Olivia. you, Thank
welcome and first XXXX quarter Good to call. earnings morning, Contango's
I'm Wilkie and is name the Colyer My and President Contango. CEO of
I'm company's the Joe Chief Farley Corporate Officer. by Financial and company's Grady, Head Development, the joined of Dakan,
read statements I press yesterday's on regarding information this release, time that measures statements earnings and cautionary call. through non-GAAP hope the apply had everyone forward-looking has to including to the
worked has for that been Since renegotiated to late distressed and of froze of few oil, the on up, either a XXXX The first were Contango were months as pressure closing impact of have M&A ones uneventful last and first and of we The Star an sector A&D the in prices, resulting activity especially quarter operationally many already altogether. process integrate from situations White global Will then, of tremendous capital put relatively or acquisitions commodity on amount its the pre-COVID. Energy markets COVID off called and year.
continues to operating As the oil in core natural first our spoke and challenging of as prices. of business look generation, way late add Hedges, commodity play during to Free the in We our earnings QX lower we a in On recover. market expected remains hedges way this XXXX the Contango's the quarter spite this book our our still valuable we of to XXXX this focus year hedges the over and which year offense. in course call reevaluate had layered well we'll as to biggest gas our hedge last as of XXXX March, run strategy. light on quarterly flow we of still about strategy have result, environment. we cash and
quarter rate savings LOE of price identified business, last annual this year. in for our which run equates in to LOE response Since over We to looking LOE X% drop. gross has $X.X forecasted the Third, LOE million gross commodity to ways just reduce spoke then, about reductions. team our of
in Last April months. were barrels the in quarter Storage. We year. to anticipate May utilize we unhedged in selling sale during storage to Central We find our Cushing incremental savings of storage third expect minimize at low this discussed the the capacity that Oklahoma. and We able latent coming barrels to of quarter, those prices. into oil
in on in Next, of to I'd a June the quarter, deemed and like the prospect exploration prospect minute was of Iron On our XX, Mexico the unsuccessful. this Isle drilled exploratory well Grand XX discussing the depth shelf target spend reached offshore Flea. Gulf Friday, area we second we the
inevitability. were While that which prospect, in today's stepping don't statistical wrong so. in doing a getting disappointed do with we possibility, for holes only We outcome but endeavor drilling environment, a not anything risk is but are be we're see on sure paid out dry in the of even want exploration to the an spectrum we
estimates you for that's or our because opportunity wrong, fair not. whether given will Right decisions, best of wide returns on dollars the range case to to success is understand is a information that information process. to to decision-making we're using risk the gives or framework determine a to which We those for why also publish understanding we it's think reserves, continue capital, investors and our question outcomes
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