Clay. Thanks,
ratio. express operating margins my cash by efforts first their to flow, congratulate fourth of leverage free the all, of and in Penn to record quarter want team great relentless entire First for our improvement peer-leading low all, and highlighted, Virginia continued expenses, gratitude generating deliver a I
nature strong as short-term enable added our uniquely The to we sheet, some the our in our completion environment hedge we operational of Penn along on respond Importantly, with positions positions our maintain sustained balance exercising discipline. industry. us strength that timely we focus believe, of robust contracts and hedges to price in and a Virginia also our results, commodity drilling lower capital our
So, let’s opportunity. solidly a Virginia start Penn for we is provides positioned why and X compelling believe continued success Page on with investment
We as are to throughout weighted by that trend XXXX and oil expect was fourth mix, heavily XX% our which XXXX. quarter evidenced we continue to production oil,
our targeted are Our growth to successful lowering industry strategic near efforts planning premium we operating low Gulf are coupled leading leverage the development moderate given efforts, product for oil costs, our levels. through continue And with Coast maintaining driving production pricing location margins. while
this which pricing. of we that business the WTI the same assuming All fourth for $XX in XXXX and per flow, cash barrel generate can quarter free expect in year did a full results
organic drilling by Eagle identifying constructed increase Utilizing additional our we reflects our locations in to with is to inventory Virginia adjacent At Penn operator Texas. net shale X, or of Page pure-play acres, to acreage Fayette, the replenishment We Turning point Eagle swaps Upper end I’ll earth is acreage count inventory as and currently also technical Ford. lower Eagle Ford teams estimated approximately the XXX the had Lavaca inventory of small counties gross model, want of inventory our our XX,XXX of a acres this was net the XXXX Gonzales, operated out land drilling acquisitions, entered and as of XX% Company the XXX,XXX DeWitt Austin and gross XX% in we which A opportunities with an evaluating Ford focus and that ongoing through only and production. and are XXX well South held was in key Chalk. operators. further drilling recently leasing also continued locations. by by XXXX,
Sweet, MEH mix in or and as received EBITDAX XXXX pricing, as we also referred further WTI fourth Louisiana Houston of the – East margins. proceed was to which adjusted enhances Light Houston, or XX% of known we product our premium oil XX% liquids, and Our also was this, LLS, quarter Magellan
production We XXXX. are targeting mid-single-digit year-over-year growth oil for
during create through equivalent, of of replaced of Finally, XXX the We total of the higher production over drill X% to end year-over-year bit. than XXXX, XXX% XXX% million we continued increase almost barrels our reserves grew XXXX. and and oil value proved a
total was $XX.XX at SEC crude gas, using the of natural natural XX% base for $X.XX $X.X oil, and just pricing at composition and in XX% at developing proved had valued billion of billion. reserves The end $X proved with oil classified XXXX developed gas, Company XX% producing NGLs total XX% PV-XX our proved value reserve the of as for SEC WTI over reserves valued and
into also point this Given additional to oil expected XXXX. based environment, volumes approximately midpoint I’d that XXXX of we are for extending XX% like guidance, out with some the hedged hedges on
closer So Virginia and at our financial a want performance year. Page this everyone again team their and X and significant the highlighting I business look let’s of the on operational to Penn on this XXXX. take like all time and thank work during I move in across hard would past some dedication of spend morning solid to accomplishments for was those achievements. The some result to
which barrels grew barrels total per oil For third to quarter production day. production of oil oil from of XX,XXX quarter of we fourth per of the included day, equivalent XXXX, the XX,XXX
was these XXXX. averaged total guidance. measures, production both Full a midpoint XX,XXX of increase day. XXXX an XX% oil the of XXXX, XX% day, production year exceeded growing to of average equivalent of total we barrels of was barrels per our of oil per which in XX,XXX from on Oil Importantly, XX%
million operational $XXX.X operations or to oil XX% and for full efficiency of to increased XXXX. reduced time XX from make we days, going the improvements. XX continue significant average $XX.XX days, over to a front, XXXX XXXX, XXXX XX by we to From Adjusted On improvement cycle barrel per our year days equivalent. XX% EBITDAX
of the $XX.X XXXX, Looking to from the of more specifically increased oil XX% quarter third or EBITDAX quarter adjusted equivalent. million barrel per $XX.XX at fourth
leverage us times adjusted Our to in forward in further than at look growth and ratio less our XXXX. XXXX the EBITDAX XXXX X.X of improve in we to improvement end to allowed
to an on reiterate Penn X, we as believe more attractive detail. make attributes, and investment. there And now those extremely we some Virginia several that these discussed Page on attributes X, of earlier, are I spend each key Moving here in I’ll time discussing Page
of one grown volumes companies oil Looking XXX%. of the E&P Penn an we sector highest X, weighted position Eagle heart oil Ford. Virginia oil window approximately we have acreage in at is of Page by the XXXX, the located the Since in the with believe
that between For we expect X% to and X% oil growth year-over-year. projecting XXXX, moderate are we growth and of
Ford Turning Morgan deliver in takeaway into has crude to the points and pipelines, Page and U.S., ample Houston directly the to many the basins Penn X. Eagle oil delivery markets. which Products Virginia Kinder has capacity. Unlike other Enterprise access
crude other We XX waterborne or including the to ability Refinery markets, truck Philips also via have to and Corpus to pipe. truck to deliver the Christi access in Sweeny
receives remains enviable either geologically, MEH. Virginia or and Penn pricing production in an LLS position premium geographically as is that of our
LLS to more West As and premium yesterday, than Intermediate. barrel per both Texas at $X traded MEH of
Moving X. to Page
seen on of expenses pricing, product focus maintaining cost driving to receiving lean business and unwavering the addition can on across direct expenses operating been where premium equivalent our structure. in to annual a oil margins from decrease lowering barrel In of in we adjusted barrel XXXX. be an has high This $XX.XX a show X, oil per equivalent Page $XX.XX XX% in XXXX per
is ad production is and appendix lease As expense and this GPT, a operating for expenses, the adjusted items G&A of reminder, sum the adjusted valorem some in reconciled the direct and of cash presentation. operating taxes one-time
a specifically prior LOE, at I year barrel down oil am and LOE LOE of $X.XX the the to of low for oil record we level that Looking XXXX, the XXXX, per X% barrel of fourth from XX% from equivalent. year was full pleased for report equivalent, our per of quarter for of $X.XX XXXX. achieved
Now, we down are on to drive continue focused initiatives LOE. three to
continuing maximize approximately injected volumes with lift system, repairs to Currently, gas well volumes lift field-wide of smart which production uptime. utilized lift, implement for of costs and intermittent First, maximizes lift are our XX% on wells reduces associated we to gas. oil which gas optimizes our of gas down-hole are
continue our system. Currently, produced system. or between water to XX-mile via SWD our XX% of XX% approximately our is disposal transported Secondly, to we saltwater expand
borne $X.XX by For maximizing build allows oil more on contiguous every barrel barrel cost effectively, of cost Also, that centralized versus substantially midstream and oil effectiveness. SWD delivery, And pipe, approximately build partners. gas to optimizing our out and on takeaways workforce and advantages pipeline per pipeline focus for having maximize third, to transport of footprint. produced our acreage via noted it all gas are truck. save system water This be labor costs we we lift us gas to out transport continue the reduce we should by third-party our our competitive expand
were general barrel in cash a equivalent barrel in XXXX and at coming adjusted to we of oil fourth in per adjusted to saw in quarter which with G&A per strong XXXX. than equivalent. XX% was Our Similar lower XXXX, cash expenses expenses $X.XX administrative of $X.XX LOE, reduced oil
XX. Page to Moving
few average three-string are two-string by As a days also of XX% lowering few first our flow execution chart Page years. release over of effective per cycle work part the the XXXX. our capital our service closely of feet well as charts is our With back The design, maintaining are from Page effective from XXXX. wells. drilling driving continuous average commitment improvement, average our the the we Likewise on of pad years. rig day spud well of to top three feet showing providers, XXXX our two to on with drilling past organization XX safe for a per down improvement last well past technical improved the significant team drilling XX% environment. improved, throughout dedicated working design, on the spending while as since charts to to time, Virginia’s number the in also per years from day efficiencies shows Penn feet with well illustrates of The of the the the to spud XX day our which over operational bottom improved the clearly The
average With XXXX of have able production per cycle by to been the we completion between of and and efficiency start an the pad. our operations shorten in times weeks accelerate three and XXXX, improvements made drilling operational our
we XXXX, in safely. work continued Finally to
total team Penn overall we’ve such, on came of incident in had values. this our years Our by congratulate measured core working the rate in clear, priority And as be achievement. To everyone safely history. which on the a ingrained is X.XX, top Virginia safety our in one TRIR and or I recordable best important performance at is
equivalent oil oil producing XXXX. for the adjusted from our XXXX and we barrel in the peer-leading in by of $XX.XX we that keep our increased barrel per Page oil EBITDAX XX% the show to day, XX, On crucial of margin. of mind selling of business a year and to for is full at end equivalent, It are gas per which the
And a in XXXX. a percent on as by chart, XXXX Texas has It also structure. this XX% been Virginia’s we our Penn in of Intermediate steady on close driving from West price and to show focus to for EBITDAX the cost with operate XX% XXXX% this improvement the we average metric Intermediate in lean XX% adjusted year, ensuring West Texas and
to increase our successful commodity as margin prices been have declined. and continuing even We
to Intermediate fourth we margin Texas of the oil This equates adjusted EBITDAX the at specifically Looking per barrel a of the XXXX, average period. West for to $XX.XX price equivalent. posted of XX% quarter
a EBITDAX level XXXX. adjusted barrel expect remain at oil high of We equivalent to for per
Contributing between a $XXX comparable to level to XX% reflects free our further Page production we spending estimated cost generation expected moderate provide environment. $XXX and compared and for capital a flow for pace. designed lower On which and the XXXX cash is to million, will year. provide continued more growth concerning our highlights The completion XXXX spending million XXXX low gains Drilling is be efficiency plan. XX% plan some additional to reduction XX, and completion at for importantly, full development capital and drilling service
on XX% on the pipelines focused directed be balance All Ford toward Eagle XXXX drilling focused of our and will grassroots acreage and completion with the capital leasing. and facilities,
of that the XX% half expect first our capital We of could spent approximately be year. in the
in are wells XX year XX to or This to spud approximately targeting wells. compares net gross spud we net This XXXX. XX
net we XX Last For we wells. line expect approximately year, turned of or similar gross in XX a XXXX, line turn net number in wells. to
Looking specifically approximately wells. expect wells approximately we spud at gross the line XX first to turn net and or quarter, XX gross in eight XX or net
provide additional current structure capital off comparisons hedge discuss well as our I our on and will now financial specifics it Rusty hand outlook and to to position. as peer XXXX
