good and Nora you, morning. Thank
joining Thank quarter for fourth today full you year for and XXXX Cabot’s us earnings call.
As will make current today's call, based on our expectations. a on forward-looking reminder, statements we
comments will Additionally, some of reference financial measures. non-GAAP our
well Forward-looking reconciliations most measures provided to financial release. earnings as in statements GAAP disclaimers yesterday’s comparable the other were and as directly
our capital flow structure, we which Our low resiliency million, efforts XX-year of to the generation. cash free positive net public continued results disciplined the income due XXXX is million direct of cash year a highlights natural of price our for and the cost from the full of lowest full employees, especially adjusted in we ongoing allocation, in pandemic. fourth headwinds free despite year net flow positive industry result year presented the consecutive historically our record track realizations of year of natural of prices, $XXX face delivered our face business our and the quarter throughout the Despite model leading exceptional in X%, $X.XX challenges return share, and the the and on gas company employed fifth approximately, positive $XXX per The recording gas of capital company a income history. or Cabot's
our year annual exceeding capital through of current our flow. of represents capital of shareholders fifth million to XXXX, we returned consecutive of cash $XXX During dividend, which return free our XX% minimum target
the $XX that during year. of debt repaid also million We mature
in net the in the of year sheet debt X.X. a remains ratio balance Our of with strongest one to EBITDAX industry
flow. natural visibility target target higher than leverage the have term, free relative portion plan NYMEX this our of improvement gas with XXXX, excess repay in given XX-year below ratio our a year our prices While low price in of well that we to deleveraging ratio and this our is to debt one in average cash experienced XXXX, we our our matures modestly clear to
$XXX net $XXX million positive million share the quarter, For of generated or $X.XX per income Cabot adjusted flow. free cash fourth and
of We range, the -- our production high throughout strategic also quarter. exceeded related price significant curtailments our despite end guidance
year-over-year X% year our X% Our were X% guidance. driven considering a ago, our which Highlighting finding growth resulted operating end operations, relative prior we improvement that per drill-bit our growth all in development line period continued the to spending XX% throughout Mcf. discipline three year. and year updated especially our a and improved is capital and and with XXXX, reserves capital proved relative capital in cost reserves, to prior to our growth unit transition impressive per program cost our when and following bases expenditures in developed commitment released maintenance our cost, to pre in a decline $X.XX proved highlights; finding expense source, reserves in proved development in The in control reserve our by included total of weeks record-low the
greenhouse our equivalent, yesterday's X.XXX%. emissions COX of In methane metric operational in highlighted per a reduction reduction emissions X.XX, gas intensity a XXXX, barrels equivalent X.XX emissions from XX% to of X,XXX gas in a our the from tons greenhouse significant front, in realized we improvement we intensity On in XX% oil to release, metric. our and X.XXX%
States. Our Staying gas five earnings goal our the which we third and greenhouse sustainable industry-leading on not quarter total release, moment. on Cabot a exceeding our for energy X.X mentioned. highlighted operations five an of opportunity Upper wells conference end were independence Gas production & It in be Marcellus feet an Marcellus on support safe Oil the was lateral per not the placed operations, a call, lateral highlights Upper average XXXX of responsible the would if United our In while reducing Bcf at achieving X,XXX reservoir. focus efficiency emissions, productivity Marcellus the and economic Bcf. across per were booked, X,XXX EUR wells of that expectations the EUR conviction upper XXXX, ultimately average feet These with XXXX. of of in were time, reaffirming in continued the at X.X And our
modest allocate for foreseeable to Upper continue amount future. annually Marcellus plan We to for only capital the the a of
Marcellus Lower that to Marcellus inventory, our future well at development moving development well focus significant cost of recent we full our which We on an the development the improvements greater further remain of allocation encouraged this together towards end capital efforts average prudent As reservoir, than and inventory. economics these length lateral Marcellus this has across feet, put by first team will results, the provide decade. our Upper before savings our program the and to the of Upper of XX,XXX
average Moving X.XX yesterday's to of a to of net an million $XXX our production from to we program per day for program rate million. XXXX. plans $XXX reaffirmed Bcfe capital deliver release, our In
average at for X,XXX program capital lateral completed drilled net XX Our to XXXX X,XXX of an length feet. and includes wells
I to our production XXXX. this reduction flat think capital spending XXXX, to a X% the from in in being is program expenditures relative XXXX year-over-year, our most is important levels in a guidance reduction despite XX% thing to year which highlight from relatively
we gas are pricing natural front, of winter, to XXXX. the in optimistic start prices backdrop about the the On despite late
NYMEX continue repair by production continues XXXX, continue be production and and robust exports, year five-year XX% put storage to year. which This is than events balance Natural were US be still lower in a the due not as is and average. the levels even On prior drive gas average throughout October believe below led XXXX. strong, of a returns industry storage incremental do than NYMEX January We That the shareholders rebound flow are higher result expect well spike curve. at expect withdrawal prior weekly and of be the current focused significant X.X levels, XX% producers demand expected the year, storage could continues relative and weather current winter we tighter winter be month storage we below over in since across season prior the approximately to the to Storage the free week's this as to end of to market X% when require levels is global will the ago the X% trend currently reopen. capital in Tcf, LNG to demand market, growth. to to end supply five-year year. recovery the throughout a currently lower a withdrawal lowest would higher side, the the down turn the average storage than year since conditions This levels lower resulted on economies volumes of in year dramatic order to as to largest colder to generation, and to levels this the materially below year winter balance storage the prices higher switching five-year forward is to coal dry than sheet drawn levels summer gas which forecast prices cash XX% are levels gas significant in a
is the power projected end to our of XX% at $X.XX are the in a which $X.XX weighted XXXX. than the are price four higher experiencing of as issued differentials to to average year-to-date, guidance considerably period This of netback of this for regional several year. winter our differential premium during we prices significantly the currently the compared same $X.XX cash East prior long-term storage in XXXX sales the than the approximately the realizing The season agreement, our months environment higher which now the by wider differential is realized we Leidy be prices the last pricing On driven of primarily average wider price likelihood lower floor than front, are year, in last and average levels basis XXXX. slightly reduces year. less we of realized last NYMEX
significant release. deliver most an the quarter-based these capital while our strategy. minimum achieve least We our target in implied of framework natural our to the order the realized a dynamic plan gas at include regular return expected updated flow. and annual supplementing pricing our continue to recur return quarter capital is plus our improvement However, in a with supplemental year-over-year yesterday's dividend in of base prices important regular to dividend by supplemental XX% to annual year-to-date We to cash dividends annual base dividend consider free
supplemental market Given million be the expected current a capital year, dividend on be priority above, – in minimum the year. matures flow excess target beginning January return cash the declared XX% minimum sheet, free Any optimistic capital dividends million utilized any and be return million in September. first of the above repurchases maturities, depending flow or $XXX prices, $XX share balance will fourth enhancing free volatility flow repayment the to This the our gas tranche prepaid and will natural the additional quarter $XXX and seasonality paid target cash the throughout tranche, year, includes we supplemental of which conditions. in our that this excess by our debt free of for cash
in portion continued this tailored of us sustainable our sheet focus to strength. return appropriately on return the our gas dividend significant cycle. cash preserving supplemental allows as component returning shareholders, focus while where framework approach also natural capital of are we a our new Our The free on highlights for balance to flow price capital
-- target expect Xx returning track our time. open return to far questions. return Nora, returning returning I commitment should we also to With that, our minimal up our dividend done grow over far believe base to shareholder happy time continue I'm for since any record We to as XXXX. in capital reinforce have to it our exceeds of excess of our enhancing over
