which Mathis, Thank participation statement of in Sandra, Steve started, our and I'd release, and to remind the Operations. this language good your appreciate Hartman, in Ben yesterday Officer; afternoon. Financial of We like everyone. Chief VP today's getting section released was by of Prior morning, morning you, our you call. the to joined I'm forward-looking our press
within the and the are from Our our of will most comments comments risk forward-looking be of statements statements, subject that Form actual cause but recent materially Annual today uncertainties securities federal include, Report those results on are These not including meaning laws. a different guidance, contain statements, the on to, number to in to factors risks our forward-looking which operational XX-K. in could identified those limited
this to measure reconciliations measures is and call. also Cautionary non-GAAP definitions discuss language in provided included website are most will the on this the presentation morning. Slide presentation. of on We our our And X posted measures comparable in these of GAAP
We through And after have today's prepared to presentation finally, of will will at a remarks, discussion. we the session this our Q&A end use call. go the
by XX,XXX Ford back approximately XX% XX% held is a of had We start Gonzales, Virginia. Texas. and of Lavaca in operator company So DeWitt core of is a Penn net Page which in overview. in Eagle with South let's quarter shale-focused the acres the Ford Eagle operated first pure end as quick production and X on Penn play, Virginia is the which counties now
net for was inventory and locations Hunt pro at year acquisition. XXX gross Our drilling forma the end XXX
efforts goal through acres. first is extended the We and leasing through replenish organic approximately to leased X,XXX inventory or Our quarter. that our to continue
first was the oil. XX% in of that of quarter crude of which mix XX% was product Our liquids
supplemented cash receives production and or Eagle generates three Ford realized premium All and difficultly] in DUC a targeting attractive [technical Penn growth spread and Louisiana We're inventory oil XXX% achieving very LLS we're Virginia's target. frac of leading pricing that rigs with year-over-year light of frac Virginia's dedicated as to margins. pure currently periodically production spread builds. our sweet spot and Penn one pricing brought
first As which by evidenced yesterday our quarter afternoon. issued results, we
We're take X, strong onto Moving in continued a generated operational X. look about success our higher and into we let's acreage deeper down performance call the moving quarter. which Page it we and our really at closer in pressured the Area financial excited first deep
As we most the continue total for are to X quarter later the delineate Recently pads these drive we with pads Area I'll impressive that X X our color acreage, XX bit we've help of these completed a call. which online six up on recent well. production results little our brought Area and four Area now X more wells results in about provide information in Area outperforming
meet of pressured our online our continue X need that that leasehold. we the our expectations in We quarter two in shallower quite the brought early in pads design indicate first portion didn't evolve lower also results completion and time shallower to Area to
XX% midpoint of quarter of quarter equivalent first XX,XXX XXXX, production oil per quarter up XXXX Our averaged first of exceeded barrels day fourth which guidance. over
pricing. cylinders. by all hitting production which XX% Operationally of on the we importantly, More grew LLS we're receives benefit our oil
fourth providers in significant the and the changed continue On quarter see operations drilling we year. to we since our last of service expanded side, team improvements
year time. On per more extended We we to improvements drilled operations days. over XXXX. while growth, in XXX an XX,XXX pad total a average three frac completion quarter stages full also McCreary-Technik meaningful receiving feet X.X These completed was of enviable drill position performance. strong Louisiana through of drive Penn quarter exceeded to XX% to-date. day. over of team Virginia completed XH the This XXXX. average Adjusted with drill fracing is continue was all see continue drilling was X.X stages the XX% pricing. our average operational efficiencies we drill stages which side, help a X,XXX-foot $XX improving crude day sweet XX% EBITDAX with than light of improvements first per an since generated longest on Eagle turn million just lateral of Ford XX where us increase our was financial wells actually impressive our for which production more the lateral McCreary-Technik well under the depth an over than in feet more improved to faster quarter The of by up production to an day These reach that fourth allowed than our per
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have our slick to X, on drilled Area design. like Page I'd been onto X we've using focus wells the So completed in water moving which in
little sales XH XXXX, per oil of the XX-hour day of we XXXX Area pad. X,XXX this with of day. a Lager a tested barrels XX-day history, First design turned Lager and a of equivalent In in of X,XXX IP barrels per equivalent average oil we the the X first in on rate May well
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test The of would it Area wells two result per in which rate Our pad reserve ground. been X,XXX us XX-hour our a The across XX% was average this was Hunter-Amber Hunter-Amber have had IP IP a us units per drill PSA more that peak third likely agreement day. than Southern BOE that two the pad two left production Southern production is of XX-day from rate enabled a X,XXX-feet X day to BOE forming successful oil. and with to of laterings in or allowed access sharing otherwise and pad wells a over X,XXX
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time. and flowing Penn the DeWitt the The maintain these and aggressive Southern position to with the working very actually acreage back. getting from is longer to period leasehold pad on last a of not wells production we're County of it the pressures initial for is year. try X interest higher repurchased Maintaining XXX%. So XX Virginia's XX% Area Medina laying from in in in portion high flow most Devon
plans. had X our this the drilling we're of you we've Area impressive optimistic program XXXX balance see, As our for results can some pretty and trend from continue will
see to production Page line they capital north had this five of to Area which is wells shows results Page X, blue exceeding inventory and production and X X Area still X. provide we've Area curve. To-date indicating is can about early these graph and XX but period from evaluate and And to-date, that X X the the design is it of at of significantly average X, with by intend history, results type breaking the red. for slick from to in foot favorable the drill four south. the production possibility On can water We're days Area X,XXX limited over we're rate encouraged our as to X average very drilled on Area talk using The set. have X, X Page for the details down data our our north The type X Area you more curve year. normalized from drilling evaluate completion XX half let's production above you by We turning of and we aggregate. wells Area these very X, least been north in wells for relative the to drilling all Area are yellow month X lateral. had see Now data production. in completed Area our wells we and results obviously depicted Area curve. The our initial line type additional allocating rate wells wells The
this as on XX% from inventory range was columns curve, to reach laterals Based for rate above gas. by conventional the well table. As and anticipated as our our oil and XXX% XRLs. current the by inventory $X $XX for type The of or laterals extended the returns economics shown
from length. inventory to of take net that, slide illustrates which Another is value it monetizing is the the more of efficient treatable away lateral our this proposition XRLs the drilling approach capital
One acres. extended organically approximately year inventory. efforts. goals to and maintain our non-core that of that to of those some I'm leased during extended through replace we acquired the X Area or as is we leasing our quarter, delineate say to pleased leases our and leases to location previously organic continue we've inventory replenish X,XXX each the we inventory We've also new drilled
day of XXXX. three in of wells primarily effective In on First improved In to hand Page up illustrates newly year-to-date improved the comparing chart are drilled effective right and the service the our Area The drilling X we've this quite providers has quarter over our day per we day. feet the per average and completion where release going to is rig on the wells, XX%. left stream that XXXX clearly X, where so simply three from technical the here average frac two clearly an And per the expanded had XXXX stages X, two improved providers illustrates also even lately. stages stages average feet XX% execution improved team was quarters two was achieving. Page stream from pads our side efficiencies of the service charts per per day X.X completion fourth upgraded dramatically X.X, since drilled only XXXX of about our first day, to Area to through XXXX, changing per and more the day improvement X, average spud last feet X.X we average has while X.X operational
XX Moving degrees average the which production very we benefited our our Virginia the barrel. a LLS [ph] Penn sold to to HDI overall degree the with move is Eagle in of around the fortunate oiliest presentation, WTI. all oil has being is API at of Page XX is one E&P market, companies production up X per to stream currently recent currently Penn premium with $XX Ford believe Virginia prices oil XX% is sector gravity. which in of oil all and producers trading the of hovering into is The significant
During barrel. per the $XX.XX first quarter, WTI averaged
oil barrel, is over Our per which realized production $XX.XX premium WTI. $X.XX a per barrel
more is As at WTI. trading than of yesterday, LLS premium $X to
X, million completion Eagle is land. with directed to an Moving directed for facilities, capital of primarily $XXX XXXX anticipated Ford our plan onto approximately be which is and Page drilling pipelines $XXX for balance a towards to million and estimated to XX%
XX net drill to to wells. total a to gross XX expect of We XX XX in wells
XRLs. be today, it gross XX we the will count stands anticipate the As of well
in area Area X. count and capital allocation can higher Area XX% with you Area As X, X numerical the to is well pretty in close XX% in see, by
PSAs our plan XXXX schedule inspect capital. year changes the for change to XRLs, to the longer To average reflects the with allow is additional drilling our over XXXX drilling bottom enough was feet we as to X,XXX for right, lateral chart that treatable tend is that X,XXX drilling XX% and to XXXX XRLs extent, to schedule timely most in schedule current our we're this more last increase flexible deploy drilling the at drilling length that efficiently While able the also the allow wells prior shift us for to form and illustrated
in to-date I to previously more success to X X. capital our Area the to X, intends company relative with allocated Area evaluate mentioned As Area
with Moving onto story. next Virginia XXXX growth walk you growth. the I the production through heart in Penn Slide to XX, Virginia the start Production proposition the is slides. value want over Penn We four of
with We our production growth plan. over expect XXXX XXXX XXX% about in development
that per XX,XXX I'm at to about off start day. pleased second XXXX BOE with BOE for production to a great quarter is guidance over XX,XXX coming for quarter we're April and of day to Our increase for from that's XX% XX,XXX report quarter. per first the second the already estimated about
volumes, of first our The where second in of the quarter X. see be big full by the throughout PDP but Hunt not working just increased part we the acquisition quarter will also of effect Area interest virtually
cash as made for cash expect growth. per cost in substantial is result of interest to enter XX,XXX GPT BOE progress to saw $XX.XX slide. Slide quarter XXXX, first We our of is meaningful lowering XX aren't third for cost leads production recent higher reconciled each working giving quarter. where with XXXX, time our our but adjusted guidance the cash, or The or in acquisitions full already growth yet, is equivalent to fourth growth of per and that year the cost the in guidance we LOE, per the basis. and at show for result which on us BOE we sum We've day you next quarter some BOE operating presentation. we G&A the to cash in tremendous oil a one-time $XX.XX items per appendix In operating barrel XX,XXX thanks
cash be our expect $X.XX at midpoint BOE per the cost of to guidance. We
our to recall basis. You to costs next lead cost add had acquisitions cash support margin barrel the Slide cost These driving little BOE. see a may On on to G&A realized up Devon so operating you very per margin we're lower per and XX, down we and Hunt slide. cash
For per full we XXXX, $XX.XX year BOE. realized
of $XX WTI differentials giving barrel and LLS prices operating us but premium to one. of at margin gives WTI which per aren't We guidance, cash with cost zero of cash realized $XX.XX pricing realized oil
improving. see You margins cash our are greatly can
in our see this realized really number. quarter first can XXXX You
oil barrel the was the increase Our per cash equivalent almost $XX, margins quarter. $XX.XX, for XX% quarter first of over fourth
balance the times ratio cash barrel acquisition, the at XX, growth illustrates of cash us and posting end to strong ratio that We end debt downward we trend as seen times adjusted throughout continue first that production equivalent yearend you've forma Pro per slide. our improvement. of EBITDAX sheet margins operating the Hunt which expect year had to of And the strong combined Slide oil margin for we increase to to year, the improvement leads times by with X.X to these year. target ratio leverage X.X already X.X about leverage the expect with number of of XXXX. quarter And XXXX. throughout the next
per per during now operating call. Turning differentials, midpoint oil margin These our expect cash down higher conference with year lower fourth to about oil production and guidance Revised and we've see cost to price coming by our by Page guidance $X.XX guidance improves be XX, drilling fourth financials growth, committed on achieving that general of our lease update flow we've growth. we XXX% realized to improving from within are in the BOE. provided guidance expenses that expenses we lower administrative price goals end times oil the cash leverage are Along With our reflects production BOE. anticipated X.X anticipated XXXX. structure per to quarter by modified BOE slightly The through quarter.
any peers that on I and With next let's illustrative data purposes. the small-to-mid from out to based consensus from data plan not a them or we're but slides on is our laid consensus presentations. for include E&P how several at range compare size peers. show should slides, we The press of estimates estimates, conforming the peers. of releases The note, few the endorsing look next you,
compared for to that have peers. of Turning to very XX, we're Slide our rate projected to growth high XXXX
of XX, Slide projected mentioned, of estimates highest pricing. chart peers in of BOE cost and LLS the targeting per per EBITDAX for we're percentage showing consensus ratios approximately I Virginia's percentage, lower and group peer given in growth As We're our Penn our have one On is XXXX. oil to BOE the high XXX%. a
Now turning XX. to metrics, valuation to Slide let's move
different at and Here [indiscernible] generally on average trading of the multiple the we multiples Eagle The look that trade operate across lower Permian focused multiple. companies for companies basins. Ford
Within public multiple the lowest our companies. Penn data within consensus the at other Ford peers and group has for trading Virginia Eagle of that
for With cost cash the valuation. provides that we growth I believe strong the you, margins, attractive Penn very laid Virginia structure and an low out
and drilling Well on delivering So Ford Slide a Penn with value continuous a We're what nice have pure for we is the those returns. onto company Eagle runway position. returns proposition. play provides Virginia's large de-risk XX, acreage we're inventory that focused
financial quality window positioned rich all the are We assets and Louisiana that in Eagle premium cash a well well-defined the X.X the to flow centered cash advantage have with that with and of way [indiscernible] the and Sweet times leverage volatile oil we're plan end of Light give Ford of committed hedges. take year protecting drilling to We're pricing. by geographic within us discipline flow along
growth Finally we potential. have
you anything If from take presentation. away this
that growing away rapidly. take You should we're
multi-year with as call. have of locations inventory We can with the a the Sandra, that in Area growing portion And especially drilling inventory superior we well of Area the as Q&A go XRLs of X. with economics to X
