Olivia. you, Thank
welcome and first XXXX quarter Good to call. earnings morning, Contango's
I'm Wilkie and is name the Colyer My and President Contango. CEO of
I'm company's the Joe Chief Farley Corporate Officer. by Financial and company's Grady, Head Development, the joined of Dakan,
read statements I press yesterday's on regarding information this release, time that measures statements earnings and cautionary call. through non-GAAP hope the apply had everyone forward-looking has to including to the
worked for to late of few the XXXX first were Contango months as ones uneventful last first and we The Star quarter operationally integrate from White Will of relatively acquisitions the Energy year.
up, its been impact pre-COVID. many has sector pressure renegotiated situations A&D and either COVID then, in of especially amount altogether. an prices, on global The oil, capital Since of the a of and tremendous closing were resulting have froze that or on markets distressed commodity process off and already called put activity M&A
to business play the way we result, the we reevaluate a offense. in our run way have As as well which had as we
our environment. spoke strategy this about of late in light quarterly Contango's challenging March, we earnings On XXXX call in last
Free of cash spite year still flow lower and of this prices. commodity in over the biggest still focus expected generation, course our
to hedge oil hedges during of as the our Hedges, and look continues QX XXXX add of recover. we'll to first strategy. valuable book this on our quarter natural We layered remains the operating hedges core XXXX gas year to and market
business, just LOE ways commodity of of about quarter million team our gross year. for price run identified our LOE last to then, to annual LOE Since has this spoke We gross in forecasted looking which reductions. over LOE rate drop. in reduce to Third, response X% the equates savings $X.X
coming savings We in months. to expect incremental find the
oil latent third during that in unhedged Storage. we were quarter the at to year. this anticipate discussed into selling and able Oklahoma. our Cushing low the utilize barrels those We sale We April May of storage minimize barrels prices. storage capacity to Last Central in of quarter,
I'd second of exploration prospect discussing a to reached the of Friday, our shelf in drilled Isle in the the Mexico like was exploratory quarter, unsuccessful. Flea. on prospect we Grand deemed spend Gulf the On offshore area Next, XX this depth XX, the minute and Iron target well we June
be were but While dry paid exploration we in on is the for a even but see of we that getting doing a the today's which to environment, only in stepping with an possibility, anything We we're drilling inevitability. disappointed are spectrum outcome prospect, statistical sure in not so. holes wrong endeavor don't want risk do out
fair estimates we We the the not. range for success those to information a to using decisions, also publish think on it's of which wide given opportunity investors for our to continue because best and returns capital, why reserves, whether we're risk to determine is case dollars question that's understanding outcomes will is or
that wrong, gives or decision-making to a you framework our information Right understand process.
proposition to for and one. continue offshore if risks both take, a we to will We favorable feel risk-reward the intelligent look is otherwise,
price a Energy Mid-Con and great way address play fee-for-service late On we offense we in light last is with our weeks lower services discussed Mid-Con call, to like we I'd platform in need a Partners agreement deal the Lastly, signed the the change And that. the few example of to management ago. the with commodity March, environment. of
the generate for customer. importantly also lowering asset-light structure flow, to cost able were our cash We while
value to share between able of in their two were to created via minority we to result parties Additionally, create of a the a company as the arrangement. buy warrants piece alignment
when business. put and the get while will we with And manage We usually creative can side view ourselves will the on to preference as be it. sheet, on provider distressed solutions we structure our assets a balance situation our demands of
with weeks. to Mid-Con working Contango excited team to the their Mid-Con board on about coming of members value at forward the in and create for bringing look unitholders, several we're We
prepared I'd we remote work and my an the a company by all spite is like face be of commodity Contango to their in headwinds for work country. end support thanking of today health and critical employees for remarks price, of as Their to industry continued as hard the our successful.
operator, time to ready for your questions. Contango. and up Thanks for your in for morning the we're line this interest open With that
