Thank you.
to quarter welcome earnings and morning, Contango’s XXXX fourth call. Good
I’m is and Wilkie name the Colyer, My and President Contango. CEO of
I the Dakan, and company’s by of Financial joined Chief Development; the Joe company’s Officer. Corporate Grady, am Head Farley
read the has including press call. statements statements forward-looking on to cautionary measures non-GAAP yesterday’s information earnings this I hope and time that through everyone regarding had release, the apply to
night, less in the one million disciplines As quarter across fourth size, of significantly was group we team noted proposed ongoing the release Cash job closing management in headline just the are busy Early our of and done. to integration customary and still appreciative our million a than as Will expanded employees together date at due on three for closed of under $XXX.X all for adjustments. The last to these and Contango. and Energy the get press we very in facility deeply Star Star effective working our White effort enhanced was Board. number quarter projected White and is acquisitions, bank the of businesses $XX Contango
announced of we exploration & area. quarter, development the the Iron joint Flea Gulf the prospect, in Late along with in Grand the Mexico XX Isle agreement Oil Juneau first with a Gas our located in
help acquisitions. $XX over our raised very equity to capital market of we million quarter, the During fund a challenging in
We our above performing at in or the expectations a also Bullseye are brought that three January fourth online wells in in and Northeast our area aggregate.
the coupled war businesses in fundamentals have outbreak has and with COVID-XX the which somewhat downward unprecedented And is at general. gas on has speed quarter prices, pressure magnified on unprecedented. oil price end, commodity especially the pressure to the changed Subsequent Saudi-Russia In the outbreak oil. business, put
to our storm. better we of are most than weather Fortunately, peers this positioned
and paying comprised equity. capital First, leverage, low and simple a only we have of manageable debt debt structure levels and
average an of Second, we total total XXXX an a price XXXX, average $XX.XX barrel and of total PDP production with have production barrel In XX% hedge production oil MCF. XX% forecasted PDP price forecasted hedged $X.XX and at price of MCF. we oil hedged PDP at forecasted at of book a in XX% $XX.XX a PDP solid our total of at of gas hedged average of forecasted an production $X.XX per per gas XX% have
PDP first We also at added $X.XX forecasted hedges of the quarter XX% for gas in per XXXX total of production MCF.
net $XX as of which The mark-to-market excludes million, value approximately $X.X far was Friday XXXX. million settlements our hedge thus book close of in of realized hedge
nature, While are unsustainable for we short-term in believe isn't commodity prices a rebound waiting and strategy. current a
response the what's changing to XXXX So Contango’s strategy commodity in prices?
Let's hasn't changed. start with what
stockholders. at down have Our Number our we two shareholder even number value we free which current is three of debt expect and Contango’s generation, alignment. flow in prices to LOE operating for will focus a continue to reductions. pay stock and of the manner. common largest a Number is is be goal holders Insiders safe continue while to maximizing cash one responsible
operate plan on well works one and at we the current to Iron us give look that spud Xst. four May activity and these time of around our commodity to rates. more We opportunity to in opinion prices renegotiate few drop for Number to will in recent prices efficient commitment projects the continue This the on more and budget should ways to manner and exploration in our a is is Flea. that
than risk the for Iron million our to cost We return dry of such are success in turnkey of unaware better relative a and $X.X U.S. low the interest. on a that hole anything net produces with a Flea case
generate attractive Iron return Flea. to have partnered we of projects shelf believe with the Gulf on we Importantly, rate a Mexico the in of Juneau with group starting best-in-class
What has First, workover spending. capital changed?
rigs Central increases degree, cut strip. the or hedged well oil from debt production have prices some percentage is contribution in of Oklahoma unhedged The Production also without to unsecured interest decision impacted rigs workover that dollars three us one. to the should be had it this preferred production of of but above less at critical payments. We by current margin to burden
creative. the and we the isn't gas get asset need to the spades. in in is oil increased storage have in in capacity latent industry, which last only Second, which class month, Really we value
Cushing Oklahoma. spot one crude that month the market. estimate field storing barrel currently, of We the XX% have futures generate return Central between year WTI storage selling that X our and barrels potentially XX% it million in a curve super-contango by and crude one a return capacity of Even on one roughly we a the in of can three quarters exists versus
immediate options at are store our We futures flow XX months favor cash six that market above This also higher sacrificing what will well barrels to evaluating we cash the in increase flow of production hedged sell out. is and market, prices. unhedged have of in percentage to then
We bid Last, while prices, maybe we unattainable of will the as and as believe transact current result commodity how decrease creditors decline the play will at transactions increase a at. asset for high to offense that bankruptcies in will change. strip
focused non-natural more owners solutions for be are assets in to creative opportunities to aim intently up and grow will with on We of coming inorganically.
the my Contango dedication transformation. expertise end We've hard remarks bench acquisitions. during thanking of time the to able the company's for been in prepared work talent to our employees like I'd and and their via by aforementioned pivotal deepen a of all
our have particularly way the facing headwinds they and pumpers phenomenal recent to up, the company's from our in critical are success, We industry. of all light a the team
that ready morning, time your any this for for Thanks questions. the for up line open your Contango. With in and to interest operator, we're
