Thank you, Sylvia, and good morning, everyone.
participation call your for you on today. the Thank
meaning like you statements relate or These that we within to get expectations call forward-looking directly remind include I'd started, the events on past facts. forward-looking historical Before statements today's are securities our not to will current any and statement not to the does based our of federal future current law. related and include that
refer For our to further filings. please explanations, SEC
call the Sherry Accounting Chad Chad on Joining and Randy Chairman; our Philip McLawhorn, Logsdon, are Counsel; Divestiture; me our Executive Ryan Houchin, Acquisition CFO. today Morgan, Olmstead, General VP COO; our Officer; of Roller, and our Chief our our
quarter XX, Last ending night, posted for June earnings we XXXX. our release and the XX-Q
along call. to posted also presentation a We with this go
optimization going end our turned Since call you'd we and of now Presentations. opportunities we're to XXXX, in follow of to and and the advantage can transformed find our value through oil please Relations how Prior the substantial we want presentation to I assets. the created and prices of the of growth waterflood Events significant to to Southern taking you have we partnership development downturn how go take have our X/X through in over the like XXXX, approximately positioned If assets. since XXXX forward. to Investor this a under Hugoton waterflood minute new Oklahoma by the look & at at website, www.midconenergypartners.com, along, start
the into ultimately provided transformed assets help options opportunities primary new also flow Shelf assets create we owned with capital asset able redeploy when support development. All cash Eastern these value the them, our XXXX we development as -- both XXXX, decline waterflood we through to low XXXX balance again and From portfolio. through operational excellence, growth sheet and and and to provided they in were divestment
that of side and now growth Slide core decline right Oklahoma in the two of on see a can areas opportunities. concentrated assets are rate X, you As have with low we Wyoming, scalable and
greater of assets We also have strategy accretive core We've at substantially we making acquisitions a had premium accomplished debt as end match of XXXX. transformation operational immediately this less well through valuations. with well of the opportunistic of set that reserves skill as MCEP's divestitures than and
by will focused of XXXX. We remain We lifting production excel mature our and managing enhancements, through at has helped flow operational and by strengths. navigate This reductions in and cost $XXX have the histories downturn debt oil at the efficiencies. core optimizing on fields us with million prices beginning waterflooding cash complex and almost reduce
spend our flexibility in manage turning prices where by and wells costs. we on when provides requires We're that While significantly This to reducing flexibility CapEx and that now our less the production also sustainable X%. minimal on capital. to to decline production react is able a stream off transitioned flow. commodity This a maintain low to quickly manage cash our to debt, to or excess we base provides than changes
growth see of longer to Wyoming. future, not first a us will that scope and provide. value a capital in Wyoming independents For half assets could our from assets growth Oklahoma We the successful Texas XXXX. These near focused that in inherently our through transformation on very on XXXX This provide development. opportunities excess unconventional and be scale no in entered large led our has acquisitions opportunities
in late and recent a our our to leading quarter the was most weather, the bit quite previous able Wyoming quarter, some significantly the increase Northern operating Oklahoma experienced think production definitely highlight team compared in Oklahoma of acquired and field. to to in X% still rains weather. flooding winter newly we spite seemingly costs endless a assets. I we're season the heavy In historic the of lower experienced managed our
you a to in this miserable say June. the efficiencies, without in debt-to-EBITDA by efforts And of to production cost at big our field of did continue have covenant, banks, leverage down Because the of was weather the revolver. to our their able quarter. our want some onetime $XX costs debt availability costs, end X.XXx is have related X.XXx. our conditions I activity. the increases non-recurring this, and million from to in as team million resulted during to and $XX pretty have now thank would This we're the to the Oklahoma beginning for we quarter. reducing operating our both some $XX transaction as saw the of Wyoming And on we calculated year, those our and We closer million resulting G&A been at
growth a Tree approval our the final expect and waterflood started for during From in Wyoming standpoint, injection third quarter. in we've Pine field unit the
House development results, our scalable positive field a a this initial in Creek of initiated half also the program We year. with providing program in second recompletion
by Oklahoma our During drill studies, our as some quarter, these well. could to field. assuming And our Cleveland to expect end to first results year of in the the sand as we fields core from new similar positive fields wells development several appear the core we start and have of here a
most we of in the approximately largest injections to similar in means amount of This million oil the rivaled higher barrels producers Taking have sand recoveries Powder Mid-Con look vertical greater Shannon to north XXX,XXX field expect analogy primary, and oil field Wells average a field EURs these than is Draw-Heldt other of nearby approximately greater the fields owns to currently unit. barrels. Pine Hartzog Shannon When units. waterflooding. injection all produce produced cumulative compared rates working waterflood in the under interest River a potential suggests we've half ever has and only primary Tree. This sand This had undertaken, we the reservoirs, by over achieve could XX% had This nearby. closer XX prolific the Basin. the and in under the at are some same has response
than rates had for. this greater first month Our hoped injection we achieved was at initially past
This oil We half the are injection per the be that opportunity need in water currently the expect able here. the efficiently of future. and the at both existing the operating is rate significant and least achieve day ongoing costs to field injecting on expected to we to to XXX have potentially in spacing. to infill potential first flood This eliminates reducing Conventional now northern in to barrels near response increase is of that growth wells, XXXX. capital drill cost the approximately
was of operators acquisitions first in Wyoming this prices one our working field on late The oil early Previous in in XXXX. nearby Unit crashed House Creek 'XX. stopped Sussex when
and injection, XXXX. electrical north the have the the and We services in at to to wells the field, revitalized field end half was restoring it production production increased of of returning where back
half been production significantly first year, to to with where we've growth This -- been restimulations a the over well higher this of second field half we've of and wide of In testing the program is results we south in positive field, retesting the expect expand opportunity some the area with over sorry, acres see tests. this have the half in XXXX. XX,XXX
that of newly in increasing operating the legacy cash Finally, are Oklahoma were higher and area. flow assets. we've acquired field success our seen costs significantly our same at operating assets acquired These lowering than costs with
as the close technical XX% sold due that in what costs since how cash field assets months have million we right expertise first these And now Texas that the have we with fields our transaction. the drive This transaction we by to mature We do over almost flow producing operating three the example quarter, by debt team's same operations. lowered the a same fields in assets. and our part in amount we great first growth matching off is This taking less is to best. were $XX in is of we can and of
that, With Philip over our CFO, it turn Houchin. I'll to
