Todd. plan we you, our and continue marked quarter becoming and earnings Berry of I'm Berry's Welcome promised. we to execute public earnings second grown XXth company. anniversary one-year and our perform to a shareholders. say the to proud have call. we capital continuously as Year-over-year July to value Thank return
than is more the XX% second of The up grew compared We barrels last California quarter to of or XXXX second X.X% quarter since production and different. California production a was our June. no year day current X,XXX
discuss investor demonstrate the detail XX on presentation results call. more we efficiency see will later Slide in much We you the our as capital this in believe August can and of these
XX% of for $XX flow. public repurchased over offering, been the dividends months. outstanding has of XX by growing all we've free done $XX shares our our in This our California have million production out cash while initial past Since declared and million, X%
$X.XX of quarter our to has the shareholders. per return approved commitment the the pleased value dividend to Board that announce are to share We third continuing
seeing We are executing our plan with are operational and results. we excellence
many As quarter-by-quarter long-term times This by the results on I've we on exemplified is not our cycle wholly before to-date. fixated results. are throughout said value and
The first of the year positioned in in and planned. of just the robust Of as XXX has year. volume us the for second capital begin constructive of to our program the second production year growth the particularly we've in wells contribute to half the was half first half half of them will we drilled the XXX
have begun X.X% the highlight in As of on our some already California substantially higher To January, have year. the to half second we this groundwork indicates growth contribute. plan, laying growth volume production since production focused in current the for been
thermal wells exemption the now For EPA. been by that aquifer example, the six we approved diatomite drilled Midway-Sunset online will last that months the in XX come has
We decision line of second at made could we frontload accelerate year in prudent the gave our the all the expenditures XXXX. the that the in This business is to half. we so beginning with guidance production with capital
half than second While the annual to within stated the we be in capital our is our guidance. up and spend ramping less first will production in expect production
barrels line this with California This To current by expectations. production our is the referenced to compared X.X%. beginning than June, more is in as of growth the point, call I X,XXX up day at our per or
repeatable, characterized to high-margin reservoirs. is production stable opportunities grow consistent, manufacturing-like is by and low-decline, We our are actively systematic, from and oily, long-life, low-risk, oil, business which conventional pursuing other
inventory. low-risk So years Berry of has
believe the This do it in considering actively is however process an are creates if We M&A opportunities value. transaction a so only we elective we market. will
addressed current legislative we the environment. call, last our On
the interest remains activities. bills our There business state happening a to have and been lot legislative were and then of at level today, continue lawmakers' that is monitoring to said be in suspended. proactive what concerning the we As true most we is in
Most recently, to the state's study budget the Newsom low on an carbon impact do to committed million $X.X Governor emission goals.
he goals. and California people" done believe never on a understand said, Newsom green impact real in the study real to approach to in real XX July "we've achieving the committed taking We a issues. As in I'm an McKittrick, is to to forthrightly, interview these a concludes Governor in pragmatic data-informed growth." measured To want an do "But I "I'm want with about that use to moving and environmentalist. it same do I thoughtfully." his I'm own interview way. honest it words from deliberative but passionate to low-carbon He
working statewide stakeholders, Berry the goals. the relationships the the of helping agree working state its ensure while provides, help with We is achieve reduction oil approach. economic and a state with the gas carbon range value to proactively diverse develop to industry and footprint governor's local retains
oil electric still strongly – instance, its California state's by stabilizing hit and its decline while field, oil and stop For of aggressive through emission vehicles. production production we on believe foreign will increased own goal, seeking California the low from the benefit seeking that gas lowering dependence the use carbon to very namely, primarily
human coming these equates sending and way mutually roughly X.X foreign $XX oil imports countries, less day to boom oil a countries. of from now, XX% Middle We other meet shale Eastern coming a billion from to are Right South historically and stringent barrels ideas oil with Californians to demand. depend Because on unable and exclusive. California, don't regulations, the to into waterborne continue poor is of policies. will million the think make per year consume This American majority approximately rights with we environmental supply Californians to its XX%
also of XX% and jet green for like this in higher X%, increasing and not is and XXXX. for California. teamwork types won't good of all commitment fact a can't requires goals to and said, That California fuel A overnight. that solution vision, energy fuel its I'd respectively all citizens leadership. meet X% demand decreasing distillates, out gasoline, XXXX and but California to including between like point the
work about on and forward all delivering That's the then us move is necessary what all Berry First promises. engaging to the our and conversations in
As where will and our we communities Berry First for goal be energy. investors. business, solution part Berry, Berry a reminder, the the the for of create is to do a affordable results of initiative and California win-win our
final be growing my is track our consistently recognized on by the and fully to record yet of value promises delivering point, our For market.
dividend small- mid-cap As make our free previously, and existing to we've that E&P we of returned I've share claim. this reported we've we through capital from perform base, production we and have our company to can said would, lived our we we've or cash No other aware repurchases, as continued over earnings grown are flow. fixed within and investors asset
different strategy our and light model the advance business substantially maximizing different help are we are assets the continuously our from core business is of Berry's we plays resource value to our ensure to and Again, this, review manufacturing-like In too. investors.
greater operational will I performance quarter. second for into you over our now give the turn who'll insight to Gary, it
