Thank begin you, of and and our more the of will mid-sized consistent activities also of of additional model free and guidance acquisitions, providing to of cash have years the flow. an for on Giddings review bolt-on, XXXX, inception of will generating how development. We deployed wells additional year, Since more million with and XX% spending you our approximately our with general oil and with business low year. Chris X to balance gas us continues while provide position flexibility while on conclude to of maintaining today. two plans building a this expect sheet. debt our free cash on beginning shares our approximately cash third significant our with cash choose ended our He and discussion allocate quarter including taking outlook and well than our balance model, meaningful drilling levels flow, position. XXXX. Magnolia's of overview our cash, our small focuses update for by this your morning financial the by completing joining XXX than ago, before on EBITDAX our million My model questions. From business million in and remains us unchanged. results comments end we thank rest we an will XXX we of nearly the for on cash repurchased I third of exceed property million the $XXX quarter stock, the towards will
in which wells. with XX,XXX online our and while the the to our or development completing Turning We X third represents late of per approximately in wells one area, the After Karnes last in our quarter day the new total months, barrels to any production during quarter first of ended rig DUCs and completing bringing for DUCs equivalent the on drill oil trough the on began XX operations. year. Giddings, three-well period not operated in We this wells in third brought Giddings quarter eight recently pad. production Giddings continues running third
with core wells Of we the initial advantage us to the early, bring still we average be wells take gassier during discussed Giddings than XX While that wells, are of fourth wells eight we increase the performing the planning in you of development on two the natural recent prices. allowing the on gas quarter. expect area quarter, to to last recent pad our are the better in
being as X% is in grow Giddings brought X at production is expected least online. production Our expected XX%, DUCs fourth to by XX% to result and quarter to grow total sequentially the a
timing So realized of staggered until of year. [ph] these first the not will full quarter wells next be the quarter, the the throughout impact relatively
opportunity optimism we average about down confirmation year. on running at as from $X.X costs million, Our X.X are well the during improvement which Giddings costs. experience performance continues, around last well additional Current and around further is well million
resulting include Our foot have focused operational the, compared development, of efficiency activity improvements nearly transition as total over XX% past declined total lateral foot cost costs our in have in our associated year foot These per costs, completion and XXXX the drilling, have facilities for per substantial, completion initial [ph], Drilling these to Giddings. been costs Giddings in quality costs at crews. pad we and area, the drilling have well improved decreased XX% lateral declining to per XX% lateral our core improve levels.
We expect $X efficiencies, falling next pad total further we development costs our to as execute well million to capture with further, year. towards
cash over I regarding for Before thoughts of in and return the a business some for initial to shareholders. our putting turning to the the excess provide call our general framework to Chris, the cash want on XXXX reinvesting plan
Our prices, costs, our and price, within drill pace times, of plan, to in organic part plan lower on discipline to drill us year. our programs, program. alter it Giddings is of XX At as at to area. puts a organization. plan the to our is current provides rig spend XX% of gross drilling, development current approximately do flow wells and next We cash to approximately we Giddings completing as business one At this model on key continue in expect efficiencies characteristic our improved product not run
and anticipate throughout to XXXX production expected activities We the in increase Karnes This of our to modest currently the quarter fourth expect non-operated in in growth year. plan compared completing moderate organic area is the begin to the deliver DUCs levels. a XXXX, Karnes half first we
cash $XXX the year, to I As much at difficult we carry this given time. more that balance imagine and at to we mentioned expect our end earlier, the of it million exceed any than is to need
debt only with due to is to our XXX likely us value is indebtedness price. stock not million material Our to add down important of XXXX overall and not paying bonded balance strength until
to with We for asset to our property existing and small characteristics to will continue bolt-on look base. oil mid-sized similar gas acquisitions
these certain sizable of a acquisitions. flows be accretive our will the on after and stock acquisition to expense cycle value cannot we we capital to anticipate cash with occur, our be spending portion metrics. Any cost the and of interest our Although, need improve full
likely stock overall most confidence top, include smaller metrics in additional and area including, buying of acquisition. be are producing value the the time. hubs to increased type and over generate would accretive additional our per Our larger of improve cash core stock or to Bolt-on Giddings less back makes us bolt-on share asset will could should absence pursue our Transactions we share our be a properties In allocated will repurchases. acquisitions, likely in areas. interest acquisitions the market and that
We details provide next to all plan around to full our flow including the will continue year. as now early evaluate over more we out roll XXXX and plan I'll cash Chris. allocation this, to dividends capital call turn
