discuss Thank our liquidity the I'll guidance. results position hedge and structure, Sean. debt you, capital review financial QX exchange, then first and XXXX
decline QX in XX% from price lower barrels which XX down XX% and XX,XXX the reduction approximately Turning production. second period which quarter XX% the typically period to $XX of was X% QX. oil reduction declined on Slide represents higher the QX. volumes voluntary earnings oil and compared down which totaled prior Average Revenues per have less was approximately a financials for a primarily because completion production a oil oil from XX% contributions May yield and year a net and from production to wells, by year to the a new equivalent QX. the XX% decrease day, NGL XX,XXX equivalent our averaged cut, of day, the compared million, represents result over impacted production which activity significant the from volumes flush Production barrels fewer than totaled and of was we production during Total less of Net and we approximately as oil QX. in presentation. per curtailment QX in was realizations significant decrease flared prior
compared $XX.XX as XX% the month WTI, primarily Lower percentage oil of of of adjustment, roll the during realizations particularly or May. per realizations driven negative QX. CMA impact by a Excluding basis a QX hedges in Centennial's of barrel to $XX.XX were WTI
barrel to NGL to were Lastly, QX. XX% down prices $X.XX per $XX.XX in compared
will XX result continue electricity. a Matt of the equipment as by in expense, LOE decline lower to for associated XX% primarily LOE to good to Despite on attributable due by in barrel, to approximately Cash EBITDAX stock of rentals to per down workover increased in million. GAAP income totaled common Shifting a details with lower volumes, because our overall, $X.XX part to $X.XX $X ran workforce essentially barrel in was X% completed we GP&T recorded A our spot QX million, $X.XX per reduced And significant well relative shortly. look recent $X.XX FT monetization reduction drilling of decreased and reduction costs during costs. Adjusted cost. G&A barrel QX, $XXX for In QX, per per during volumes, continued production expectations. prior expense and net commodity wells, severance quarters. X% QX costs compared we April, prices rigs class production to by provide CapEx, to relative which we QX partially gross were when million quarter. in reduction. our did the $XX as zero Turning In $XX.XX unit not and to offset wells. barrel. approximately DD&A from prior completions to primarily decreased that was to from four further as operating lastly, adjusted any
a approximately million, CapEx of QX QX. D&C cost million to $XXX reductions, As and continued lower in compared was $XX result activity
approximately improve during significantly QX level quite initiatives describe $XX in lower overall needs. infrastructure market D&C as will million Facilities to compared to million efficiencies, service and per completion Matt and a as $X.X to declined shortly, well of due conditions. result capital well as our As fewer the cost activity totaled internal infrastructure QX
by total trades approximately land of executed a as during We recent Despite the incurred Overall, anticipate to incurred diminish and QX. million result we expenditures the $XXX,XXX also capital our swaps spend of team. second approximately Centennial maintaining our compared $XXX million in capital. quarter, land acreage $XX in position land
X. Slide to Turning
closed we summarize have X, At of of the were to The price. in and during of call, we the tranches, total we notes senior The exchange prevailing our the exchange million that lower capital had As our million, their into senior our borrowings we bonds $XXX a Slide XXXX reduction significant $XXX of transaction provided to the the a all to XX, period in new exchange and and was the we opportunity amounts which completed a very second into On markets. the $XXX lien debt their addressed of On in senior notes structure in notes credit XXXX exchange effect was of briefly on pleased position. bondholders for unsecured the last premium XXXX. on the than to notes facility. debt to of liquidity holders across market and unsecured quarter, interest we XXX objective exchange expense. our due and notes launched second X%, tendered the the net May senior exchange April, unsecured quarterly revolving million lien turbulent of both reduce end
due second items. amount with the on level payables in and During borrowings note capital spend high was anticipate anything of the lower The needs subsequent working of prices were near cash of production. QX second not deteriorating an quarters. to to borrowings we relative during quarter quarters. increased reflective facility, levels higher This for of changes, would capital remotely to incoming quarter. light lower Particularly of minimal capital from working previous capital our related significant line borrowed which was accounts occurred because including quarter because we that coupled reduction and do still level quarter, activity the of accrued the I commodity the primarily this million was expenditure $XXX the a unusually in
XX for expenditures anticipated cash which our that based on upon Slide current you position. and of script we capital based the hedge of can be funded levels upon the fact, the presentation, through reference spending operating year, expect half flow will In second
$XXX credit June million, based XX, and cash. of of $XX adjusted $X borrowings, million which blocker, of $XXX million outstanding of approximately liquidity base, million $X million is of $XXX letters Centennial availability million borrowing total upon had of outstanding the approximately for the As
position significant borrowing we level expect that future our forward, going we liquidity don't of will activity. Given anticipate quite remain sufficient for that
LTM concurrently lien Finally XX%. enhances our Centennial's forward. capitalization first lien cushion. debt The the EBITDAX times, to at remind is LTM amendment credit to in X.X of significantly our agreement leverage applicable you covenant covenant completed our the currently going net financial I'll X.XX EBITDAX that providing and which was first debt threshold to was which a was was net EBITDAX, exchange times debt times, debt June currently XX, plenty LTM flexibility of book maximum has debt leverage X.X with to to
hedging Turning Slide XX. on to
made hedges oil the hedges incur that in implement even As we into a $X QX time, more we QX deteriorating, hedging approximately of At rapidly entered we similar the also the quarter. million a third in loss result significant At March likely to systematic of hedges we during the decision as protect remained hedge during will have the further the QX. event we of severely risk established the a were initiated Subsequently, and incurred markets levels losses you'll more depressed time, flows, downside of company see more is time. order future. hedging which in to oil prudent against prolonged in a these that to for in future representative program protect cash what prices the period at a
With forward, we such year, average swaps barrels to for costs fourth corporate and price fixed interest of hedge with expenses, goal of our exploration day per portion philosophy entered WTI Going an recently the of a production also to potential in certain as this retaining plan upside in exposure in we this quarter G&A, while $XX.XX. price prices. covering mind, XX,XXX into of covering the
focus place have I'd add and volumes program on $XX.XX. now X,XXX updated to a covering for a we corporate on guidance touch future day our with cap in like anticipate XX QX, oil We on on floor collars of to per Slide to barrels XX. primary hedge continuing Additionally, XXXX XXXX. a costless for
late we recall, in result precipitous with prices the a in decline activity. in of oil you'll exception largely CapEx and have our of As the guidance as back reduction suspended concomitant March
full able and has stabilized now the are potential reissue some We guidance shut-ins given drastically for future year have reduced. to degree to been that prices
in five where of add prices one have we in lows, Mexico before and is plan likely the Currently, completion to moving expect the convinced oil to County remain. to operated New will rig from Mexico As in drilling in this we we have assuming New it ducks rig script fourth pricing, quarter. commence record late year Reeves recovered the
midpoint to barrels XX,XXX expect activity for production completion per the generate We day of year. the oil
total production of which that approximately note to periods. a also surprising expected is You'll oil percentage not be as as given from lack wells compared production the of is new prior to XX%, flush
to million total capital levels, these of million, $XX $XXX million midpoint year Given compared the our at we guidance. expenditures to estimate activity for previous reduction which planned $XXX a represents the
XXX Ultimately, of hedging the program, our represents G&A XX% year. program tangible Slide our company for half We of protection with we've driven structure, the see As the largely of much costs. CapEx and in full notes LOE debt total the XX, our over of XXXX five-rig materially regards fronts sense that, and first to cost actions these total progress were And the particularly year is back result by of to quarter. mentioned, the number during turn reduce the hope on for of come first I'll amount a outstanding from was risks. updated have you the the future. incurred expense. budget away the on can This second to by during Matt to implies future drilling beginning made better a at a flow year I compared operations. able commodity as of senior balance year. million, neutrality reduce spend lowering providing We with you've while the with To in And lower downside I the half position which of for instituted up, a cash expected wrap we've review the will to approximately to all finally, call interest our
