QX Thank oil review response current price you, financial I'll environment. of aspects the some first summarize Sean. our then the to our I'll financial and results, of
QX. approximately day, the reduction XX,XXX relatively during flat QX, of totaled prior also XX% quarter. prior processor Turning the that equivalent contributed Net Average earnings to up an to NGL a which primary for X% QX. for will financials presentation. and our Slide day, on oil strong decline decrease XX period, represents a gas natural production in over the oil year period barrels our the of all barrels in averaged approximately operated represents quarter which first the XX,XXX per year net from the X% production but per rejection note with volumes was which I was from ethane
timing during shut-ins. production. online was brought results $XXX which volumes of While of lower fewer product streams. to compared impacted during the completions the XX of Revenues wells were decrease was half price across realizations than that were as offset the well which Of X by the therefore, all completed had XX% were a primarily approximately a the XX% solid March to quarter, result approximately we nearly very and QX, impact QX, production and, commodity and wells had frac weaker in million, limited a totaled quarter, on
the barrel XX% QX. WTI of for Centennial's were the $XX.XX $XX.XX basis of hedges, to compared impact Excluding in or quarter realizations per
costs. unit to Turning
G&A some on barrel barrel, result of equipment LOE lower $XX.XX quarter. reserve momentum as our barrel was in from to reduction last positive from primarily for our from $X.XX X% a LOE by rentals, provide and ESP, previous decreased We costs due Cash shortly. chemical as per per well a expense. Matt water quarter. disposal per adds continued the per as to during the $X.XX X% details quarter. barrel will by down X% to workover decreased DD&A QX QX
Lastly, GP&T barrel production total fact X% per $X.XX Combined, the declined unit barrel. per almost equivalent expense by despite $X metrics XX%. were also that last decreased down quarter to cost versus these
to net gas million, and was down costs. properties. futures of gas QX end price $XXX $XXX primarily a curves lower Adjusted driven In QX, commodity oil approximately reduced The of GAAP lower stock loss we the offset for attributable million natural recorded million proved to due by both by and due our impairment $XXX to impairment A charge, related common a commodity totaled Class in to partially and operating million EBITDAX from at volumes, prices were oil QX. which $XXX noncash
Shifting to CapEx.
ran rigs the X to oil During reacting in majority a before the crude decline QX, quarter of prices. significant for we
QX. $X.X frac For number context, already with million we lowered program note by in that incurred termination approximately entered April, and March we rigs and I'll operating a our early to rig of X. fees crews dedicated crews X of X-rig had completion
the compared gross wells XX spud prior For and the XX XX and respectively, we quarter. gross completed quarter, XX during to wells,
in reductions, lower activity to million the and a activity of capital was continued level QX XX% cost of infrastructure QX. or result down and QX. $XX to lower D&C CapEx declined completion $XXX totaled QX million, well As almost to XX% compared approximately from which lower Facilities due
We expenditures fifth CapEx. also incurred approximately compared capital. $X land total reduction Overall, quarterly to the capital during first quarter our an million XX% approximately decline in $XXX in which incurred million Centennial consecutive marked of and in QX, million quarter-to-quarter $XXX represents
On liquidity position. Slide and our capital summarized we X, structure
Following quarter, At redetermination to $X.X base cash process, facility. lowered was had we of borrowings million of our million our our spring on of the hand $X $XXX million. from the credit end billion and on $XXX borrowing
for liquidity million. XX base, total borrowing of had of our Centennial As pro March forma $XXX updated and
was capitalization to was XX%. at to Lastly, Centennial's XX net net book debt March and LTM Xx, EBITDAX debt
lower to several items environment. response our There price to now wanted I commodity Turning the to address. key are
-- pointed have Slide no we out have and crews First, rigs the future foreseeable as completion and XX currently XX, drilling Slide is for or me, we've on activity operating. already excuse CapEx, suspended detailed on
high second half X, resumption in the may million, activity, of recall of during have we recently we mid-March suspended to You activity at Subsequently, for completion the improve. original $XXX prices guidance. and that budget annual and the our the of the we all end rig annual year, but which new to X assuming capital million allows count XXXX rig reduced of $XXX a reflects suspension near-term from our announced modest
plan X-rig guidance CapEx the the reduction year. initially a that to had XX% roughly is for guided new we original from Our
considering were incurred be to total an our our that year decline X/X anticipated approximately during Approximately D&C is XX% budget capital even However, of annual this capital QX. to capital. is more of related the expenditures revised dramatic for estimated
in that is of April. X first completed wells For the QX, it to important half note we
for all of the So while above. to we essentially have quarter, still we'll run outlined to related associated expect X activity rigs the second CapEx
in recurring any we land. capitalized quarter, a infrastructure mind minimal and still capital that keep completion of to will fixed drilling activity if related we have don't or even given during Also, amount a please incur workovers, or
$XX during million a complete quarter, For $XX million to CapEx example, to in should have we'd we most related or those not still wells total likely spud items. any
suspension production ongoing volatility can't Lastly, time. our we the previous unit and to both this and involuntary at potential and of those are oil costs given items for market uncertainty COVID-XX, guidance as estimate annual related curtailments, we the voluntary reasonably macro from maintaining future
In our $XX other to to combined reduction implement on by to cost initiatives, approximately million original or decision Moving basis. XX% an lowered to G&A total, annualized non-payroll significantly reduce reductions, a difficult making we expenses. with Centennial's by expect XXXX in $XX go-forward structure the cash force. budget We've million these
of approximately of G&A the XX% lower $X we timing costs estimate approximately cash to reduction be versus XXXX year will the million, full associated original $X million onetime budget our Given and guidance.
and scrutinize possible. organization, ensure will the We to offices we that the in field running efficiently costs corporate continue are as our to across in as both
QX, positions. of are the time. hedged in average hedge levels our in protect barrel. against QX QX Turning further price remainder in real to prices, and of year, we under average Slide play per hedges, in per and oil $XX unfortunately, which, price In the out Starting approximately principally provides to significant we weighted in March, of have just of total, hedging. QX, XX,XXX we primarily of summary barrels a day of a at for an oil XX implemented WTI seeing declines fixed
We will in for our the and oil hedge to be quarters. to have begun adding XXXX actively hedge XXXX volumes, and coming position QX QX
Turning credit to our facility.
base borrowing which provides liquidity. at redetermined our earlier, was As $XXX on with I ample touched the company million,
EBITDAX at announced a be eliminate we lien amended credit our debt appreciate environment, and quarter difficult through these year-end additional our begins was that to X.Xx covenant replaced Importantly, the leverage group. covenant first also of in debt and XXXX. with first X.XXx to support steps flexibility facility changes leverage XXXX. provide believe a We covenant to in the bank down will This that total we the of
of the of interest into announced could tender debt initiation the XX. senior be reduce not the holders this new total date at Q&A final unsecured annual have offer where number date market occurs who opportunity notes expense. expiration their senior We'll available call. Finally, unsecured tender their today's accordingly of outstanding the the but May p.m. materially lower the will the on amount X:XX notes, is debt notes. while exchange April secured the when XX, update of any are The addressing results and transaction bondholders Depending existing on senior the exchange Time, to early on during Eastern of we portion exchange questions exchange today existing a
company's XXXX. led Before I him I'd Geosciences was month our to Matt since like the instrumental entry Chief to off initial and Matt to management Garrison, to early was He growth Delaware. Department the it our Operating and northern into welcome has promoted executive efforts to team. last the pass Officer
over to for their Matt Before on turn focusing in X position. with congratulate in primarily I'll Matt call Matt and that, exploration EOG well-deserved office, the years, Delaware like the And operations. on Sean new at development Basin. and his review to would worked Centennial, to Midland I
