First Quarter 2023 Highlights:
Net production averaged 3.3 Bcfe/d, an increase of 3% year over year
Liquids production averaged 187 MBbl/d, an increase of 17% from the year ago period
Natural gas production averaged 2.2 Bcf/d, or a decline of 3% from the year ago period
Realized a pre-hedge natural gas equivalent price of $4.13 per Mcfe, a $0.71 per Mcfe premium to NYMEX pricing
Realized C3+ NGL price of $42.95 per barrel, an 8% increase from the prior quarter
Realized pre-hedge natural gas price of $3.45 per Mcf, a $0.03 per Mcf premium to NYMEX pricing
Liquids product revenue contributed 45% of total product revenue
Net income was $213 million, Adjusted Net Income was $156 million (Non-GAAP)
Adjusted EBITDAX was $414 million (Non-GAAP); net cash provided by operating activities was $344 million
Free Cash Flow was $174 million (Non-GAAP)
Purchased $87 million of shares
Averaged 11 completion stages per day per completion crew during the first quarter, an increase of 36% compared to the 2022 average
Achieved new world record of 12,340 lateral feet drilled in 24 hours during the quarter
Added the equivalent of more than 50 incremental drilling locations in the core liquids Marcellus area through organic leasing
Net Debt to trailing last twelve month Adjusted EBITDAX was 0.5x (Non-GAAP)