are and surviving you, our for you're quarter Thank appreciate much morning. at lives both very and staying in our home. in healthy good you industry. I in today dialing we in our update, living hope and unprecedented daily and times, first We Today
through Over managing months, ages. two challenging combination is plus for we've been events the the one of last that a
confident it's of position. we very know As And that come this will are a I'm in important shareholders, even you stronger. very we out good
While we plan did didn't predict this on volatility. situation, we
very in us a the call we positions respond. on has deliberately allows actions talk for massive dynamic are more that be we business will taking very how that We us The built flexibility XXXX today. and to about that we and immediate well
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for to how we're positioned We will flexibility we recovering business we challenging using effectively built world. through this see these times ourselves our how a into morning and manage that focus on
that all that only with will to I'm soon. help day I members thrive joined but the know be other is today who hope available to will and and We team will positioned by very questions. presentation survive, not we our of your answer be
issued none We it. your could certainly something, management us never that our yesterday I have and will recently in is prepared slides for so event had prepare to challenging a predicted. to risk of The we remarks. after we of our and market while whole black a and reference questions we flock process, thought we prepare swan for take told
fees the rapidly to penalties. flexibility we or without Fortunately, to adapt incurring have market changing conditions
real-time as and get adjusting ensure are position our us outcomes we in to optimal that today XXXX activities We well as beyond. for
in outlined will find today's that the and potential remainder XXXX. scenarios of deck we have XXXX You for for
are deliver. reductions not enhanced flow the what our the cost formal recent XXXX. issuing gains and meaningful important you cash Although The business cash that outlook understand guidance, we can capital our it's and to efficiency have for
stay-flat oil a Our billion. about $X.X is at price capital $XX
on there this that we the call. later estimates, less recall in million how more previous is You'll $XXX get than about
immediately announced we series of liquidity. protect and the safety health As the a balance preserve and strength maintain markets apparent workforce, in actions became demand of impact sheet oil COVID-XX to our
OPEC FERC expect and oil producers be production. completions encouraged swift prices next although to being volatile, and that by we several the cut will and taken by the to shut-in Over months, weak cuts actions plus capital
but too see quickly great is is loss to overcome, of returning to demand. it to demand driven begin green COVID-XX shoots The the encouraging
our control things make and the We the market decisions, we flexibility built can focused today are on we've tremendous sound using to with into our laser are business consistent views.
out been time of we and cash costs and get both a at good we it very are There efficiency, capital and crystal are to ways reduce focus today has most priorities spend. capital efficiency clear. never we enhance on the to important more every Our new longstanding costs. and have track a to finding comes margins creatively when record something innovating is This dollar
of When crisis by we doubling beyond. cash we in announced $XXX we is we million this. will safely and and of the are million vast this XXXX entirety with focused expect to reduce would doing on began, workforce The today this costs solely $XXX majority us and that stick
versus we In costs addition, we well and be balance lower in the they strong in reduced steps substantially than are believe maintaining will our taking we sheet now preserving today liquidity. XXXX XXXX first versus XXXX. XX% The more are quarter, and
quickly, and in business do penalties. our our to efficiently We flexibility with have this the
XX quarter, from XX%, We spreads X of capital second immediately we to all X, the the did In rigs by are cut termination we without and reduced incurring X fees. or frac from we to today. we penalties went this running
manage XXXX balance risk Our Successful sheet is our position. cash sheet supported our are to management designed risk. and track is part flows by hedge strong record and balance a of
also our capital reducing the repurchased our interest we XXXX a addition XXXX and of at bonds debt entered and discount, cost spending, a market expense. to lowering In XXXX portion in and our debt and
that effectively Recall in this is XXXX. did something we
advantage firm and We market. that rating, in today's note and liquidity grade two investment credit which we is have our know reaffirmed a capitally today agencies substantial recently key constrained
oil seen extreme in prices. volatility the With we've
we operate actively our production. substantially all managing our because are We production, of
variable to and today. control based almost market the contango cost, the have areas, extreme full the shut on market wells by in views in right differentials We
health working with of confident our plan business can thoughtful and and production a the and business we have continuity our remote lasting to approach And or to shut-ins people. reservoir damage from home. return we safety deployed protecting importantly our seamlessly without managing team effectively are wells most impacts. We quickly We are the
to beginning now local return and to with national We normal working are more aligned guidance.
in has implemented over completed effective. safety We very health screenings, XX,XXX also this field, now protocols we've been where the
cases known no field our operations. had in COVID-XX We've of
us complement position us our I team our maintain certainly are the tremendous make additional to we liquidity functions, give Our and protect as not during have run goal beat. a preserve was and thrive critical missed just effectively recovery, the we although resilience sheet. cuts to haven't to to balance to to These priorities the prepared but business.
we have to context recovery. believe of a the also do in this We
I'll to quarter discuss now McCracken turn first Brendan our to results. the call over
