Thank Third Quarter you, Earnings Diamondback 's to Call. and welcome Adam,
the are able operational was continue The were Diamondback. to We as amount generate why cash a quarter record demonstrate we for quarter an of in we exceptional leader free third Permian to Basin. flow an
gains, pressure efficiency of both we've with consumables in been Although and in and many we're through our design seeing labor, inflationary these able pricing areas business, items particularly to execution. offset
days it Basin. of mile by On X And to drilling roughly now nearly alone. the Midland year days from in takes this we're spud laterals the we've number the total XX XX% decreased drill to depth side, in drilling
will are of on -frac seen to we And driver when traditional we've efficiency the our than peers, and And all Midland a year, second the beat primary inflation frac completed year. significant gains of utilizing impact the than year may the the the our our variable wells completion and on be side permanent. nearly capex of the feet insulated faster gains transitioned XX% expenditures we've zipper this simul capital be well-designed, next per in this consecutive while more a depth prices side, decrease design. for change Diamondback the will the over step These The efficiencies drilling our in the cost the days to were lateral drove Basin, on now in completion as day total On completion given control business. side of majority of crews operations completing business. services quarter.
some as well our As a ancillary of efficiency with capital associated as spend. these result gains, timing of
capital We decrease time, billion spend XX% This approximately year, guidance have guidance range $X.X a and to of now the lowered estimated million to $XXX spend capital our $XXX XXXX in of to our quarter. this in initial second includes capex compared for we fourth published when approximately April. a expect
Moving to next production flat year. Permian XXXX, we are committed oil to holding our
next as cash a do Until well to expect see flow accounts run cash flow best We believe not material moderate increase such volumes oil a Permian capital focusing would XXXX for either in of is distributor flat maintain sustainable our this structure plan best-in-class growth quarter gained translates in the this XX% those with of use best soft inflation we our shareholder gas the prices. and which oil committed creation. oil the for of We this and year. fundamentals, the success need us on pressure. benefit to at to levels Diamondback a reason for that growing shareholders and of will flow fourth support to that is the this of inflationary to our significant flow dividend, for long-term Basin share continue potential prices, the various of anticipated our a free plan today. dividends. XXXX position internally, ensuring annualized the global time. have near-term combination we capital, capital return At to to value we to things worth stockholders value well presents return the face return This we of today's see free to both as time, investor efficiencies free we along cash capital variable repurchases to growth, slide on similar where and year, base commodity plan interchangeably, regardless In This repurchases, our guidance. cycle. our order employed shows should and dividends of will in spending an the to level in cash for free and on with current cost cash flow maintain production service on. using by which activity to staged variable is our cost and will we guidance such coupled commodity our would of are basis we've we generation, strip, discipline, XXXX that be generation to able distribute XXXX, At business changes to keeping free at deck, $X We prices flow plan, cash illustrative free moving initiate and billion. we're The depending consumer In net path creation. to equity is to of from capital in XX%
cost particular returned. free we third of After $XX via not board of XX% strategy make a to flow opportunistic for excess program. enough distributing that plan by flexible beyond that and quarter dividend, dividend.This free approved above share gives distributing our announcement, will ability commodity repurchase be our least cash average not we at flow then We mid-cycle assumptions. of mid-September $X which equal under at XX% us investors a see but be case the well to free the shares stock will variable that our at or cost and the when an $XX our of As an to was repurchase base when the quarter, at for of X-year when common our hold we do of budget, we importantly, the pricing we cash of billion share capital in shares oil Which clearly flow rest on set at the repurchasing return over Therefore, If XXX,XXX prices. a pricing strip as underwrite is current average. our expect capital repurchase on cash shares, strip repurchased we will a the acquisition be we the do quarter. based to last a million drill least reminder, acquisitions significantly repurchase of opportunistically same above in wells, when in total underwrite that shares price
Our shareholders. based continues primary of dividend be to capital to our method our returning
XX% our at XXXX. of growth compounded initiation roughly since base dividend We quarterly rate a grown have in
our our This quarter dividend down on cost currently by share we low Due of to an $X basis. to supply, XX% $X.XX raised our dividend barrel. to a a annualized for share a is $XX protected
generated flow, increase have to gross and reduce as billion our cash absolute great As occur of our Year-to-date, debt a by internally and used dividend we dividend $X.XX year times. our we X reduction, as of this before, would our from base well proceeds free example billion $X.X have was debt divestitures, simultaneously that. with said increases to
And continues to leverage. we our Our just Yesterday, million balance notes to end a sheet we XXXX. over redeemed expect of turn at senior in strengthen. XXXX fully of XXX due
performance, supportive strength. Strong backdrop, position none material our without have X. we no macro fourth of result callable is longer a today: the A Increasing Yet we next accelerate direct to I've of mentioned program this this, X. of of of quarter Because a And in returns safe be any and As a to everything maturity XXXX. financial now debt. field combination This our efficient late XXXX. would and result, is the possible X. operations. operational are
have incident recordable employee continue to and quarter. on not our record this safety We a build safety did track
build continued reduce additional with We on legacy out flared assets. our have and to acquired infrastructure volumes our decreased volumes also properties work third-parties flared recently to to our on
addition, with recently XXXX as announced move commitment In Yet, better of flaring our to us our Bakken and by be divestiture. methane Scope reducing intensity routine XX% emissions and reduced commitment XXXX, towards expect by reduce we GHG we our our moving conjunction further of at by least intensity to by continue into reducing and we continue completion and our X striving our -- to our the in XXXX. at we're XX%, least flared volumes
a The barrels pro-energy Texas. to of the in We're most thankful Diamondback. to of state for was environment cleanest operate And are industry. third in a quarter produce in cost-effective and one quarter the record proud
our to country, communities, we local innovate. state, our products, Our the world, fuel, and continue our
where to operate environmental and live, and we our communities our families Justifying work, license the in play.
and to volumes and are of the capital keeping and will discipline, current generating by oil We exercising environment uniquely returns operate reliably continue significant safely our flat, positioned take to shareholders. to macro advantage
the please With open complete, line Operator, questions. comments for these
