Ben everyone. Thank our statement yesterday joined participation your to release, and getting Officer; this Operations. press like section President morning, of you, good We was the and Financial afternoon. of in Chief remind by started, Hartman, the appreciate our Prior forward-looking released Steve Vice of Brian, morning our Mathis, to today's you I'd call. which I'm in language
forward-looking contain securities in and will guidance, different today of within which our the but the federal to uncertainties comments Our to risks XX-K. cause could limited annual be report operational of the of statements on from actual on laws. include, a statements, meaning are subject materially our statements, forward-looking These Form to, are results identified not risk number those factors that comments those including
on these provided most Definitions Cautionary go discuss call. and our to included non-GAAP will language the is presentation of discussion. will in today's GAAP measures comparable website posted we X this on use also reconciliations this We presentation, of Slide our through presentation the morning. this measure to in measures and are
you prepared will our remarks, Finally, after answer may any we questions have.
start is and Page DeWitt in company a So counties shale-focused quick let's in Virginia on Lavaca Gonzales, X Texas. pure Penn Ford overview. a with operator play, Eagle South
as of of is now announced acres by Ford As net we XX% by Oil which you Eagle XX,XXX assets. acquisition, know, which Hunt about production acquisition Penn Gonzales operated the Hunt the had and in year-end, held yesterday, previously our Virginia. is County and Ford Including closed Company's XX% Lavaca Eagle we of core
production three and of spot in we fourth debt frac the running as very frac which was margins. generates in or on our in attractive XXX%. premium, year-over-year LLS receives bringing We're one on the plan mix inventory periodically We're spread, oil, pricing currently realized and Louisiana rigs EBITDAX dedicated growth builds. Light Sweet, in product XX% targeting spread Our quarter
of We as pro of large locations, drilling Hunt totaling approximately inventory XXXX have Ford forma a Lower XXX for acquisition. XXX and gross the net year-end Eagle
identified define laterals, lateral XRLs, extended lengths reach far, of as or we've feet loosely across or our we approximately which net XX X,XXX So leasehold. greater
over expect will We across sharing this stranded agreements form only we also to otherwise access lines not XRL but to to count identify as increase opportunities reserves. continue time capital unit efficiency to optimize production
And days turned XX,XXX the Our December. fourth Hunter production of Geo day. the last oil end per Area to X, XX,XXX of two-well near day, sales which per barrels we XXXX quarter XXXX, five our contribution averaged of the we equivalent for in equivalent early of averaged reflecting barrels pad of oil
test two us have been across allowed Hunter pad in next slickwater with XX% this two pad's currently Area The more third oil lengths a pad over we year, Geo to also to month. Southern is in IP Page feet completions X turn forward to is look plan which to completion are barrels would test agreement of that The and on activity otherwise our access drill per that equivalent our successful results. exceeds two-well second type XX-hour Southern X, very oil and our Area waiting preliminary pad our Moving average on X,XXX wells sharing pads X, production two This enable lateral including that to Area sales with in expectations. pleased and of X, Hunter resulted in X. to very of we a has the forming peak Amber left that curve ground. confirmation about from two-well Hunter was units another X,XXX that Amber pad, reserves day, excited we've us Area We're and rate been
XXXX. which expanded Over both last completion with service drilling upgraded $X.XX respect Fourth XX% year-over-year and reserves finding is to team at production increased for illustrate XXX% also and XXXX, proved of XXXX. of by on and mentioned, later equivalent. providers, on and development Yesterday, oil a execution, we increased few and per than And with completions, a acquisition we growth quite production improvements our our drill-bit significantly clearly simultaneous quarter our our borrowing barrel the announced In to delivering closed technical of Ford XXXX months, XX% more the in operational quarter significant closing, we've in base as million. third certain also targeting our little by we're we'll of drilling the $XXX over this Oil that XX% Hunt assets, and combination previously I Company's Eagle increased presentation. cost
drilling With equivalent locations oil of held the XX% reserves. with production, barrels XXX is Hunt million we XX,XXX net had XXX by and XX acquisition in operated wells operated, at core that acres Eagle Ford year-end, proved XX% over
to Page X. on Moving
While without was quarter we fourth XX% grow over not challenges. quarter, quarter third XXXX able were the production, to fourth the
lower with stimulation And than then, the Hunter those respect reported deliver. number coming our expected. of fleet, our been with we've in challenges completely the expanded substantially adversely strong they pace while pad efficiencies later yielded of fourth changed the half pad production and short online resolved. mainly frac resulted type call, completion Geo meaningfully the of Geo fell have planned XXXX Hunter drilling able upgraded we've drilling previously quarter second service curve, have day we and stages providers laterals to impacted staff to third expectations, in than former operational exceeding had shorter equipment, This the As challenges out quarter our in completion production. technical came per very equipment-related originally were in drilling Since
into the Furrh two-well of completion was pad delayed the Additionally, also January.
in that addition services side. on execution, December, completion to changed we provider the seen of so drilling our on improvement expired contract at improved also we've the frac As our out we've end the stimulation
with expect another production, day. per of in we first of to equivalent Looking XX,XXX quarter guidance growth XX% barrels XX,XXX oil forward,
excited So even the XX% with delivering we XXXX, quarters of about we're back-to-back encountered half of the challenges in growth. second
Moving on Page to X.
more few The the we per page our providers we drilling that clearly on XX%. technical drilled service feet improved achieving. execution here Area the Area X, wells, feet and up two very our has and where has string the three our average improved average new per operational completion effective In improved charts X, are upgraded string about day wells, left of XX%. team effective In side first where even dramatically day illustrates drilled
service X illustrates have comparing X.X of improvement XXXX X.X to only to three changing feet average efficiencies year-to-date of completion later was while quarters XXXX XXXX equipment the our per just going day. the right-hand the first frac And providers, this also clearly that X.X. and simply the per side improved stages year, been in from day technical Now X.X is release, of average to spud new experienced stages team in quarter have this the pads may the in last The average since the two over day, the Page of the from the drilling stages per And average per through the we achieved. chart reflects XXXX. XXXX day rig on fourth
over an quite efficiencies. had completion lately, that improvement we've here So doubling
Moving on to Page X.
reserves. the barrels $XXX million, NGLs from consist at this oil is XXXX, with oil reserves and and summary The was XXXX. We XX% million XX.X gas. acquisition. have of barrels note of equivalent oil, $XXX producing million year-end And of XX.X Hunt that year-end pricing at equivalent, valued please excluding approximately grew a our Reserves XX% in natural form to of that PV-XX, million XX% XX% the at developed strip proved of of
it that development by proved reach have the well XX% by and oil X Eagle South, I to by as and production inventory million year-over-year our and and at Oklahoma conventional $XXX,XXX set, our costs. this Texas increases somewhat Page costs XLRs. grew across want barrels equivalent, well just in drilling most our X, or South driven legacy X part increased to provide BOE. per North replaced as reserves Area and down X, On well we Looking at breaking Area of a cost of details inventory, excluding of per finding out we point properties drill-bit $X.XX $XXX,XXX of XXX% laterals stimulation XX.X by XXXX extended assets, laterals between Area for and Ford
XXXX of and toward the plan XX% balance for be to you'll as million primarily Our an which is estimated X, and is Ford to Eagle million, directed capital to in drilling $XXX completion, on land. pipelines facilities, Page $XXX directed anticipated see
XX XRLs. well XX gross to XX as net count today, XX expect XX to a be stands drill wells. total to We And of the gross of it will wells,
X, Area by As area X. you count close Area numerical higher pretty and with in Area to in allocation a X, capital well is XX% can in XX% see,
this drilling our to schedules plan, tend is While current change.
to XRLs, with wells Our XXXX the the right. in a drilling shift schedule drilling longer as at chart bottom illustrated reflects
So PSAs X,XXX is that our was increase to that the And for we're over form more deploy capital. XX% the lateral about additional enough XXXX, drilling see But extent flexible timely X,XXX you extended length year able in allow average to that laterals, allow prior to to changes schedule feet. XXXX, us the feet. reach efficiently treatable can more we for expect for to drilling
activity map. to on is Moving This our Page X.
just map busy Now highlights the shown fairly and we completion with gets so this new our have recent and pickup information. quickly, in we've drilling activity, really where
X Hunt-operated or and This just Hunt's active spread where X-well dedicated Snipe which shows Virginia-operated where in of drilling Area currently Hunter with Hunter is one active right First acreage is all, is the two to the to upper the acreage at Bongo the rigs, on rigs well that, currently our that of northeast, frac blue acquired. pad we working the our Hunter mobilizing. pad. the got Elk leasehold X X-well pad further drilling map, interest also Along the the we've colored came Penn formerly
active, acreage, pad on McCreary-Technik DeWitt have both and the operations the Below pad, of County we Additionally, scheduled the callout Schacherl-Effenberger pads unit, pad into our top Medina most on the to foray we rig where southern have is are drilling is begin shows the month. box, of on from completion the are on completion. which first second pad, or X-well PSA see the and this which upper waiting X-well this also Lott in the which Down can our X-well X-well you third map. that, later right
the total to in DUCs the which clockwise, complete couple over for commenced as day. next completion, plan our on first pad this I a was pad, which Continuing the moved waiting into got has over up-dip completion around come per but come the preliminary earlier. X-well Area recently Furrh of been the Continuing pad, IP has the to of fourth portion barrels quarter completed and which scheduled of a months. we've up, X we flowback. Dubose to equivalent of we eight So of of was year This mentioned the originally X,XXX quarter X-well oil we
Now IPs Amber pads excited about X. the Hunter while Hunter further X,XXX outcome, day good when delineation per so why X,XXX per a is pretty excess you and X-well can you Geo Area day, we're look Southern at X-well BOE BOE with in of see in
to growth. the I to with XXXX Production proposition We you the the Virginia is Penn XXXX production Slide Moving comes value walk over on that XX, of slides in drilling next story. through want program. the from growth four heart the start
growth XXX% XXXX production about in over with XXXX expect development our We plan.
flow barrels is and Hunt the between include adjustment, of cash a the this acquisition. XXXX and quarter. acquisition first October XX,XXX Hunt-related to of the included – X, of Our as first XX,XXX contribution oil purchase Hunt therefore equivalent prior production closing in months is from month quarter And would effective of treated the per price is won't yesterday's two though be to first Even the date guidance one day. for
a our Looking to the quarter working not by X. in the throughout where of PDP that's quarter, virtue acquisition, we the first full part big interest second increased volumes, see of only of Area Hunt also effect the but
next cash a XXXX, of $XX.XX expect LOE, equivalent basis. XX,XXX our fourth to we The We of is guidance day guidance we XX that for our cash where of for oil second XX,XXX equivalent leads In some slide. us and the are end through barrel the giving quarter. the full growth you and is in year Slide G&A yet, growth we each per saw which barrels items, cost, a aren't equivalent meaningful per or sum cash of show reconciled total barrel to quarter but on cost result oil adjusted per GPT the of appendix of presentation. oil onetime
midpoint so cost G&A For guidance. growth, and expect per next the the margin which slide, cash XXXX, barrel of to interest we're down at equivalent. to shows the the Remember, lower support This of per thanks to cash up as be Devon a we production adjusted and to oil $XX.XX BOE had Hunt cost cost our to on higher us barrel our acquisitions oil acquisitions, EBITDAX XX, per result add cost little working substantial we equivalent. recent Page very of driving and of lead
to you For BOE full margins per us realized gives $XX.XX oil not EBITDAX $X, we're cash premium XXXX, upper low EBITDAX. of our better. XXs we year see getting differentials pricing, per realized adjusted as are prices cost the of adjusted while WTI much in $X BOE XXs, $XX.XX can which WTI to guidance LLS cash giving with and of And
really can quarter our fourth in realized see XXXX this You number.
forma, oil per $XX.XX, increase year. we oil fourth of margins, EBITDAX throughout the production combined the as and Our EBITDAX with our debt cost Hunt the which had growth, leverage With our acquisition, which structure, year-end. and strong was quarter for expect the X.Xx. improvement. balance of per to X.Xx Pro be of next our financial to growth, for growth for ratio, with XXXX flow cash adjusted equivalent slide, are to about defined as in EBITDAX our production we cash shows adjusted we improving adjusted expect that XX, the the equivalent leads barrel committed our And we to sheet barrel we about to And Along production within coming anticipated end see achieving. credit year XXX% drilling goals by down are these of that to by the well. facility, the strong
So very data peers, a outside and midsize estimates compared firm. Since with look for from we to confirming or earnings, issuing consensus the you, range few that this was numbers to endorsing our the are of slides we data of to at based small peers. any let's how the was the I gathered The consensus next plan laid slides. show show which an not E&P estimates by our should next out directional. gathered on it's doesn't but prior on tie note several it – we discussed, is
a XXXX So to very turning Page growth to rate we our for – that high believe Slide of we have peers. compared XX,
and a result margins, you, profile. and the our the very I a multiple with structure trading Slide targeting group. production although lower approximately low-cost cost even is small data XXX% chart XXXX we as actually for increase third-party of expect and a shown cash growth the here. the mid-cap to on growth is lowest XXXX strong EBITDAX XX, growth peer don't the mentioned, we I On As of XX, rate Slide showing consensus And in this midpoint based estimates laid guide the are guidance. considerably we out EBITDAX, has what and at us that's higher On it to than to of
Penn what We we proposition? position. Slide contiguous with returns play company a Virginia's for those nice to provides a drilling and acreage pure Eagle derisk on that value a XX, are inventory have Ford runway large focused We're is returns. delivering So on
Sweet premium We Louisiana take positioned oil-rich, pricing. oil window Eagle have to Ford advantage the of geographically centered Light are quality assets well to in and of volatile the that
And to with a that We year-end, of flow discipline have we drilling potential. are way cash to finally, by we and hedges. protecting get with flow. are committed growth along cash to leverage well-defined us financial plan the And within X.Xx
are that growing this presentation, If should rapidly. you take from take away we you away anything
the we And multiyear well Area of Area go the growing in inventory portion inventory of of Q&A the superior economics, in Brian, have as locations that, with especially as X. XRLs with X We with drilling a to call. can
