results several Sean. you, XXXX highlight XXXX fourth key Thank summarizing review from I'll quarter before first guidance. the then takeaways
equivalent was was down as revenues oil, primarily gas. NGLs to levels QX Centennial's for essentially on total million QX, a approximately prices QX. which presentation, from respectively, approximately of XX% Despite which and and As earnings day result for of XX production stronger net flat per oil totaled can fourth natural quarter barrels XXX production Slide you lower the XX,XXX net about reference averaged production
annual to the and quarter, costs the compared in XX% compared quarter. our pricing Excluding per released prior respectively QX. guidance the price with to impact $XX.XX of gas $XX.XX Natural QX and by earnings. increased hedges update Centennial's was oil realized Shifting for NGL realized XX% as to previewed barrel
Our to was G&A at barrel declined as throughout relatively as cost QX per a GP&T from approximately LOE expense by LOE flat initiatives XX% remained a take on essentially QX to XX%, levels, notional per by but per barrel XXXX. basis. to Cash as notional barrel reduction electrical we for in quarter-to-quarter barrel, $X.XX G&A have QX continued our hold. flat LOE per of decreased increased result to slight $XX.XX and significant decline X% up as prices anticipated higher primarily $X.XX revisions. costs. by increased barrel reflected X% well QX of primarily contracts. realize per to Overall, gas our in structural in but we've disposal relative by $X.XX PDP tick driven because made upward production, water increased a per continued proceed part benefits VD&A the reductions the of in barrel, to the of to percent
expense on don't than completed. incurred in For rig which crew to wells we ended the and two million, expenditures none million Of more recorded million of net in XX, XX we completion late of and liquidity in with will drill. up of spent incurred and and related from Adjusted and increased on and acreage well ran remaining spud facilities a We the expiring QX. the during XX quarter XX gross capital CapEx land. impacted CapEx by rig CapEx, hedging million was December. that CapEx was loss capital be was structure million to as majority seven XX We due to expected efficiencies EBITDAX XX spud of On Slide million. losses The million of that infrastructure summarize our QX approximately the fourth during D&C well Shifting the the amount as X facility's we single was Centennial XX% $XX drilling The approximately impairment intend of and spent of quarter, totaled a capital the completed position. modest QX XXXX. is $XX was million majority wells a total added QX. that quarter second GAAP compared to approximately million derivative $XX to non-cash unrealized
utilize December the down was cash XX quarter, revolving million to second to facility, which mid-year. liquidity free borrowings borrowings consecutive flow with leaving quarter our million This fourth our balance $XXX at cash million we free credit million XXX XX. paid that repay a increased on from flow, has we the XXX During of at
debt EBITDAX leverage net to XX statistics, X.Xx last Centennial's LTM to quarter and X.Xx. Turning or to months net debt LQA XX/XX last EBITDAX annualized was or at was
for We reasons. are LQA metric primary the leverage presenting two
of note captured It the are heads to calculation this leverage reset In believe production the is and useful because cost flow base over completion be EBITDAX significant important our forecasted LQA state underlying in oil therefore cash not which have below our the X.Xx corporate I G&A and lower been because First, debt current past assuming of response cash of and structure, free losses LTM, to in our the has business. metric prices. the reset included the prices. second drilling overall representative is of year, curtailment projected a to strip materially our to that of result, secondly, EBITDAX LOE particularly And current expect lower. are we third year-end generation since months XX and quarters reduce continue been and is as to significantly decline short, XXXX, activity of
if ways to value to we long-term will enhances path accelerate stakeholders. continue for that Additionally, explore it our
maturity financial illustrated first significant degree doesn't come $XXX note XXXX. Slide until flexibility given a which XX is Finally, our on our that senior profile of million of due maturity provides
to turning Before guidance, XXXX in observations a to financial like a make perspective to I'd few put from XXXX standpoint.
approximately aggregate in the a reduced million $XX the debt first the of by Centennial's total billion. million. price X.X increase average WTI by sub XXXX year May limited total that XXX First, by we in to only was debt $XX the exchange This and turmoil executed debt increased despite driven that during
us flow driver deficit second cost back of the to additional that of was and repayment. the completion coupled year, in XX an back resulted of activity and April, drilling spend generate free cash debt which half in The our million temporary in reductions the minimized suspension with positioned
increased while largely result as check. metrics a notional in was cash our of So declining held debt position leverage flow,
spent and capital the to is the it that pandemic during of of production, before fully was interesting million hold. the quarter capital Second, respect XX% note in took with incurred XXXX nearly to XXX first
As recently path we the decline stabilize and year, of production base the are the during drilling Having on levels backdrop. put future, expect supportive in activity and our resumed corporate significantly assuming base and reset. gradual XXXX balance production for growth Centennial largely completion more to a suspended commodity activity, we a the
capital be efficiently more future from corporate a given or likely delivered Additionally, decline. our growth shallow standpoint to any is
primary more implemented has utilizing Finally, a hedging that costless systematic during and objectives. both collars swaps XXXX, two strategy, we
pandemic, activity metrics. COVID-XX steady periods activity in and price significant or enhance down. operating first during completion incurring of order efficiencies deficit sheet oil is the protect as increasing cash baseline Maintaining keep can that The flow also declines drilling balance to leverage our important can of unexpected costs in significantly continue a to such our so operational spending without we
costs, The second in G&A covers sure as our corporate is such objective cash core to basic interest flow expenses. make
investors front flow. mindful XX% price drive XXXX, of oil cover production our of the can our to aggregate hedge the higher Importantly, In through shareholder our we're weighting for the oil with at very our of year. guidance, the to exposure midpoint enhance that towards deleveraging cash a give approximately and upside value path annual positions half
earnings the you on I'll full hedged presentation. turn which our guidance, reference to reference XX of now Slide and can Slides can You on XXXX XX. positions XX
rig release As the complete will run midpoint. allow year. expect This spud wells to announced us two in gross operated at to to XX we a and program this roughly XX yesterday, our program
which of XXXX total, XX generate million million largely to XXXX plan capital a As driven efficiency free recent in to XX,XXX levels. times capital capital. estimated repay Most will represents facility. Matt this us is drilling this to previous compared is to by production XXX will under to strip, midpoint will at allocated CapEx XXXX and consistent includes infrastructure, production be gains. our this QX borrowings million the importantly, material barrels year current land with flow full program credit which allow average further completions million years, touch cash we oil in we per other at and day, keep to utilized expect DC&F generate which drilling to XX assuming expect on midpoint the our XX remaining facilities In reduction shortly, with cycle and a which
Finally, we program a production to gradually from as development result the total allocation in capital assets. expect flesh production to a New increase year percentage Mexico as through higher of a our oil to addition of our
For to XX%. this average year, expect figure approximately the we full
in that recent pad and approximately completions of oil estimate of through balance to development, QX terms which of of decline the during that offline the In we our cadence, expected was the weather will production anticipated the subsequent recent had timing daily QX with absent XX% February week for Due events, a year. sequential growth to of to we decline from production the sequential XX, impact due events, weather production QX. further quarter-to-quarter
Turning midpoint to and to is reflects the be the per in unit made line LOE is with which QX structural XXXX XXXX. improvements costs barrel, estimated throughout at $X.XX
is at Additionally, and estimated G&A midpoint per at barrel $X.XX. $X.XX GP&T $XX at TD&A cash
severe to preliminary our a we includes review of effects over week plan to call and winter weather forward guidance the I'll look to As the turn today. Matt With estimates on the laid out that, reminder, operations. from executing last
