Toby, Thanks, everyone. and good morning,
been our taken strengthen have detailed quarterly the balance Before net near-term into slide detailed I'll position with and sheet. debt results, position, highlight quarter financial to get to through the investor which during XX start and that in the want we XX we maturities presentation. I steps our on debt our
As we pro with the you remember, quarter convertible the in approximately $XXX debt offering. million ended forma for through XXXX, debt maturing first
in approximately the of our $X we $XXX stood the or start completely of divestiture we our end quarter the loan, retired at $XXX second $XXX the During At quarter, retired which term the year. million of anticipate at million XXXX. XXXX asset of approximately million billion we've half conjunction refunds of receiving the and in the with receipt execution tax our
out of due XXXX billion the of has of from during going XXXX XXXX. we billion debt to net to The $X.X million of plan billion, value was our improved the convertible through to refund, With free at treatment approximately and we of from by tax XXXX. or cash paid EQT's position of expected decline today's closer retire $X.X augmented debt. at with value off debt Equitrans year-end. year, billion see quarter, termed half flow us the debt which million, of which Since $X remaining off the net million our sits fair billion, debt $XXX end another beginning at before $X.X remaining before maturities $X.X our associated generation $X.X approximately $XXX our billion paying or offering. nets maturity to net the $XXX by the Our use our second we stake
our convertible would of XXX% by reduced assuming billion. further treatment equity $XXX million $X.X debt be a net to issue, Additionally,
accord flexibility having benefits major equity. issuing to the is of deem [ph] core One a debt of
position leverage the stayed our the best debt increase that past, firmly As profile. is equity in believe to and and we market way EQT's reduce we to value improve
we the to aggregate ultimately We level make XXXX. continue by leverage sales, meaningfully billion below X target end could billion and in the better. to and execute $X.X be of of times certain debt retire year plan debt decision of If asset $X.X between reduction our to
the in credit. approximately replacing surety and about $XXX saves liquidity quarter, previously letters issuing increases in During in us we were million also costs. available successful of bonds, This second posted X%
Our credit. $X.X billion at billion, sits comprised of of and outstanding current offset unsecured letters liquidity approximately $XXX by $X.X our revolver million
of plan, management result ratings successfully a Fitch following As maturity has outlook to our liquidity flipped our and positive.
some Now, of second getting quarter into results. our
to second X% XXXX with revenues the curtailments. realized compared to and of down associated sales driven volumes. with XX% were a XXX the Bcfe, lower the our $XXX due by lower production Bcfe exceeded uplifts the of curtailments lower end high intact remaining by the of line operating achieved realized pressures guidance price volumes we quarter million sales Adjusted Firstly, duration quarter. production XX X% quarter results, for We the our driven by through
production operating $X.XX curtailment our unit quarter costs were increased you related Mcfe. that second volume per costs. XXXX unit the remind program Our I
costs We Pennsylvania quarter of the operating forward. production per XXXX. $XXX the and during were cost normal the quarter well Capital set expect of aligned our XXXX improved for Marcellus second we to expectations deployment the remainder production-related foot $XXX million throughout capital expenditures $XXX of million moving than improve lower return to stage with levels. as of
flow Our million. cash the million, while was flow cash was free $XX for negative operating adjusted $XXX quarter
for This had $XX cash free quarter, approximately impact items total our we of several negatively flow million. a
to million meaningfully spend a the XXXX to exposure our this bonus First, payment gas XXXX reduce new Henry book three-year, weakening Equitrans. approximately curve with Hub to to used hedge quarter we embedded gathering in our agreement restructure forward $XX to
certain As limit a quarter under $XX million approximately production second, And periods. reminder, into per million $XX $XXX to scenarios. or these decision payments have a during shut-in price future year million our deferred could reach the
to continue FT we path side, strategic rationalize the to portfolio. our On pursue
and to several FT duration. able During remaining small the were second realize the quarter, contract execute small over we a trades we'll premium
small, we're strategy. the Although, this to these the were about open available opportunities transactions excited on and market further execute is
the the our of One free potential cash present to be long-term flow improved the Appalachian seeking ACP water supply drive been project, trail; creating Court viability improvement, This ability our cost completion. some demand capacity. sell of users We current and into MVP send construction a which growing three, a second, nationwide increased MVP the the more approving will and of and extension gas of NAV These the to accelerate market. upside expansion meaningful down MVP biggest will value which the cancellation also for will increase actions one, significant enhancement. crossing believe of reduction permit has favorable replacement; favorable pipeline execution the those of Supreme all of rationalizations a continues MVP through XX capacity ruling, that which incremental should ruling significantly value the and through while Southeast or probability
We having parties with at are moment. the discussions multiple
ACP Equitrans. equity been to positive related although equity the And that cancellation monitor capacity continue remains of the multiple of value there to stake of late, MVP MVP, of enhancing embedded will believe term, the as news near of to in pipeline hands we believe the our measures, on in and continue the We undervalued. increased value The much has further trade we its that valuation. has
to approach us in managing in competence high our future allows our monetizing be patient to stake. our maturities Additionally, this
of Toby closely domestic informed natural As its we our in monitoring forward through may earlier, and be as interest our gas COVID-XX to if in necessary. The such, way decisions make will of systematic drivers fundamentals continues impact and highlighted we're hedging. XXXX, market ultimate these monetize which we global with about we supply-demand both that liquidation Equitrans, work
curve that risk. XXXX underestimating XXXX pricing while required And future approximately balances to strategy continue expected a believe to XX% is have pursue to incentivize We upside currently We ample significantly production downside price capture to the forward ability production fulfill continue that to we’ll protecting demand. hedged. hedging our our of
Our call for heading majority I'll multiple closing Toby well for now as as back the goal out remains years. for XXXX, to to some remarks. be turn hedge
