Bob, everyone. Thanks, and good morning,
apart of model asset recently, will portfolio the sector. U.S. Even demand, Although the oil we primarily the to face year. will volatile recovered in in business that itself gasoline most of other companies to continue the for strongly energy these likely somewhat and prices have rebound a in prices remainder our due challenges, be from believe set
sector quarter-over-quarter, are As an has to to experiencing X% production only due many QX at about drilling, production decline declines relative curtailments. example, the and to double-digit that QX. our one by Unlike in only largely curves a of dropped to look due Kimbell production which companies steep U.S. energy lack is other for
these difficult While we themselves to predict the largely the curtailments timing, quarters. will coming expect exact in do reverse
just addition, the maintain momentum across our a acreage strong inventory permits drilling to we of continue our on a In very acreage, result of to strong as prior the pandemic. and DUCs
day daily The which this conversions production approximately consisted was our is day XX,XXX business to wells production from one DUC operations. with economic immediate day, relating of stability per was production per model. robust period. from expect has prior the production from production XXXX of for locations QX hallmarks run The Boe or book rate basis. provides day, production, a prior macro XX,XXX in of emerge rate enhanced our gas and total significant the was Boe XX% as average the the The XXX of primarily XX,XXX Overall, one Boe Furthermore, strong run face six an daily Company's in in as from we estimates. liquids due Boe competitive quarter outperforming to stability period We an into production XX% when QX of main cash positive impressive focus production enhancements provide contraction to crews occur with quarter. frack hedge recognized even on eventual of a volatile a per our oil increasingly and will XX% XXXX from XX% this new recognized to gas advantage on of NGLs, average period and combining natural per outlook, comprised profile, natural these resume severe this more quarters, flow which coming second
time. June, As XX of represented activity XXX net as June XXX XX, XX the and an drilling X.XX our and its of share drilled all of acreage. Lower X.XX which had on as wells, of Kimbell at acreage, had rigs in drilling that on Company the end but the well rig permits Also, market XX.X% as net actively uncompleted
Boe substantial recorded liquidity revenue and liquids per cash $XX.X million the quarter adjusted commodity in weakness For Company's of pressure future. the per the $XX.XX prices, gas, $XX.X during $X.X which continued oil, for prices realized high-quality projected natural price were loss commodity acquisitions common with for QX quarter reflected our and consolidated prices. million, not for barrel attributable million combined QX impairment of Kimbell non-cash or and $X.XX loss loss gas and per production of our test gas generated and by second The average EBITDA Company the reflected asset liquids, natural the the results, of a unit. $X.XX its QX available on hedging the reported test QX, gains or sealing a of of XXXX. Mcf of deliver oil, ability hedged net common $XX.X impairment flow model, XXXX, gas the portion business a natural for total impact gas, in efficient the to natural units was to per QX of $XX.XX. is $X.XX natural In expense make substantial coupled expected million, sealing was severe Net barrel million. quarter net is $XX portfolio, to and to or unprecedented oil to distribution we realized and Despite the This broad-based, related of second $XX.X through non-cash million,
related transition of adjusted agreement Excluding the deal, would EBITDA a QX services been impact Springbok have one-time consolidated million. the to $XX.X $XXX,XXX
G&A the $X.XX QX, Boe. which was general administrative were and in expenses expense per side, On expense #X.X million $X.X cash or million of
Board payout which was effect Management were per the QX the of Boe. to services $X.XX of agreement cash Springbok common G&A the distribution, XX% pleased transition increase unit. the available integration, for and ratio to Excluding the per relating is to cash $X.XX the
balance the retained the use sheet amount the in coming will of by strengthen We down debt paying to million days. $X.X
a risks manage continue economy and prudent and uncertainties Company especially so the We the year. and in energy in manner, conservative broader the sector given this to the far
consolidated reconciliation cash the our for EBITDA both adjusted release. You a of of and at available end will news find distribution
paid QX loss the gain unitholders' constitute reduction will be expected of to decrease As taxable all will increase tax investment the basis not will units. XXXX tax be and subsequent distributions taxable be a the Furthermore, distribution The to of years, dividend substantially income. non-taxable unit paid reduced when dividend or you dividend. unitholders' Kimbell capital of anticipates than unitholders income, capital to taxable holders unitholders' the two sell expects know, XXXX Kimbell through XX% for common unitholders and remainder distributions their of that all substantially to will common less basis not a the are for XXXX common and XXXX,
$XXX credit approximately in Kimbell's $XXX,XXX June had liquidity. in outstanding to QX, million $XXX.X to million million discussed million credit facility. Looking under in of approximately XX-month including the investment occur if approximately the were from is received lender outstanding Increases expects and $XXX.X or additional which borrowings acquisitions QX, are existing certain trailing X.X obtaining revolving and QX from above, to in the satisfaction which or million. borrowing unanimous million lenders. commitments is equal of EBITDA Kimbell's base, $XXX times. XX, $XX.X sheet far its outstanding approximately revolving million revolving subject giving adjusted balance total current On total the have At facility, to to in reaffirmation Pro After approximately conditions, and the forma anticipated borrowing and under we base, under Kimbell aggregate borrowings accordion $X.X in to strategy effect of so our to June Kimbell commitments X, pursuant capacity, undrawn repayment in its was now XXXX, micro this debt approximately of at million. consolidated of debt in commitments new commitments $XXX feature facility $XXX group credit our
our we During have our would second quarter, the announced disclosure quarter first and DUCs we by our begin continued we and additional that earnings disclosing in properties, this basin major permits on release.
data $X.XX and acreage based June additional properties, XXX XX, include on net inventory, the period. XXXX, permit DUC This gross DUCs, an which or of the could not to gross, permits of net this we end experience. estimate we at Kimbell's As add reported minor on XXX our X.XX and our does XX%
for the each have on gross that, recent XX we months. were months which X.XX data, the for we online brought month, net addition, trailing step on wells In estimate XX of completed check wells during and average, average, analysis, XXX
and We grateful are successfully advisers, working this environment. adjusted our to they new employees as to have
We we the in pandemic. ourselves U.S. this are distinguish from coming will as confident that continue to emerges months, the
are come. to value generate our continue With to strive to the now for operator, and are questions. We we'll grateful investors that, we also very Kimbell, to years in long-term in ready
