and forward-looking our the all. Thank this disclaimers, on reconciliations expectations. call, us joining our call. highlight me an three-year members that XXXX of company’s to like the mornings release. by Also, other fourth would is full well as make to well our you, and and good With update as measures on budget forward-looking this the of statements, reference the from plan non-GAAP are quarter most we Jamie, on Appreciate today as followed financial management. an GAAP full-year to update are for to current directly may financial highlights results, comments plan. current as XXXX discuss I first you measures, this year On morning's morning executive call Cabot's on comparable will morning this quarter our fourth based provided the statements some in earnings XXXX
the cash Production that X% by XXXX. the quarter, generated adjusted positive the equivalent the on basis, to income highlight prior has or over which million reflects quarter. the $XX times an adjusted quarter flow. divestiture quarter quarter the over the would in per impact of generated seventh prior share, fourth year of For comparable the consecutive of $X.XX increase increased also relative to West increased Cabot during net production of Cabot X% a fourth relative XX third year Daily quarter Virginia divestiture represents free that quarter. which closed I the comparable fourth
year-over-year significant share, $X.XX net XXXX, $X.XX increase equivalent realized oil Cabot in $XXX improvement primarily natural to respectively; by and XX% was The year-over-year gas loss production, X% generated million a For XX% in compared of and a driven in or income XXXX. net the prices, earnings per of full-year expenses a adjusted a unit XX% crude and increase production. million adjusted per daily in year-over-year operating increase in
improvement for we continued In year-over-year expenditures program, in our another X% guidance. by below year capital control full in focus addition highlighted coming our year to our demonstrated delivering the also capital unit on our our in cost cost
a During to XX flow year second million of the generation. $XXX shares year year, Cabot million dividends in a cash total increasing for of cash of commitment capital for free of an million shareholders marking generated our XXX million our and of repurchased total company to flow. with free the during discretionary positive of flow return paid X capital the return cash Keeping XX% out amount XXX the million of consecutive or
which average Our points XXX X.X%, weighted return on of employed the over to by in-line year, capital. our basis cost with increased capital it for is
announced If the cash by XXX our many we of reserves, morning peers year-over-year. you also do This for capital X.X% year. proved another calculate were to XX% increases points as to employed basis our increased net which ROCE year-end of
costs be development which impact soon were Ford the $X.XX of divested and included Our finding to per total company all-sources assets. Mcfe, Eagle the
Mcfe to development Assuming cost our associated recorded an well week, go will as $X.XX next in our with closes FNB forward Eagle the the as which exploration - primarily be finding and finding as sale cost XXXX, all-sources of forward ongoing Ford related cost Marcellus our expected of program. our per asset,
liquidity, leading Marcellus on company share, assets lower strategic return flexibility the financial as of divestiture debt-to-EBITDAX be net during West the for Ford approximately of strongest non-core ratio production of in free billion return also the capital one and of flow to us offers to growth that one-time positioning reinvest the million our reserve of return of provides cash further in financial $XXX employed, for capital, Texas generation, we and enhanced Eagle a approximately our On of $X.X This increase natural shareholders balance sheet and pure-play the pure year, with industry will return price proceeds Ford a which and East the Virginia, combined the debt-adjusted closing of us mentioned as Eagle and announced business and transaction. cash strong gas throughout the position front, a the upon cycle.
to return to or shares. authorization it our capital would imply that return in as repurchase announced our potential million shareholders, closing our yesterday's to million the of approximately share on At morning, Board an relates to Now of our $XXX repurchases. of capital shares the X.X% we increase this of outlook, price, outstanding through XX approved distribution increasing Directors current this
we the plan have company's any to value. look exploit stated activity intrinsic of our the As past, between be share to in market our our in in valuation we we as view opportunistic repurchase disconnect material
since earnings-related period in year-end. been have blackout We and
year-to-date price not our value of aforementioned share However, one changed. Cabot's decline fundamental disconnects our represents that intrinsic of giving in the has view
front, that has XX increased dividend Cabot its dividend twice we the months. On last know in the
for run XX% expected to be Our payments XXXX higher are dividend than rate XXXX.
one We dividend for capital the this to fully sustained of over committed our will top upcoming remain years allocation. growth delivering is as priorities
of basis. to couple this production a adjusted guidance reaffirmed our XXXX morning's of growth divestiture XX% our on to daily XX% comments range a at plan, or a moving release XX% operating on Now we XX%
Atlantic two completion other refine to rigs operate million budget consisting and Marcellus, guidance during Sunrise, XXXX. for of three crews utilize exploration to We and our the $XXX capital million in million $XXX and plan investments million corporate We XX Marcellus in the capital in XX plays, expenditures. also our pipeline in
quarterly generates strong the presentation the due growth Our XXXX of throughout In the year for growth exit is to production double-digit posted infrastructure exit to expectations provided the waited mid-year this in projects. for our growth the Cabot our three highlighting in stage growth but in XXXX, even website we our robust morning, not for half to given towards rate. only service program positions production XXXX, XXXX in sequential growth production Marcellus primary our also the in second higher an in the year,
On the still this capital front, million areas year. initially of exploration XX are targeting these test we to
this year, given methodically other, at that quarter not our I and our the us that be hand, deliver we in areas on one-time of below approximately for will double-digit delivering level, on Not shareholders. is is being the growth significant of the plan. testing on to further we incentive to free year of debt update adjusted update many available no provide. sheet to attributes many the and than high upcoming Double-digit on Based to below which capital that and projects expansion $XXX given by easy with which significant metrics net compensation to infrastructure I value reserves and we targets call, a for which a to to growth shareholders, on have growth our these at third our determine are these a our NYMEX is our $X.XX one exploration if debt-to-EBITDA, returns balance in that a provides flow highlights. methodical that to metrics will highlighted have an importance in they long-term testing execute of cash create adjusted in aware, cash have disciplined XXXX cash ROCE incorporate current behind share program the a and growth these which likely further that several positive is in projects hopefully and able allocation task debt for the the we set per fully our production, stand companies effort. by infrastructure internally can this focused of the decision incremental time. hurdles would critical capital million, employed, expect commitment reinvest the and have to deliver following our delivering timing However, to Common until to increase to assumption board's s the concepts of return is can the is strip, we of deliver updates share, remain for to per will the share as flexibility on on return in
compressor on Atlantic construction project in First complete multiple crews reported welding, are Northeast, Williams fronts in including extended and pipeline stringing the continued as to and the with work Sunrise the the foremost, full hours. significant despite project, swing all XX% of winter stations. and Last challenging week, XX% over with continues work they a complete progress make to tie-ins segment ditching are our and and backfill, over pipeline that
East the approving note, project forward the We and mid-XXXX to day of for received of continue for the this and in-service of production target big is to Coast Cabot pipeline Also, this price serving during delivering important project market summer. the PennEast our part and new a X.X of FERC Northeast look Marcellus its This realizations. January our year. project future certificate diversity new per markets Bcf growth to a
months PennEast, during for approximately this begins. is We final construction to move construction are project, approval PennEast currently seven Currently, around begin scheduled receives in-service its activity after this to preparing increased expects be forward. XXXX, to and
remains you Combined will plant, gas projects, basin on demand generating of foot million of track exclusively and foot Moxie facilities two these aware, the June start-up Center. the X, for natural Cabot active day. are cubic per plant Cabot. Lackawanna date, The two-state-of-the-art As approximately cubic power been million for in burning XXX Energy will significant Freedom day has most Freedom and we Moxie per approximately XXX be fire with XXXX add
XX realizations from we two the FERC an remains One York respectively. high-profile October track receiving December provide the train for constitution and capable opportunities growth recently New to unfavorable DEC’s the three XXXX first demand under portfolio. to authority and comment X scheduled for of Water reconsider decision. for Cabot's Act, improved filed the June million Lackawanna Monday ruling a burning trains also last with pipeline, FERC in-service its price two regarding Regarding These additional per local facility, X, Clean regarding after day, to will and projects overall on its request the
will Section quality we Supreme appropriately New Court of last the York's US the latest failure on our Court the light the to filings month for to judgement Appeals certification. US additional shed on review circuit. Additionally, water believe XXX petitioned act second these We of
our update to you on continue We progress. will
However, our of remain does regardless intact the of this timing three-year plan pipeline.
plan the basin the production gross outlined which have in new is day current incremental and growth our X.X is Bcf on in XXXX, past the projects. Marcellus we predicated in infrastructure that current company reaching on our of share per into three-year market target Our based
our able In above production happenings. of the more or to one base we through be addition, to level expect following grow this
projects. website We X.X increasing expected cash projects, we morning, Cabot on these to work the and PennEast, our cycle can have and our estimate. during expansion Ford three-year ROCE currently On demand prices presentation, not of Additional a XXXX is range flow updated level ROCE sales of sales a believe after-tax, the Of and and returns note teens A including our billion, and XX% consensus are by note, also of XXXX. X.X this corporate range to to production the XX% three-year takeaway price have companywide low XXXX. this we growth, free increases after-tax to adjusted the of competitive and in-basin highlighted in-light US divestiture the at CAGR. that E&P the to energy free of and highlight in also that sector, a I We which billion currently high premium trades cumulative to are cash reasonable and approved XXX. believe that assuming production, flow, might but share, that potential of I sector. historically this Eagle period Sunrise the view particular flow level three-year in XX% a make to to this cash Atlantic in only In of of earnings, capital through company broad Greenfield this incremental and uncertain index, extremely posted and to whether outlook, during growth range the across code of assumptions assumes our projects, best-in-class NYMEX allocate contributions fundamentals would projects, valuations any as generate and giving S&P as XXX future XXXX. change collaborated takeaway it in-basin our remains areas supplier through plan by total period, we will announced from market are strip demand beyond XXX XXXX, plan program the divestiture, incremental our no tax those future exploration new recent to
allocate those incremental we as utilize on However, our decision of results recent spend. quarter I incremental we made by to would a in divestitures to proceeds from initial the third cash fund call, that capital portion beyond mentioned areas year, our if and incurred this
to ploy of and future be our also cash that Jamie, the answer cash for on I’d questions. flow allows incremental returns that, current operating However, sheet us balance our with any happy to to free shareholders. capital
