Thank you, Sean.
with oil the production During and commodity X-rig cash drove Centennial's program significant balance deleveraging XXXX, our sheet. coupled generated prices recovering growth, quarterly flow steady which rapid free of
earnings to debt at LTM XX X.Xx million year-end approximately on and of declined EBITDAX the Page reference X presentation, can $XXX to year, repayment compared to for XXXX. totaled you X.Xx December the debt As net at
we're made, progress are sheet we've to further with the While improvements. we committed balance pleased
even the Xx, during Additionally, in will which we critical. of expect is XXXX. Therefore, are balance we below metrics prices operate we to today, industry occur commodity highly on second focus cyclical though leverage driving strong resiliency sheet to a where quarter continue will
million base our billion, the $XX revolver significant of of last borrowings and pleased elected year-end. Under well million into were to Additionally, transaction cushion increased the the to new to nearly we at relative a borrowing new oversubscribed, is the facility, we was facility. was closed several five welcome week, $X.XX $XXX The by syndicate. credit year million on commitments which banks revolving XX% a outstanding $XXX new and
Importantly, flexibility for the new long-term terms of structure. repurchase our our facility capital new to program manage provide the and allow share will
our Slide nearest on improves the maturity January our now also illustrated maturity profile As debt as is refinancing for XXXX. scheduled XX, of
pleased of largely capital financial flexibility. source liquidity maintain and unused, facility low-cost to credit debt anticipate to we While the we are be that a have will
on the is repurchase, Turning Slide to share X. summarized which
our this. million to which investors flow are various compelling concluded conducted mentioned, There was Board has alternatives the the shareholder approximately our XX% of market authorized for share $XXX program in way and a free of that program, Sean return a As represents the We deliver repurchase thorough environment. today's reasons evaluation capitalization. to several cash most
strong at healthy, operating fundamentals for are Centennial's mid-cap First, particularly financial and are in lows. while and prices E&P multi-year the valuations companies, sector, small and commodity remain
for not in improving on the or our is we metrics Centennial valuation specifically, predicated see program for acquiring our While shares. value do sector
Second, we delivering to concept value a higher shareholders. share ownership on of basis like our and per the
are over while absolute long from underpin production depth, to accretion While for cash intended for program, growth our and which share This production compounded rates haul. growth generating a we differentiated per metrics. X-rig enhance believe solid share we the returns a returns program inventory is can repurchase shareholders maintaining drive sustainable annual will multi-year per share flow
a flexibility, and investment provides repurchase share coupled strong a discipline. sheet Third, good particularly balance with when
time a assuming which free the expect in strip we generate to can $XXX million over period we two-year of program. execute Looking pricing, comfortably over cash flow,
believe expect market execute the will shares most shareholders summary, and maintain remain regular we opportunistically to we step our share In we million important our we in in at market Additionally, execution the still basis, program mid-cycle impactful nimble to today. an standpoint, and returning full repurchase target is be first of of leverage while an option program cash From believe in can repurchase $XXX on is the periods for shareholders dislocation. Xx. we less prices, than a to
continue forward. results now to drive XXXX will value on I'll historical briefly range touch alternatives going providing evaluate guidance. We of the before to full
of posted period. cash costs As XX, QX production higher previous XX% approximately highlighted X% came the on per We day which barrels Slides as than higher flow year's expected. and production, XX,XXX oil and X in QX and than was
The completions For respectively, the quarter, we X in wells prior October the completed November. spud XX were and X quarter. online and late brought XX, wells XX in compared early to and all
than gain because sheet Net higher capital exceeded increased tied balance corporate the of million a credit which flow in anticipated included GP&T cash company free which sale budgeted DD&A bonus million, another the guidance essentially of sale. was $XXX and net borrowings. record from LOE, cash and QX year. $XX.X million ranges cash the targets expected, proceeds for its income flow corporate to per during approximately repay $XX company during costs the generated ESG asset plus the QX improvement, used million also facility our totaled payments within of came items. asset G&A among efficiency, other that we and were as and We therefore, included objectives quarter, QX XXXX all as from to of returns, for $XXX barrel
came QX which than CapEx the operational facilities for Finally, in wells as online was made we of in line with CapEx, higher with that come the during expectations pre-spend to exception capital XXXX. will anticipated decision
million of full-year the solid guidance the $XXX results. As leverage a positively XXXX range. A incremental slightly above be of our X estimates Slide revised year, summary free upper full-year facility during ultimately compared came of delivered cash we spend, very the flow in of result original twice can to guidance CapEx on of and actuals end referenced the Having presentation. targets our
Turning hedge to illustrated position is company's hedging. The Slide on XX.
hedge flow, cash As the to capital sheet a protect we balance program. reminder, and
We to also protection of balance between strike attempt and the a exposure. retention upside downside
cover XXXX, year. towards the with the guidance, half a our weighting front XX% of our midpoint of positions at annual hedge For average production oil of approximately the
per an per barrel. swapped have We price day approximately XX,XXX at barrels average $XX.XX of
of utilizing have form an fixed hedges We average swaps. for of Approximately barrel. the barrels ceiling collars of per approximately XXXX at $XX.XX of day XX% X,XXX per are floor $XX.XX price in hedged also our and
average between barrel. of split $XX.XX swaps. X,XXX For collars of evenly day, collars The approximately per hedged and is an and total a floor price of XXXX, swap average $XX we the have barrels ceiling a $XX.XX per have and fairly
to XX. to the our as I'll expect now turn on which guidance, We reference book hedge build can year you XXXX Slide continue to progresses. XXXX
from an estimated Efficiency at our facilities $XXX the allow to gross year. a at generate this spud and we are in drilling million which announced times, release allocated completions $XX continue rig X-rig midpoint. plan and to wells a capital to capital. complete so will cycle to land million continue cadence pleased growth XX and the approximately program is additional year, As XXXX midpoint, yesterday, with for solid reduce to we infrastructure, other us gains operating production drilling flat the at
XX,XXX We day. expect oil this production capital midpoint program to of per generate barrels
plan expect million we strip cash generate over current free this $XXX of flow, Additionally, pricing. assuming to
As will execute first the cash or share to program. which delever flexibility will to utilize Xx upon provide sheet free flow balance we below, discussed, the repurchase to
around oilier notable XX% driven QX remain is year, a assets. or XX%. to Finally, as our a production which compared capital to last This similar we half by first a allocation of expect percentage to to Mexico is increase of oil higher New the to levels total primarily relatively
last from activity of In to pad half completion drilling terms to and capital. carried timing in development of XXXX production the year. is important terms due note and of relatively first completion of heavy the the of to to that in that This over we DUCs expect levels cadence, it be is addition
production per result, oil a X,XXX day to QX and second the from third we before As X,XXX expect both QX barrels decrease to quarters. and in roughly rebounding
quarter these lowest Given flow. to of the terms our cash be in free first is dynamics, likely
XXXX barrel, unit At to with is midpoint, Turning which year both to fiscal QX XXXX. costs. per be and line is in $X.XX the estimated LOE
at $X.XX at cash I'll estimated review operations. is turn call to With Matt DD&A barrel. G&A midpoint $XX, to Additionally, that, per GP&T $X.XX over at and the
