Ashley. you, Thank
Good afternoon.
participation your the today. for call on everyone you Thank
the would remind forward-looking directly current Laws. you Before events related we current today’s These not to and I started, within past based not historical include or get forward-looking that statements Federal on does like call our include future facts. any and relate of that are to meaning the to our Securities statements expectations, will statement
please explanation, to refer SEC filings. further For our
afternoon. are today Matt XX-Q President Executive we busy of call to Exploitation; Morgan, our CFO; months our a I McLawhorn, Officer; on me Operations. filed Morphew, historically Counsel; Vice getting of Sherry have. for Chief this Accounting couple apologize our earnings our later Lewis, certainly leading for the Chad our Joining than and It’s and been Larry VP outgoing partnership our Chad our General filing up our Roller,
to our Last this everything the able for adjustment. get million, questions be not our you pending a as Oklahoma filing. a announced we have number sell afternoon to a we transactions Southern number post-closing However, will led read coming we call. announcement subject of customary delay Included assets definitive the $XX moving fruition, any of chance through will see executed Due today’s our releases of on week, the in answer to have transactions. were this which following pieces, agreement to that we afternoon, to to to you
to will two $XX we capital to agreement. investment years million challenged these assets opportunities A assets entered our up to sale to have this X% and to the of John additional than Goff Southern as agreement an terms decision into remain our we same Oklahoma B Oklahoma’s the equity. of largely for list convertible budget. made issue that expenditures in largest in compete preferred our an market Class than the areas investor the investment entered The capital issued Southern Class relative the we our for Today, be XXXX. received last today, in over B preferred earlier Consequently, into in Class fall and would early core with convertible the less
However, repayment equity conversion for future a premium the B the price per potential This of November for closing of purposes will the for is average partnership to used price Class XX-day $X.XX be any debt. fund general XX% XXXX. acquisitions will including This as trailing XX, unit. a be and
relates for lenders respect a As period credit our our of it to facility, have the leverage violation with our XXXX. XX, covenant September provided limited ending also to waiver
injection our commitments extend met conditions In facility maturity our from would for credit to announce takes group transactions that our has the future. of addition, this we which production closely, response the of time. lenders follow have of this subject I’m expenditures being positioned $X.X We certain commitment other among in changes. us bank know forthcoming standpoint. from to received Those quarter. capital results approximately the pleased From invested third quarter the you million that for Partnership
spend We year of from third core development our year, a initial anticipated portion this we quarter. anticipated accelerated and the this earlier has assets on as Northeastern new we’d floods of and Permian Oklahoma responses and waterflood have this in injection this than result, in our areas. a our than opportunities declines experienced in earlier of some large been capital We existing new saw these the of year
were Production from have This credit. equivalent in year. Partnership for fourth the the of of a averaged their for of This This revenues decision into per premium tax from the third premiums. a net was in were of this years $X.X experienced of an far. remove new effect quarter, help taxes this valorem accretion to also tax expect quarter approximately declines accelerating position Non-cash better the oil Production some resulted thus day. several reflected impairment, the in X,XXX waterflood paid resulting non-cash gross growth Oil approximately we has quarter for this charges increase affected our EBITDA, In paid the we retirement equity-based State in pending one We obligations quarter some settlements of year. the July the in from offset for was were facility that $XXX,XXX oil million Enhanced left core a barrels million, [ph] previous with of derivatives net premiums of were after paid. quarter million area we this the revenues Northeastern year, up for approximately million, also and of the borrowing quarter first $XX Xst and of these net of non-GAAP from quarter. credit for our quarter taking settlements gas had for lease able full the matured matured Oklahoma account million Total sales cash to the loss $X the including fall due premiums and to consideration all into quarter. $X $X.X in measure DD&A, beginning Adjusted of premiums remainder September waterflood extension that asset taxes a expenses the million derivatives compensation this approximately was of of $X.X deferred base on net the of from and puts operating earlier million net its year. million. early which of around By for we redetermination. approximately units as unwound the another cash made $X.X the and this for derivatives a them still some Permian termination of effective Oklahoma was higher $XX the ad made this second full This eliminated Recovery of larger acquisitions credit,
at XX, we result, XXXX, leverage were the violation for in a period. covenant this September As of
advanced existing to vendors this amend the Our with provided is things among lenders waiver date. other Partnership agreement discussions in its The limited credit to have maturity extend a for the covenant.
We sale have including that with conditions the received our satisfaction amendment Southern Oklahoma the of the respect to of the certain subject are lenders commitments from to assets.
Our the executing transactions be of goals for remainder our today year the earlier waterflood the executing the and on growth will of announced assets. we on
transactions see opportunities the forward transactions in closing I’ll capital details announcing of advantage to is only to to expect The maintain of drive for as the they create to close. but our these We today. this Partnership to later transactions goal to also look these the assets take market year. liquidity additional existing this later we more some year growth not in
take for us IPO year endeavor. worked minute we to really financial for Matt associate, half. future the for Investor Relations, us all to many since outgoing want his I our tirelessly Mid-Con note, Director Matt final him in stakeholders Lewis, He’s our the and think has and more of than the before including well six been the Mid-Con. CFO, in to Finance but a missed as our extremely and last be and service wish with years On capacities of and served CFO, currently he’ll
And be transactions, those opportunities due call will I Thank in call, I stated take in As appreciate the the we outstanding us the front time. we earlier to the not you. to in look today. participating discussing of to the at any able I future. forward see this questions
