attending Scott and today's everyone thank earnings you, you call. for Thank to
their fires for all I'd firefighters foremost, first California's across continued responders to and to efforts thank battle of First like our state. and
workover like us and uniquely reiterate of of that believe portfolio large capital with the superior at prices. creation inventory that we our significant even position value intensity I'd capital commodity projects continue lower CRC, low-decline maintenance to conventional down capital. production to recent we annually hold low to assets and to for efficiencies Turning internal With to levels. and our flat maintenance current be million continued $XXX organizational will of trend $XXX capital drilling, from million to and completion operational continue oil redesign, required between expect
the our CRC for safety Our of distinguish local operator record, sustained, geologic of as to tanker, California's combined Hormuz. in thirst insight for partners supply and reliable provides X a the traveling for basins, Arabia production XX% oil. of governments. that large distinct Saudi deep and to state majority over crude native import by Strait CRC's base continues a choice strong, that large with our from across refineries operate volatile of our We market their a and the has neighbors its environmental with crude
a averaging result, the have for much premium the we above realizations of achieved year. benchmark Brent As
supports To we a strong remain the value. reasonable on there, future strengthening sheet balance model growth focused business cash get base asset and predicated Our flow. enhance free on to will equity our
third market's petroleum sector, the of influence on XXXX, many a the we plus saw quarter market wide of events the In production and opinions perceptions range XXXX of balance. exploration external the
our quality success of means that CRC control, strong CRC, expertise to this At controllables. received our assets' in partners capital continuing is focused what environment. discipline show laser While controlling validation and remain from market and remains, uncertainty realizations continually on external the and within has operating we in
Through delivered results. consistent these CRC efforts, again
range, report pleased of progress guidance credit improving and anticipated. flow cash to as led to better at largely our we in came This results expected, sheet million production in or and margin costs quarter strengthening than our additional balance and in are with the and Third within our $XXX position. quarter, free
sheet. balance our to Turning
We're deck we've the committed $X.X of the to our This lowest-for-longest predictable, value and the the was billion, again once face reaffirmed of our group in our spin. balance bank reserves. sheet. of Our strengthening price diverse confirming borrowing base seen simplifying underlying since
As we and approach disciplined manner. to continue in take an all-of-the-above we steps reduce a debt, thoughtful follow our to next
paths are matures We achieve balance XXXX. multiple the first discussing of in set actively our recognizing to sheet significant debt objectives,
We're to minerals of a prospective partners and in diverse properties, producing assets, participate infrastructure. including variety among and developing finding interest exploration, our
we seek maximize the of sales and As our value asset proceeds the and from we sheet. our pursue monetizations key these opportunities, objective optimize meet of use strengthening to to balance
and added by The valuation Hills barrel May, We've year. XX% we field our completed will continued oil. demonstrate through the through investment this the Lost at new In interest share value flowing retained opened operator, we in transaction in interest. of our to a divested the $XX,XXX revenues steamflood door several in to that a of transactions more capital operation fundamentals per working our
August, $XX strike with price. most announced with terms development our Colony major joint In venture, known a venture including formerly as joint favorable date, Alpine, our we third warrants to our at
water carbon of and reduction align proud integration, are sustainability sequestration recycling, We for record our emission our progress environmental capture goals. XXXX methane safety goals and towards with that state renewables our and and
home U.S. I'd with operations awards like Most by to the quarter to XXXX. long-term are sure Electric milestones National and Safety The the CRC by continued from importantly, in each to plans. Hills surpassed methane Department displaying quarter the third our front-end Elk XX% Research Energy plant We our make central power received emissions a goal study capture our methane our the technology. CRC Council, design that awarded XXXX between retrofit engineering few a our workers highlight safely for diligence development XXX-megawatt our grant to in XX XXXX of carbon day. Power and cutting from return Institute safety
and one to be our This asset the plant barrels add well gas acquire capturing at lower formations across into equivalent just potential of and, to COX portfolio. of reduce will enhanced the opportunities sequestration for significantly oil million the Hills. need plant, produced by resources, is deep which team to available We allowances recovery greenhouse of injected oil oil COX expects has turn, believe to Elk large our EOR over XXX capture and for many gas Our in cost. us the
our projects voluntary Last be the the the U.S. we score our in scoring XXXX second-highest We among anticipate formerly in targets to the months. independents, provided year, Project. to more CDP's as recent details Disclosure we and received known Carbon released the about and report sustainability coming CDP,
production the September. mainly to California's focus bills handful of and XXXX ended gas effect the lands. our signed under bills our these on tighten legislative project and governing state don't and to on expect state particularly given infrastructure the or year state's inventory, sector. leading agreements duties bills comprehensive Only oil leasing CRC's We that regulators, standards state our bonds, in oil of passed the cost integrated indemnity operations reevaluate a have gas require significant a were These abandonment our lands. and and and regulators expand of on
supply California's serve renewable but affordability, believe who'll reliability Several media production, electrical outages both bills advance. international grow of the attention grid. in balanced few of native similar in XXXX would oil supply as gas local and to Events year. order energy, pursue past events from as resilience. natural in the highlighted failed We state's the and to next it further opposition and need months garnered much widespread face to including oil community of California's living it they well and to susceptibility sources These energy a vocal and again reinforce groups over and gas and labor the turmoil cost have for
well As toward remain our we permit look inventory. we drilling XXXX, situated with
on from dependent fields single any continue to or of and mechanism are mix not production We benefit diverse balanced play type. from a drive
XX X% ownership of Additionally, federal of To XX% our comes a put state operation and to our from with production alone XX% Long our from in years City state held Beach L.A. lands. $X nearly over this variety context, from from Long County lands, Beach the economic types, and private in from Long lands CRC-owned on operations by Beach. provided production minerals of has owners, lands state, XX% the the billion on past approximately
our our constructive partners year's continue coalition California legislative we as prepare with for to dialogue session. next better We communities
we remains efficiencies. CRC on efforts In engineering cost focused reductions intensely of yielded and to sustained what our operations will significant improved terms control operational our teams believe has controllables. our of our Innovation and performance, be
As we count. a our steps annual that organizational refine cost by cash to million, context, review in have about believe head to spin. and debt continue reduce will employees recently design We sustain taken reduce have our reduction to we're $XX prior now and and for with to result, little our our this helping we assets us actions will To the margins the value of number put our over half operating creation.
see cost in expect of the We quarter. fourth the beginning to recent our reductions impact
to continue and margins value within is while as cash on the XXXX Our strengthen sheet we investment cash investment program of focused our flow. capital at living our maximizing balance enhancing
and allocation expect which the our end, drilling in we the than capital $XX we capital to market investments to expected disciplined capital. most and continue We metrics conditions cash invest reduced quickly adjust we internal VCI CRC process total completion to to flow. rigs of of expected X to be to currently internally-funded with ensure apply To our workover that quarter, less and have is million to value, align that an our about on fourth our relying X/X create
to expect joint ventures. behalf of rigs our also on operate We X
year date with volumes have our and in our production investments exit noted the BOE As expectations line close to XX,XXX venture to should slides, day. per joint delivered in gross
billion balance debt is under from principal base our which shareholders. our while level continue trading flow, to $X.X to interest I'm in our for us year. debt very reduce our that value compelling we over we expense. a since opportunity lowest of spin, at resource post-spin remaining and operating Our positive near the for with cash peak is a for associated to free levels billion, reduced level investing pleased With will repurchases debt its flow provide $X cash drive our
a in X debt. our We in current within pricing our of opportunity excess of fundamental and market fundamentals risk-free dislocation based commodity investment see the -- the solid debt publicly-traded with on VCI a
with assets. deeply of discounted within flow mindset, We in market will the debt, approach open living same balancing cash our XXXX investment purchases with and our
continue will portfolio utilize joint our venture to spending, our de-risk production our flex to We bring forward. capital and
We our earnings in call. plan will next capital summarize our XXXX
our stated deleveraging. to advance enhance As to plan sheet of we calls, and balance in prior XX% discretionary flow cash we to XX% the utilize have
million XXXX, three we $XXX flow in year Through totaling posted quarters $XXX of of repurchased cash prior period. cash. of $XXX of for the lien first second an over X the face value increase during EBITDAX notes the first X% solid quarters with million We in XXXX, million,
record I our of XX% should current of We market also a delivered for free $XXX after is also year-to-date cash over internally-funded cap. this flow million CRC. capital, note
we Year-to-date, higher have crude over which realizations have of oil XXX% benefited from averaged Brent.
Brent-based pricing the price attractive receive market. California we the as waterborne know, crude you As sets for
of of is for realizations Looking and CRC's interest global XXXX, to strong of compared expect to worldwide similar the California ahead IMO relative crude. crude is steady, imported impact Of to CRC's grade competitive portfolio CRC's production we content to price California. Demand to sulfur well alternatives. is California, average positioned against crude in that of remain
As and production demand our in-state same thoughtfully opportunistically California remains refinery runs oil for time, crude high the decline, cycle. remains flow sources in this other underpin our putting the crude place our to cash we At hedges are through stable.
to quarter performance, I on the turn will call details more over our third now For Mark.
