Record Free Cash Flow
Highest quarterly free cash flow per share since inception, despite a suppressed commodity environment, with adjusted operating cash flow of $949 million and record adjusted free cash flow of $469 million.
Production Outperformance
Oil production exceeded expectations with 187,000 barrels per day, up 6% from Q2, and total production of 410,000 barrels of oil equivalent per day.
Cost Reductions
Reduced controllable cash costs by 6% quarter-over-quarter, with LOE reduced to $5.07 per Boe and D&C costs averaging $7.25 per foot.
Debt Reduction and Credit Upgrade
Reduced outstanding debt by over $450 million and received a positive credit outlook upgrade from Moody's, along with an investment-grade credit rating from Fitch.
Successful Acquisition Strategy
Closed 250 deals primarily in New Mexico, adding 5,500 net leasehold acres and 2,400 net royalty acres for approximately $180 million.
Gas Marketing Agreements
Agreements to sell approximately 330 million cubic feet per day out of the basin in 2026, increasing to 700 million cubic feet per day in 2028, expected to realize $1 per Mcf higher pricing.