and of morning, and plan before joining some as questions. in provide we of Chris outlook our Good will a Giddings us XXXX, year our additional of XXXX the and details our review you. as of for on provide will thank the an for well summary Thank the asset. I financials achievements today. for update some some you guidance your take
and of XXXX, provide model in environment full calendar and sector, served first challenging us foundation. characteristics our public been energy quality a organization year our the we’ve to XX well business has strong for our We the during with had months. an business assets the us accomplishments many a company, And the continues for as of continued as despite
flow, position generating well of for year. Our free low and strong our this combined of levels strategy us performance last year on with focusing supported debt, cash
with our our This and equipment, original our we strategy. of XXXX, line invested as continues D&C is collectively, and capital. the to and completing of flow production part cash wells in XX% ongoing drilling During our unrelated objective
is As also XX% of fourth grow most and year-ago a by our to allocate are flow the compared provide were we us in plan able cash business by volumes small growth, free XXXX of The moderate towards generate the our to quarter to company, capital period. generated value opportunities accretive part stock. with to options to the the of our production that
properties, position Our asset our gas cash and free strengthening by used in successfully during inventory further property acquisitions multiple during drilled more remaining flow base. core was small overall XXXX our Karnes XXXX. wells and acreage of to expand acquisitions, our replaced include producing area These complete would oil our than XX%
We for a also shares. allocated million Magnolia of X repurchase $XX million
and and $XX rights value. year. voting the the to our more we outlays million Including are public included terms of and same essentially the the common the the million as Class X for program, cash hand are shares economic in prior repurchased Importantly XXXX not with share compared shares, which were A of we on repurchase, B Class ended capital acquisitions float stock in
approved progress current drill our further more to the multi-variant areas over towards better our exploration One at significant appraisal target associated derisking, of our science, our year program model, important Giddings. asset, was Field with accomplishments along last using Giddings predict understanding ability and our to made
more XXX production X,XXX the online day than a a produced our – brought the later approximately wells barrels of We they are mix. in days. we at first show later beginning X,XXX quarter, to program see our part third Giddings barrels and half in the first during Two during online to their XX day of up the days results averaged
increased development this later wells the and oil given Giddings recent improved day capital year, and field, lower development broadly by some are capture cost during fourth initial are be in once wells early-stage new plan These supplement more a more pushed about wells our – than XX% are we days. represent will appraisal larger activity and which year, During Giddings up field. miles our efforts. exploration quarter should our allow ongoing These will understanding new are incremental in move X,XXX additional XX that to production realized us two scale program towards would to allocate rate areas. combined first a confidence the essentially sequentially. wells. added well The and These We in in plan efficiencies a at an apart fourth quarter, barrels of the XX in for this we to their this our overall
midsized We continue evaluate acquisition and oil small bolt-on and opportunities. property several gas to
were it around prices the deals we prospect While weakness for little entering frozen product fly process. this Maybe will bolt-on the recent in the and today. year, optimistic more has volatility a
cost our amount In lowered on transaction. recent as the price in pay share to willing of addition, the weakness we’re we our capital raised our
objective better. product While be we’ll mind our transaction to keeping disciplined approach prices that we expect any in is around around our M&A, make to continue to stabilize, to the company
business strategy year remains and for unchanged. this Our model
capital Karnes away. higher weak, to operated not our accommodate our is locations to flexibility in remain maintain We our product on capital adjust non-operated anticipate of as model us drilling some D&C operated the to activity cash than spending, expected to our providing be If levels we Giddings of – Karnes approximately continuing XX% Our as our operated our shifting with debt. prices low free of have activity flow we are to spending be towards going last expected cash XX% our XX% while anticipate flow, some of year. in to
beneficial to capital to that Our towards allocate this flow our free opportunities cash most are provides shareholders. opportunity
should funds grow to total acquisitions, business the over associated production, or to areas. I’d of like are day, for little This point, said remaining plus share our be repurchases to drilling drilling talk I XX% – enough some earlier, expense, a we BOE EBITDA really at X% on interest we wells like tend a changed. hasn’t our about a spend plan, of After completing equipment. minus operating and, our which and Like production program two X,XXX dividends. and
have As far as we continue to or no large-scale public acquisitions, M&A.
some in likely to acquisitions, available which will Significant our the debt, to couple continue up most with be of exist, the value minimal. come now, course, expect either opportunities be seller. area. of Karnes over bolt-on of hard the next will number Karnes-areas for or We Right it’s And a the buyer years.
about A peak first production difference XX high months. days have the drilled Giddings. wells between The and Chalk well quickly. The cut. next The declined Ford, in and over have the known. They Austin Karnes wells little Eagle is and Karnes sharply discussion the few oil
internal result, have a has As high they of a quick return payback. that rates
by of The best when prices time. held drill are is acreage our in oil of a time because most high short obtained is is production. to production period of All the
approximately is So you’re get oil for it is that’s $XX, payback if what to the because quick. going so
Giddings, process. Chalk. Austin larger we of chalk, and we the area natural In two in the the what expected fracking one than from a the This fractures drainage the There’s on drill just leads one from production fracking resolve to sources process. to
hydrocarbons fractures. both formation sets result, around days initially generally the significantly the completion, Karnes of total amount Peak than XX a much They decline well. over but of and frac rate production longer. lot a is are well wells a produced The for well. after fluid somewhat is a of life is than As water, the of Karnes produce both larger the less
to better Giddings oil future than current most appropriate ones. price are wells be that one expects
area, Giddings have appraisal contiguous the to with one of locations It’s the process by work per-well more – two we with We about costs. objectives production. well, to our acreage expect Virtually about large sections of is likely of of rigs we our One implies XXX XX%. is the reduce areas by four all this believe In acres. that wells there cost than are about XX years in XXXX, several running. to reduce years XXX held per which inventory overall two that with section XX,XXX one
are a X,XXX that a completed just plus X each have barrels well It appears million day, oil of producing of of area. capable around feet this gas We in cubic a both pad wells day. two
Karnes up. nonoperated in current situation, picking the the In activities is
one operating a full activity, rig. another net to nonoperated effectively, through two-thirds Karnes currently have in are We and well
not as time, Karnes Karnes the a are development Karnes enhance but – longer anywhere. Karnes BOE not more abandoning not a basis. Giddings a on little allocating over to we’re on also of overtake Shifting overtake Giddings capital production our location rig going year basis short to to We is we expect period barrel-of-oil period operating this to and Giddings our a
keep year Karnes manner, amount production also in than ultimately wells, building is much production With increased a base lower profile. of as of flow needed The the cash growth come at to more can Giddings this a we for lower a slower price on shallower have start the wells volume reducing efficient this Giddings, flat. but decline production production
I’d over turn like the to call Chris. to
