Strong Production Performance
Production averaged over 53,000 Boes a day, a 6% increase from Q4, exceeding guidance and consensus estimates.
Increased EBITDA
Generated almost $200 million of EBITDA during the quarter, marking a 10% increase compared to the fourth quarter.
Operational Efficiency Gains
Realized higher levels of operating efficiencies, with spud-to-spud timing reduced from 14 days to about 11 days, translating to a single rig drilling over 30 wells per year.
Reserve Replacement Success
Achieved a 400% reserve replacement ratio over the past three years, driven by organic growth.
Cost Reductions and Efficiency
Lease operating expenses dropped by 3% quarter-over-quarter, and cost savings across all AFE items except OTCG products.