Dan O. Dinges
Cabot's and joining Drew, earnings to Thank of all. With here. are Thank today good for for the members the us today XXXX team Cabot's you that me usually you, are morning executive third call. quarter
make started, some will well of financial may to statements we our call this get that measures, this current the release. most financial to morning's GAAP provided non-GAAP and reconciliations as like comments as I'd Before based other forward-looking highlight on to on comparable we earnings forward-looking Also, disclaimers are statements, expectations. refer directly measures in
For third coupled equivalent with Operating by cash cash cash focus free flow growth, disciplined quarter, for XX% in margins. our flow the production increased production capital growth. by quarter, continued year-over-year, XX% on allocation sixth driven a by delivering positive demonstrated Cabot increase generating consecutive XX% its while
quarter realizations third natural were increased the widening that XX% in-basin price the should due Appalachia no long-anticipated wider surprise it differentials need year-over-year, of to the over differentials. infrastructure and price lower highlights quarter The While has few third been the for seen and gas in in-service NYMEX come realizations long-haul new the demand of sequentially projects. weaker as last and in years
$XXX and to balance non-core of improving approximately infrastructure over debt reduce $XXX return sheet. generated the projects shareholders Our from expectation position, quarters. received to strong further via which of to is giving dividends we over that our our almost flow repurchases, price and and million have realizations allowed of numerous forward, asset the have next sales, will share net only of capital us our year-to-date million proceeds free improve in-service $XX moving Year-to-date, cash few million
in blackout share our which capital production of leaving range end value take electing on quarter. quarter, up optimistic year, we the the destructive. up the morning's where reaffirmed guidance while disconnects that we guidance in-basin we the its front after advantage As on this and shares did would midpoint dependent range while experienced to it a I selloff during this recent ended of the as the guidance not period, release, remain recently buy we X% in begin our production third in recent been back third the for of relates during we did unchanged. is Where be In trading tightened has Cabot market small – the highlight like repurchases, will during we our and production the pricing pricing portion fourth quarter, end ultimately curtail when production the
a chasing reiterated it growth have times of if back while of production certain the volumes prices projects, our have and we capital high-return top-line production byproduct to many sake not allocation are additional at we gas before, times. not warrant no moving the for absolutely As is holding do problem
during I'm last seen the the of the been followed month given significant years, by few not concerned in recent dynamics, differentials overly October, we basis. price subsequently have the widest that However, has some of improvement which about a over
the the XXXX for project a for and our back Atlantic key Cabot. since been point construction Proceed with northeast in market we've and represents As milestone during compression the to inflection February its our and a pipeline Notice is of received are Sunrise you first and This Pennsylvania station gas most in natural final aware, quarter, September. for waiting announcement in beginning involvement
December Bcf be Pipeline to new selling of is XXXX. and Project continue target to its early is markets. for this be that in-service a X Gas reaffirmed to ahead of as Tennessee we anticipated project, We mid-XXXX Orion which schedule will recently on gas in-service approximately as
September plant Additionally, currently are schedule me, sole under their that the and construction are early XXXX two to, on excuse projects Freedom for Lackawanna Moxie power Center, Energy – suppliers we summer and in-service.
it its recently deny New XXX petition timeframe or a request Section the on reasonable The with for relates Section the refuses demonstrating certification the belief specifies Act a a a the waived. grant certification within will York be Constitution's U.S. Constitution project. XXX is XXX declaratory the It the FERC, that order to certification the Water that application or of partners submitted Army FERC to DEC state Quality Engineers. the agency statutory act act for As If this Constitution time, New project period a under Clean if Certification a Section on a of time. that the requirement shall promptly DEC Water Clean failed seek fails Water Pipeline, a Permit exceeded to from for Corps reasonable of petition, of our within XXX York Section grants Constitution's to for period clearly Act
to that plan; our order keep gas. state. capacity In a generation XX%, morning's is growth Virginia range range to forma for is consisting enabling official to this in energy XXXX. require XXXX plan divestiture. project operate not switch I count $XXX billion, $X.XXX our of achieve benefit York billion the Marcellus our forecast, to We New Atlantic the line on with and West Constitution guidance this and pipeline to exclude three at daily $XX natural $X.XXX believe pro Sunrise play, with corporate to to reliable our in Shale Constitution rigs we of capital This by to in supply will a five-year growth of energy in two production emissions would exploration implies of in initiated during $XXX production continue a based from investments Ford, certainly crews XX% its burning gas, Eagle low for budget project million from million for million and capital lower other the however, million mix goals, on In line to XX% million utilize heating million XX% which Marcellus, state $XX in to our customers which including We this out. the expenditures. the resources, the and we $XXX will release, completion rates currently with cleaner goal, a needs $XXX power oil conservative In natural for
Our pace of dictate the we land completion within range be where Marcellus will the conditions activity during upon will and ultimately market year. capital dependent
in XX% In gas to market decisions on for for $X.XX faster natural year Marcellus of certainly below allows year Based XXXX, full maximizing dynamics. $X.XX Marcellus current believe NYMEX could prudent expect we position XXXX for guidance, indications the on prices, focus we natural us our cash market average to Cabot XXXX. grow returns most current flexibility the gas the a realizations the for price While allocation and margins, range the significant our we XXXX and of throughout plan is flow, this full growth Eagle will of make improvement the for XX% to capital current a crew the free plan one and year over production we year. in Ford, Capital response in in one utilize to levels. portion rig completion our the for to than to firmly operate
in generate us for growth to oil allows the free and core cash single-digit production, positive provide plan maintain acreage, for at current Our flow all strip.
focus exploratory as from will new $XX test price XXXX We with to first of two for compete Ford in for on with Our understand sake spend on our the to generating move capital of we activity order if the for to half would growth. continued based capital growth a asset forward are our to areas this year. on oil depend our We plan mid-XXXX continuing during outlook these the a they cash range the have Eagle better for free flow areas, to for opposed million on of like to our by or attributes sooner whether of half in on the results internally. first position from a decision we looking make be the
discretionary the raise, the Atlantic need This strip below flow pre-tax million capital we this million million company deleveraging fairly at in the Marcellus Haynesville percent of production in marketing As to our and while the continue the free if Based program highlighted nature, cash our in additional double-digit highlights: we and divest this on between properties infrastructure three-year two of to sales benefit we production the XX-plus X times any that XXXX of balance midpoint range, current approximately remaining on XX%, expected have following expenditures three-year of growth would prices. $XXX three-year the as flow ultimately a fund flow Marcellus XX% period. of growth before, outlook, in $XXX to EBITDAX, ago. positions would success provide construction, cash current flow currently Marcellus the on to example, XXXX, are will cash And of to we $XXX three-year Cabot's prices, could morning's sheet to to currently cash assuming Marcellus deliver of free program what free debt we billion do the in for including positive, in deliver positive for our on near-term the plant cash while long-term areas Further and other areas, flow that outlook portfolio. assets free assumes CAGR strip in our production Sunrise Obviously, capital to the of cumulative that to we plan, significant and Marcellus over before returns, projects is years XX-plus of Based annual look occur capacity small incremental and from as in high-grade is corporate-wide on we under flow Marcellus cash CAGR become self-funding XXXX deficit we have Marcellus percent, similar generate to power $X.X did to the we XXXX spends assets, mentioned. upside. XXXX, averaging a release. included have any these these stated have we and asset over the budget this would a only
consensus estimates plan rest as as well of E&P estimates metric level yield in we cash better I compared S&P the absolute internal best-in-class share growth to the flow than our flow numbers. free cash of our generation, look our based Given even XXX. also free XXXX, adjusted on expect would this highlight per generate would its for debt companies the a growth that to
dividend premature of come for return expect repurchases at While to reduction shareholders an via debt outline of evaluate a we potential flow, near-term maturities the as to amount allocation as capital this share increasing it's as cash plan of specific free due. and fully well growth to point
Marcellus outcome of the oil and exploration to dependent our on outside prices capital longer-term for ultimately our will be the Our allocation of ongoing assets outlook testing.
and Ford generating strip, and companies, flow in Drew, attractive an funding at which not delivers focused mentioned asset on double-digit free initial are with as investment, areas certainly the but However, happy self-funded deficit be summary, that growth, broad provides exploration space. of program a on view that in corporate-wide spends energy any Eagle In Cabot current per significant with to share the cash also double-digit the across plan regardless earlier, I'll sales. we I among a anybody's we answer energy any stand while returns makes have delivering market, three-year the returns-focused only that, out our questions.
