Frank D. Bracken
Thank you. me, I team with of answer, have if you most so question have the ask I here help. I me can a
I Harbor and on the began, Before you deck. of disclaimer to forward-looking Safe regarding Slide to I statements, cautionary need the note X direct
XQ increase quite X XX,XXX gas and the exceeded production results. out on materially to a company-record Now, Slide of opening quarter a basis of has and compromised Lonestar oil of was for please of coming day a number turn – compares reported it. XX in a program driven remarks. high-rate a XXXX, day these the second timely handle comprised in BOE wells my of execution favorably an to Reported equivalent to of crude a which BOE large NGLs XX% XX,XXX company’s sequential of with number volumes production our to a and Production guidance BOE capital day. XX% XXXX XX,XXX oil on
soggy in that of a volumes We million to materially $XX.X XQ driven performance the fact was in overwhelmingly see guidance EBITDAX reported XX% by really production increase some the also NGL EBITDAX prices. that spite
country. have the bit in oil and the While been gas under our in of oil realizations the still Eagle differentials a pressure, best the Ford are
to program drilling continues stunning deliver results. XXXX Lonestar’s
rates basis our outperformance the sustained basis, are which over and County Sooner new on demonstrating third-party I think X,XXX a oil XX-day more type Karnes barrels day these ranging results a our in X,XXX a to continued equivalent South our curves, day first, in are at are and have Frog respects: of barrels on been Horned XXXX forecast. remarkable versus wells wells sustained nearly two terrific, from then the
a Max-XX wells day late which and we brought The County three our registered have new nearly X,XXX BOE we last later X,XXX in rates property, These we’ll a and which acquired that the we’re lateral you the will, our Marquis Sooner of if wells liquids of year, Marquis a news, nearly call. day at online. elaborate rates number in wells our despite Dewitt is and average first averaging constraints, on feet day. on about of tested first length on – line an X,XXX wells More BOE average XX% recently,
efficient capital of far, getting on thus majority very been stream, placed vast behind so in We’ve having spending terms our of XX wells the is wells us. online
our end previously means with new from exceed quarter a that already Our XX,XXX oily spite the barrels that assumed would owned fact In fourth contribution Marquis, production Cyclone we that our increased in guidance guidance will strong the coupled get quarter completions at very and of third day. Lonestar the wells. robust XXX% high performance three of of our XXXX
Accordingly, we day. day equivalent a and XX,XXX XX,XXX expect a fourth quarter production equivalent barrels to average barrels between
million. Our $XX $XX EBITDAX fourth of discretionary of $XX with guidance to spending is compares $XX million cash million $XX million flow to million to million $XX capital that quarter to
and derivatives average as year levels cash of Cal price our attractive high coverage at ‘XX, very oil in and mitigating commodity barrels total day degree under follows, book the volumes X,XXX swapped current prices. a $XX to to nearly use create to higher certainty an just equate in is hedge of for our continues hedge returns Lonestar flows a of The risks. financial while
price begun book ’XX, average day barrels of day $X.XX, and represents side on On have just for an average a X,XXX of we’ve WTI $XX. layering over price stands there. at expected volumes volumes half million which under the of XX an currently the our hedged we gas at of just equation, Cal the under already a at our
the on housekeeping some do to X, quarterly Slide results. to turn Please
sequentially. mentioned As representing and a a already, XX% barrels production increase XX% XX, increased September months year-over-year exceeded a XXXX, for the three I’ve day ended XX,XXX
barrels Third natural quarter X,XXX volumes of and XX X,XXX a gas. million of consisted oil, barrels NGLs, day of of
other XX% much XX% NGL are a from Ford Lonestar’s quarter-end. to good the quarter realizations. wellhead $X.XX deliver in shale in realized well seen was represents XX% which note $X.XX NGL and the in WTI. during premium third a continue much prices quarter prices XQ very the as seen ethane, for quarter realization assets pricing Eagle crude seen which while we’ve a are third recovery versus from a largely Lonestar’s quarter propane of gallon, up since $X.XX I from lows drop WTI. heavy the up favorable fell the and as $X.XX was the propane gallon, they’ve as timeframe. pretty that XX% of Lonestar’s the was This same Ethane of result price as from XX% in $XX.XX, lows sharp first a or liquids, current pricing. the fell prices would their which
Lonestar’s that’s Wellhead a realized wellhead reflecting higher Hub. X% by to volumes in decrease XX% million $X.XX commodity revenues sequentially discount $XX.X Henry price to compared natural $X.XX a $XXX,XXX or XQ to offset gas price increased its was realizations. operating XXXX,
money was hedge position revenues Our quarter, third in but to neutral as the the hereafter. fairly in
a general the operating, XX% to operating from XQ production XXXX BOE XXXX structure. million in dollar XXXX. production reduction include volume in gathering, X% for in costs XQ generated in cash lease strong BOE per-unit $XX.XX – in and compared unit-cost in cash $XX.XX reduction million transportation, administrative XQ its were basis and cash which third per cash portions to the of yielded quarter, XQ XXXX, continued $XX.X Total ramp-up has interest while $XX.X & amounts to per on rose expenses taxes, XX.X growth a processing, expenses, Lonestar’s expenses, powerful a
in all wells order. improving stream. I’ll so on to these the do chronological results. wells, newsworthy really the financial And now I’ll do operational into driver we our which a dive It’s deep are brought rapidly and
Please Slide now turn X. to
and property. of was acreage drilling of this around acquire Frog there’s Lonestar We’re not acquired an able our to obligations tracts LaSalle majority some did The to oil was company, acre. here, major from start our $X,XXX going for meet County relinquishments Northwest Horned on these continuous who
Early I’d add two associated us Lonestar longer gross, in number XH. the that Frog shown red to flowback wells, drill the with year, pad and like Horned did laterals attract a the on quarter, we They’re wells net to in and these star. working beginning interest is and our two the allowed much at in the partner ownership a second of here. small XH operations red number began location with have designated
XXX% that to to wells. own able fact, trade of In these allowed we us were a execute
more about about a we it. XX% as we’re spend and So, here result money really happy
in on rates These wells the offsetting parent still foot and the by barrels XXXX wells day a recorded a in production wells through wells bottom Max‐XX basis X,XXX X,XXX right equivalent that days, day. shows quadrant drilled have produced that day. these The producing we barrels chart a XXX XX% are equivalent communicative exceed of new volumes per our
XXXX. daily are at wells are we’re volumes the surprisingly, the the Not these bottom Furthermore, fact materially Horned forecasted X.X their more above rates this third-party outperforming in reflects on planning and wells type in current the that MMBOE type in quadrant Frog curve the chart drilling that in oil left in point XX% Northwest time. curve
and and want through histories areas specifics wells of in all to in quarterly make analyzing analysts are that will audience with my regularly supply piece oil very me. being here the new place, to in an interesting other and I sure carry of understands mix. our in – new wells these operators well limited areas. These our the I impact surprised add one to are on coming and fire can performance these drill operators a want production factors of mix surprises gas remarks commentary our analytical and these these the value by In drilling have of underlying out is material
are results. contrast, performance of a our distinct different dynamics wells provide factors Two Ford driving are a thousands In Eagle gas the well place of Lonestar are for that at baseline mix. in very and where oil there in in shale, set
our areas gassy Cyclone/Hawkeye and First Frog and such Sooner. areas Horned as our and the year quarterly which on our we mix drill the will across such order, in Marquis, and as wells Karnes, oily our production foremost, sway based in
of some we’ve with very In – what’s on this gassier terms been of oil areas, focused area, in initiative bit of drilling strategic the the our XXXX, in very active understanding of extra mixes an providing the with because an value. and that on on some result, XXXX which level important, area level company’s returns in really in gas working in deals increase Cyclone/Hawkeye and as oily we’ve the we’re in program. not been in our taken area going a dramatically our we’ve Equally drilling high you drill terms are in very can well of area. And
I to X. in call on activity product map of Slide table our attention your bottom the left mix the corner
forecasted we’ve you set by NGL of by based third-party Gonten group are the offsetting on this each and reserve of Von mixes specific smart people of our independently produced histories XX%. include history and and we oil In generated at new cumulative very mixes the mix this engineers, are well based These First, NGL set area. analyses slides, third of W.D. forecast. our are more In production party the on oil in our gas the mixes, all almost mix and oil, much show liquids which gas the booked & each people, also case, than XX% we actual third-party a of in at Associates, with wells.
these well We’re sure pointing mixes that each Ford and make most product of comment to the doing able I’ll by today. to making a benches that target – a Eagle with to out, managing chokes – as we analysis discussed optimized. I’ll it about point make within the each achieve allows oil point specific conservatively in movable these the that areas results us petrophysical of production the is
the being and and XX responded we our XH XH it’s XXXX the to still turn wells, days X. a of parent another On wells. have XH We now hit under the after by XXXX, happy belts please you the drilled in last our family. and child wells, Now, call, our XH wells, Slide showed production well
projections in and the oil slide this prior production in have actual Gonten Von type and their XX% red. and wells the The are Gonten shown trend the curves green production exhibiting gas have were actual kits. on Von offset type graphs the same parent production the gas outperformed We they frac by in that in curves the to
spacing. oil difficult ZIP are currently. establishing proper of still in at a recoveries devoid Then, faced are oil that task spacing unlike exceeding curve where a their Permian SCOOP/STACK, the well or are history notably, type varied Most the by production, operators XX% with code
of each spacing proper us a these in data in parent right. I’d top start of On head our areas getting reams that results. design proprietary with spacing, that credit have our We child give huge of positive frac well
our on-stream Please in and last County, the deliver continued we our now X. talked sorry company to we which call, here. wells follows placed – turn last consistent XXXX six Slide call, On wells Karnes has results to in about XXXX the on
Our in early identical are foot wells existing lateral economics. new completions of on exhibit per this and highlighted acreage in XXXX quadrant productivity Lonestar star. these leasehold the but these which four yield the the XX% compared map locator increase lengths to our top was able offsetting XXXX wells continue pads to improve XXX are XXXX on days production, to will completions. By a well to with designated through red our wells left acquiring XXXX are our Those year, and basis – contiguous by our to the on
line from our and benefit that lease this all our has and acquisitions working remaining if in third-party also fact, property. XX% XXXX a our interest I and in curves type should feet therefore, with will. note performing been excess are attributable extra exceed wells XXXX would you an locations gas in X,XXX XX% the Lonestar curve completions. to type has the in And Our over recoveries will NRI
XXX,XXX follow-up XXXX. recovering and our for activity drilling in X.X copy success BOE wells here more the plan million We’re with under to a
to our Horned newest Frog South wells property turn Slide advancement completion let’s X,XXX Now, of X. on practices. its represent Lonestar’s continued nearly progress geo-engineered acre the in
geophysical porosities wells bench these that and actually these the XX,XXX production new we’ve we are highest on left yet wells two fashion Frog analysis terrific. longest mid-lateral. migrated our XXXX. a in have results the Eagleford of on from logs for in to wells combination geo-steered our some the Lower are are that Consequently, top acreage target outstanding in shown legacy greater corner based our by red in the and one and achieved Our at in demonstrated on effective added a map acreage Horned done petrophysical another feet the the area in team,
production through first curve, sets. X projected oil have basis in times the The mix type XX% note than than exceeds foot type mix. per are that XX% more days, actual than XXX the of shows a the please cumulative higher curve is right have three bottom graph rates the that production that Frog type On wells third-party Horned recorded well prior the Slide forecasted XXXX produced curve. the wells our almost that the our type by oilier XXXX quadrant curve and recorded production that
A of forecast. forecast offset owns XX% quadrant tremendous in even the are for wells interest left declining remotely that slide net Lastly, our locations, the working which interest a completions and slowly ahead of are couple XXXX result more that not Lonestar demonstrates today, these graph than well probable and economic. some were by revenue wells. the of XXX% in bottom
Sooner Now, in Slide please the Geophysicist turn projects, depth terms a XD upside X. of reprocessed Lonestar on positive remapped has our our XXXX, the project. structure in had we’ve seismic in the lot Chief in instituted and late acquired of area. change higher to
hash in the acreage time either was shown or brown some for blue, opened With saw additional we’ve laterals. throw, faults shown as us leased the Eagle that which significant in longer not that this has have length which the up conclusion not prior do Our for prevail knowledge, do additional sets major door owner an future. Ford lines
XX-day the In here drilled Sooner three These total and net the of depths XX,XXX drilled X,XXX have on nearly day. measured X, were operation on flowback over succeeding The pounds, we’re per called Buchhorn on BOE first X. late and property. with July, wells approximately X stages Lonestar and max average rates – stimulated wells began gross, concentrations wells using three wells these depth are diverters the wells feet. XX Their met wells XX,XXX profit the the are averaged
point pressures chokes would electively low these quarter high in to by remained out run prices; wells the tubing. we too One, several also third in the are to I reduced factors. that response have constrained the gas two,
line with on these So, line the new are we’re some flow upcasing; also in these rates pressure of registering wells commissioning waiting and a three, relief XX-inch the area.
wells curve. first We in these wells in drill comparison more type are can we upon here think All third-party very said, XXXX. to two well do Sooner or improve to performing efforts the our three in and plan
to Now, please turn XX. Slide
production first great acquired If and have so; start. to cost two Today, $XX million two here XXXX in in we’re and a really our get you we’ve product million just this and July from recall, focused for cash. we on taken flow $XX the Marquis It’s optimization doing cash reduction off wells just asset of drilled in years. to years asset over
operations across concentration them quite pounds These flowback stimulated depth as intervals were began #AXH X,XXX average using some feet. using think a processes EB over two measure we with wells total diverters and perforated of We and of #BXH. an X,XXX the average been some profit have little that average new – additive. FMC of to wells, FMC Lonestar – known on and net an October, EB XX,XXX early measured In drilled gross, two feet
of XXX% well basis results. XX/XX" XX on X.X on averaged and three these these wells rates with oil, a choke. barrels a cubic wells feet a NGLs a early over X,XXX and pleased Lonestar equivalent or on of as barrels really X,XXX we’re day of million a about the day stream owns Test barrels day
right production XX% bottom the on of recent than we’ve rates been to oilier In look Slide liquids. and trend and the compared XX% our XX, at wells wells they’ve far, shown really the thus quadrant oil projected good.
time good We is sufficient length have opened we upside a may many be And the evaluate a to which company. area of handle are get on This XX at for an long. locations producers of a for Marquis, considerable performance. that quite first up these after to
good a quarter capEx of schedule, in is a concentrated to early this on slides, be our we’ve by time and the The surge XXXX getting far a well, CapEx. and expenditures our ahead lot sake, XXH. lowest Slide for third consistency the of XX completed fourth and turn the these XX. quarter, resulting wells the the XQ – schedule. drilled we XX and as included in morning, quarter in fourth the in TD, late wells second year. well, the drilling Now, of completion third of that published early last news late XXth in our time, our At were will Cyclone drilled please
for Now, please turn my closing to Slide XX remarks.
represents assuring already of a extended quarter streak outstanding for for exceeding third XXXX day. to a an new of that day XX,XXX the production guidance XX% our record XXXX of results increased results BOE day year increase setting over over XX,XXX with XX,XXX Again, daily BOE barrels exceed will production. The per an a and representing guidance full-year of
to than our drivers XXXX we in new high results the completions are completions underlying projections rate delivered and XXXX expected. that outperform or and continue third these their The sooner to quarter,
objectives. our achieve growth that of important allows as to impressive, not production what in is is us other While growth as terms more growth strategic
from the are the the our gas with advancements oil. notable condensate in first, most curve delivering at Horned coming meaningful frog window, technological outperformance over and type sooner outperformance
Cyclone/Hawkeye, XXX crude continued key exceeding as exceeding locations, to our well performing Georg equivalent oil in with and XX%. cuts and day. X,XXX of areas are over over to a X,XXX wells over Karnes deliver day our rates drilling oil which are of as window, These well oil a BOE home rates barrels expectations at County Second, XXXX completions are the our and
to XX% BOE overall per yielded structure. cash per more giving Total third the growth a and quarter, $XX.XX the have has cost fallen BOE durable costs our structure. in in Lastly, the improvement competitive quarter cash production in from company’s first cost a Lonestar $XX.XX
efficient on so wells online getting year, stream far. been in XX wells We’ve our terms this of placed having very
So, the vast is behind majority of capital our spending us.
Our three coupled the our exceed guidance means Marquis spite we robust interest assumed that with contribution that and oily we strong will XXX% guidance fourth exceed that cyclone guidance quarter we’ll the at again, from own our quarter in prior of in. new fact yet in that very that completions get would third wells
average XX,XXX a a XX,XXX barrels Accordingly, and quarter we to production between fourth day expect barrels day.
guidance $XX million. million $XX at flow XQ EBITDAX million $XX Our that of to $XX discretionary to to is million. $XX million spending million $XX with And cash capital compares to favorably
Most production achieve with XXXX XX,XXX target a means wells XX,XXX XXXX can outperformance to the of importantly, XXXX day spending. fewer our less completions BOE our and underlying and we that of capital
gross XX Today, we be most XX current achieved Both $XXX by XX to between cash free believe $XX that target and and in a yield which environment. sense net XX wells generation, the reduced of makes cost are million. XXXX wells drilling at and between the can cash million
company well I to build positioned effectively think to very compete we’ve and the current value. in continue shareholder the environment
prepared my for completes open it and questions. I’ll now, remarks This up
