explain a complete the
the your final still comments release Denver's Monday change stay-at-home to information. an order. inconvenience press and will investors. team allows detailed for more while e-mail refer both it hope questions, be and effectively our to with of answer Moving We complying Matt's to for much extended Please too not live more our our
is industries, efforts ensure to essential feed supporting an essential as adequate our food and oil through continued to the New nutrients. take our We those oilfield production focus by on supplier steadfastly of and of because solution Utah, states governments characterized supply through and state and in Further, this role Mexico and to our nutrient time. operate unusual are agricultural, as animal the the gas have essential the crop businesses we seriously
to As streams, diversified business balance are and model sheet our revenue we our strengthened uncertainty, of manage through benefit. this period
We will survive this pandemic.
solution potash solar mining, mining season. our our and annual very same the now exit and maintenance particularly room require does pillar we of of the harvest as as not First, staffing traditional level nature
solar the for mines of fixed next an Our to cash solution early operate oilfield minimal in lowers to overall been requires headcount our naturally transitioned Likewise, mines the business these to several cost months. the season it important the has April, which summer aspect cost solutions and evaporation operate.
demand oilfield by on quickly rematerializes. to once sudden uniquely demand recover result, positioned a the As is pandemic brought and solutions weather this change in
ready and We have workforce ensure intact, taken to recovery. remains steps our for trained this
program or appropriately focus we other the standards we across on potash our and invested temporarily reductions most such on companies, assets, flexibility in have also without capital Trio have we cost production. the that safety Like Second, sacrificing to back our organization. to pull continue
to the and over our commitment as of health this from our well of overall banks, lastly, as X.X balance very transitioning debt-to-EBITDA credit lowering such driving nature leverage Montreal, large which last a the at several profile, of sheet years, our the greater end insurance lenders Bank as under our availability leaves which facility. companies quarter, with to appropriate ratio of relatively left us healthy And
established stable other the cash micro-cap companies and small puts than we us preservation to looking position efforts, through pandemic. This, through in many have with position combined manage cash recent this a more
part. their lending disease of basis as on monitor I reliability take continues minute want and Bank a COVID-XX therapeutics. closely a for trials guidance of to thank testing, to Intrepid to daily strength progression, a Montreal and
While and United will impossible eradicate looks pandemic seeing seen the emerge world by before. from we to have support or goodwill the and of world when recover, global economy impacts how the forward than world COVID-XX. stronger together, this we it States the to to as we the encouraged is predict Working are look the
results. our to Turning
robust XX-Q, issues. First, more be listeners detailed section which today, will especially and the of later we complete more provide understanding for the to M&A issued read our encourage many please Intrepid's discussion, a in to
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each good our and Further, capitalized we in generation of across double-digit we regions. presented market strong quarter weather sales the year-over-year opportunities delivered as cash first growth key upon by
retire and execution were sales repay while water in up $X.X our During position a A Trio notes and drove respectively, million. which XX%, quarter, better-than-expected Series cash record drove in strong turn, the us potash This, XX% volumes, and April. to generation,
had after paydown, total $XX senior credit Immediately of $XX $XX our split of million a between hand, notes borrowing million, million and borrowing in our facility. this on capacity evenly cash and we
a All result, stronger downturn. have a us acceptable we now As required we runway current as liquidity the balance that position solid repayment long economic next XXXX. navigate sheet, in put our until a in and debt factors
$X.X our growth and During were higher quarter margin volumes quarter, demand double-digit resulting from strong acquisition solutions sales Water delivered activity new budgets. to record water as business the sell of owing Intrepid XXXX completion the and first under expansion increased in significantly oilfield to of revenue our million, a South.
our water diversified allowing streams strong dollars is to, testament from moves improve transport and sales line. not the more to the value the to This also to we've strategic a expand our only increased fall infrastructure, but revenue water made our of the water performance rights, bottom
ranch In oversold fact, we water our and in water South margins, good had operated XXXX total increases book solid was budgets. demand significant at under producers February their as
and and of water Let's progress reflected. February, February made as not growth diversification, in incredible Intrepid book forget our its in execution that January
and at select pipeline resources We Intrepid end also the diversifying serve JERA water to pandemic, commodity postponement on of water the significant delivered decrease Intrepid expect completions demand. destruction, water has progress customers in North resulted of result through oil as and demand utilizing South then, price South the made Intrepid in the by of Since COVID-XX the a we in Ranch. a
the are on to South ranch still schedules demand. completion maintain our decreased in discussions margins and are We working with operators regarding despite
oil solutions, oilfield Intrepid generational As to and of and These diversification Intrepid COVID-XX-related could opportunities. in believe faces the continues demand. be loss market timing time will looks the to growth provide into challenges not we challenging with future confidence take the by and a been that our affected this has uniquely positioned advantage its is better. of
over time has Rig drop on same completion dropped count Permian Basin during XX to XXX the rigs crisis, X, significantly dropped this XXX from having May the rigs expected XXXX, in are completions XXXX to XXX to frame. crews from as X, and of with January already entire
less said, but in currently and an wells, Delaware in steady uncompleted count to drilled as regions. the DUC the There Delaware gas rig Up expected both and is rigs That in than completion DUCs, oil to Basin. completions, X,XXX appear be counts balance. estimated are now, pronounced decline the relatively or be crews and Basin other to
barrel commodity margins. has book destruction resulted or per the of Intrepid's out Oil year, At completions. price in rescheduling the beginning the solid at sold was postponement water of
commodity prices which to degree to be in to projections, be affected negatively, volumes our seen. current volatility and will due forecast the remains At
these and they severe less gas in than painful, demand much Although are are in oil other reductions basins.
We believe coupled high the oil New and the Southeast in and oil cost-efficient of Indeed, some oil prospective of are shield for Intrepid that and will of operators producers. the of completions testament is still a and effects Delaware of gas with The more highly from turndown. gas basin scheduled. it Basin basin, resiliency the quality the gas Mexico that the the quality to some is drastic
the BLM Dinwiddie one of Dinwiddie A Mexico, land, the gross of some fee property look of of Southeast included and purchased Now Ranch Intrepid year which that both New acres XX,XXX XX,XXX those we're since associated rights. and in year acquisition were at let's state of the were out acres results. Ranch, ago, the which XX,XXX and
purchased a Intrepid which South XX% border been re-titled a interest Track, since Ross XXX in has same in time, undivided just the is Ranch. $XX to the ranch The $X.X equivalent acres purchased the across the reduction or million million, purchase Intrepid Around which for net purchase per acre. Ranch adjusted later for $XX.X million price Intrepid a price, Texas. $X,XXX Dinwiddie was
immediate and also the of with industry. feet rights valuable deposits of of which and in permitted. rights additional Ranch oil gas being X,XXX other There caliche process revenue-generating were items, the in of all are are water to acre the Included essential sand, significant significant commercial
we also XX% operations Mexico, Intrepid Track large which be NGL ranches the that Intrepid accretive water A is believe for to be the New purchased million, undivided case. proven partner. our decidedly ago, rights Ross acquisition $X would highly interest to has the year legacy of in and and in the an Southeast
past the but Mexico significant legal Intrepid fees, nonrecurring moved ranches transaction quickly year, into represented has expenses its integration, skewed new the integrate Over year and one That and with coupled to profitability. onetime operations.
and revenue $XX.X the from an purchase in additional the adjustment. other ranch During $X.X the in income XX first approximately generated cash million as has price well as million months,
legal operations million $X nearly hiring over without other such labor operations ranches. These year was the $XX over its Net legacy existing just force able Mexico, synergies with of redeploy labor million. and Intrepid from as shared past costs wells, income from to the expenses, Because nonrecurring fertilizer first months. the totaled additional the employees to operation costs in been Southeast additional New of for permit has XX
first of of the we for made quarter, $X.X of In - we the retaining operators specific rights. the million, ranch's XX,XXX the equivalent the of rights first and acreage March water economic our emphasis $XX,XXX our with highly a a of to quarter, of restricted made fee highly sale reserving access in while many to XXX the acre, per on X acres
In revenue. stations on and water has source pits, that revenue-generating ready and in Ranch, stand roads, paid now the of stations, South and invested year, to water disposal projects completed construction generate facilities Intrepid water trucking pipelines, last trucking the which Intrepid are for include brine
storage, gas and oil sodium Myriad also sulfide magnesium recently in sales of and job. treat acid mineral water expansion produced well other our hydrogen first and midstream gas sand, oilfields. and operator sales including of chloride an potassium present, to core processing injection and participated the Basin system chloride have recycling and opportunities Delaware with blending We chloride, an partnered through caliche gathering, Intrepid treating, are into
Devon, Oryx investment in EOG, quality ranches with have Matador, and Intrepid's and Marathon, book of Caprock, support significant a operators, KAZA, subsequent the Ameredev, including others. initial and business built producer midstream investments high Concho, Apache,
provide well have area long-term NGL under mutual experienced our of operators this pipeline business XX-year has water with to the water on to side produced AMI, brought produced interest operator on installed first-produced the and gas and to of drilled Our Intrepid oil disposal Track we the manage Ross related water Through the contracts. an South.
ever. Our costs strong been foundation Significant Intrepid South business for And legal today, perform. of a even have has in and original the Ranch more made. the appropriate the Onetime is permitting case ranch to ranch and spent. valid than have purchase investments been the more
premier quality to is Despite significant fee-based grow. providing acquisition revenue producers partners pandemic, provided the high-margin from from there more services The is COVID-XX strong room recent operators. and to with the has delivered sets uncertainty This States. acquisition in player its successful oil the be gas United to the in midstream major on and gas and a oil in intrepid promise and up basin
Intrepid newspapers business Northern depending or with return unique that upon and the also and oilfield follow, heads of defines the which different all growth you you analysts is diversification see that you believe continues will signs encouraging talking to solutions the read listen its Delaware the It Basin is opportunities, to, first activity. the
have Recently, utilize we reduce employee operators midstream highly during essential this and been on to it to downturn, to capabilities resource significantly, looking expand based existing to producers system. contacted required trained equipment intrepid Producers have services. contacted commodity services by our base, and provide fee a its overhead
Intrepid with teams provide to the providers these asset and with debt required to distressed fee-based management and opportunities continues and work screen to support operators these bases. oil equity that services
forward-looking, downturn Intrepid. and and such are believe the opportunities to that companies present We as market this current well-managed transformative generational unique in
volumes For We application year application estimate first to prior the quarter in our likely to we earlier strong two weather which year. this delivered season. to the past, weeks spring three this shifted the quarter compared as than nutrients mild in spring's into first businesses, sales weeks be accelerated
driven pricing the weather. the particularly looking For the the lower from as program, good XXXX. potash, by the at of winter start the our to fill good high had our competitors take of in through levels worked inventory of We and to advantage customers agricultural margins reception lower prices pressured were quarter, industry
but programs quarter expect as that hold and acceptance the pandemic average This certain pricing regions, to disruption as industrial term. fill likely lower winter customers, We higher pricing well first in saw the pricing due we in market to early pressured after margins. the for will of near sales levels
sales through the We to continue to see slightly the solid be agricultural of pressured year. industrial balance demand expect and
the during Similar pandemic-related we Trio, solid expect For first quarter. to quarter. potash, to domestically likely and for we constrain is saw second demand, the both uncertainty abroad pricing
also volumes Internationally, higher from markets, while grew domestic we agricultural weather. to sales was Trio on in higher-margin resulting the first demand subscription warm XX% by quarter, focusing due robust the
result of competition down sales wet of a constrained magnesium were product our By in and facility in Wendover as XXXX increased a for quarter the chloride salt. after supply
and believe to way legacy on paves resolving prosperity. has and old are way to strategic we an executed well have valuable drained well which our much taken we time litigation, and the financial management Overall, up which ending growth future resources,
time, put diversify we the a much enter we've our uncertainty. be of position, put we considerable well revenue strong streams and this strengthen stronger with our period our strategic in balance essential intrepid executed We us solution and as producers. combined in These continue of provide sheet, position to made food a right COVID-XX part results, at to the as to moves to services
in take and from worked Looking clear opportunities fertilizer have that forward to the exceptional momentum outstanding and path the oil balance to resolve we markets. detracted have of long and issues our growth work XXXX, to gas of to the the advantage
presented opportunities in of face, on focused highly the potential is realistically the this tragic nature spite of the and pandemic. by Intrepid optimistic we challenges
turn to review the Matt a over of the call results. financial now I’ll for And
