Thank you, Andrea, and good morning.
us Cabot's joining XXXX quarter for call. earnings you today first for of Thank
on we today's statements reminder, a As call, our expectations. based will current on forward-looking make
will Additionally, our reference non-GAAP some comments financial of measures.
as disclaimers GAAP comparable were other and measures statements well reconciliations most financial earning to yesterday's in as provided directly the release. Forward-looking
what profitability XXXX. natural the flow in cash first for ability gas results free environment demonstrate Cabot's during to more and normalized we deliver Our quarter significant price than growth experienced and a
Our and the by year in part income prices. adjusted XXX% period, over XX% gas a large increased net flow cash free in relative increase prior to natural by realized driven
Our last quarterly base the million that positive while quarter cash highest with of our of of XX our fully cash notes the covering Cabot's was level first quarter. over flow of quarters, XXth free free since repayment $XX senior all during the $XXX XXXX flow dividend million quarter and the and matured represented
the X.XX While of metrics, range. quarter production higher our our realized prices midpoint exceeding operationally with of another primary driver also the delivered we guidance our per exceptional day, financial Bcf stronger of were
expenses Our related charge prior expectations CapEx below our unit our recent G&A and with the associated coming relative improving to program. to year operating higher in despite onetime period per expenses a retirement early
year in quarter trailing been, resulting has Xx balance of resulting This gas less XXXX. due leverage than flow improve net we with XX-year of to Our an end, expected year from million price compared it increasing $XXX net remains ever as higher NYMEX EBITDA. the as profile sheet further in low of debt leverage XX-month strong is a ratio approximately to a ratio experienced natural to environment this the cash throughout
amount generation, come. be uniquely medium today for in and to significant shareholders but to from that and will our to utilize differentiates years term flexibility to are of so many industry in cash inflection approaching sheet our flow return continue to opposed as to the flow provides return allow forced This a for balance to capital repair cash this fortress will cash year shareholders. who us of significant sheet balance free significant free Our financial flow positive free us
topic X.X%. the per XX% $X.XX share, we returns, of in quarterly base capital annualized a On base an basis yesterday, on increase to yield announced of represents which dividend our dividend a
years. above and are to incremental annual growing we our as base As and few to a highlighted we anticipated minimum our supplemental including least for at earmarked to the which dividend our flow natural capital underperformance returns, we to at equity plus given free expect price debt and/or arrive share recent cash incorporates gas This call, base in last repurchases, we free excess current cash year-end an dividend a fully our Based be capital opportunistic flow. of committed on provided outlook for target especially the capital the dividend XX% excessive target supplemental return generate annual strategy, repayment. this on year, minimum have flow supplemental cash dividends of is return additional free our
variables in lateral. each an our to pads wells each production X concept the placed well, to quarter was with the adjacent utilized utilized newly operations in-depth of impacts wells. of in of design section the has the of new Design various cluster wellbore. focused offset Cabot each each potential team maximize that minimize X on customized, fluid a completion XX develops design analysis and first completion concentration, a on production lateral. for designs profit geologic well rate On engineering front, volume stage-by-stage wellbore and sections spacing implemented and along include along the and the each X each pump, treating drilled for parent on different segmented This completion to Based were
Additional and when which deep-set fully installation or protect parent wells. safeguards tubing the these retrievable online. XX included use them new also of XX the partially bridge Safeguards capillary in the offset were parent employed wells, and strings back to plug of bringing wells
group Our are parent new wells our X of customized very meeting rates. producing above to pre-drill are the offset completion test protect these pre-drill mitigation results. yielded design expectations, in measures pads on Collectively, conjunction with wells wells while positive offset parent
a million XX very We the impact seen foot to only X wells of day. impact having combined only little per parent parent cubic the X of have wells with
and each resulting currently $X.XX triple-digit XX% and a We EUR pad remain incorporates below To average for X are uplift X rates for date, plans systems. which compression has increased enhancement Cabot Cabot operations, another very reserves. per have Mcf delivering return pleased installations, well this operation. clean in additional initiated pad installed The compression Bcf recently control program, results. finding incremental while To an XX% on emission on XX pads. a per all have at pad burn to installations of of with compression reduction to X of compressors we implemented achieve compression are our cost pad, year. our production program these pressure an - to We rates of the
pricing winter the pipeline XXXX confident remain gas we differentials on during we a summer more demand time increase are day shoulder during this LNG more than what and begin, at natural the X we robust year. supply in same near-term expect short To last our while XXXX/'XX per and local the we basis to XX this period Bcf year front, bullish some on programs our year. Bcf kick as of outlook day, relative XXXX. pricing pressure And LNG to of over last experienced far constructive of currently both the an U.S. is in of global averaging midterm per than summer the in, outlook outlook experience anticipate maintenance the months. On much and exports
to Bcf resulting year-over-year, and improve as Mexico the set exports in day, for move of over the strong of half recently tailwinds X day demand continued per record Bcf year. per we a to natural approximately second into gas an increase Additionally, of X
supply Lower about the X.X roughly Appalachia belief levels per the the prices, production continue we Currently, across period Bcf capital gas gas - Appalachia the Bcf remains lower in XX throughout than the broadly, that is Bcf More roughly and flat including peak down day our half highlighting rig Bcf average. and last basin from are to higher dry to day, XXX across from volumes same X-year see and below where X.X below below XXXX. Despite relative basins, less discipline Lower X year, count discipline side, slightly levels per XX storage same intact. levels day XXXX. remains capital most pre-pandemic On the the year-over-year Bcf natural the than year fall late of in from per levels natural are XXXX gas period last production XX approximately about
to next Northeast importantly, and below couple Midwest, Northeast More last of regions are over pricing the XXX is and deficit demand, the X year, and expected widen collectively that that affect summer weeks. Bcf materially
of around Though to currently a affected, scenario the for or XXXX widening sits futures much XXXX XXXX/XXXX. Cabot of local X.X gas season $X.XX end portion October be created look only basis Northeast higher a near-term headwinds levels, the The than in for has level. the is NYMEX some prices. winter Bcf below October, setting up XXX Tcf the of are approximately stronger in around we XXXX towards As storage the levels forecast a
significant However, of still the pipeline widening was in project expansion and scheduled year-over-year. we May are expecting behalf returns free price South result material flow a cash replacement for in increase primarily on to above on The and a our a realized expansion due capital. project. of Leidy This will major recent
In completion storage in production out this net a scheduled day optimistic demand However, a for per Leidy the differentials basis. with South XXX to and reaffirmed of million. takeaway day release, XXXX and to $XXX of which more service, cubic moderate average Bcf return level. capital rate year our project, X Northeast per million negate full weakness the expectation includes plan LNG in this new from an we December are the $XXX Moreover, deliver summer we of basin is for program foot net to expansion will X.X that of yesterday's million of should is project our
also We range day. quarter XXXX second production of guidance provided Bcf X.XXX a X.XXX per to
in production anticipation activity levels to quarter gas service guidance result first increase spending third the a during project. of of second half fourth prices natural the during resulting capital levels to the winter in season. and the and the The in higher South expected growth in in sequential second Activity Leidy quarter, lower relative the winter is and decline which sequential the year, expansion during second the are of implies of primarily quarter, a slight quarter
Cabot's share flow all in for believe and expansion, the continued time become underperformance, program our expectations free underpinned firmly we disciplined resulting outsized cash returns will appreciated significant by is year, this While our which capital more regarding with execution. frustration I capital recent
over committed opportunities with I'll However, remain shareholder up questions. the open our time. fully we be than to Angie, all that, And floor more to to continuing happy for further enhance of value evaluation
