Charles B. Stanley
move PE-backed assets, Uinta data through companies and a robust marketing conducted discussed through for phases, strategic Richard we provide strategic that initiatives our can financial companies announced ultimately both both and operation certain our directors I'll private late processes. assets processing and public from received In results Basin on were Q&A. around presentation that and in or quarter oil to only assets, good Basin room Basin then announcement and $XXX everyone. but adjustments. engaged Uinta entities additional and had we update on X, we Uinta to we some has from I'll interest February, sell bids operational Williston we February. second to Uinta gas late both morning, Since Williston to entered gathering a market QEP approved we spend advisors our board obligations, and and the million, our initiatives customary of agreement announced purchase providing Good to assumption an color the company. certain we Basin the transition backed the in our to an equity the in our including the Williston play price private for the already On designed of that Permian February, on we've Since and into few pure July minutes results, subject and progress effort a
bids we and the our transaction a received this basis underlying these expect We reflect combined close The value Williston assets for on September. individual economics of both assets. not the did of in to Basin and quality
X.X results of refrac commodity drill and by simply during both of them recent our which generate XX% cash Given To XX% XX%, production. oil received. our flows, at inventory new first we refracs, and into approximately to Williston assets, of and of returns equivalent the strong of the the new our XXXX, for drilled they barrels these produced the assets equivalent remaining million put context, prices on approximately or from wells significant robust the operational total way sell both offers oil current couldn't half we pre-tax
approximately year, roughly we we to $XXX our invest direct of $XXX half and plus of expenses between before cash at the $XXX first million losses million. estimate to allocation incurred refracs. XX represents assets million one XX operating revenue in about of would derivative and rig of that interest year-over-year, field order the gains level, expense flattish keep and need G&A, and Williston For annually, million $XXX program and production this Furthermore, that a generated to approximately
a continue discussions and Williston going value have assets, or midstream to for successful a refrac to additional drilling potential of our buyers their bids. upside clearly is in with buyer in to will We all engage portion but
these involving release mentioned data and expressed agreements parties we confidentiality as Haynesville, interest into entered in we've a response yesterday, the transaction who've begun inquiries in our several inbound assets. in Regarding providing to to an
our announced oil current backdrop, the pure initiatives company play remain take longer committed board QEP's may this team upstream the than Given in Permian strategic asset that but market we Basin to transition to management and anticipated, February. a originally
Now, but a the and mid-April part Permian were assets. let's Basin, the while with in to rig the June was the completion Basin, of running quarter turn Activity quarter We mid-June only two we the quarter one and in to released. the completion each until the Haynesville frac released, those not second in crew Williston in of May from Williston through rig results. one one early which in in were crews had had both results included four quarter Basin July posted during we very one five and second when until rigs we Haynesville, mid-May. crew completion rigs pleased until outstanding dropped in when for Basin, Permian And one our crew levels also and and
see in on really during slide quarter our can the assets. the we of hit our it of accomplishments you all the As key X, second out of summary on park
development X updated our make version they slide to our program. progress the the investor in operations to posted current our earnings see advance also as Permian continued our on release yesterday our we of can presentation You team Basin, with guidance continued tank-style that our in conjunction great In on website.
additional quarterly of Permian record Basin both was completion quarter operational per front. equivalent oil the In this efficiencies delivering on XX% from continued we a addition net year, which first on to barrels up the achieve of XX,XXX drilling the to new production and day,
operational the us time, operations Basin July. that offset approximately we of Continued us second drill cost on of cut period. each the the an improvements in of in than fourth our materials compared efficiency front experienced same of allowed gains assets to in allowed drilling the Permian three approximately These active have Permian rigs of time in of in our four and on quarter early XXXX days generating on drop gains $XXX,XXX over to $XXX,XXX well savings average drilling inflation last services These year. the quarter we've drilled more to the
we more On Basin the Springs. XX Line in the and a during That's total completions eight continued for XX crews originally pace productivity quarter, delivery two This completed put gross the the production of that remaining of was we in us wells four we result the front, forecasted. have County the of a frac direct Mustang than on increased on working gains on Permian from Permian. well
development, Basin, of wall rigs. drilling XX drilling tank. surface that Five on of our that being had of had which XXXX, of undergoing wells wells completed depth, wells using net development to two the fully of the two pressure at individual the set, completion from five wells total stages At put in over drilling inside we are on Basin the completion, what total approach pounds we're only We of and active our day and of averaging of X,XXX County up Springs, on of during under of Mustang peak that production of eight tank-style X.X X,XXX were XXX month. awaiting per XX right and the million per in the XXX crews put wells on day reached IPs, and process Line lateral. no cased second over production X,XXX were drilled, Permian an call the assets averaging IPs, months XX waiting convinced of cleaned assets. and over our crew quarter, core rig wells lateral. reached our over the second of were during cleaned casing a acre by had we facilitated present. a of away absolutely completion in but gains drilling is had efficiency XXX developing Midland the wells stages advance per quarter eight proppant rigs up frac out gross crew for approach little end XXX had part per of to the six we crew XX-hour quarter of the wells average was active We operated During that of the XX under horizontal which but production were XX,XXX frac feet put per per equivalent equivalent drilled on quarter the barrels peak second XX-hour oil barrels At had feet oil The
see You can X. these of slide and wells location results the on the of summary the
high-density an wells, over and first that first unit, performance into completed wells completed of peak in million the the in barrels of of five achieved May, very designed to half mile wide per spacing we horizons. over barrels wells, the had we half XX average Dean, we drilling unit our on bores per these drilled As of in mile of fluid that density this well the the up amazing of in continued an XX equivalent Of water XX test of second per that producing average two lateral and one XX-hour per contained to quarter target seven These in of Shale, they reported into frac given pumped half X,XXX clean in a Wolfcamp DSU. ultimate drilled year, spread Middle X,XXX mile were amount formations. X effectively wells wide mile per XX the and these Wolfcamp an were wells density, the XX well. during quarter and B high Spraberry, of feet well Spraberry in seven A wide The these IPXX of per equivalent met barrels well IP XX feet and wells oil oil expectations lateral an five
test four development, completed single well to we reminder, in when a a peak performance in As groups rates determine The wells mile horizons of across results non-tank-style tank. completed compared well us individual the inside in of of per this but clean-up development. also horizon, help only the the or total optimum tank-style oil three wells help and the of pumped number fluid each volume in large wellbores us total due or to density all well optimize target density suppressed expect they our not delayed frac
With of we that the books, in draw half the the yesterday. guidance to our your in first release I'd attention table year the like to included
XXXX put we've XXXX, to the this total and laterals setting shifts XX% our production With profile drilling net of the put growth XX.X during XX to during this additional completion Permian longer for half and remainder first oil our activity, next as flattening this activity XX% net ourselves production to year on while into Permian second in that the expect level half note of wells the expect of year. You'll second production wells XXXX. production a on we we of half of of of an during Basin while completion up year,
continue of Permian addressing takeaway challenges. we're We lot get questions a how about to oil
systems by less on per volumes trucked wells oil were are these than XX,XXX across From end the sites barrels barrels scattered sites, I focus mentioned gathering At efforts gathering that footprint We own that day quarter, assets. being a markets day excellent we and last exposure with which us who from us physical been Midland our our with gives was the also unblended maximize and our Basin. Coast, end acreage need by to is roughly deliberate with to mostly at to we you only focus production oil. of but gives our high eliminate barrel us infill to oil. of systems vertical buyers. which per market quality our Gulf ourselves a quality hubs flow tank along moving ensure do of providers pipe the Cushing work Basin of further of pricing contiguous We develop oil gross where oil to a to our to of As approach oil, capacity out allows and of not major batteries hold value service we crude quarter, high firm delivery by assurance value thus our legacy or acquisition to also start at creditworthy X,XXX of the flow assurance, large second has Midland our our total crude neat counter-parties Permian this a the individual midstream outside markets the our To multi-faceted. well aligning acreage, on well for truck receive crude to from
protect through as Midland derivative against such we that basis other Finally, markets of transactions use the our Basin margins Cushing. financial swap local
a derivative basis our slide summary see slide and can XX which oil marketing our a include positions, summary You of on strategy of on XX our swaps.
also ability water questions We lot handle our Permian to and about get across of a source, of our dispose assets.
water we completion water of the traditional methods. than about handling while into development our part flow-back and system We're water we've at to got savings produced believe supply over and flow-back own future a that more cover and recycling development designed, plans, recycling produced our providing Springs operations, and operate Mustang includes water sufficient wells, currently of use half wells. capacity we significant water and cost our tank-style disposal constructed, approach, and As produced for recycling water frac facilities our
of water a handling the and our see XX. can slide benefits therefrom summary on infrastructure You
second oil the to XX% barrels oil per That of of IP feet, put an lateral per first during per barrels of an day on five of day of quarter bench, completed were production the day of the XXX of or Three X,XXX well XXXX. quarter X,XXX feet and increase barrels the was peak Turning day averaging outstanding all Williston per and wells on XX XXXX. Antelope feet. the lateral XX IP peak XXX had an lateral The equivalent X,XXX feet XX,XXX XX,XXX oil barrels approximately had reaching average a during in oil averaged Seven net of they all of and per six X,XXX during of lateral. We equivalent Basin, the per achieved quarter, Forks wells IPXX equivalent production compared in first the and rates Bakken XXX Middle the best South gross barrels average results. of were with to oil of equivalent equivalent with oil quarter XX-hour per per peak length day wells
well, and returned with operated the over quarter, volumes barrels been the well also barrels day approximately to results. Three equivalent X,XXX all results, of laterals. newly seven were cleaning per pre-frac these as at of And oil oil from X,XXX uplift from these of on well a IP achieve delivering XXX XX-hour peak per wells and average of all equivalent production South foot wells Based four are the per to IPXX an during enough large of pre-frac had that up acreage. end well. second best production in addition IPXX why refracked XX,XXX we've uplift equivalent Williston. on quarter seven the and are excellent of day. per In identified end about rates long they barrels of oil an At we so completion across the early drilled the quarters, all the after gross wells, no as locations on you sales end Antelope peak we inventory the had previous were can had we excited quarter, the refrac the quarter, those The activity Williston drilling July, peak per or of Basin of the of of from average the they see remaining day our wells in reached still uplift to
a XXX more of our averaged production cubic results. gas on during last approximately day net per barrels million Haynesville/Cotton to That XX,XXX Valley, assets second and quarter. the XX or increase the to equivalent details Williston XX% In XX the recent for You feet compared was can see oil slides quarter. on equivalent
had well with approximately quarter, just of a XX production over second has end second at flow-back of feet. new feet in frac the to lateral one The peak plugs foot end day. the of making the the of quarter of XX,XXX a lateral the not well pad drilling a put quarter, a same to We and reached complete process also length. second During we Today, at And and commenced with cubic that the clean the roughly also the rate. yet we well well XX,XXX stimulation on it's fracture length on off continues up. million were
newly addition in our incremental In the feet successful Haynesville, with a drilled we equivalent the sales highly wells wells, the continued total cubic of gross. to average refrac an per completing uplift six program day quarter gas during of during the million to returning of quarter XX-hour XX and
For these wells eight the in with high acres. which were record, per four was XXX originally density section, a of refracs developed
the Haynesville the was of no slide with for outcome. the with experiment – results with and and see our developed quite posted summary, other results can section that rigs, portfolio we're and first and activity. second very was our additional into continued and well is Haynesville the a So pleased had on quarter. our in and deck we've At were what fully second we the crews you efficiency active on end what operational slide extremely during pleased our gains strong details XX in In XX the entire going across assets the we examine to drilling every quarter, refracking refrac
we QEP's Permian strategy becoming the Basin management play to February, in board a remains of committed oil Regarding initiatives pure the and company. strategic announced
With for can open While Permian of we we we're with Haynesville ultimate the potential pure continue goal lines and range a questions. also company. working transaction buyers to a Basin to our engage achieve Williston of the on potential with becoming Jen, alternatives advisors for play our assets, oil that, structures
