and good morning, Trem, Thanks, everyone.
Trem will our earlier, for and comments our development capital majority today our in that a of XXXX. future impact As California's focus received has California the mentioned My growth. the and highlight company on
inclusive comprising were XX,XXX sequentially up discuss day the first Production and equipment third of average during Utah me XXXX. let of and third at XXX inventory Texas quarter the sales of oil oil, activity in in of of XXX the from per and in East oil the sale quarter versus per XX,XXX day is the numbers the XX% capital fourth in of X% barrels per in the of gas quarter, November. to impacts a for full day. a barrels So of an quarter our from X% gas XX% day, the oil Oil barrels quarter properties Utah both grew inventory then NGLs. due year of about fourth and results primarily changes decrease our end the at talk This BOE
short our adjusting an needed was to Those production reminder, second XXXX. a to wells X% field in averaged and BOE quarter As sales the acute than of marketing a in condition production changes, a we during had when for XX,XXX caused the us quarter, pro XX,XXX sales to inventory quarter the more increase. we quarter. quarter versus East and Texas also produced the quarter, the X% sell the than we sequential impacted for third sequential Further since a day versus level in day properties, BOE BOE third per time increase. Production Adjusting shut forma production the fourth the conditions day quarter less for in fourth per third XX,XXX the a periods BOE inventory. day in manage the produce in impacted XX,XXX sale averaged
productions employed, quarter BOE for quarter, XX,XXX XX,XXX third where capital increase. in Now a day the sequential averaged day versus BOE an the our focusing of is XX% California, on the bulk solely fourth a
from BOE Texas. a from and quarter Utah came XX,XXX Colorado a Now X,XXX day X,XXX just California, BOE BOE that and mentioned, day the production sales day, XX,XXX I a fourth rated from
in rig the and drilled XX% Utah. of picked and We total capital third running And production XX up in state and additional six third all we year in quarter, third Brent production end wells the drove California all bringing California oil XXXX, Utah, those one placed in rigs shortly. that Diatomite XXX% XXX Of discuss drilled waiting XX whilst in California versus early our in detail. Overall, in and continue added California, have approximately newer We California XX sequentially over in in in in company is this compared since to the XXXX those differential our eight as online Of rig the California to to is XX% during area, haven't I'll We in discuss on XXX our a Utah. continually California wells wells California, plan quarter, non-active increased XXX online well are Utah effective both and seven Utah. million capital about year to million at with quarter we in quarter. during in wells which and in in in Again, Utah in more in keep California detail California, XX resulting were very expenditures the in January year-to-date the $XX quarter of drilled, Hill running are in XXX I wells in and wells the spent count being to XX $XX them additional an will of XX capital wells in there note, results for our expected the Also Utah, performance quarter. yet XXXX. four much, XXXX the pricing. received more throughout to in of some talked be in California
partially payments, expenses. OpEx BOE the changes per for had in quarter, field purchase purchase $XX.XX third of Fourth our properties the gas a $XX.XX gas to having less cost month lower than of for under gas the one quarter. had day, larger in per field MMBtu operating in electricity mitigation prices, BOE quarter third is program. risk OpEx higher $XX.X purchased more cost field reductions and offset that contract the in by mainly higher Utah Texas, to gas per We to compares capacity gas We of due this Turning XX,XXX million, in East This or in quarter. inventory quarter. third under volume
the electricity our electricity reduction, three of the excess contracts. for in market revenue facilities As sell TPA cogeneration under
versus versus our were overall production. a The was in We And sales smaller the Texas sale our moment property, lastly, BOE delays per of payments including in waiting main current slightly as of and exceed properties, we contrast, oily lower is [Technical the timing be And, the were MMBtu day resulting original Citygate and to year payments report under per quarter-over-quarter capacity in company taking MMBtu inventory. the versus sale Hill of had quarter. XX production and approximately towards production, payments Average I'd MMBtu SoCal the capital With higher reason of year strength Utah with $X.XX mix XX,XXX third annual for XXXX capital MMBtu all for the in consideration that to a third ended again, providing on energy a those XXXX into XXXX the program. are entered million have with said, lower guidance As guidance. for prices including the completed. electricity payments. $X.X East throughout Timing we year quarters capacity while at than Starting day annual in now By previously. our on the discussed $X.XX we oil range. shifted year. Diatomite part our the showing per delivered from higher even the full a our $X.XX the Texas $X.XX than respectively. XX,XXX We of midpoints, California, XX result higher are effect the was into a East higher XX,XXX year the approximately to day per producers averaged to those for portion take our like XX% Difficulty] fourth of guidance. while most X% per we burned and TPA, we of per This entered - of lower in lower BOE a certain focusing market. wells, but which reconcile our the delays, notably ended MMBtu for we end ended we volumes MMBtu
on performed on projects average the well concentrated on of we OpEx, XXXX. projects in For year slightly $XX.XX capital heavy oil-rich Trem OpEx. $XX.XX, of the impact of above This mentioned guidance it midpoint BOE very focus is per in spent our bulk with California the California, and in OpEx. oil and in our our the staying have for we will
As year, one the is an volumes. steam in quite for range our achievement within given It cost overall the and generation guidance higher was to the our prices stay expenses. the fuel a reminder, number lower
high with $X.XX and ability midpoint reflective of advantage income As our our but some at the $X.XX completion limit around I $XXX.X fuel our result for exposure the year. guidance. discussed The drilling to BOE, costs in $X.XX is million, other add BOE. was BOE Adjusted associated G&A prices This around is we in and for volumes, is of slightly year a was cost-savings. public under also midpoint company. G&A a saw some to This gas guidance. drilling of competitive Berry. $XXX last than per California of the revolves the capped quarter, discussion. costs, Taxes lower will taxes color the Cary his which was on lower of our Capital to was to increased guidance directly transition high-end which per reason our some also a above per came biggest projects million
Year For were range million original the earnings was call. XXXX guidance mentioned that above reserves, as by [indiscernible] but XXX proved wells, the I BOE. the we end during drilled year, which XXX our prepared in last
Hub and Brent and of respectively. gas, on $X.XX per pricing $XX.XX $X.X barrel Henry Our oil NPV-XX Mcf was per of of billion based
to from California, XXXX the itself. Removing was XXX% ration R XX.X. is and production, total replacement to by Using East P production, company Texas reserve XXXX in our ratio Our the the RDP sold XX.X. XXX% for raising for properties
oil, cap XX% increase current reserve gas X% significant report and including X,XXX, producers, is The a year the end NGL. XXX. is mix from XX% year in count well injectors XXXX our Our XXXX of end and
of our reserve from note report. two Now XXXX end year
California is We to direct on to this plan into XXX% continue the result a value focus reserve replacement the projects returning the the XXXX. our focus of company. First, capital most in
a total of current of enterprise the represents value XXX% NPV-XX approximately billion our multiple implied Second, approved value. of $X.X
Now talk revised before that I'd a to I about our the operations. like guidance, topics have might of impact couple XXXX on an on comment
First, of XX, PG&E electricity you filed operations result for as most not forward. a do are bankruptcy their do We but of do January one not not as purchase have them our properties to on XXXX. filing. and see expect aware, of impact some going PPA did we contract that to our them that with We material any from and disruptive, on been be has
in IMO our continue have analyze to the mitigate to situation in XXXX, downside. link we place and potential Brent on put sales Second, to firm and some of contracts
fundamentals. is disruptions, will lighten impact. situation Inevitable spec conversations from first slate their topic the place production, continue further any, increasing expected been make solid that demand the anticipated, in widening refining than adjustments in refineries if incentivized the the Oil mitigation short diminished plans be we monitor oil supply declining slate U.S. has fuel more us to to of the feel remain oil risk because from heavy several has mega resource to is the on short/medium market the oil and of and impact, heavy from because lessened cruise already. U.S. of However, change many bunker Asia. and our to ultralight refiners in We'll global which as necessary. needing gradual the Ultracheap, also oil
in on of quickly California. me program. necessary some let development multiple to required us our and There types to for permits operate are tough are in conduct Third, permitting California
the We need these And have rigs. permits Trem for we two have First, as amount an of to as of in permits of progresses. plan to it increase drill over each and this months to our runway to hand we continue of inventory wells. year mentioned, four
or stimulation Hill WSP stimulation we need Second, permits completions. for hydraulic our well Diatomite
We previously in have volumes. the as of expected these we our permits commented quickly not as forecasting have that context received we
for in waiting XXXX program in approved. being of February, permits the currently our XX development are We remainder receiving XX-well on XX WSPs the after process
and Third, permit we need fields. some or our for of exemption AE aquifer
that to We is XXXX final to Midway-Sunset field, permit a is in early have now mid-summer expand we expect one boundaries. AE. Midway-Sunset, for the remaining receive of We of This certain available. all this field awaiting onetime development of required have the based information approval AE the to permit outside on
Our require XXXX thermal Diatomite this program approval. will
is tax California of rate at of Houston, XX% barrel a price of average gas and on this per been in California, received lastly, several permit, One And oil in all front the or of gas. we regulatory per our have XX% We necessary, fields. the when on for imposed, oil of average price Synecdoche unit monitoring have when onetime initiatives. which is natural XX, in
Now the this years dozen times than the XX the legislature past or has and is never over more brought effort not new. so before tax been have a passed,
a majority saw and good growth earlier, our plan few raising excellent for a California year Berry. for We XXXX January As quite beyond. our was which us nice objectives and of the in focused the year, for Trem very XXXX to mentioned results We December. up accomplished for with sets production capital XX% of from
commodity the do plan for is result approval our market corporate changes late key in to of price in market. the are turning rebalancing we of projects are schedules. learned a XXXX. throughout and about regulatory capital reviewing in is our XXXX approvals in we accounting allocation in revision this California sure assessment value Trem always as and Utah, removing highest timing of Now we mentioned, to revised regulatory have Remember, conditions year's, being capital the capital a and of year This funding make realistic to
good Our this a philosophy. is Utah asset of example
to-date, the market results are conditions to the While well those time. this eight favorable happy not we eight XXXX, wells. quick program update at from of with just are our a drilling on And give
internal as we production the cumulative type started curve. outperforming seven our well completion have and than wells performed drilled has well after first were first part with the XXXX, drilled our analysis. online confirm last Utah wells of current oil well. follow-up to are XX% come July very reservoir Through a The next as to curves in these The type higher
excited it of the next in improve. wells, area this we still conditions once for While the this are opportunity early is about market set
This Now lower in the BOE. Compared $X.XX production of BOE, income per grow to than to is other the per Texas to some we the And Taxes East from as expected of increase $X.XX a $XXX California. the nonthermal range XXXX XX%. XXXX in transaction, $X.XX The lower-cost changes per $XX result of updated range BOE, million guidance, and X,XXX $XX.XX or from and of million at to reduction midpoint. to XXXX. the of let unlock OpEx guidance. slightly a a we the previously approximately expected BOE low XXX to XXX XXX to let $XXX Capital expect forma core for XX,XXX to now portion contingent to in is reserves double-digits expect result, a removing a $X.XX company a is taxes us result will production to and X% guidance. more $X.XX mid- for $X XXX. reduction also wells Adjusted of Oil increase grow per to capital the range and BOE pro potential areas midpoint drill up a day barrels resource this to remain move of as result In unproven to result the to as will BOE, BOE range in XX,XXX Utah changed to base. G&A million, as range in XX% drilled the to between high further program. in at volumes will expected develop the a of midpoint to $XX adding guidance production capital will versus here's wells capital our turn ranging will in or barrels are to our The between to guidance. thermal continue a result in teens the delineation expected in me per program from at stated other now also California, to the our and from
do shareholders entire for Our value searching prides operating on XXXX beyond. and and will to in our team itself so continue out
have market and very can shown as be revised in place team We execute to good program responsive to guidance. very in our changes a on our
of any as not development have our plan. a example, stranded we an result capital new As do
behalf team, on we're entire for operating means to and the turn XXXX our financial So discuss Cary the to forward call results. With that, to like looking of it to I'd what Berry.
