Vice and call. everyone. by I'm Financial of our our Steve and and participation Jeansonne, Clay Steve appreciate in Chief Director Senior Mathis, Ben today's joined Relations. Officer; of good you, Operations We Engineering; morning Investor your Hartman, President Thank this morning
posted the last on press measure released GAAP are statement yesterday Prior afternoon. in our non-GAAP release, We Definitions press started, to reconciliations comparable will measures I'd discuss which website of of section the remind most and and on the to getting you presentation release was the call. forward-looking night. language this these our measures to like the in provided of
different federal limited that These are actual to securities include, but Our are comments statements, materially Form those forward-looking most is and through risks to, this which Cautionary and laws. uncertainties Annual and could presentation within Report will comments X the today will we the forward-looking statements, identified in discussion. factors to presentation, also not contain including our our number of language of from today's in subject XX-K. statements EURs cause operational on on risk on use slide a recent be the guidance, to included go those of the results meaning
have. Finally, after our may any we will you prepared remarks, questions answer
a pure-play counties Shale page start DeWitt on Texas. Ford X with Virginia a Eagle let's is overview. in So, Lavaca South company Gonzales, quick operator in and Fayette, Penn
Virginia. production is which held XX,XXX the Ford, approximately is XX operated and acres of by in XX%, approximately have which net by Penn We % Eagle
XXXX locations. gross XXX estimated in inventory XXX Our was at XX, drilling March net
point is the this out Eagle only should Ford. for count I Now Lower inventory
through our goals operators. acquisition acreage swaps lease organic well inventory continue team of that with as to adjacent for acreage as One replenishing is land our
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two are spread. We rigs dedicated running frac and one currently
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mark. consider also a February, significant in surpassed our reached production when oil we barrel what gross milestone We the XX cumulative million
quarter. a financial look Let's move operational X take solid our on to at the for closer page first and performance
XX% XXXX which oil first equivalent barrels production same day, averaged of was Our the quarter period per year. XX,XXX a increase last from
approximately Looking or our was the million specifically first close production improvement quarter. last year-over-year to improve X.X higher $XX.X which us This end the resulted XXXX. year-over-year. realized adjusted BOE in XXXX, $XX.XX quarter EBITDAX times debt We costs at of XX% per LLS BOE, in oil per direct oil, to ratio what quarter EBITDAX averaged XXX MEH price X.X as XX% EBITDAX which our at compared than $XX.XX operating first The year. period allowed the same of the for to the net recorded adjusted to an from higher Adjusted or benefit $XX.XX. XX%. by % of and We markets, to first proximity was grew the than WTI we $X.XX for was growth adjusted
Finally, share XX% up per adjusted diluted net increased strong per quarter to of XXXX. share, pricing income lower drove cost the $X.XX first continued production, from and
and growth to cash drilling keys XX% there rig to believe Now we success. within this while to of we do are with expect growth. five page five. Penn We production year Starting program, Virginia's two production With flow. a at looking continuous expect it, XX%
yielding program, flow significant we XXXX years. we beyond over assuming next moderate, the a two-rig while free and production cash to maintain Looking expect several growth
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to our Gulf close MEH through and mentioned, markets. points. Christi margins. Gulf And LLS You This to access strong to pipeline And truck including Penn markets, want as priced maintain allows markets to I have we ensure Coast includes premium financial waterborne discipline. multiple also Coast previously the by access the accessing Virginia proximity and Corpus
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six. to Turning page
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pricing XX% $X.XX barrels, total XXXX, company gases, During year-over-year and for WTI a had to grew about of the replaced compounded PV-XX million of reserves Hub production approximately almost X.X $XX.XX XXX% annual billion. year-end a increase at Using SEC growth XXX rate a Henry we of two-year proved and our yielding of SEC of XX%.
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are GEN in efforts have of early and this indicating could we additional on. location updated as sure been to here add believe information, will We Ford, promising results focused Upper additional it technical However, the you and where Eagle Initial keep we be data most is as prospectivity generated. drilling will additional future updated. our be project new get
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Moving to XX. slide
to firstly, primarily, drilling we’re growth and while our walk timing cash critically is XX% and free based growth XX% the our free the targeting schedule within That obviously managing capital to cash on XXXX, through clear, four value over expect being and proposition of flow. said, associated current To so getting plan. production production Virginia important, Going flow production to then To our with you flow be schedule Penn important. growth. we drill is expenditures the starting completion generate over cash the next slides,
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$XX.XX XXXX, expect year per and full For $XX.XX BOE. between we
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the let's on take is presentations. slide releases, peers, I and data historical certain to or this not midsize how and E&P of a peers. slides. results, than any filings should Other peers' we the to public press several based we at look estimates, compare of PVAC's, that Now XX, note in estimates, confirming for small consensus data our our consensus, are or of endorsing next
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cost a E&P. And and maintain an oil-weighted we has of the lowest believe lean PVAC structure. structures must You one cost for low
helps to multiple must sheet margins. maintain times, maintain Virginia's priced preserve markets markets, you so. Corpus Our pipeline, proximity continue will discipline excess allows during financial survive to Christi our by markets turbulent strong truck, access by and to balance and and To grow and points to MEH do LLS the we waterborne the always and access premium Penn
to flow this cash Virginia we We Penn of the generation, free to your clear within free believe First, path means; you must and see live generation next by year significant year. cash flow in half second cash a and is path year. flow that, production cap the free Q&A unique portion with can call. small a space growth generation move this we to the And of with the clear Steve,
